Ferrovial delivers solid results in first nine months of 2025

Core Insights - Ferrovial reported substantial revenue growth across all business divisions for the first nine months of 2025, with adjusted EBITDA improving primarily due to U.S. highway assets [1][2][3] Financial Performance - Adjusted EBITDA reached €1 billion, reflecting a 4.8% year-over-year increase in like-for-like terms, while total revenue amounted to €6.9 billion, a 6.2% rise in like-for-like terms [3][10] - The company maintained a strong financial position with liquidity of €4.2 billion and consolidated net debt of -€706 million, excluding infrastructure projects [4][10] Business Divisions - The Highways division experienced a revenue growth of 14.4% in like-for-like terms, driven by strong performance in North America, which contributed €312 million in dividends [5][6] - The Construction division's order book reached €17.2 billion, with North America accounting for 47% of the total [7][10] - The Airports division is progressing with the New Terminal One project, having secured 21 commercial agreements with airlines as of October 28 [7] Dividends and Shareholder Returns - The 407 ETR announced an additional dividend of €1.05 billion to be distributed in the last quarter of the year, bringing the total approved dividends to €1.5 billion [6]