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Investing.com -- Ferrovial (BME:FER) reported a 21.6% year-over-year increase in adjusted EBITDA to €309 million in the first quarter of 2025, driven by strong pricing in its U.S. toll roads and continued construction growth.
Revenue rose 9.6% to €2.06 billion, with like-for-like growth of 7.4% led by the Highways and Construction segments.
Adjusted EBIT climbed 31.1% to €199 million, supported by higher contributions from U.S. toll roads and margin expansion. Operating profit reached €496 million, reflecting a €297 million capital gain from the divestment of its stake in AGS Airports.
Jefferies analysts described the quarter as a “beat on pricing,” particularly in the U.S. Managed Lanes segment, where pricing gains outpaced volume softness.
The U.S. Managed Lanes portfolio saw revenue per transaction rise 13.8% at North Tarrant Express, 10% at LBJ Express, and 8.9% at NTE 35W. I-66 and I-77 posted gains of 25.6% and 21.8%, respectively.
Traffic volumes were mixed: I-66 rose 3.7%, I-77 gained 0.4%, while NTE fell 5.7% due to weather and construction.
Highways EBITDA totaled €235 million, up 15.7%, with U.S. assets contributing €229 million.
Revenue share payments were triggered on I-77, NTE, and NTE 35W, which Jefferies analysts cited as evidence of business outperformance.
Canada’s 407 ETR generated CAD 410 million in revenue, up 24.3%, and grew EBITDA by 15%.
Traffic increased 1.9%, supported by higher tolls and longer trips. Ferrovial expects to close the acquisition of an additional 5.06% stake in the second quarter, raising its interest to 48.29%.
Construction revenue rose 7.3% to €1.58 billion. Adjusted EBITDA grew 27.5% to €87 million, with a 5.5% margin. Adjusted EBIT rose to €52 million, or 3.3% of revenue. The backlog hit a record €17.19 billion.
At JFK’s New Terminal One, Ferrovial contributed €152 million in equity. Construction progress reached 6%, and two airline agreements were signed. The terminal is expected to open in 2026.
Consolidated net debt was €5.64 billion, down from €6.06 billion at year-end. Excluding infrastructure project companies, net cash stood at €1.85 billion, with liquidity of €5.33 billion.