Revenue Growth - Revenue for H1 2025 increased to €4,469 million, a 4.7% rise compared to H1 2024's €4,267 million[16] - Highways revenue grew by 13.7% in H1 2025, reaching €676 million compared to €595 million in H1 2024[17] - Airports revenue surged by 23.1% in H1 2025, totaling €37 million, up from €30 million in H1 2024[17] - Revenue for H1 2025 reached EUR 4,469 million, reflecting a 5.0% like-for-like growth, driven by Construction (+2.6%) and Highways (+14.9%) performance[22] - Total revenue for 407 ETR in H1 2025 was CAD 933 million, a 19.7% increase compared to H1 2024[30] - Revenue for Q2 2025 rose by 8.6% to USD 81 million, and H1 2025 revenue increased by 8.3% to USD 155 million[47] - NTE reported revenue of $155 million for H1 25, an increase of 83% compared to H124[187] - LBJ achieved a revenue of $118 million in H1 25, reflecting a growth of 10.2% from H124[188] - NTE 35W's revenue reached $173 million in H1 25, marking a 13.5% increase year-over-year[189] - 1-77 reported a revenue of $20 million in H1 25, showing a significant growth of 25.2% compared to H124[190] - 1-66's revenue increased to $144 million in H1 25, a 30.2% rise from H1 24[191] - Dalaman Airport's revenue increased to €29 million in H1 25, a growth of 10.4% from H1 24[196] Profitability Metrics - Adjusted EBITDA for H1 2025 was €603 million, reflecting an 8.6% increase from €555 million in H1 2024[18] - Adjusted EBIT for H1 2025 was €431 million, an 11.9% increase from €385 million in H1 2024[19] - Operating profit for H1 2025 was €706 million, compared to €551 million in H1 2024, marking a 28.2% increase[16] - EBITDA margin for H1 2025 was 81.9%, down from 86.8% in H1 2024, impacted by increased operational expenses[30] - Adjusted EBITDA for H1 2025 amounted to EUR 655 million, a 9.2% increase, with Highways contributing EUR 481 million (+12.6% vs H1 2024)[22] - Adjusted EBITDA for Q2 2025 was USD 70 million, up 6.8% from Q2 2024, with an adjusted EBITDA margin of 86.7%[47] - Adjusted EBITDA margin for NTE was 86.5% in H1 25, slightly down from 88.2% in H124[187] Net Profit and Financial Results - Net profit attributed to the parent company for H1 2025 was €540 million, up from €414 million in H1 2024, representing a 30.5% increase[16] - The company reported a financial result from infrastructure projects of -€211 million for H1 2025, slightly worse than -€209 million in H1 2024[16] - The effective corporate income tax rate for H1 2025 was 20%, with a corporate tax expense of EUR -15 million compared to EUR -37 million in H1 2024[122] - Dividends from projects totaled EUR 323 million in H1 2025, down from EUR 373 million in H1 2024, representing a decrease of 13.4%[1] Debt and Liquidity - Consolidated net debt for infrastructure project companies stood at €7,174 million as of June 2025, down from €7,856 million in December 2024[20] - Consolidated net debt increased from EUR 6,061 million in December 2024 to EUR 6,951 million in June 2025, an increase of about 14.7%[130] - Cash and cash equivalents decreased significantly from EUR 4,828 million to EUR 2,853 million, a decline of approximately 40.8%[130] - Total liquidity, excluding infrastructure projects, stood at EUR 3,706 million, comprising cash and cash equivalents of EUR 2,679 million and undrawn credit lines of EUR 1,017 million[134] - NTE's net debt reached USD 1,393 million in June 2025, with an average cost of 4.46%[50] Investments and Acquisitions - Cash outflows included CAD 1,724 million for investments, primarily for the acquisition of 407 ETR and equity injection in NTO[22] - The company completed the acquisition of an additional 5.06% stake in 407 ETR for CAD 1.99 billion (EUR 1.3 billion), raising total ownership to 48.29%[42] - Investments in H1 2025 reached EUR -1,643 million, up from EUR -875 million in H1 2024, primarily due to a 5.06% stake acquisition in 407 ETR and EUR 244 million equity invested in NTO[169] - Divestments totaled EUR 604 million in H1 2025, compared to EUR 437 million in H1 2024, mainly from the sale of a 50% stake in AGS for EUR 533 million and mining services in Chile for EUR 24 million[169] Operational Performance - Traffic for 407 ETR increased by 4.1% in H1 2025, attributed to targeted rush hour offers and increased mobility[22] - In Q2 2025, total transactions decreased by 3.9% year-over-year to 9.5 million, while H1 2025 transactions fell by 4.8% to 18.1 million[47] - Average revenue per transaction increased by 13.3% to USD 8.5 in Q2 2025 and by 13.5% to USD 8.5 in H1 2025, driven by better traffic mix and more Mandatory Mode events[47] - Traffic transactions in the USA increased by 14.5% in H1 2025, with total revenue reaching EUR 597 million[183] Market Position and Future Outlook - The order book for Construction reached an all-time high of EUR 17,265 million, a 9.4% increase compared to December 2024[22] - The company plans to continue its market expansion and investment in new technologies to enhance operational efficiency and shareholder value[169] - The company renewed its position in the FTSE4Good Index Series for 2025, marking 22 consecutive years of inclusion[22]
Ferrovial SE(FER) - 2025 Q2 - Quarterly Report