Ferrovial N.V. reported first-quarter 2026 revenue of €2.1 billion [1] and an EBITDA of €321 million [1].
These results highlight a divergence in the company's global portfolio, where robust performance in North American infrastructure is offsetting a cooling construction market in Europe. The balance between these segments will determine the company's ability to maintain growth margins throughout the fiscal year.
The company's U.S. highways segment showed significant strength. Revenue in this area grew 19.1% year-over-year [2], while adjusted EBITDA for the same segment increased by 14.6% [2]. This growth provides a critical buffer for the firm's overall financial health.
However, the construction segment experienced a notable deceleration. Growth in this sector slowed to three percent [1], a sharp decline from the 12% growth recorded in the fourth quarter of 2025 [1]. The adjusted EBIT margin within construction stood at 3.3% [2].
Ferrovial maintained a net cash position of €1.9 billion [2]. Despite some discrepancies in reported growth rates across different financial summaries, the company characterized the period as a positive opening to the year.
"A solid start to the year," CFO Ernesto López Mozo said.
Silvia Ruiz welcomed participants to the earnings call held on May 8, where the company discussed these operating results. The call served to update shareholders on the firm's current trajectory, and its outlook for the remaining quarters of 2026.
“"A solid start to the year."”
Ferrovial is increasingly reliant on its U.S. infrastructure assets to drive profitability as its traditional European construction business loses momentum. The significant gap between the 19.1% growth in US highways and the 3% growth in construction suggests a strategic shift in where the company finds its primary value, making it more susceptible to US economic conditions and regulatory environments.
