AMSTERDAM – October 29, 2026 -- Ferrovial's adjusted EBITDA rose 21.8% year over year on a like-for-like basis to €1.2 billion in the first nine months of 2026, while revenue climbed 10.8% to €7.4 billion. The infrastructure group credited its U.S. Express Lanes and a solid Construction division for the double-digit growth.
Ferrovial ended the period with liquidity of €5.1 billion and consolidated net cash of €1.7 billion, both excluding infrastructure projects.
Highways revenue grows 14.7% to €1.1 billion as North American projects pay €524 million in dividends
Adjusted EBITDA in the Highways division increased 12.4% on a like-for-like basis to €816 million. Revenue per transaction on the U.S. Express Lanes grew robustly and significantly outpaced U.S. inflation.
In Canada, 407 ETR delivered double-digit EBITDA and revenue growth between January and September. Its board approved a CAD 1,050 million dividend for distribution in the fourth quarter of 2026.
Construction margin of 4.1% beats the 3.5% long-term target as order book hits a record €19 billion
The Construction division's adjusted EBIT margin exceeded the company's average long-term target of 3.5%. North America accounts for 51% of the all-time-high order book, Poland for 21% and Spain for 15%.
Ferrovial-led consortia win two U.S. managed-lanes projects within two months
A Ferrovial-led consortium was selected in August 2026 to deliver Tennessee's I-24 Southeast Choice Lanes in Nashville, and the project reached commercial close in September. On October 15, another Ferrovial-led consortium secured the I-285 East Express Lanes project in Greater Atlanta, Georgia.
CEO Ignacio Madridejos said the Tennessee and Georgia wins reflect Ferrovial's track record in U.S. managed lanes and open new opportunities for long-term value through public-private partnerships. The company continues to assess P3 projects in other U.S. states. It is also part of the consortium awarded the contract to develop the D35 Highway in the Czech Republic.
JFK New Terminal One moves into systems integration with 32 airline agreements
The New Terminal One (NTO) at JFK airport has completed its first set of basic trials. The project now enters the systems integration, testing and commissioning phase.
As of October 29, 2026, NTO has 32 commercial agreements with airlines, comprising 24 executed contracts and eight letters of intent.
Ferrovial will discuss the nine-month results in a conference call on October 29, 2026 at 15:00 CET / 10:00 a.m. EDT.