EarningsQ3 2026 Earnings Report
MX:FER1N Q3 2026 EPS Results
Actual EPS$5.89
Consensus EPS$7.07
Beat/MissMissed by -$1.18
One Year Ago EPS$5.89
MX:FER1N Q3 2026 Revenue Results
Actual Revenue$50.74B
Expected Revenue$55.52B
Beat/MissMissed by -$4.78B
YoY Revenue Growth-60.91%
Earnings Announcement Details
QuarterQ3 2026
Date10/27/2026
TimeAfter Close
Conference CallTuesday, October 27, 2026
MX:FER1N Upcoming Earnings
Ferrovial's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive. Ferrovial reported strong revenue, EBITDA, EBIT, construction profitability, backlog growth, cash generation and project distributions, while securing major new U.S. infrastructure awards and maintaining a strong net cash position. The main challenges were traffic declines at 407 ETR, I-77 and Dalaman, capacity constraints in parts of the managed-lanes portfolio, New Terminal One milestone extensions and dividend restrictions, ongoing I-24 litigation, and execution and financing uncertainty around future projects. The number and magnitude of the stated operational and financial strengths significantly outweighed the identified challenges.Company Guidance
Strong First-Nine-Month Operating Performance
Ferrovial reported strong growth across its core businesses, particularly highways and construction, with double-digit like-for-like growth in revenue, adjusted EBITDA and adjusted EBIT.
Robust Net Cash Position and Cash Generation
The group ended September with a net cash position of EUR 1,660 million, excluding infrastructure project companies, compared with EUR 1.3 billion at the end of 2025. Cash sources included EUR 604 million of project dividends, EUR 591 million of construction operating cash flow excluding tax payments and dividends, and EUR 96 million from divestments.
Strong Shareholder Distributions and Capital Flexibility
Cash dividends and treasury share purchases totaled EUR 461 million. Ferrovial also announced a second scrip dividend of EUR 600 million, payable in cash or shares at shareholders' election. The company said it maintains flexibility on future dividends through its 10-year planning process.
Major New Managed-Lanes and Infrastructure Awards
The consortium was awarded I-24 Southeast Choice Lanes in August and reached commercial close in September. Ferrovial was also awarded I-285 East Express Lanes in October and selected to deliver the D35 highway P3 project in the Czech Republic. The company said it has full appetite for additional managed-lanes projects and is pre-qualified for I-77 South.
407 ETR Revenue and EBITDA Growth
407 ETR revenue increased 18.4% in the first nine months, primarily driven by higher toll rates implemented on January 1, 2026. EBITDA increased 21% in the first nine months. Excluding Schedule 22 payment effects in both periods, EBITDA grew 18.7% for the first nine months and 18.4% in the third quarter.
Higher 407 ETR Dividend Capacity
407 ETR distributed CAD 1.05 billion during the first nine months, with a further CAD 1.05 billion dividend approved for the fourth quarter. Total dividends approved in 2026 reached CAD 2.1 billion, compared with CAD 1.5 billion in 2025. Management cited a debt service coverage ratio of around 2.6 and described the asset as highly solid.
Solid Growth Across Dallas-Fort Worth Managed Lanes
Despite construction works and capacity constraints in parts of the network, all three Dallas-Fort Worth projects posted growth in revenue and EBITDA. NTE revenue increased 14.8% and adjusted EBITDA 12.3% in the first nine months; LBJ revenue increased 16.3% and adjusted EBITDA 15.9%; and NTE 35W revenue increased 15.8% and adjusted EBITDA 15.1%.
Double-Digit Revenue per Transaction Growth in Dallas
Revenue per transaction increased 17.1% at NTE, 12% at LBJ and 15.6% at NTE 35W in the first nine months. Growth was supported by a favorable traffic mix, higher heavy-vehicle volumes, technology enhancements in camera recognition implemented from 2025, improved vehicle classification and more mandatory-mode events.
LBJ and I-66 Operating Momentum
LBJ transactions increased 5.6% in the third quarter and 3.9% in the first nine months following completion of the I-635 feeder corridor. I-66 transactions increased 4.1% in the third quarter and 7% in the first nine months, while revenue increased 17.7% and adjusted EBITDA increased 18.1% in the first nine months.
Higher I-66 Distributions
I-66 distributed $80 million in the first nine months at 100%, compared with $64 million in the same period last year.
Construction Revenue, Margin and Backlog Records
Construction revenue reached EUR 5.8 billion in the first nine months, increasing 9.1% like-for-like. Adjusted EBIT margin improved to 4.1% from 3.7% last year, including a 5.1% margin in the third quarter. The order book reached a new all-time high of EUR 19 billion, up 8.2% like-for-like from December 2025.
Improved Profitability Across Construction Businesses
Budimex delivered a 6.9% adjusted EBIT margin and higher like-for-like revenue. Webber increased its adjusted EBIT margin to 3.6%, supported by 17% like-for-like revenue growth and operating efficiencies. Ferrovial Construction improved its margin to 2.6% from 1.7%, reflecting better execution in North America, the U.K. and Spain, lower bidding costs and higher revenue.
Healthy Construction Backlog Mix
Management said the EUR 19 billion order book remains very healthy, with half located in the core U.S. and Canada markets. The reported backlog excludes approximately EUR 8.7 billion of pre-awards or contracts pending financial close, mainly related to the I-24 and Budimex contracts.
New Terminal One Construction Progress and Airline Commitments
New Terminal One at JFK remains scheduled for Phase A DBO in March 2027. Basic trials have been completed, with remaining work focused on systems integration, testing and commissioning. The project had 32 airline agreements as of publication, comprising 24 executed agreements and eight letters of intent.
New Terminal One Equity Funding Completed
Ferrovial completed its equity commitments to New Terminal One following a EUR 63 million contribution in the second quarter. Total equity invested reached EUR 1,042 million.
I-285 East Scale, Connectivity and Pricing Framework
Phase 1 of I-285 East covers approximately 23 miles, includes a 50-year operations and maintenance period, has an estimated construction cost of approximately $8.9 billion and is expected to commence service in 2034. Ferrovial leads the consortium with a 90% ownership stake. The proposed concession payment is $23.1 billion, with final figures subject to interest rates and financial structuring. The design is expected to serve 95% of corridor trips versus 55% under the reference design, increasing allowed movements from 42 to 117.
I-285 East Demand and Economic Fundamentals
I-285 carries approximately 200,000 to 240,000 vehicles per day and has experienced up to eight hours of daily congestion, with peak speeds falling to around 20 mph. Atlanta has approximately 6.5 million residents, population growth of around 1.3% annually over the last decade and real GDP growth of approximately 3.5% annually. Third-party forecasts for 2025 to 2034 indicate annual growth of approximately 1.1% in population, 1.9% in real income per capita and 2.6% in real GDP.
I-285 East Construction and Financing Protections
Approximately 30% of advanced design development has been completed across phases 1 and 2. Ferrovial cited fewer interfaces, reduced elevated and steel structures, a local subcontractor network, more than 10 years of corridor experience, developer and grantor inflation protection and additional cost contingency. GDOT provides interest-rate protection between bid and financial close, while TIFIA requires a maximum leverage structure of 75% debt and 25% equity.
I-285 East Growth Pipeline
Phase 2, which is partially committed, is expected to reach financial close in 2029 and open in 2036. Phase 3 is indicative, with current milestones of financial close in 2032 and opening in 2040. Management emphasized that phases 2 and 3 must be separately negotiated and developed through the comprehensive development agreement.
Back-Ended Equity Funding for New Projects
Management said equity needs for I-24 and I-285 East are very back-ended, with most significant funding expected in 2033, 2034 and 2035. The company expects to fund equity commitments mainly through operating cash generation and, to a lesser degree, additional corporate debt, while maintaining its BBB rating and without an equity raise at the Ferrovial level.
Share Buyback Benefits at Lower Share Prices
Ferrovial said its bank-mandated buyback program complies with market-abuse regulations and buys more shares when the share price is lower, allowing the company to take advantage of lower prices.
Energy Portfolio Profitability Improvement
Management said energy performance improved as transmission lines became operational and EPC contracts were finalized, benefiting from scale and portfolio evolution.
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