[FER] Ferrovial: Q3 2026 earnings preview on toll pricing versus traffic

Ferrovial is an infrastructure group whose profit comes mainly from North American toll roads while most of its revenue comes from construction, and its Q3 2026 earnings preview centers on whether toll pricing can keep offsetting weak traffic. The company has announced that it will release results for the third quarter of 2026 (the three months ended September 30, 2026) and the first nine months of 2026 (2026年第三季度(截至2026年9月30日的三个月)及2026年1-9月) after the US market close on 2026-10-27, with a conference call on October 28[1]. Its latest official report covers the first half of 2026: group revenue was EUR 4,701 million, up 5.2% reported and 11.3% like-for-like, and adjusted EBITDA was EUR 746 million, up 21.6% like-for-like, including EUR 521 million from US Highways; the construction adjusted EBIT margin was 3.5%, and net cash excluding infrastructure project companies was EUR 1,307 million[2]. The company gives no group revenue or profit guidance. On the 2026-07-29 call, management reaffirmed the construction division's 3.5% long-term average adjusted EBIT margin target[3], and the first-half report placed the Phase A date of beneficial occupancy for JFK's New Terminal One (NTO) at March 2027, the date in the completion remedial plan[2].

Three things matter most in the coming report. The first is whether revenue per transaction on the three Dallas managed lanes can keep growing at double digits: in the first half, NTE revenue per transaction rose 18.9% while transactions fell 2.0%, so Highways profit growth rested almost entirely on price and vehicle mix[2]. The second is whether 407 ETR's toll increases can keep offsetting falling traffic: 407 International disclosed on 2026-10-21 that third-quarter vehicle kilometres travelled fell about 7% while revenue rose 18%, and Ferrovial's report will show what that means for its equity-accounted income and Schedule 22 provision[4]. The third is whether the EUR 329 million of first-half construction operating cash flow holds, because that cash came mainly from North American prepayments and compensations that can be consumed as work progresses[5].

Company Background and Business Structure

Ferrovial has shifted from a European diversified builder to an infrastructure investor and operator whose capital is concentrated in North American toll roads. The company was founded in 1952; its 2026 SEC filings are signed as Ferrovial N.V., while its FY2025 annual report was filed as Ferrovial SE[6]. It is listed on Nasdaq and four Spanish stock exchanges, and its delisting from Euronext Amsterdam took effect on September 11, 2026[7]. Over the past two years it sold its remaining 5.25% stake in Heathrow and its entire stake in AGS airports[2], while raising its holding in 407 ETR from 43.23% to about 48.3%[6].

The company reports four segments, and profit and revenue are distributed in opposite directions. Highways develops, finances and operates toll roads through the wholly owned Cintra, with main assets including Canada's 407 ETR, the NTE, LBJ and NTE 35W in Dallas, Virginia's I-66, North Carolina's I-77 and India's IRB; Airports consists mainly of the NTO project at JFK and an indirect holding in Turkey's Dalaman airport; Construction includes Ferrovial Construction, Poland's Budimex and US-based Webber; and Energy operates transmission lines and renewable plants[6]. Of FY2025 group revenue of EUR 9,627 million, construction contributed EUR 7,653 million and Highways EUR 1,374 million, but of adjusted EBITDA of EUR 1,457 million, Highways contributed EUR 989 million and construction only EUR 511 million[6].

How each asset enters the accounts determines how its numbers should be read. NTE (62.97%), LBJ (54.60%) and I-77 (72.24%) are fully consolidated, so their revenue and project-debt interest flow through the consolidated statements[2]; 407 ETR (48.29%) and NTO (49%) are equity-accounted and reach Ferrovial's profit and cash only as after-tax income and dividends[4][2]. Toll-road customers are drivers who pay by distance, time of day and vehicle type; construction customers are mainly governments and public bodies, with revenue recognized as work progresses, and Poland accounted for 23.3% of group revenue in 2025[6].

Financial History and Current Position

The annual record shows steady revenue growth, with profit swings driven mainly by asset disposals. FY2025 group revenue was EUR 9,627 million, up 5%, and adjusted EBITDA was EUR 1,457 million; net profit attributable to the parent was EUR 888 million, down from EUR 3,239 million in FY2024, which included gains from selling Heathrow and other assets[6]. In 2025 the company received EUR 968 million of dividends from infrastructure projects, EUR 467 million from consolidated entities and EUR 501 million from equity-accounted companies, and it ended 2025 with EUR 1,341 million of net cash excluding infrastructure project companies[6].

In the first half of 2026, operating growth ran well ahead of reported growth, with the gap driven mainly by currency translation. First-half revenue was EUR 4,701 million, up 5.2% reported and 11.3% like-for-like; adjusted EBITDA was EUR 746 million, up 13.9% reported and 21.6% like-for-like; Highways revenue was EUR 740 million, up 15.8% like-for-like, and Highways adjusted EBITDA was EUR 530 million, up 13.4% like-for-like[2]. Net profit attributable to the parent fell to EUR 258 million from EUR 540 million because the first half of 2025 included the gain on the AGS sale; second-quarter revenue was EUR 2,603 million and net profit attributable to the parent was EUR 189 million, up from EUR 174 million a year earlier[2].

The parent-level balance sheet stayed in net cash through the first half. At June 2026, net cash excluding infrastructure project companies was EUR 1,307 million and liquidity was EUR 4,747 million; first-half inflows included EUR 378 million of project dividends and EUR 329 million of construction operating cash flow, while outflows included EUR 398 million of shareholder dividends and buybacks and EUR 187 million of investments[2]. Divestments brought in EUR 96 million in the first half, mainly from the Silvertown Tunnel in the UK and Transchile transmission lines in Chile[5]; shareholder remuneration totaled EUR 658 million in 2025, and the company said it was on track for its EUR 2.2 billion shareholder-return target for 2024-2026[8].

Operating Model

Construction orders set the scale of consolidated revenue, while toll-road pricing sets incremental profit. Construction revenue is recognized from the order book as work progresses and was EUR 7,653 million in FY2025; revenue on the consolidated US managed lanes equals transactions times revenue per transaction, and the three Dallas roads price dynamically under a soft cap that can be exceeded during congestion or low speeds, with the cap raised each year in line with US CPI-U[6]. Revenue from 407 ETR and NTO is not consolidated and appears only through equity-accounted income[6].

Profit is highly concentrated in toll roads because their operating costs are largely fixed, so most incremental revenue falls straight to EBITDA. Highways accounted for about 68% of FY2025 group adjusted EBITDA, while the construction adjusted EBIT margin sits around 3.5%; US contracts seldom carry price-adjustment mechanisms, so cost inflation and project execution problems hit construction profit directly[6]. Equity-accounted income totaled EUR 135 million in the first half of 2026, EUR 124 million of it from 407 ETR, while interest on consolidated project-company debt reduced consolidated profit by EUR 212 million[2].

Parent-level cash is driven by two lines, and both transmit with a clear time lag. The first is project dividends: toll roads generate cash inside project companies and pass it up under dividend policies, and dividends from highways were EUR 372 million in the first half of 2026, EUR 150 million of it from 407 ETR[2]. The second is construction operating cash flow, which depends heavily on the timing of customer prepayments; the first-half figure of EUR 329 million came mainly from North American prepayments and compensations and will be consumed gradually as work is executed[5]. Project-company debt is non-recourse to the parent, and the company's financial policy caps parent-level net debt at two times adjusted EBITDA plus project dividends[6].

Industry and Competitive Position

Ferrovial has built deep experience in developing and operating US dynamically priced managed lanes, and it won two large projects in a row in 2026. In August, the Ferrovial-led DriveTN consortium, which includes Transurban and Tikehau Star Infra, was selected for Tennessee's I-24 project, with a USD 9.2 billion construction cost and a projected USD 24.8 billion in concession value to the state[9]; in October, a Ferrovial-led consortium was selected for Georgia's I-285 East Express Lanes, with an expected construction value of USD 8.9 billion[10]. I-24 has reached commercial close, financial close is expected in summer 2027, the construction period is eight years and service is estimated to begin around 2034[11].

The construction business bids selectively and its order book is near a record, but it is regionally concentrated. At June 2026 the construction order book was EUR 18,046 million, up 2.8% like-for-like from December 2025, with North America at 48% and Poland at 23%, and roughly EUR 2,645 million of pre-awarded or pending contracts was excluded[2]. Margins differ widely across the three business lines: in the first half, Budimex earned 6.9%, Webber 3.4% and Ferrovial Construction only 1.5%[2].

The available material offers only a limited peer comparison. Toll-road operators such as Vinci and Transurban and other diversified infrastructure groups are Ferrovial's peers, and Transurban is also a partner on I-24[9]; but the material contains no peer traffic, pricing or margin data on a comparable basis, so Ferrovial's advantage over competitors cannot be quantified beyond its record of consecutive wins in large US managed-lane tenders.

Core Debates

Ferrovial's US managed lanes are growing profit through double-digit revenue per transaction while traffic stalls; how long can that last?

This question determines the group's profit growth because US highways are the core of Ferrovial's earnings. Highways made up about 68% of FY2025 group adjusted EBITDA[6], and US Highways contributed EUR 521 million of adjusted EBITDA in the first half of 2026, up 15.6% like-for-like[2]; construction brings in about four-fifths of group revenue but earns a margin of only around 3.5%, so Highways growth is essentially group profit growth.

First-half growth came almost entirely from revenue per transaction rather than traffic. NTE transactions fell 2.0% while revenue per transaction rose 18.9% to USD 10.1; NTE 35W revenue per transaction was USD 8.0 in the second quarter, up 17.3%; LBJ handled 12.9 million transactions in the second quarter, up 6.9%, and 23.5 million in the first half, up 2.9%; I-66 traffic rose 8.5% in the first half, while I-77 fell 5.2%[2]. On the 2026-07-29 call, management named the heavy-vehicle classification technology rolled out on the three Dallas roads in 2025 as the largest driver of revenue growth, followed by more Mandatory Mode events (when tolls may exceed the soft cap during congestion) and inflation-linked toll increases[3].

A competing reading holds that this growth will fade on its own. Classification technology is a one-time step-up, so from the second half of 2026 the year-over-year base rises and revenue-per-transaction growth could drop to single digits; part of the pricing gain also goes to the states, as NTE 35W revenue sharing reached USD 15.8 million in the first half versus USD 9.9 million a year earlier and I-77 moved from the 25% to the 50% revenue-share band[2]. The transmission runs as follows: revenue per transaction grows far faster than inflation, so revenue still rises at double digits even with flat or slightly lower traffic; after revenue sharing, most of the increment reaches Highways adjusted EBITDA and then flows up to Ferrovial as project dividends, which were EUR 372 million from highways in the first half[2].

It is not yet possible to say when growth will slow, because the company does not disclose how much of the revenue-per-transaction gain comes from classification versus Mandatory Mode. The Q3 report should show whether revenue per transaction on the three Dallas roads still grows above 10%, how management describes the base effect of classification, and how far nine-month Highways like-for-like growth falls from the first-half 13.4%; it should also show LBJ and NTE transactions as nearby construction winds down, with management saying LBJ's full benefit will come in the first quarter of 2027[3] and the NTE capacity improvement 88% complete at June and scheduled to finish by the end of 2026[2]. If revenue-per-transaction growth falls to single digits without a traffic recovery, Highways growth would drop to single digits; if revenue sharing keeps growing faster than revenue, asset margins would fall and the current understanding would weaken.

407 ETR lifted revenue 18% through higher tolls while traffic fell for two straight quarters; how far can price keep substituting for volume?

407 ETR is one of Ferrovial's largest single assets, and its dividends are an important source of parent-level cash. In the first half of 2026, 407 ETR contributed EUR 124 million of equity-accounted income to Ferrovial, up 34.0%, along with EUR 150 million of dividends[2]. If full-year traffic falls below the thresholds in the concession agreement, 407 must make Schedule 22 payments to the Province of Ontario; the charge was CAD 41 million for 2025 and directly reduces EBITDA[6].

Prices are rising while traffic is falling, and the two lines have diverged for two straight quarters. After new toll rates took effect on January 1, 2026, first-half toll revenue rose 20.2% to CAD 1,055 million, but second-quarter vehicle kilometres travelled fell 2.7%, which the company attributed to a slower economy, less rehabilitation construction on alternative highways and weather[2]. 407 International disclosed on 2026-10-21 that third-quarter vehicle kilometres travelled were 777.7 million, down about 7%, and trips fell 8%, yet average revenue per trip was CAD 21.34 versus CAD 16.96 a year earlier, revenue rose 18% and EBITDA rose 16%; nine-month vehicle kilometres travelled were 2,066.7 million, down about 1.7%[4].

Management and a competing reading interpret the promotional offers differently. Management treats targeted promotional driving offers as a long-term yield-management tool and says they have lowered the Schedule 22 provision[3], which was CAD 5.5 million in the first half versus CAD 45.2 million a year earlier[2]; the competing reading is that price elasticity is emerging, promotions merely fill kilometres with discounted trips, and because 407's distance and trip figures include promotional trips, underlying paid demand may have fallen further[4]. In transmission terms, higher revenue per trip offsets lower traffic, and Ferrovial books equity-accounted profit and receives dividends at 48.29%; in July the board approved a third-quarter dividend of CAD 550 million, versus CAD 250 million a year earlier[2].

What remains unresolved is whether the steeper third-quarter traffic decline pushes the Schedule 22 provision back up. The Q3 report should show 407's nine-month Schedule 22 provision in Ferrovial's report, the growth rate of nine-month equity-accounted income, the Canadian-dollar total of the fourth-quarter dividend in Ferrovial's report against a year earlier, and whether management attributes the traffic decline to the economy, weather or toll levels. If the Schedule 22 provision is revised up, the fourth-quarter decline in kilometres travelled widens further and EBITDA growth drops below 10%, the traffic threshold would have become a binding constraint on pricing.

Construction is 80% of revenue at a 3.5% margin; will the North American prepayments behind first-half cash reverse in the second half?

Construction drives the group's revenue scale and the volatility of its cash flow. FY2025 construction revenue was EUR 7,653 million, about 79.5% of group revenue[6]; on first-half construction revenue of EUR 3,700 million, each 0.5 percentage point change in margin moves half-year profit by about EUR 18 million, and any reversal of operating cash flow directly reduces parent-level net cash[5].

The first-half margin matched the company's target, and cash flow was much stronger than a year earlier. First-half construction adjusted EBIT was EUR 131 million at a 3.5% margin, versus 3.4% a year earlier; the second-quarter margin alone was 3.9%, versus 3.6%[5]. On the 2026-07-29 call, management said first-half margins included bidding costs for I-24 and I-285, that bidding costs would be lower in the second half and that the 3.5% long-term average target was unchanged[3]. Construction operating cash flow (excluding tax payments and dividends) was EUR 329 million, versus EUR -104 million a year earlier, and the company said it came mainly from prepayments and compensations received in North America[5].

A competing reading holds that first-half cash is only a timing difference. Prepayments are consumed as work proceeds, and Webber's order book of EUR 5,293 million was down 7.1% like-for-like from the end of 2025, so the durability of North American growth remains to be tested[2]. The transmission runs from the order book converting into revenue as work progresses, to the business-line mix setting the margin, with Budimex, Webber and Ferrovial Construction at 6.9%, 3.4% and 1.5% respectively[2]; North American prepayments enter cash first and are then consumed during construction, ultimately showing up in parent-level net cash, and because US contracts seldom carry price-adjustment clauses, the builder bears most cost inflation[6].

The company does not disclose contract-level costs, claims or prepayment balances, so the source of the margin cannot yet be verified directly. The Q3 report should show the gap between the nine-month construction margin and 3.5% and the divergence among the three business lines, whether nine-month construction operating cash flow remains positive, and the September order book and conversion of pre-awarded contracts. If the third-quarter margin falls clearly below 3% and management blames project cost overruns rather than bidding costs, or prepayments reverse sharply and nine-month construction operating cash flow turns negative, the current understanding would be overturned.

JFK's New Terminal One has slipped to March 2027; will the last 8% of systems integration and testing slip again?

NTO is Ferrovial's largest airport investment in North America, and a delay would postpone revenue and dividends while straining the project's credit. At June 2026, Ferrovial had contributed its entire committed equity of USD 1,142 million (EUR 1,041 million), with the USD 74 million injection in May the last scheduled one; NTO has no operating revenue before opening and carries EUR 4,671 million of net debt on a 100% basis[2], while Phase A financing totals about USD 6 billion at an all-in cost of about 5%[6].

The schedule has slipped twice even as physical progress has advanced quickly. By the time of the 2025 annual report, the contractor had moved its first-phase completion target from June 2026 to fall 2026[6]; the Phase A date of beneficial occupancy was then missed on June 1, 2026, and NTO's completion remedial plan set the date at March 2027[2]. Overall progress rose from 82% at the end of 2025 to 92% in June 2026, and airline agreements grew from 16 contracts plus 9 letters of intent to 24 contracts plus 8 letters of intent[8][2].

There is a gap between management's base case and creditors' stance. On the 2026-07-29 call, management said March 2027 is the base case developed with the contractor on current information, and that liquidated damages of EUR 500,000 per day apply from the original completion date, though the contractor may challenge portions of the delay[3]. The competing reading is that the remaining work is mainly systems integration, multi-party coordination and approvals, which physical-progress percentages do not capture; of the three agencies rating NTO's green bonds, Moody's (Baa3) and Kroll (BBB-) have negative outlooks and Fitch (BBB-) has a negative watch, suggesting creditors do not fully accept the new date[2]. In transmission terms, NTO starts collecting airline and commercial revenue and repaying Phase A financing only after Phase A opens, and only then can it pay dividends to Ferrovial, so a delay pushes back both Ferrovial's equity-accounted results and future dividends.

No independently verifiable data yet shows whether the remaining 8% of the work will finish on time. The Q3 report should show whether the company keeps the March 2027 Phase A date, how the progress percentage changes, the credit outlook on NTO bonds and whether liquidated damages become disputed, and how airline letters of intent convert into contracts. If Phase A slips beyond March 2027, or NTO bonds are cut to speculative grade and Ferrovial must inject more equity, the current understanding would be falsified.

Risks and Falsifiers

The first risk is that the newly won US concessions need large equity commitments which, combined with buybacks, could exhaust parent-level net cash. I-24 carries a USD 9.2 billion construction cost and I-285 East an expected construction value of USD 8.9 billion[9][10]; of the EUR 800 million buyback program, EUR 358 million had been used by September 11, 2026, and the program was extended to March 3, 2027[12], first-half shareholder distributions were EUR 398 million, and June net cash at the parent level was EUR 1,307 million[2]. The exposed lines are parent-level net cash and the two-times leverage cap; the risk would not materialize if the parent stays in net cash until I-24's financial close in summer 2027 and, as the company has said, issues no equity at the Ferrovial level[11].

The second risk is currency: Ferrovial reports in euros, but its profit comes mainly from US dollar and Canadian dollar assets, so weaker dollars make reported growth clearly lag like-for-like growth. The company's currency exposure is mainly to the Canadian dollar, US dollar, Indian rupee and Polish zloty, among others[6]; in the first half of 2026, group revenue grew 5.2% reported versus 11.3% like-for-like, adjusted EBITDA 13.9% versus 21.6%, and Highways adjusted EBITDA 6.9% versus 13.4%, with the company attributing the gap mainly to currency translation[2]. If the gap between reported and like-for-like growth narrows to within 2 percentage points in the third quarter, the pressure from this risk on reported profit would ease considerably.

The third risk is that the pricing lift from vehicle classification technology is a one-off, so the year-over-year base rises from the second half of 2026 while traffic remains held back by construction and weather. The exposed lines are Highways adjusted EBITDA (EUR 530 million in the first half, up 13.4% like-for-like) and project dividends from highways (EUR 372 million in the first half)[2]. The risk would be falsified if revenue per transaction on the three Dallas roads grows above 10% year over year in both the third and fourth quarters.

The fourth risk is that repeated toll increases keep pushing 407 traffic down, triggering larger Schedule 22 payments and limiting future pricing room. The exposed lines are Ferrovial's equity-accounted income from 407 (EUR 124 million in the first half) and 407 dividends (EUR 150 million in the first half)[2], with 407 paying CAD 1,500 million of dividends for full-year 2025 on a 100% basis[6]. The concern would not hold if the full-year Schedule 22 provision comes in below 2025's CAD 41 million and the fourth-quarter decline in kilometres travelled narrows from the roughly 7% third-quarter drop[4].

The fifth risk is that US contracts lack price-adjustment mechanisms, so cost inflation or large-project execution problems compress construction margins, and a reversal of North American prepayments leaves cash flow clearly weaker than profit[6]. The exposed lines are construction adjusted EBIT (EUR 131 million in the first half) and construction operating cash flow (EUR 329 million in the first half)[5]. The risk would be falsified if the full-year construction margin is at least 3.5% and full-year construction operating cash flow is positive.

The sixth risk is another NTO Phase A delay, postponing revenue and dividends and triggering credit downgrades that could lead to calls for extra shareholder support. The exposed amounts are Ferrovial's EUR 1,041 million of invested equity and NTO's EUR 4,671 million of net debt on a 100% basis[2]. The risk would be falsified if Phase A beneficial occupancy is achieved in March 2027 and NTO bonds remain investment grade in the meantime[3].

What to Watch Next

• US managed lanes: year-over-year revenue-per-transaction growth on the three Dallas roads, from a base of +18.9% for NTE in the first half and +17.3% for NTE 35W in the second quarter[2]. Growth held above 10% would confirm the current reading; a fall to single digits without a traffic recovery would falsify it.
• US managed lanes: nine-month Highways adjusted EBITDA like-for-like growth against the first-half +13.4%[2]. Revenue sharing that keeps outpacing revenue would weaken the current understanding.
• 407 ETR: the Schedule 22 provision and kilometres travelled, from a first-half provision of CAD 5.5 million and a third-quarter traffic decline of about 7%[2][4]. An upward revision to the provision and a wider fourth-quarter traffic decline would falsify the current reading.
• Construction: the adjusted EBIT margin and operating cash flow, from 3.5% and EUR 329 million in the first half[5], plus the September order book. A margin clearly below 3% or negative cash flow would falsify the current reading.
• JFK NTO: the Phase A date and progress, from March 2027 and 92%[2], plus bond credit outlooks and any liquidated-damages dispute. Another slip or a cut to speculative grade would falsify the current reading.

Conclusion

Ferrovial's profit is driven by the pricing power of its North American toll roads, its scale by construction orders, and its parent-level cash by the rhythm of project dividends and construction prepayments. In the first half of 2026, group adjusted EBITDA grew 21.6% like-for-like, US Highways contributed EUR 521 million, and the parent still held EUR 1,307 million of net cash[2]; yet both the Dallas managed lanes and 407 ETR are using price to make up for stalled or falling traffic, construction cash depends on North American prepayments, and NTO's opening date has slipped twice. The central unresolved relationship is how far price can keep substituting for traffic, and whether that cash can fund the large equity commitments for I-24 and I-285 East alongside continued buybacks.

Between the first-half results on 2026-07-28 and 2026-10-23, the available material contained no qualifying independent outside view: a search of sell-side research returned no Ferrovial results, the media reports that could be found could not be checked against the original text, and several online commentaries were largely templated. This is a coverage gap, so outside interpretations cannot yet serve as a cross-check, and the four debates above can only be tested directly against the Q3 report itself.

The combination that would materially strengthen the current understanding is: third-quarter revenue per transaction on the three Dallas roads still growing above 10%, nine-month Highways like-for-like growth close to the first-half 13.4%, no upward revision to 407's Schedule 22 provision after the third-quarter traffic drop, a nine-month construction margin holding near 3.5% with operating cash flow still positive, and NTO keeping its March 2027 Phase A date. Conversely, if revenue-per-transaction growth falls to single digits without a traffic recovery, the 407 provision rises again, construction prepayments reverse sharply or NTO slips again, Ferrovial's strong first-half growth would look more like a one-off pricing windfall combined with cash timing than a durable operating trend.

Sources

[1] FER 6-K filed 2026-10-15 (Q3 2026 release date) · 2026-10-15 · 6-K · https://www.sec.gov/Archives/edgar/data/1468522/000146852226000073/a20269manunciofechaprese.htm

[2] FER H1 2026 6-K filed 2026-07-28 · 2026-07-28 · 6-K · https://www.sec.gov/Archives/edgar/data/1468522/000162828026050224/interimmanagementreportu.htm

[3] FER H1 2026 earnings call 2026-07-29 · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[4] 407 International Q3 2026 results release 2026-10-21 · 2026-10-21 · q3-report · https://newsroom.407etr.com/2026-10-21-407-International-Reports-Third-Quarter-Results

[5] FER H1 2026 results presentation 6-K filed 2026-07-28 · 2026-07-28 · 6-K · https://www.sec.gov/Archives/edgar/data/1468522/000162828026050224/q22026-ferrovialresultsp.htm

[6] FER 20-F filed 2026-02-25 · 2026-02-25 · 20-F · https://www.sec.gov/Archives/edgar/data/1468522/000162828026011789/fer-20251231.htm

[7] FER 6-K filed 2026-09-11 (Euronext Amsterdam delisting) · 2026-09-11 · 6-K · https://www.sec.gov/Archives/edgar/data/1468522/000146852226000062/delistingeffectiveness.htm

[8] FER FY2025 earnings call 2026-02-26 · 2026-02-26 · earnings-call · https://gateway.drillr.ai/mcp/private

[9] FER 6-K filed 2026-08-20 (I-24 selection) · 2026-08-20 · 6-K · https://www.sec.gov/Archives/edgar/data/1468522/000146852226000055/a20260820_prxferrovialse.htm

[10] FER 6-K filed 2026-10-15 (I-285 East selection) · 2026-10-15 · 6-K · https://www.sec.gov/Archives/edgar/data/1468522/000146852226000075/a261015_prxi-285award.htm

[11] FER 6-K filed 2026-10-05 (I-24 investor presentation) · 2026-10-05 · 6-K · https://www.sec.gov/Archives/edgar/data/1468522/000162828026064744/i-24choicelanesxinvestor.htm

[12] FER 6-K filed 2026-09-14 (share repurchase extension) · 2026-09-14 · 6-K · https://www.sec.gov/Archives/edgar/data/1468522/000146852226000064/a20260914sbbprogramexten.htm