Ferrovial Reports Strong First Half Performance with Growth Driven by North American Highway Assets
Ferrovial reported a strong first half of 2026, ending the period with approximately €1.3 billion in net cash. The company's performance was supported by robust construction operating cash flow and dividends from infrastructure projects. Notably, its North American highway assets drove growth, including significant revenue and EBITDA increases at the 407 ETR toll road near Toronto. Despite some traffic declines due to economic conditions and weather, Ferrovial’s Dallas-Fort Worth managed lanes also showed strong performance in terms of adjusted EBITDA. The company's order book reached a record €18 billion; however, delays were reported for the New Terminal One project at JFK Airport, which now faces potential liquidated damages. Ferrovial is adjusting its strategy to balance toll pricing with selective promotions and has improved revenue per transaction through enhanced camera-recognition technology. The company remains focused on maximizing EBITDA while managing congestion and reducing Schedule 22 payments.
Tickers: $FER
Topics: cash_flow construction dividends highway_assets infrastructure