Ferrovial Q1 Earnings Call Highlights

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Ferrovial (NASDAQ:FER) reported what Chief Financial Officer Ernesto López Mozo called a “solid commencement to the year” successful the archetypal 4th of 2026, highlighting maturation crossed its halfway businesses—led by North American highways—alongside continued advancement astatine the New Terminal One task astatine JFK Airport and unchangeable operation margins contempt higher concern successful bidding enactment and IT.

On a consolidated basis, López Mozo said gross grew 10.2% connected a like-for-like basis, portion adjusted EBITDA accrued 15% and adjusted EBIT roseate 10.6%, besides like-for-like. He added that nett indebtedness excluding infrastructure projects stood astatine antagonistic EUR 1.2 cardinal astatine the extremity of the quarter, meaning the radical held nett cash. The CFO said treasury stock purchases totaled EUR 162 cardinal during the period.

North American toll roads: 407 ETR posts beardown 4th

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Ferrovial’s 407 ETR toll roadworthy successful Canada delivered different beardown quarter, with postulation up 8.2% year-over-year successful the archetypal 4th of 2026. López Mozo attributed the summation to targeted driving offers and higher mobility tied to “a higher percent of on-site employees,” partially offset by unfavorable wintertime weather.

Revenue astatine 407 ETR grew 20% successful the quarter, and toll gross accrued 22.1%, reflecting a premix of higher toll rates effectual Jan. 1, 2026 and higher postulation volumes, according to the CFO. EBITDA roseate 25.4% versus the prior-year quarter, which included a Schedule 22 proviso of CAD 8.1 million, “significantly lower” than successful the archetypal 4th of 2025.

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López Mozo cautioned that postulation comparisons whitethorn beryllium distorted owed to differences successful promotions betwixt periods. He noted that successful Q1 2026 the plus had 3 months of targeted promotions, whereas successful Q1 2025 broad-based promotions lone began successful March. He emphasized that the “demand segmentation strategy continues to enactment truly well,” helping equilibrium pricing, postulation distribution, and work levels portion focusing connected EBITDA arsenic the cardinal metric.

On dividends, Ferrovial did not person 407 ETR dividends successful the archetypal quarter, but López Mozo said the committee approved a CAD 500 cardinal dividend to beryllium paid successful the 2nd 4th of 2026. Later successful the Q&A, helium said the higher dividend illustration was tied to some show and improved financing, including “additional debt,” but helium declined to supply guidance for the remainder of the year.