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01/11 04:48
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary highlights strong financial performance with record-high construction orders and plans for increased dividends. The Q&A session reveals optimism about future performance, despite some uncertainties in pricing and strategy. The company's strategic plans, such as highway bids and data center acquisitions, indicate growth potential. The shareholder return plan, including a significant buyback, further supports a positive outlook. However, some management responses lacked clarity, which tempers the sentiment slightly. Overall, the sentiment leans positive due to strong financials, strategic growth initiatives, and shareholder returns.
Net Debt Net debt, excluding infrastructure projects, stood at negative EUR 706 million (net cash of EUR 706 million). This reflects strong cash generation, disciplined investment, and the impact of recent divestments.
U.S. Highway Revenue Revenue grew 16.4% year-over-year in the first 9 months of 2025. Adjusted EBITDA increased by 15.1%. Growth was driven by North American assets, which contributed 97% of adjusted EBITDA and 88% of revenue.
407 ETR Traffic and Revenue Traffic grew 6.2% year-over-year in the first 9 months of 2025. Revenue increased by 19.3%, and EBITDA surged 15.8%. Growth was driven by targeted rush hour driving offers and increased mobility due to return-to-office mandates.
407 ETR Dividends CAD 450 million in dividends were paid in the first 9 months of 2025, up 13% year-over-year. The total approved dividends for 2025 are CAD 1.5 billion, up 36% from 2024.
Dallas-Fort Worth Managed Lanes (NTE) Traffic declined 4.4% year-over-year in the first 9 months of 2025 due to construction works. However, revenue per transaction increased by 14.2%, and adjusted EBITDA grew by 7.4%.
Dallas-Fort Worth Managed Lanes (LBJ) Traffic grew 1.5% year-over-year in the first 9 months of 2025 despite construction works. Revenue per transaction increased by 8.7%, and adjusted EBITDA grew by 11.1%.
Dallas-Fort Worth Managed Lanes (NTE 35W) Traffic grew 4.1% year-over-year in the first 9 months of 2025. Revenue per transaction increased by 10.2%, and adjusted EBITDA grew by 11.8%.
I-66 Traffic and Revenue Traffic grew 8.5% year-over-year in the first 9 months of 2025. Revenue per transaction increased by 18.3%, and adjusted EBITDA grew by 32.5%. Growth was driven by robust corridor growth and return-to-office policies.
I-77 Traffic and Revenue Traffic grew 1.5% year-over-year in the third quarter of 2025 despite adverse weather. Revenue per transaction increased by 24.4% in the first 9 months, and adjusted EBITDA grew by 21.1%.
Dalaman Airport Traffic declined 1.5% year-over-year in the first 9 months of 2025 due to geopolitical issues. However, revenue grew 2.9%, and adjusted EBITDA increased by 1.8%.
Construction Division EBIT Margin Adjusted EBIT margin was 3.7% in the first 9 months of 2025, aligned with the long-term target of 3.5%. Budimex and Webber achieved EBIT margins of 7.6% and 3%, respectively.
Order Book The order book stood at EUR 17.2 billion at the end of September 2025, up 9.1% year-over-year. Growth was driven by a lower weight of large design and build projects and a focus on the U.S. and Canada markets.
New Terminal One at JFK: Continued progress towards operational readiness, with construction 78% complete and commitments from 21 airlines. Project remains on budget, and acceleration measures are being discussed to meet the June 2026 opening date.
North American Highways: U.S. highway revenue grew 16.4% in the first 9 months of 2025, with 97% of adjusted EBITDA and 88% of revenue coming from North American assets. Dividends from these assets totaled EUR 312 million.
Dallas-Fort Worth Managed Lanes: Solid revenue per transaction growth across all assets, with adjusted EBITDA growth ranging from 7.4% to 11.8% in the first 9 months of 2025. Dividends distributed include $108 million for NTE, $52 million for LBJ, and $99 million for NTE 35 West.
I-66 and I-77 Highways: I-66 saw exceptional traffic growth of 13.2% in Q3 and 8.5% in the first 9 months, with adjusted EBITDA up 32.5%. I-77 experienced a 1.5% traffic increase in Q3 and 21.1% adjusted EBITDA growth in the first 9 months.
Construction Division: Delivered a 3.7% adjusted EBIT margin for the first 9 months of 2025, with an order book of EUR 17.2 billion, up 9.1% from December 2024. Budimex and Webber maintained steady profitability with adjusted EBIT margins of 7.6% and 3%, respectively.
Financial Position: Net cash position of EUR 706 million at the end of Q3 2025, supported by strong cash generation, disciplined investment, and recent divestments. Shareholder distributions reached EUR 426 million in the first 9 months.
Market Expansion in North America: Shortlisted for bidding on I-24 in Tennessee and I-285 in Georgia, with submissions expected in H1 2026. RFQ for I-77 South in North Carolina to be submitted by December 2025.
Traffic impact from construction works in Dallas-Fort Worth Managed Lanes: Traffic in the NTE corridor declined by 3.7% in Q3 and 4.4% in the first 9 months due to capacity improvement construction works. Similarly, LBJ traffic was affected by construction works in surrounding roads and corridors.
Geopolitical situation affecting Dalaman Airport: Softer international traffic during the summer was impacted by the geopolitical situation in the Middle East, leading to a 1.5% decline in traffic in the first 9 months.
Cost pressures in Ferrovial Construction: Ferrovial Construction's adjusted EBIT margin declined slightly due to significant design activity in bidding for projects in the U.S. and costs related to digitalization and IT systems.
Seasonality in construction cash flow: The cash flow from construction was affected by the lack of significant advanced payments during the first 9 months, with an expected improvement in working capital in Q4.
Operational readiness challenges at New Terminal One (JFK): Acceleration measures are being discussed with contractors to ensure the official opening date of June 2026 is achieved.
Adverse weather conditions affecting I-77: Traffic growth in the I-77 corridor was limited to 1.5% in Q3 due to adverse weather conditions, particularly in August.
Highways Division: The company expects to submit bids for the I-24 Southeast Choice Lanes in Tennessee and the I-285 East Express Lanes in Georgia in the first half of 2026. Additionally, the RFQ for the I-77 South Express project in North Carolina is expected to be submitted in December 2025. The focus on demand segmentation is anticipated to enhance value for users and maximize EBITDA growth.
407 ETR Asset: The 407 ETR Board has approved a dividend of CAD 1.05 billion to be distributed in Q4 2025, up 50% from last year's fourth quarter dividend. This brings the total approved dividends for 2025 to CAD 1.5 billion, a 36% increase from 2024. Promotions and targeted offers are expected to continue driving traffic growth and EBITDA.
Dallas-Fort Worth Managed Lanes: Despite construction impacts, revenue per transaction is expected to grow due to favorable traffic mix and mandatory mode events. Dividend distributions are anticipated in December 2025.
I-66 and I-77 Highways: The I-66 is expected to benefit from robust corridor growth and return-to-office policies, driving strong traffic and revenue growth. The I-77 anticipates continued revenue per transaction growth, supported by extended vehicle revenue sharing.
New Terminal One (NTO) at JFK Airport: The project is on track for operational readiness by June 2026, with construction 78% complete. Acceleration measures are being discussed to ensure the opening date is met.
Construction Division: The order book stands at EUR 17.2 billion, up 9.1% from December 2024. Approximately half of the backlog is in the U.S. and Canada, expected to support future growth. The division is aligned with a long-term adjusted EBIT margin target of 3.5%.
Dividends from North American assets: EUR 312 million in the first 9 months of 2025, compared to EUR 420 million in the same period last year.
407 ETR Dividends: CAD 450 million paid in the first 9 months of 2025, up 13% compared to the same period last year. The 407 Board approved a CAD 1.05 billion dividend for Q4, up 50% from last year's Q4 dividend, bringing the total for 2025 to CAD 1.5 billion, up 36% from 2024.
Dallas-Fort Worth Managed Lanes Dividends: $108 million for NTE, $52 million for LBJ, and $99 million for NTE 35 West in the first 9 months of 2025. Dividends are typically distributed in June and December.
I-66 Dividends: $64 million distributed in the first 9 months of 2025.
I-77 Dividends: $22 million distributed since the beginning of 2025.
Dalaman Dividends: EUR 7 million distributed during the third quarter of 2025.
Shareholder Distributions: EUR 426 million in the first 9 months of 2025, including cash and share buybacks. On track to deliver EUR 2.2 billion in cash to shareholders across 2024-2026.
The earnings call summary highlights strong financial performance with record-high construction orders and plans for increased dividends. The Q&A session reveals optimism about future performance, despite some uncertainties in pricing and strategy. The company's strategic plans, such as highway bids and data center acquisitions, indicate growth potential. The shareholder return plan, including a significant buyback, further supports a positive outlook. However, some management responses lacked clarity, which tempers the sentiment slightly. Overall, the sentiment leans positive due to strong financials, strategic growth initiatives, and shareholder returns.
The earnings call reveals strong financial performance with a 7.4% revenue growth and a 19.1% increase in adjusted EBITDA. The net cash position and comfortable order book add to the positive outlook. Despite some declines in specific areas, the company maintains optimistic guidance and a solid order pipeline. The Q&A highlights strong growth in average revenue per transaction and promising prospects in U.S. Managed Lanes. The focus on shareholder returns and strategic investments further supports a positive sentiment, likely leading to a stock price increase of 2% to 8% over the next two weeks.
The earnings call summary presents a mixed outlook. Financial performance shows growth, with increased revenue and EBITDA, but competitive pressures and regulatory issues pose risks. The Q&A reveals management's reluctance to provide specific guidance, and analysts' concerns about traffic projections and governance details. Although shareholder returns are positive with dividends and buybacks, uncertainties in market demand and execution risks temper enthusiasm. The absence of a market cap and the presence of both positive and negative factors lead to a neutral prediction for stock price movement.
The earnings call reveals solid financial performance with revenue growth and surpassing EBIT margin targets. Share buybacks and a strong dividend increase also contribute positively. Despite some uncertainties in the Q&A, the overall sentiment is optimistic with a focus on growth and investment opportunities. The stock price is likely to react positively over the next two weeks.
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