Revenue Performance - Revenue for Q1 2025 reached EUR 2,059 million, representing a 9.6% increase compared to Q1 2024, with a like-for-like (LfL) growth of 7.4%[11] - Revenue for Q1 2025 reached CAD 410 million, an increase of 24.3% compared to Q1 2024[25] - Revenue for the construction segment increased to EUR 1,584 million in Q1 2025, representing a 7.3% year-over-year growth compared to EUR 1,476 million in Q1 2024[92] - Highways revenue increased by 17.2% to EUR 324 million, with LfL growth of 14.1%[12] - In Q1 2025, total revenue from highways increased by 17.2% to EUR 324 million compared to Q1 2024, with adjusted EBITDA rising by 15.7% to EUR 235 million[115]. - Budimex reported a revenue increase of 6.3% year-over-year to EUR 404 million, with an adjusted EBIT margin of 6.4% in Q1 2025, slightly down from 7.2% in Q1 2024[93] - Webber's revenue surged by 19.9% year-over-year to EUR 414 million, with an adjusted EBIT margin improving to 2.6% from 2.2% in Q1 2024[93] - Ferrovial Construction's revenue grew by 2.1% year-over-year to EUR 766 million, with adjusted EBIT improving to EUR 15 million from a loss of EUR 3 million in Q1 2024[93] Profitability Metrics - Adjusted EBITDA for Q1 2025 was EUR 309 million, up 21.6% year-over-year, driven by strong performance in Highways and Construction[13] - Adjusted EBITDA for Q1 2025 was CAD 321 million, reflecting a 15.0% growth year-over-year[28] - Adjusted EBITDA for Q1 2025 was USD 50 million, a 34.0% increase compared to USD 37 million in Q1 2024, with an adjusted EBITDA margin of 78.9%[67] - Adjusted EBITDA for the construction segment reached EUR 87 million, a 27.5% increase from EUR 68 million in Q1 2024, with an adjusted EBITDA margin of 5.5%[92] - The adjusted EBITDA margin for total highways improved from 72.5% in Q1 2024 to 73.4% in Q1 2025, indicating enhanced operational efficiency[115]. - The adjusted EBITDA for the NTE highway segment increased by 11.4% to EUR 61 million, with an adjusted EBITDA margin of 88.3%[115]. Debt and Liquidity - Consolidated Net Debt decreased to EUR 5,636 million from EUR 6,061 million in December 2024[15] - Net debt decreased to CAD 9,740 million in March 2025 from CAD 9,901 million in December 2024[28] - Net debt decreased to USD 454 million in March 2025 from USD 466 million in December 2024, with an average cost of 6.24%[64] - The company reported a strong liquidity position with ex-infrastructure project companies having EUR 5,334 million in liquidity[17] - Cash and cash equivalents from ex-infrastructure project companies stood at EUR 4,284 million in March 2025, down from EUR 4,653 million in December 2024[104] - Ex-Infrastructure Liquidity includes cash from ex-infrastructure projects, long-term restricted cash, and undrawn credit facilities, used to assess liquidity for financial commitments[138] Order Book and Future Income - The order book reached an all-time high of EUR 17,187 million, reflecting a 4.4% LfL growth since December 2024[17] - The construction order book reached an all-time high of EUR 17,187 million as of March 2025, reflecting a 4.4% increase compared to December 2024[89] - The Order Book reflects future income from signed contracts in the Construction Business Division, calculated by adding current year contracts to the previous year's balance, minus recognized income[133] - The Order Book serves as an indicator of future income, reflecting the final revenue minus the net amount of work performed[134] Traffic and Toll Revenue - Traffic on the 407 ETR grew by 1.9% in Q1 2025, with revenues reaching CAD 410 million, a 24.3% increase compared to Q1 2024[17] - Traffic volumes increased by 1.9% in Q1 2025, attributed to higher mobility and targeted rush hour driving offers[22] - Toll revenue increased by 23.6% to CAD 382 million, driven by higher traffic volumes and toll rate adjustments[36] - Average revenue per trip rose by 22.5% to CAD 16.81 in Q1 2025 compared to Q1 2024[22] - Traffic transactions in the USA highways segment increased by 19.1% year-over-year, with total transactions reaching 286 million in Q1 2025[115]. - Traffic for LBJ increased by 2.2% in Q1 2025, despite construction activities and adverse weather conditions[46] - Traffic in Northern Virginia Managed Lanes increased by 3.7% in Q1 2025 compared to Q1 2024, despite adverse weather conditions[66] Strategic Initiatives and Acquisitions - The company announced an agreement to acquire up to a 5.06% stake in the 407 ETR for a maximum of CAD 2.09 billion, expected to close in Q2 2025[17] - Ferrovial completed the sale of its stake in AGS Airports for GBP 450 million, resulting in a capital gain of EUR 297 million in Q1 2025[85] - Ferrovial is actively pursuing several tenders in the U.S., including the I-285 East Express Lanes project, with bidding expected in H1 2026[73] - The Silvertown Tunnel project in London is 99.4% completed as of March 31, 2025, and is expected to open in 2026[74] Ratings and Shareholder Returns - Standard & Poor's and Fitch Ratings both assigned a stable BBB rating to the company[99] - A CAD 200 million dividend was approved for Q2 2025, representing a 14.3% increase from Q2 2024[28] - The company announced a scrip dividend of EUR 228 million, payable in cash or shares, to be determined based on the average share price[106] - A share buy-back program was extended to May 30, 2025, with a total maximum amount of EUR 600 million[108] - Ferrovial has authorized a share repurchase program with a maximum net investment of EUR 500 million, allowing for the acquisition of up to 15 million shares, representing approximately 2.06% of its share capital as of March 14, 2025[113]. Sustainability and Recognition - Ferrovial was recognized in the S&P Global Sustainability Yearbook 2025 for its outstanding sustainability practices[17] - The company emphasizes the importance of non-IFRS measures, such as adjusted EBITDA and adjusted EBIT, for evaluating performance and facilitating comparisons with prior periods[120] - Ferrovial's adjusted EBITDA is used as a key performance metric, providing insights into cash generation before working capital variations[125]
Ferrovial SE(FER) - 2025 Q1 - Quarterly Report