Ferrovial Revenue Rises 11% in H1 2026 on North American Strength

Ferrovial reported strong top-line growth for the first half of 2026, with revenue climbing 11.3% on a like-for-like basis to €4.7 billion. The infrastructure company's performance was bolstered by its North American assets and a record order book in its construction unit.

Key Financial Performance

According to its half-year report, Ferrovial's adjusted EBITDA reached €746 million, a year-over-year increase of 21.6% on a like-for-like basis. However, net profit declined to €258 million from €540 million in the same period of 2025. The company attributed this decrease to the high base of comparison from the prior year, which included significant capital gains from asset rotation.

"Ferrovial delivered an exceptional first half of 2026, driven by strong performance across our North American assets," said CEO Ignacio Madridejos. He noted the company sees "significant opportunities in complex greenfield projects and the growing momentum for P3 developments in the U.S."

Divisional Highlights

The company's key divisions posted robust results, underscoring the geographic focus of its strategy.

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• Highways: This division generated revenue of €740 million, a 15.8% like-for-like increase. Its adjusted EBITDA rose 13.4% to €530 million, supported by €357 million in dividends from North American operations. In the U.S., Express Lanes saw revenue per transaction outpace inflation, while Canada's 407 ETR recorded a 17.7% growth in revenue per trip.
• Construction: The unit achieved a 3.5% adjusted EBIT margin, in line with its long-term target. Its order book reached a record €18 billion, with North America accounting for 47.9% of the backlog.

Strategic Projects and Balance Sheet

Ferrovial continues to advance major projects, including New Terminal One at New York's JFK Airport, which is now 92% complete after the company injected $1.1 billion in equity. The company also submitted bids in July for highway projects in Tennessee and Georgia and is awaiting the results of a bid for the D35 Highway in the Czech Republic.

As of June 30, 2026, Ferrovial maintained a strong financial position with liquidity of €4.7 billion and consolidated net cash of €1.3 billion, excluding infrastructure projects. The company's consolidated net debt stood at €6.3 billion.