The strong operational performance in U.S. Highways and Construction supports the stock's current valuation, but the JFK NTO delay and I-77 traffic decline are near-term headwinds. Monitor the September 2026 Preferred Bidder announcement for the D35 Highway in the Czech Republic and any further updates on JFK NTO's Phase A completion.
Price Chart
Executive Summary
Ferrovial reported strong H1 2026 results with double-digit like-for-like (LfL) revenue and Adjusted EBITDA growth, driven by robust performance in U.S. Highways and Construction. Revenue reached EUR 4,701 million (+11.3% LfL) and Adjusted EBITDA was EUR 746 million (+21.6% LfL). Net profit attributable to the parent company was EUR 258 million, down from EUR 540 million in H1 2025 which included large capital gains from asset sales. The Construction order book hit an all-time high of EUR 18,046 million. Key risks include the JFK New Terminal One project delay (Phase A DBO now targeted for March 2027) and traffic declines at I-77 and Dalaman Airport. The filing is a routine earnings update with strong operational momentum, but the lower net profit and specific asset headwinds prevent a purely bullish read.
Key Facts
- Revenue EUR 4,701 million in H1 2026, +11.3% like-for-like vs H1 2025.
- Adjusted EBITDA EUR 746 million in H1 2026, +21.6% like-for-like vs H1 2025.
- Net profit attributable to parent company EUR 258 million in H1 2026 vs EUR 540 million in H1 2025.
- Construction order book at all-time high of EUR 18,046 million as of June 2026.
- JFK New Terminal One Phase A DBO milestone missed; remedial plan targets March 2027.
- 407 ETR H1 2026 revenue CAD 1,108 million (+18.7% YoY), EBITDA CAD 952 million (+24.4% YoY).
- Consolidated Net Debt of ex-infrastructure project companies at EUR -1,307 million (net cash).
- Dividends collected from projects totaled EUR 378 million in H1 2026.
- EUR 300 million in treasury share repurchases executed in H1 2026.
Financial Impact
Revenue +11.3% LfL to EUR 4,701M; Adj. EBITDA +21.6% LfL to EUR 746M; Net profit to parent EUR 258M (down from EUR 540M due to prior-year disposals).
Risk Factors
- JFK New Terminal One Phase A DBO delayed to March 2027; further delays or cost overruns could impact investment value.
- I-77 traffic declined -5.2% in H1 2026 due to lower congestion and adverse weather; revenue share step-up to 50% band is a headwind.
- Dalaman Airport passenger traffic down -8.1% in H1 2026 due to Middle East geopolitical tensions.
- 407 ETR Q2 2026 traffic declined -2.7% YoY due to softer economy and weather; full-year performance uncertain.
- Net profit declined significantly YoY due to absence of prior-year large capital gains from asset sales.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-050224 |
| Document: q22026-ferrovialresultsp.htm | 0001628280-26-050224 |
| Document: a6k20261hferrovialnvfinanc.htm | 0001628280-26-050224 |
| Document: a20260728_pressreleasexf.htm | 0001628280-26-050224 |
| Document: 0001628280-26-050224-index-headers.html | 0001628280-26-050224 |
| Document: 0001628280-26-050224-index.html | 0001628280-26-050224 |
| Document: 0001628280-26-050224.txt | 0001628280-26-050224 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 6-K | $48.86 $49.71 | ▲ +1.74% | ▲ +2.75% | $50.35 (+3.05%) |
Oct 15, 2026 11d ago | 6-K | $48.86 $49.71 | ▲ +1.74% | ▲ +2.75% | $50.35 (+3.05%) |
Oct 5, 2026 21d ago | 6-K | $51.84 $50.34 | ▼ −2.89% | ▼ −3.32% | $50.35 (−2.87%) |
Oct 1, 2026 25d ago | 6-K | $52.94 $50.29 | ▼ −5.01% | ▼ −6.31% | $50.35 (−4.89%) |
Sep 30, 2026 26d ago | 6-K | $52.94 $50.29 | ▼ −5.01% | ▼ −6.31% | $50.35 (−4.89%) |
Sep 30, 2026 26d ago | 6-K | $54.10 $50.60 | ▼ −6.47% | ▼ −8.38% | $50.35 (−6.93%) |
Sep 14, 2026 6w ago | 6-K | $54.62 $55.95 | ▲ +2.44% | ▲ +2.33% | $50.35 (−7.82%) |
Sep 11, 2026 6w ago | 6-K | $56.15 $55.04 | ▼ −1.98% | ▼ −1.76% | $50.35 (−10.33%) |
Sep 2, 2026 7w ago | 6-K | $57.84 $55.50 | ▼ −4.05% | ▼ −3.09% | $50.35 (−12.95%) |
Aug 19, 2026 9w ago | 6-K | $63.16 $58.77 | ▼ −6.95% | ▼ −8.07% | $50.35 (−20.28%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers