Ferrovial stock stays in focus after strong nine-month results

Ferrovial reported strong operating results for the first nine months of 2026 on Tuesday, October 27, as North American managed lanes and the Construction division drove double-digit like-for-like growth. The company's press release said adjusted EBITDA increased 21.8 percent year over year on that basis, while revenue rose 10.8 percent.

North America drives operating growth

Revenue reached 7.4 billion euros and adjusted EBITDA amounted to 1.2 billion euros. Ferrovial ended the period with 5.1 billion euros of liquidity and 1.7 billion euros of consolidated net cash, excluding infrastructure projects. The company identifies both figures as non-IFRS measures.

The Highways division generated 1.1 billion euros of revenue, up 14.7 percent like for like. Adjusted EBITDA increased 12.4 percent to 816 million euros, supported by growth in North America and 524 million euros of dividends from projects. Ferrovial also said U.S. Express Lanes posted strong revenue-per-transaction growth, while Canada's 407 ETR recorded double-digit revenue and EBITDA growth between January and September.

Construction added a second earnings pillar. Its adjusted EBIT margin reached 4.1 percent, above Ferrovial's average long-term target of 3.5 percent. The order book rose to an all-time high of 19 billion euros, with North America accounting for 51 percent, Poland for 21 percent and Spain for 15 percent.

Project pipeline expands in key markets

Chief Executive Ignacio Madridejos said the results reflected the performance of Highways and Construction, particularly in North America. He also pointed to recent wins in Tennessee and Georgia as opportunities to build on Ferrovial's public-private partnership expertise.

A Ferrovial-led consortium was selected in August to deliver Tennessee's I-24 Southeast Choice Lanes in Nashville and reached commercial close in September. On October 15, another consortium secured the I-285 East Express Lanes project in Greater Atlanta. Ferrovial is also part of the consortium selected to develop the D35 Highway in the Czech Republic.

The Airports division provided a further operational milestone. New Terminal One at New York's JFK airport completed its first set of basic trials and moved into systems integration, testing and commissioning. As of October 27, the project had 32 commercial airline agreements, comprising 24 executed contracts and eight letters of intent.

Stock remains tied to execution

Ferrovial stock traded at 50.17 euros on Lang & Schwarz at 10:30:24 CET on Friday, October 30, 2026. The quote was lower than the 50.64 euros cited for Lang & Schwarz in the company's previous market report on October 29, although the two observations are separate intraday prices and do not establish a causal market reaction to the results.

Investors are likely to focus on whether Ferrovial can convert its record construction backlog and recently awarded projects into sustained cash generation while New Terminal One advances toward operations. The company's investor calendar lists a CEO roadshow on November 2, 2026, followed by a CFO event in Paris on November 10.

The real-time quote of Ferrovial stock is available for investors tracking the latest trading level.

European markets remain the broader setting for infrastructure and industrial shares, with the AEX Index providing the relevant Dutch market reference.

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