Ferrovial, S.A. Q3 2026 Earnings Recap

Ferrovial shares rose 4.1% after earnings, with growth in managed-lanes revenue per transaction and construction profitability among the positives. The main offset was weaker traffic at 407 ETR and parts of the U.S. network, attributed to economic conditions, promotions and capacity constraints.

Key Takeaways

• 407 ETR revenue rose 18.4% and EBITDA 21% in the first nine months, while Q3 traffic fell 7.1%; toll increases were the primary revenue-growth driver.
• U.S. managed lanes posted double-digit first-nine-month growth in revenue per transaction: 17.1% at NTE, 12% at LBJ and 15.6% at NTE 35W. Traffic was down at NTE and NTE 35W, while LBJ transactions rose 5.6% in Q3.
• Construction’s adjusted EBIT margin reached 4.1% in the first nine months. Ferrovial reported net cash of €1.66 billion at September, excluding infrastructure project companies.
• 407 ETR approved a further CAD 1.05 billion dividend for Q4, bringing 2026 dividends approved to CAD 2.1 billion versus CAD 1.5 billion in 2025.
• Ferrovial was awarded I-285 East Express Lanes and selected for the D35 highway P3 project; the transcript also flags that the stated March 2027 airport Phase A DBO remains subject to conditions, including contractor fulfillment of a remediation plan.