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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Elodie Rall | JPMorgan | 12 | 0% |
| Dario Maglione | BNP Paribas | 10 | 10% |
| Luis Prieto | Kepler Cheuvreux | 10 | 20% |
| Cristian Nedelcu | UBS | 10 | 10% |
| Ruairi Cullinane | RBC Capital Markets | 9 | 0% |
| Graham Hunt | Jefferies | 8 | 0% |
| Jose Arroyas | Santander | 8 | 25% |
| Marcin Wojtal | Bank of America | 8 | 13% |
| Ami Galla | Citigroup | 4 | 0% |
| Harishankar Ramamoorthy | Deutsche Bank | 2 | 100% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| UBS | 2 | 12 | 8% |
| JPMorgan | 1 | 12 | 0% |
| BNP Paribas | 1 | 10 | 10% |
| Kepler Cheuvreux | 1 |
| 10 |
| 20% |
| Santander | 2 | 9 | 22% |
| RBC Capital Markets | 1 | 9 | 0% |
| Bank of America | 1 | 8 | 13% |
| Jefferies | 1 | 8 | 0% |
Ferrovial opened 2026 with consolidated like-for-like revenue up 10.2% and adjusted EBITDA up 15% (LFL), led by its North American toll-road franchise. The 407 ETR grew revenue 20% on a 22.1% jump in toll revenue and 8.2% higher traffic, while the Texas managed lanes pushed revenue per transaction up 11.5% to 18.3% across assets, well above inflation, on camera-recognition technology and a richer heavy-vehicle mix. Offsetting items were modest: I-77 adjusted EBITDA fell 11.9% on a revenue-share step-up from 25% to 55%, and construction carried higher bidding and IT costs, though margins held. The JFK New Terminal One reached 87% construction progress toward a fall-2026 first-phase opening, the order book sat at an all-time high of EUR 17.6 billion, and the balance sheet held net cash of EUR 1.2 billion ex-infrastructure projects. Management provided no new revenue or EPS guidance and deferred its growth-and-remuneration strategy update to early next year.
Demand | Pricing | Guidance Reliability | Capex Investment | Revenue Growth | Capital Allocation | Competitive Dynamics | Cost Pressure | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 2 | 4 | 2 | 4 | 1 | ||
| 2025Q1 | 6 | 3 | 3 | 2 | 5 | 1 | 2 | 1 |
| 2025Q2 | 5 | 4 | 3 | 3 | 4 | 2 | 1 | 2 |
| 2025Q3 | 9 | 8 | 3 | 4 | 3 | 2 | 2 | 1 |
| 2025Q4 | 8 | 7 | 5 | 4 | 3 | 3 | 2 | 3 |
| 2026Q1 | 4 | 3 | 3 | 1 | 3 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 6 | 5 | 9 | 8 | 4 |
| Pricing | 3 | 4 | 8 | 7 | 3 | |
| Guidance Reliability | 2 | 3 | 3 | 3 | 5 | 3 |
| Capex Investment | 4 | 2 | 3 | 4 | 4 | 1 |
| Revenue Growth | 2 | 5 | 4 | 3 | 3 | |
| Capital Allocation | 4 | 1 | 2 | 2 | 3 | 3 |
| Competitive Dynamics | 1 | 2 | 1 | 2 | 2 | 1 |
| Cost Pressure | 1 | 2 | 1 | 3 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
FER Ferrovial SE | 7 | +10.2% | |
| EME EMCOR Group, Inc. | 10 | +19.7% | |
| FIX Comfort Systems USA, Inc. | 10 | +56.5% | |
| J Jacobs Solutions | 8 | +26.9% | |
| PWR Quanta Services | 10 | +26.3% |