$FER · Ferrovial N.V.
Ferrovial reported unaudited 9M 2026 operating results via Form 6-K. Revenue grew 10.8% like-for-like to €7,402 million and Adjusted EBITDA rose 21.8% LfL to €1,210 million, driven by Highways (notably U.S. Managed Lanes) and Construction. The Construction order book reached a record €18,994 million, and the company maintained a strong net cash position of €1,660 million excluding infrastructure projects.
- Revenue reached €7,402 million in 9M 2026, up 10.8% on a like-for-like basis year over year.
- Adjusted EBITDA hit €1,210 million, a 21.8% like-for-like increase driven by Highways and Construction.
- Construction adjusted EBIT margin reached 4.1%, surpassing the company's long-term target of 3.5%.
- Construction order book hit an all-time high of €18,994 million, with North America representing 51%.
- 407 ETR board approved a CAD 1,050 million dividend distribution in Q4 2026.
Extended-hours trading shows FER at $54.28, up 0.50% from the regular-session close of $54.01, which had already gained 7.27% during the day. The modest after-hours uptick suggests the strong results were largely priced in during the regular session.
Ferrovial delivered broad-based operating momentum with double-digit LfL growth across revenue and EBITDA, a record construction backlog, and a dividend catalyst days away — reinforcing its infrastructure compounding thesis.
Ferrovial's U.S. Managed Lanes continue to post double-digit revenue-per-transaction growth well above the 2.7% U.S. inflation rate, reinforcing the pricing power of its toll-road assets. The record €19B Construction order book, with 51% in North America, signals sustained infrastructure spending momentum.
NTO at JFK Airport remains on a remedial plan with Phase A DBO targeted for March 2027, subject to contractor fulfillment — delays could pressure the Airports division. 407 ETR traffic declined 1.7% on slower economic growth and tariff-exposed heavy vehicle weakness.