Q3 2025 Ferrovial SE Earnings Call Transcript
Key Points
- Ferrovial SE (FER) reported strong revenue and EBITDA growth in its highways division, particularly driven by North American assets.
- The company achieved a negative net debt position, reflecting strong cash generation and disciplined investment.
- Ferrovial SE (FER) saw significant dividend distributions from its North American assets, with a notable increase in dividends from the 407 ETR.
- The construction division maintained solid profitability with an adjusted EBIT margin of 3.7% for the first nine months, aligning with long-term targets.
- The order book increased by 9.1% in like-for-like terms, with a healthy composition and a significant portion in the core US and Canada markets.
- Traffic in the Dallas-Fort Worth Managed Lanes was impacted by construction works, leading to a decline in traffic for some assets.
- The company faced cash outflows related to the acquisition of an additional stake in the 407 ETR and equity injections in New Terminal One.
- There was a widening of operating losses in the 'other' segment, partly driven by divestment-related issues.
- The geopolitical situation in the Middle East affected international traffic at Dalaman Airport, leading to a decline in traffic.
- Ferrovial SE (FER) is facing potential financial consequences if there are delays in the launch of Phase A at New Terminal One.
Good afternoon, everybody. This is Silvia Ruiz speaking, and I would like to welcome you to Ferrovial's conference call to discuss the financial results for the third quarter of 2025. I'm joined here today by our CFO, Ernesto López Mozo.
Just as a reminder, both the results report and the presentation are available on our website since yesterday evening, after the US market was closed. At the end of the presentation, there will be a Q&A session. (Event Instructions) Before starting, please take a moment to look at the safe harbor statement included in the presentation. And please bear in mind that the presentation contains forward-looking statements and expectations that are subject to certain risks and uncertainties, so actual figures may differ. Other than as required by law, the company assumes no obligation to update forward-looking statements. During this call, we will discuss non-IFRS financial measures, which are defined and reconciled to the most comparable IFRS measures in our results report.
With all this, I will
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