Ferrovial 9-Month EBITDA Jumps 22% on Strong North American Toll Road Performance

Ferrovial announced a significant increase in earnings for the first nine months of 2026, propelled by strong traffic and revenue growth from its key North American infrastructure assets. The global operator reported that adjusted EBITDA rose 21.8% year-over-year on a like-for-like basis to €1.21 billion, with revenue climbing 10.8% to €7.4 billion.

"The first nine months of 2026 demonstrated the strength of Ferrovial’s business model, driven by the solid performance of our Highways and Construction businesses, particularly in North America," said CEO Ignacio Madridejos in the company's announcement.

Highways Division Drives Growth

The Highways division was the primary engine for the strong results, according to the company. The division's adjusted EBITDA increased by 12.4% LfL to €816 million, with U.S. highways alone contributing €800 million of that total. Ferrovial's U.S. Managed Lanes posted double-digit growth in revenue per transaction, ranging from 10% to 17.1%, significantly outpacing the 2.7% U.S. inflation rate for the period.

In Canada, the 407 ETR toll road also showed strong performance. Despite a slight dip in traffic, its revenue grew by 18.4% to CAD 1.79 billion, and its EBITDA increased by 21%. Reflecting this cash generation, the 407 ETR's board approved a dividend distribution of CAD 1.05 billion for the fourth quarter of 2026.

Construction Backlog Hits Record High

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Ferrovial's Construction division delivered exceptional profitability, achieving an adjusted EBIT margin of 4.1%, surpassing the company’s long-term average target of 3.5%. The division’s order book reached an all-time high of €19 billion, underscoring a strong pipeline of future work.

The backlog remains heavily weighted toward North America, which accounts for 51% of the total, followed by Poland (21%) and Spain (15%). The company continued its expansion in the U.S. market, securing two major projects: the I-24 Southeast Choice Lanes in Nashville, Tennessee, and the I-285 East Express Lanes project in Atlanta, Georgia.

Strong Financial Position

Ferrovial closed the nine-month period maintaining a robust financial position. The company reported €5.1 billion in liquidity and a consolidated net cash position of €1.7 billion, excluding infrastructure projects. Overall, Ferrovial received €524 million in dividends from its portfolio of projects during the period.