Ferrovial SE

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.