Frerrovial posts strong Q1 growth on highways, construction strength

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Ferrovial’s highways division remained the key earnings driver, generating 235 million euros in adjusted EBITDA. Canadian toll road 407 ETR recorded an 8.2% rise in traffic and a 20% jump in revenue to C$492 million, benefiting from higher toll rates and increased commuter activity in the Greater Toronto Area. EBITDA at the asset climbed 25.4%.

The company’s U.S. managed lanes portfolio also delivered strong pricing momentum, with revenue per transaction rising well above inflation across major projects including NTE, LBJ, NTE 35W, I-66 and I-77. Ferrovial said the gains were supported by higher heavy-vehicle traffic, toll adjustments and technology improvements.

Construction revenue increased 2.6% to 1.63 billion euros, led by strong growth in North America.

In airports, Ferrovial said work on the New Terminal One project at New York’s JFK Airport continued to advance, reaching 87% physical completion. The first operational readiness and airport transfer trials began during the quarter, with the initial construction phase still targeted for completion in fall 2026.

Ferrovial ended the quarter with EUR 5.45 billion in liquidity excluding infrastructure projects and ex-infrastructure net cash of 1.22 billion euros. Total consolidated net debt stood at 6.06 billion euros.