Ferrovial SE(US:FER)2026-02-25 22:22Financial Performance - Revenue totaled €9.6 billion, an 8.6% increase in like-for-like terms, while adjusted EBITDA reached €1.5 billion, a 12.2% increase year over year in like-for-like terms [22]. - Ferrovial reported a revenue of EUR 9,627 million for FY 2025, representing an 8.6% increase year-over-year, driven by Highways (+13.7% LfL growth) and Construction (+7.5% LfL growth) [171]. - Adjusted EBITDA reached EUR 1,457 million in FY 2025, reflecting a 12.2% increase from FY 2024, with significant contributions from Highways and Construction [171]. - The company declared dividends of €626 million for 2025, with a dividend per share of €0.872 [67]. - Dividends for Q4 25 increased by 50.0% to CAD 1,050 million compared to Q4 24 [194]. - Toll revenue increased by 17.6% to CAD 1,893 million for FY 25, driven by higher toll rates and traffic volume [200]. - Total revenue for FY 25 rose by 17.8% to CAD 2,009 million compared to FY 24 [189]. - Operating expenses (OPEX) surged by 41.3% for FY 25, primarily due to Schedule 22 Payment expense of CAD 40.9 million [190]. - EBITDA for FY 25 grew by 14.2% compared to FY 24, despite increased expenses related to credit loss provisions [193]. Investments and Acquisitions - The total investment for acquiring an additional 5.06% stake in the Canadian highway company was CAD $1.99 billion (€1.3 billion) [12]. - Ferrovial completed the acquisition of a 5.06% stake in 407 ETR for CAD 1.99 billion (EUR 1.3 billion), raising its total ownership to 48.29% [171]. - The company divested its stake in AGS for GBP 450 million (EUR 533 million), realizing a capital gain of EUR 272 million [171]. - The company committed €2 billion of capital for new investments, primarily in infrastructure projects like the New Terminal One at JFK Airport [23]. - Cintra's investment strategy includes a focus on complex greenfield projects, with a strong pipeline for 2026 in North America and other regions [111]. Market Position and Capitalization - Ferrovial's market capitalization surpassed €40 billion for the first time in December 2025, following its inclusion in the Nasdaq-100 Index [25]. - Ferrovial's market capitalization increased to €40,606 million in 2025, up from €29,620 million in 2024 [63]. - The company was included in the Nasdaq-100 Index® in December 2025, following its US market debut in May 2024 [171]. Debt and Liquidity - The company closed the year with liquidity of €5.1 billion, including proceeds from asset sales and record dividends received from projects, totaling €968 million [24]. - Consolidated net debt amounted to minus €1.3 billion, excluding infrastructure projects [24]. - Ferrovial's consolidated net debt of ex-infrastructure project companies improved to EUR -1,341 million by December 2025, compared to EUR -1,794 million in December 2024 [173]. - Net debt as of December 2025 was CAD 10,510 million, with 59% maturing beyond 2039 [194]. Construction and Order Book - The construction order book reached a record level, contributing to improved profitability in the construction segment [21]. - The order book reached an all-time high of €17.438 billion, indicating strong future revenue potential [156]. - The order book for Construction stood at an all-time high of EUR 17,438 million, marking a 10.1% LfL growth compared to December 2024 [171]. - In 2025, Ferrovial Construction exceeded the average long-term profitability target, driven by improved risk management and a selective bidding policy [149]. - The Construction Division aims to expand its presence in the United States and actively participate in tender processes in Australia, with a focus on profitability and project diversification [151]. Sustainability and Social Responsibility - Ferrovial achieved 100% of electricity from renewable sources in 2025 [42]. - Ferrovial recognized 399,000 beneficiaries of social projects in 2025 [42]. - The company achieved a score of 83/100 in CDP's Climate Change A List, marking an improvement of +2 points compared to 2024 [47]. - Ferrovial updated its Deep Decarbonization Plan, aiming for a Net Zero target by 2050 or earlier, validated by the Science Based Targets initiative (SBTi) [171]. - Cintra's sustainability initiatives include integrating biodiversity and circular economy principles into operations, enhancing asset performance and reducing lifecycle costs [106]. Workforce and Employment - The workforce at year-end totaled 22,609 employees [43]. - Ferrovial reported revenues of €3,485 million and adjusted EBITDA of €927 million for the year, with a total workforce of 4,948 employees [49].