Ferrovial AGM: 2025 Revenue Jumps 9%, EBITDA Up 12%, €1B Scrip Dividend Plan Backed by Votes

Key Points

• Ferrovial posted strong 2025 results with revenue of EUR 9.6 billion (+8.6% LFL), adjusted EBITDA of EUR 1.5 billion (+12.2% LFL) and net profit of EUR 888 million, ending the year with ex‑infrastructure liquidity of EUR 5.1 billion and net cash (excluding projects) of EUR 1.3 billion.
• The board won shareholder backing at the AGM to pursue an interim €1 billion scrip dividend (share-or-cash option), and all other voting items were adopted.
• Strategically, Ferrovial joined the Nasdaq-100, saw its shares rise 36.3% in 2025, completed disposals including its remaining Heathrow stake and AGS (raising ~EUR 1.07 billion) and committed about EUR 2 billion to highways and airports including further investment in 407 ETR and JFK’s New Terminal One.

Ferrovial NASDAQ: FER held its 2026 shareholders’ meeting with Executive Chairman Rafael del Pino opening proceedings and noting the meeting was conducted in English with Spanish simultaneous translation available. Secretary of the Board Geerte Hesen said the meeting had been convened in accordance with Ferrovial’s articles of association and Dutch law and that all requirements had been met to adopt the proposed resolutions.

Hesen reported that no questions were submitted in advance through the online platform and that none were raised from the floor when the chairman opened the Q&A portion of the meeting. Shareholders representing 529,353,385 shares were present or represented, equating to 73.67% of outstanding shares as of the March 12, 2026 record date, she said.

2025 results: revenue, EBITDA and asset rotation

In the presentation on 2025 financial and non-financial performance, del Pino said Ferrovial “delivered robust performance across all business divisions,” highlighting North American highway assets, progress at the New Terminal One at JFK Airport, and improved construction profitability that exceeded the long-term target while ending the year with a record order book.

Del Pino reported 2025 revenue of EUR 9.6 billion, up 8.6% year over year on a like-for-like basis, and adjusted EBITDA of EUR 1.5 billion, up 12.2% like-for-like. He also stated net profit was “EUR 888 billion,” a figure later referenced by CEO Ignacio Madridejos as EUR 888 million. Del Pino said ex-infrastructure liquidity totaled EUR 5.1 billion and consolidated net debt excluding projects was minus EUR 1.3 billion, driven “mostly by record dividends of EUR 968 million received from infra assets.”

Del Pino also detailed portfolio activity and investment commitments. Ferrovial completed the divestment of its remaining 5.25% stake in Heathrow Airport for EUR 539 million and sold AGS Airports for EUR 533 million. The company committed EUR 2 billion of capital, “mainly allocated to highways and airports,” including an additional 5% stake purchase in 407 ETR in Toronto and EUR 236 million of equity injections into the New Terminal One at JFK.

Nasdaq-100 inclusion and shareholder returns

Del Pino noted Ferrovial joined the Nasdaq-100 index in December 2025, “just a year and a half after the initial U.S. listing,” calling it a milestone reflecting investor confidence and the company’s growing North American presence.

He said Ferrovial shares ended 2025 at EUR 55.34, up 36.3% for the year, and that total shareholder return for the period was 38.6%. He added the prior day’s closing price was EUR 59.78, up 8% year-to-date, with market capitalization of EUR 43.8 billion. Total dividends in 2025, combining shares and cash, were EUR 626 million, del Pino said.

CEO highlights: business mix, highways and construction

Madridejos reiterated the year’s themes as “strong operating performance, capital rotation activity, and significant progress in our U.S. pipeline,” also pointing to North American highways’ growth in revenue per transaction and construction’s record order book and profitability.

He broke down revenues by business unit as 79% construction, 14% highways, 4% energy, 1% airports, and 2% other. Adjusted EBITDA contributions were EUR 990 million from highways, EUR 511 million from construction, EUR 37 million from airports, and EUR 3 million from energy, he said.

On highways, Madridejos reported 2025 revenues of EUR 1.4 billion, up 13.7% like-for-like, and adjusted EBITDA of EUR 919 million, up 12.2% like-for-like. He said dividends received included EUR 452 million from 407 ETR and EUR 403 million from U.S. managed lanes, and he discussed traffic and revenue-per-trip trends across assets, including the effect of construction works on some U.S. corridors.

In construction, Madridejos said revenues rose 7.5% like-for-like to EUR 7.7 billion and adjusted EBIT totaled EUR 352 million for a 4.6% margin, which exceeded the long-term profitability target. The order book reached EUR 17.4 billion, up 10.1% like-for-like, with North America representing 46% of the total. He also cited examples of projects awarded during the year across key markets.

Dividend policy, remuneration and governance items

On dividend policy (a non-voting item), Hesen said the board intends to implement one or more interim dividends in 2026 via a scrip dividend with a cash-equivalent amount of around EUR 1 billion, giving shareholders the option to receive shares or cash. She noted the board may elect not to distribute such dividends or may vary the form depending on circumstances.

Bruno Di Leo, Chairman of the Nomination and Remuneration Committee, presented the 2025 remuneration report. He said the remuneration policy was approved in 2025, with total approved board remuneration of EUR 2,280,000, paid 83% in cash and 17% in equity. Di Leo said del Pino earned total remuneration of EUR 6,752,000 in 2025 and Madridejos earned EUR 5,947,000, paid in cash and shares according to the policy. He also said the board submitted for approval the key terms of a 2026-2028 long-term incentive plan aligned with prior plans and the remuneration policy.

External auditor Esther van der Vleuten of PricewaterhouseCoopers Accountants N.V. said 2025 was PwC’s first year auditing Ferrovial and that PwC issued an unqualified opinion on the consolidated and separate financial statements for the year ended Dec. 31, 2025, dated Feb. 25, 2026. She said PwC reported two key audit matters: risk of misstatement in revenue from long-term construction contracts, and recoverability of fixed assets in U.S. highway infrastructure projects and related goodwill for U.S. Highway I-66. Van der Vleuten also said PwC provided limited assurance on the sustainability statement and concluded nothing had come to its attention indicating it was not prepared in all material respects in accordance with the European Sustainability Reporting Standards and EU Taxonomy reporting requirements.

Following the voting period, the chairman said all voting items were adopted and that Ferrovial would publish the voting results on its website after the meeting.

About Ferrovial NASDAQ: FER

Ferrovial, SA is a Spanish multinational infrastructure company headquartered in Madrid that develops, constructs, operates and maintains transport and urban infrastructure. Its core activities include the design and construction of large civil engineering projects, the development and operation of transport concessions such as toll roads and airports, and the provision of urban and industrial services and maintenance. The company typically operates through long-term concession and public-private partnership models, combining construction expertise with asset management and operations.

Within its operating model, Ferrovial's business spans construction contracting, concession management and services.

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