Financial Performance - Revenue increased by 6.7% to €9.1 billion, with adjusted EBITDA rising by 38.9% like-for-like to €1.3 billion[27] - Net profit amounted to €3.2 billion, boosted by divestments in long-term assets[27] - Liquidity levels reached €5.3 billion, including €947 million in dividends received from infrastructure assets[29] - Shareholder distributions, including cash dividends and share repurchases, amounted to €831 million[31] - The company's stock value increased by 23% in 2024, leading to a market capitalization of approximately €30 billion[31] - Ferrovial's net profit for FY 2024 was EUR 3,490 million, significantly up from EUR 630 million in FY 2023[157] - Total dividends paid in FY 2024 reached EUR 947 million, up from EUR 741 million in FY 2023[163] - Consolidated net debt as of December 2024 was EUR 6.061 billion, slightly up from EUR 5.979 billion in December 2023[161] Investments and Acquisitions - Total committed capital for investments reached €1.6 billion, primarily allocated to toll roads and airports[28] - Acquired a 24% stake in IRB Infrastructure Trust for €728 million[45] - Cintra acquired a 23.99% interest in IRB Infrastructure Trust for €728 million, enhancing its presence in the Indian toll road market[78] - Awarded a contract for the Lima Peripheral Ring Road with an investment of $3.4 billion[45] - The Lima Peripheral Ring Road project in Peru, with an investment of approximately €3.13 billion, was awarded to a consortium including Ferrovial[79] - Completed the acquisition of a 257 MW photovoltaic project in Texas, powering 36,000 homes[45] Revenue Growth - Generated revenues of €415 million in Canada and €246 million in Latin America[48] - Achieved an adjusted EBITDA of €6,701 million in the U.S. and Canada[48] - Toll Roads revenue increased by 15.8% to EUR 1,256 million for FY 2024, with a like-for-like growth of 19.6%[158] - Ferrovial's traffic and toll revenues surpassed 2023 levels, with expectations for continued growth across all assets in 2025[90] - Traffic performance for 407 ETR showed a 5.5% increase in vehicle kilometers traveled (VKTs) in Q4 2024, totaling 677.6 million VKTs, and a 4.8% increase for the full year[168][169] Sustainability and Corporate Responsibility - Ferrovial aims for carbon neutrality by 2050, aligning with the Paris Agreement[34] - The company aims to achieve carbon neutrality by 2050, focusing on energy efficiency and the use of clean energy and sustainable materials[142] - Ferrovial issued sustainability-linked bonds amounting to €500 million, maturing on September 13, 2030, to support its sustainable growth strategy[63] - Dalaman Airport's solar power plant generates 10,230 MWh annually, meeting over 55% of its energy needs and reducing CO2 emissions by 4,500 tons each year[116] Operational Efficiency and Strategy - The Construction division achieved an adjusted EBIT margin of 3.9% for FY 2024, exceeding the target of 3.5%[155] - The order book for Construction reached an all-time high of EUR 16,755 million, reflecting a 7.5% like-for-like growth compared to December 2023[155] - Ferrovial Construction maintained stable revenues in 2024, improving profitability through risk management and selective bidding strategies[134] - The company plans to continue expanding its North American asset base, focusing on complex greenfield projects with high value creation potential[69] - The company expects to continue its bidding activity in North America and other target regions, focusing on complex projects with high potential for value creation[94] Market and Passenger Growth - In 2024, Dalaman Airport served 5.6 million passengers, representing a 7.74% increase compared to 2023, driven by new routes and increased capacity[104] - AGS Airports recorded 11.3 million passengers in 2024, up 8.1% from 2023, with international traffic being the main growth driver[105] - Ferrovial Airports completed the sale of its 50% stake in AGS for £450 million, resulting in a capital gain of €300 million expected to impact Q1 2025 results[101] Future Outlook - The company anticipates continued traffic growth in 2025, with financial results expected to follow this trend[120] - Dividends distribution will depend on traffic recovery and business performance, with no dividends distributed in 2024[121] - The new toll rate schedule implemented on February 1, 2024, is expected to significantly impact future revenues due to the end of the Force Majeure event[176] - Construction works for NTE's Capacity Improvement project commenced at the end of 2023, with completion expected in early 2027[188]
Ferrovial SE(FER) - 2024 Q4 - Annual Report