Ferrovial’s 2025 Revenue Rises 8.6% to €9.63 Billion; EBITDA Up 12.2%
Ferrovial's full-year 2025 revenue rose 8.6% to €9.63 billion and adjusted EBITDA climbed 12.2% to €1.46 billion, driven by North American highways and construction. Net profit reached €888 million, with liquidity of €5.1 billion and net debt excluding projects at -€1.34 billion, supported by €968 million in project dividends.
1. Full-Year 2025 Financial Highlights
Ferrovial reported 2025 revenue of €9.627 billion, up 8.6% like-for-like, and adjusted EBITDA of €1.457 billion, a 12.2% rise. Adjusted EBIT climbed 10.6% to €967 million, while net profit reached €888 million versus €3.239 billion in 2024.
2. Business Segment Performance
Highways revenue grew 13.7% to €1.4 billion with adjusted EBITDA of €990 million and €880 million in project dividends. Construction delivered 7.5% revenue growth to €7.7 billion and a 24.2% surge in adjusted EBIT to €352 million, supported by a €17.4 billion order book. Airports’ New Terminal One secured 25 airline agreements and Energy posted €339 million in revenues.
3. Balance Sheet Strength and Cash Flow
Ferrovial ended the year with liquidity of €5.1 billion and net debt excluding infrastructure projects at -€1.341 billion. The company received €968 million in dividends, divested stakes in Heathrow (€539 million) and AGS Airports (€533 million), acquired a 5.06% interest in the 407 ETR for €1.3 billion, and allocated €236 million to equity injections. It returned €657 million through dividends and treasury share purchases.
4. Strategic Progress and Outlook
In 2025 the company was shortlisted for Tennessee’s I-24 Southeast and Georgia’s I-285 East Express Lanes, and in early 2026 for North Carolina’s I-77 South Lanes. Inclusion in the Nasdaq-100 Index was achieved in December, while management plans to expand greenfield infrastructure in the United States focused on highways and airports.