Ferrovial SE

FER

Market cap $47.1B

Ferrovial offers strong exposure to North American infrastructure, with robust Q3 2025 results and a healthy, disciplined balance sheet. FER's Highways division, especially North American toll roads, drives impressive revenue and EBITDA growth, supported by effective traffic management and pricing power. Despite operational excellence and a solid project pipeline, FER trades at a premium valuation, limiting near-term upside; I rate the stock as hold.

AMSTERDAM , Nov. 4, 2025 /PRNewswire/ -- Reference is made to the announcements (i) dated 15 October 2025, announcing the declaration by Ferrovial SE ("Ferrovial", Ticker: "FER") of an interim scrip dividend of in aggregate EUR 342 million; and (ii) dated 23 October 2025, announcing the dividend per share in the share capital of Ferrovial, with a nominal value of EUR 0.01 each, amounting to EUR 0.4769. Ferrovial announces that the dividend payment date will be accelerated and is now expected to be from 25 November 2025 instead of from 3 December 2025, as disclosed in the announcement dated 15 October 2025.

CORRECTION

Ferrovial SE ( FER ) Q3 2025 Earnings Call October 29, 2025 10:00 AM EDT Company Participants Silvia Ruiz - Investor Relations Director Ernesto Lopez Mozo - Chief Financial Officer Conference Call Participants Ruairi Cullinane - RBC Capital Markets, Research Division Elodie Rall - JPMorgan Chase & Co, Research Division Cristian Nedelcu - UBS Investment Bank, Research Division Ami Galla - Citigroup Inc., Research Division Dario Maglione - BNP Paribas Exane, Research Division José Arroyas - Banco Santander, S.A., Research Division Marcin Wojtal - BofA Securities, Research Division Alvaro Lenze Julia - Alantra Equities Sociedad de Valores, S.A.

The company reported substantial revenue growth in all business divisions AMSTERDAM , Oct. 28, 2025 /PRNewswire/ -- Ferrovial, a leading global infrastructure company, closed the first nine months of 2025 with significant growth, supported by a substantial revenue increase in all business divisions. Adjusted EBITDA1 improved during the period, mainly driven by U.S. highway assets.

AMSTERDAM , Oct. 15, 2025 /PRNewswire/ -- Ferrovial SE ("Ferrovial", Ticker: "FER") declares an interim scrip dividend of in aggregate EUR 342,000,000, payable in cash or in Ferrovial shares at the election of Ferrovial's shareholders, against Ferrovial's reserves. The dividend per Ferrovial share will be determined based on the number of the shares outstanding on the relevant ex-dividend date and is expected to be announced on 23 October 2025.

The project will bring reliable electricity to the grid and drive long-term economic growth in the region AMSTERDAM , Aug. 26, 2025 /PRNewswire/ -- Ferrovial, a leading global infrastructure company, will develop a new 250 MW solar photovoltaic facility, located in Milam County, Texas. The project represents a total investment of approximately $355 million, including debt.

Ferrovial offers reliable growth and upside through its integrated construction and concessions model, focusing on high-demand US managed lanes and select global assets. Dynamic toll pricing and dominant market positions drive strong revenue and EBITDA growth, especially in US managed lanes and the long-term 407 ETR concession. Recent divestitures in airports streamline the portfolio, while the New Terminal One at JFK and Dalaman Airport provide exposure to robust international air travel trends.

Ferrovial SE (NASDAQ:FER ) Q2 2025 Earnings Conference Call July 30, 2025 9:00 AM ET Company Participants Ernesto Lopez Mozo - Chief Financial Officer Ignacio Madridejos Fernandez - CEO & Executive Director Silvia Ruiz - Investor Relations Director Conference Call Participants Alvaro Lenze Julia - Alantra Equities Sociedad de Valores, S.A., Research Division Cristian Nedelcu - UBS Investment Bank, Research Division Dario Maglione - BNP Paribas Exane, Research Division Elodie Yvonne Daniele Rall - JPMorgan Chase & Co, Research Division Graham Hunt - Jefferies LLC, Research Division Harishankar Ramamoorthy - Deutsche Bank AG, Research Division José Manuel Arroyas - Banco Santander, S.A.

Highways in North America saw robust revenue and EBITDA growth Construction order book reached all-time high of €17.3 billion AMSTERDAM , July 29, 2025 /PRNewswire/ -- Ferrovial, a leading global infrastructure company, closed the first half of 2025 with solid growth, supported by strong performance in all business divisions. Both revenue and adjusted EBITDA increased, mainly driven by U.S. highways and Construction.