Q1 2025 Ferrovial SE Earnings Call Transcript
Key Points
- Ferrovial SE (FER) reported strong revenue growth in its North American highways division, with a 14.1% increase driven by US managed lanes.
- The 407 ETR asset showed outstanding performance with double-digit EBITDA growth and a 23.6% increase in toll revenue.
- Ferrovial SE (FER) maintained a solid net cash position of EUR1.9 billion, supported by strategic divestments and equity injections.
- The company announced the opening of the Silvertown Tunnel, a complex infrastructure project expected to enhance transportation in East London.
- Ferrovial SE (FER) has a robust construction order book with limited exposure to macroeconomic uncertainty, focusing on local markets and smaller projects.
- The 407 ETR faced challenges with traffic promotions affecting March performance, and severe weather impacted traffic comparisons with the previous year.
- Ferrovial SE (FER) did not receive any dividends from the 407 ETR in the first quarter, although a CAD200 million dividend was approved for the second quarter.
- The Dallas Forward managed lanes experienced negative weather impacts, affecting traffic performance despite solid revenue growth.
- The I-77 highway was affected by severe weather and the reopening of the alternative I-40 with limited capacity, impacting traffic dynamics.
- Ferrovial SE (FER) faces potential geopolitical risks in construction, although no immediate labor availability issues have been reported.
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 first quarter of 2025. I'm joined here today by our CFO, Ernesto Lopez 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. (Operator Instructions).
With all this, I will hand over to Ernesto. Ernesto, the floor is yours.
Thank you, Sylvia, and welcome, everybody, to the first quarter of 2025 operating results update from Ferrovial. Well, starting with the growth in all business divisions, I would like to highlight the strong revenue performance in highways of the North American assets.
In terms of airports, we highlight that construction advances in NTO. And in construction, we have shown a steady profitability with adjusted EBIT margin reaching 3.3%. At the end of the quarter, we have a solid net debt ex-infra projects really a
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