FER
Updated: 25/09/2026, 00:38:43
Ferrovial SE, a global entity operating through its various subsidiaries, specializes in the entire lifecycle management of transport infrastructure and urban services, encompassing their design, construction, financing, operation, and ongoing maintenance. Its diverse operations are organized into four primary divisions: Construction, Toll Roads, Airports, and Energy Infrastructures and Mobility. In the Construction division, the firm undertakes the planning and execution of a wide array of public and private projects, notably including public infrastructure development. Simultaneously, the Toll Roads segment is devoted to developing, funding, and managing major thoroughfares. The Airports segment focuses on establishing, investing in, and managing aviation facilities. Moreover, its Energy Infrastructures and Mobility unit undertakes the promotion, construction, and operation of various energy generation and transmission assets, specifically developing, financing, and operating power transmission lines and renewable energy generation plants. This segment also extends its offerings to include mobility and waste management plants and specialized services for the mining sector in Chile. Established in 1952, Ferrovial SE's corporate headquarters are located in Amsterdam, the Netherlands.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
9.5B
FY 2025 · Reported
Net income
0.9B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Ferrovial Group structure and business lines
Ferrovial SE (Netherlands) with four IFRS 8 reporting segments: Construction, Highways, Airports and Energy
“Ferrovial is engaged in the following four business lines, which constitute its reporting segments under IFRS 8”
Company origin and re-domiciliation
Founded 1952 in Spain; re-domiciled from Spain to the Netherlands via cross-border merger completed June 16, 2023
“The Group started its operations in 1952 as a Spanish railway infrastructure company under the commercial name "Ferrovial".”
Five main markets = 91% of 2025 sales
Ferrovial Group's five main markets accounted for 91% of total sales in 2025 (88% in 2024, 87% in 2023)
“The Ferrovial Group's sales in its five main markets accounted for 91% of total sales in 2025 (88% in 2024 and 87% in 2023).”
Energy business line reorganization (January 2024)
Energy Business line created in January 2024 by merging Energy Solutions and Energy Infrastructures
“the Energy Solutions Business line, which was part of the Construction Business line in 2023, and the Energy Infrastructures business line, which was part of the Energy Infrastructure and Mobility business in 2023, were merged”
Inter-segment sales mainly Construction works for concession operators
Inter-segment sales EUR 177m in 2025, mainly Construction works for infrastructure concession operators
“Inter-segment sales reached EUR 177 million for the period ended December 31, 2025, and are mainly related to works completed by the Construction business for the infrastructure concession operators”
Trade receivables by debtor type at December 31, 2025
Public sector 67% (EUR 1,185m), private sector 26% (EUR 461m), group companies 7% (EUR 115m) of EUR 1,761m trade receivables at Dec 2025
“Public sector1,080 68 %105 n.a.1,185 67 %”
Infrastructure concession model
Concession projects awarded via competitive bidding, financed with non-recourse project debt and recovered via tolls or availability charges
“The concessionaire has to finance the construction or upgrade of the public infrastructure mainly with borrowings secured by future cash flows during the project's term”
Sales by geographic area 2023-2025 (EUR million)
USA 3,485; Poland 2,228; Spain 1,891; UK 804; Canada 371; Other 848 (2025, EUR million)
“USA3,485 3,271 214 2,879 392 Poland2,228 2,119 109 2,160 (41) Spain1,891 1,584 307 1,476 108”
FY2025 revenue by segment (external sales, EUR million)
Construction EUR 7,368m; Highways EUR 1,373m; Airports EUR 111m; Energy EUR 337m; Other EUR 259m; Total EUR 9,627m (2025)
“Construction7,368 Highways1,373 Airports111 Energy337 Other activities (*)259 ... Total9,450 177 9,627 5 %”
Segment revenue growth 2025 vs 2024
Growth Var.% 2025: Construction 6%, Highways 9%, Airports 22%, Energy 26%, Other (11)%, Total 5%
“Construction7,368 285 7,653 6 % Highways1,373 1 1,374 9 % Airports111 — 111 22 % Energy337 2 339 26 %”
Multi-currency reporting environment
Group operates/reports across AUD, CAD, EUR, INR, PLN, GBP and USD
“"US$", "U.S. dollar" and "dollar" are the lawful currency of the United States.”
Total workforce 22,609 at Dec 31, 2025 (-11%)
Workforce 22,609 (2025), 25,501 (2024), 24,799 (2023); average workforce by line: Construction 17,891, Highways 667, Energy 1,730
“Total18,2254,38422,609(11)%”
Additional 5.06% stake in 407 ETR from AtkinsRéalis
Acquired additional 5.06% of 407 ETR for CAD 1.99bn (EUR 1.3bn), raising ownership to 48.29%
“Ferrovial completed the previously-announced acquisition of an additional 5.06% stake in the Canadian highway company from affiliates of the AtkinsRéalis Group Inc.”
Acquisition of Milano Solar, LLC
Acquired Milano Solar, LLC for USD 19m: a 250 MW solar PV facility in Milam County, Texas, expected to operate 40 years
“Ferrovial acquired all issued and outstanding membership interests in Milano Solar, LLC for USD 19 million... a 250 MW solar photovoltaic facility, located in Milam County, Texas”
Acquisition of 100% of Powernet
Acquired 100% of Powernet I,S.L.U (telecom and network engineering) with EUR 8m goodwill
“acquired 100% of the shares of Powernet I,S.L.U (Powernet), a company engaged in business on telecommunication and network engineering activities”
Sale of AGS Airports (completed January 2025)
Sale of entire AGS share capital for GBP 900m; Ferrovial's net proceeds GBP 452m, capital gain EUR 272m
“Ferrovial and Macquarie completed the sale of AGS' entire share capital (100%) for a price of GBP 900 million”
Exit from Heathrow (FGP Topco Ltd.)
Full exit from Heathrow: 19.75% sold Dec 2024 (EUR 2,023m gain) and remaining 5.25% sold July 2025 for c.GBP 455m
“On December 12, 2024... Ferrovial completed the sale of 19.75% of the share capital of FGP Topco Ltd.... with a capital gain of EUR 2,023 million”
Sale of entire Ferrovial mining services business in Chile (2025)
Sold entire Ferrovial mining services business in Chile in 2025 (EUR -14m impact)
“The decrease in the workforce compared to last year is mainly due to the sale of the entire Ferrovial mining services business in Chile (Note 1.4.4).”
FGP Topco (Heathrow) stake divestment
Sold 19.75% FGP Topco stake in December 2024 and the remaining 5.25% on July 3, 2025
“Following the sale of a 19.75% stake in FGP Topco in December 2024, the remaining 5.25% interest (divested on July 3, 2025) was measured at fair value by reference to the transaction price of the disposed stake.”
Subcontracted work is largest other operating expense (EUR 3,772m in 2025)
Subcontracted work EUR 3,772m in 2025 (vs 3,550m 2024, 3,337m 2023); total other operating expenses EUR 5,199m
“Subcontracted work3,772 3,550 222 3,337 213”
Reverse factoring (supplier finance) arrangements
EUR 372m of trade payables under reverse factoring at Dec 2025, of which EUR 172m paid early to suppliers
“Of the EUR 372 million (EUR 317 million in 2024) in trade payables sent for reverse factoring, EUR 172 million has been paid early to suppliers at December 31, 2025.”
Restricted cash in project financing
Cash from infrastructure project financing is restricted under financing contracts to cover interest/principal and maintenance/operation obligations
“nancing of infrastructure projects, the availability of which is restricted under the financing contracts as security to cover certain obligations relating to the interest or principal on the borrowings”
Reverse factoring arrangements with banks
Supplier balances under reverse factoring arrangements with banks are classified as trade payables within working capital
“The heading "Trade payables" also includes the liability to pay for goods or services acquired from suppliers under reverse factoring arrangements with banks.”
FY2025 net profit EUR 888 million driven by one-off divestment impacts
Net profit 2025: EUR 888 million, boosted by one-off divestments incl. 50% AGS stake (EUR 272m)
“Net profit for the year reached EUR 888 million on the back of the positive one-off impacts related to the divestment transactions executed during the year, as mentioned in Note 1.1.4, highlighting the positive impact of the 50% stake in AGS (EUR 272 million).”
FY2024 net profit EUR 3,239 million on Heathrow and other divestments
Net profit 2024: EUR 3,239m, incl. Heathrow 19.75% stake gain EUR 2,570m, IRB 5% EUR 116m, Serveo 24% EUR 32m
“highlighting the positive impact of the 19.75% stake in Heathrow Airports Holdings (EUR 2.570 million), the 5% stake in IRB Infrastructure Developers (EUR 116 million) and the 24% stake in Grupo Serveo (EUR 32 million).”
FY2023 net profit EUR 341 million driven by US highways and Spain/Poland construction
Net profit 2023: EUR 341m, driven by US highway traffic/revenue growth and Construction in Spain and Poland (Budimex)
“Net profit for the year reached EUR 341 million thanks to traffic and revenue per transaction growth in the Highways business in the US, as well as by the Construction business' results, particularly the contributions from the businesses in Spain and Poland (Budimex).”
Revenue recognition mix: IFRS 15 contracts vs financial asset model
Revenue EUR 9,627m (2025): IFRS 15 contract revenue EUR 9,516m; financial asset model concession income EUR 10m
“The Group's revenue from contracts with customers, as interpreted by IFRS 15, amounted to EUR 9,516 million, EUR 9,024 million and EUR 8,339 million, respectively”
Share listings
Ordinary shares (nominal EUR 0.01) listed on Euronext Amsterdam and Spanish Stock Exchanges since June 16, 2023; Nasdaq listing under "FER" since May 9, 2024
“Our ordinary shares began trading on Euronext Amsterdam and the Spanish Stock Exchanges on June 16, 2023, and on the Nasdaq Global Select Market, under the symbol "FER", on May 9, 2024.”
Assets held for sale at December 31, 2025
Assets held for sale EUR 196m and liabilities EUR 128m at Dec 31, 2025, mainly energy assets expected to be sold within 12 months
“At December 31, 2025 assets held for sale amounted to EUR 196 million and liabilities stood at EUR 128 million. These relate to energy assets, which are expected to be sold within 12 months.”
Auditor change
FY2025 statements audited by PwC; FY2024 and FY2023 audited by Ernst & Young, S.L.
“the consolidated financial statements as of December 31, 2025 and for the year ending December 31, 2025 have been audited by PricewaterhouseCoopers Auditores, S.L. ("PwC")”
FX translation losses from liquidation of foreign holding companies (2025)
EUR -41m of historical FX translation differences reclassified from OCI on liquidation of foreign holding companies, no cash impact
“corresponds to historical foreign‑exchange translation differences reclassified from other comprehensive income (OCI) to the income statement, derived from the liquidation during the year of foreign holding companies, with no cash impact.”
Summary risk: diverse geographical footprint / macro exposure
Principal risk: diverse geographical footprint exposing the group to geopolitical and macroeconomic factors
“our diverse geographical footprint, which exposes us to geo”
Construction is the dominant revenue segment with EUR 7,653m total 2025 revenue (79% of group), growing 6%.
“Construction7,368 285 7,653 6 %”
Public-sector grantors are the dominant receivables counterparty (67% of trade receivables; 68% of Construction receivables), reflecting dependence on government infrastructure spending.
“Public sector1,080 68 %105 n.a.1,185 67 %”
Construction delivery relies heavily on subcontracted work, the largest other operating expense at EUR 3,772m in 2025, rising EUR 222m year over year.
“Subcontracted work3,772 3,550 222 3,337 213”
Construction is the core revenue-generating activity with revenue recognized over time under IFRS 15; principal vs agent determination under concession agreements drives which entity recognizes construction revenue.
“Revenues and results of those construction services are therefore recognized by the Construction business line.”
Group reorganized to create the Energy business line to accelerate energy-transition business; energy assets held for sale and solar acquisitions support this pivot.
“in order to boost the energy transition related business and develop new capabilities in this area more quickly and efficiently”
Highways generated EUR 1,374m in 2025 (+9%), historically driven by traffic and toll rates in the US and Canada.
“Highways1,373 1 1,374 9 %”
Expected credit losses on IFRIC 12 concession assets are calculated based on the credit quality of awarding entities, indicating public-sector counterparties as key customers under concession models.
“In the case of receivables under the IFRIC 12 model (Note 3.3.2), the expected credit loss provision is calculated individually for each asset based on the awarding entity's credit quality.”
As an infrastructure construction and concessions company classified in Industrials / Engineering & Construction, demand derives from infrastructure project activity across its geographic footprint.
“our predecessor, Grupo Ferrovial, S.A., completed an initial public offering of its ordinary shares and the listing of its ordinary shares on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges”
The group operates across multiple currencies (USD, GBP, PLN, INR, CAD, AUD) and reports in EUR, with foreign currency translation policies disclosed.
“transactions in foreign currencies are translated into euro at the exchange rates applicable at the transaction dates.”
Concession-related IFRIC 12 assets depend on awarding-entity credit quality, and infrastructure project cash is restricted under financing contracts, linking regulatory/concession frameworks to financing.
“the availability of which is restricted under the financing contracts as security to cover certain obligations relating to the interest or principal on the borrowings and to infrastructure maintenance and operation.”
See which prediction-market events move FER, how its filings map to real-world exposure, and what 12 AI strategies are doing with positions like it.
Free forever to follow AlphaBrain’s AI strategies. No card required.
Ferrovial N.V. (FER) Q1 2026 Earnings Call Transcript
Seeking Alpha • STOCK • 08/05/2026, 14:51:23
Ferrovial SE (FER) Shareholder/Analyst Call Prepared Remarks Transcript
Seeking Alpha • STOCK • 09/04/2026, 15:11:44
Ferrovial SE (FER) Q4 2025 Earnings Call Transcript
Seeking Alpha • STOCK • 28/02/2026, 11:37:46
