Ferrovial squeezes its highway revenues in the US while completing the new JFK airport terminal

Ferrovial entrusts the pace of its growth to the highways of the United States. The infrastructure group closed the first nine months of 2025 with a revenue increase of 6.2% in comparable terms, up to 6,911 million eurosand an adjusted gross operating result (ebitda) of 1,031 million, 4.8% more than a year before. The pull came, above all, from its concessions in North America, where traffic and transaction income grew strongly despite the more moderate economic environment.

The highways managed by Ferrovial in the United States – among them the NTE, LBJ, NTE 35W, I-77 and I-66 – experienced an increase in transaction income well above inflation, with advances ranging from 8.7% to 24.4%, according to data sent by the company at the close of Wall Street. I-66, in the Washington area, was one of the most dynamic, with growth of 18.3%. On the whole, The toll road division increased its turnover by 14.4% year-on-year, to 1,021 million euros.

The company received 312 million in dividends from its North American assets, reflecting the high profitability of its dynamic toll concessions. “Our assets in North America have had an excellent performance during the first nine months of the year,” said the CEO, Ignacio Madridejos, who also highlighted the progress of the works on the new terminal at New York’s JFK airport: “The New Terminal One (NTO) is entering a key phase ahead of its opening in 2026”. As of October 28, 2025, the company reports that the new terminal has reached 21 agreements with airlines, of which 14 are firm contracts and seven declarations of intent.

In Canada, the 407 ETR highway, in which Ferrovial recently increased its stake by 5.06% after disbursing 1,271 million euros, consolidated its role as a key asset. Between January and September, the road registered an increase of 13.2% in revenue per transaction and 6.2% in kilometers traveled per vehicle. Its board of directors approved a total dividend of 1.5 billion Canadian dollars, of which Ferrovial will receive a proportional part.

On the financial front, Ferrovial maintains a solid position, with 4,175 million euros in liquidity and a negative net debt – excluding infrastructure projects – of 706 million. During the period, it completed the sale of its 5.25% stake in Heathrow for 539 million euros and AGS Airports for another 534 million, in addition to distributing 406 million in dividends among its shareholders. In parallel, Ferrovial allocated 239 million to the construction of the NTO and 426 million to shareholder remuneration.

The construction portfolio stood at 17,168 million euros9.1% more than in December 2024, with North America concentrating 47% of the total. Poland and Spain they contribute 22% and 15%, respectively. The operating margin (adjusted EBIT) of this division reached 3.7%, reflecting contained but stable profitability in a cost environment still stressed by inflation.