EarningsQ2 2026 Earnings Report
MX:FER1N Q2 2026 EPS Results
Actual EPS$5.30
Consensus EPS$4.28
Beat/MissBeat by +$1.02
One Year Ago EPS$4.89
MX:FER1N Q2 2026 Revenue Results
Actual Revenue$95.82B
Expected Revenue$50.99B
Beat/MissBeat by +$44.83B
YoY Revenue Growth+5.19%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
MX:FER1N Upcoming Earnings
Ferrovial's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a predominantly positive operational and financial picture: strong cash generation, a net cash position (EUR 1.3bn excl. projects), solid highway and construction revenue/EBITDA growth, and an all‑time high order book. Offsetting risks include the JFK Terminal 1 delay (and associated liquidated damages), localized traffic softness and construction impacts on some managed lanes, a stepped‑up revenue‑share impact on I‑66, higher financial/ depreciation charges and exposed airport weakness (Dalaman). On balance, the highlights (cash, dividends, highways performance, construction recovery and order book strength) outweigh the lowlights, though several timing and operational risks warrant monitoring.Company Guidance
Strong North American Highways Performance
Highways (notably Canadian 407 ETR and U.S. managed lanes) drove semester performance with robust revenue and cash generation: total dividends collected from projects of EUR 378 million; significant operating cash flow from construction of EUR 329 million; group net cash position of EUR 1.3 billion (excluding infrastructure projects).
407 ETR — Revenue and EBITDA Growth
407 ETR total revenue increased 20.2% year‑on‑year in H1 2026, toll rate increases effective Jan 1, 2026 helped drive growth, traffic grew 1.8% in H1, and EBITDA rose 24.4% versus prior year; credit provision sharply lower at CAD 5.5 million versus CAD 45.2 million in 2025. CAD 500 million dividend paid in H1 and CAD 550 million approved for Q3.
Dallas / Texas Managed Lanes — Strong Pricing and EBITDA
All three Dallas–Fort Worth managed lanes showed double‑digit adjusted EBITDA growth in H1: NTE adjusted EBITDA +14.7%, another asset +15.2%, NTE35 West adjusted EBITDA +18.6%. Revenue per transaction grew substantially (examples cited: +18.9% NTE LBA and +17.3% NTE35 West) driven by improved vehicle classification technology, favorable traffic mix (more heavy vehicles) and higher effective tolls.
I‑66 — Revenue and Adjusted EBITDA Growth in H1
I‑66 reported H1 revenue growth of 17.9% and adjusted EBITDA up 20.4%; revenue per transaction rose by 8.7% in H1 reflecting higher toll rates.
Construction Business: Revenue Growth and Stable Margins
Construction reported H1 revenue +7.1% reported and +9.7% like‑for‑like, with adjusted EBIT margin stable at 3.5% (company long‑term target). Budimex delivered 6.9% adjusted EBIT margin and other units delivered positive operating leverage (one unit +24.2% LFL revenue and 3.4% adjusted EBIT).
Order Book and Cashflow Improvement
Order book at an all‑time high of EUR 18 billion, up 2.8% like‑for‑like versus Dec 2025 (excluding ~EUR 2.6 billion of pre‑awarded contracts). Construction operating cash flow swung positive to EUR 329 million in H1 compared with negative last year, driven by prepayments and compensations in North America.
JFK Terminal 1 Progress and Equity Completion
New Terminal 1 at JFK reached ~92% construction progress at end of H1; remedial completion plan submitted targeting Phase DBO / beneficial occupancy in March 2027. Ferrovial completed remaining equity injection of EUR 63 million, bringing total investment to EUR 1,041 million.
Divestments and Portfolio Cash Generation
Divestments generated EUR 96 million (mainly Silvertown Tunnel in the U.K. and transmission lines in Chile). Other cash inflows included interest on liquidity (EUR 37 million) and ongoing buyback activity (share purchases referenced ~EUR 300 million since Dec 2025).
MX:FER1N Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed