Ferrovial Posts Robust Q1 2026 Results Driven by North American Toll Roads and JFK Terminal Progress
Growth is anchored by higher traffic and toll rates on the 407 ETR and Texas managed lanes, while the New Terminal One project at JFK Airport reaches 87% completion with Phase One targeted for autumn.
Ferrovial has reported a solid start to 2026, with the Spanish multinational infrastructure company posting a 10.2% rise in consolidated revenue and a 15% increase in adjusted EBITDA for the first quarter. The figures, which are up on a like-for-like basis, reflect strong performance across the group's core businesses, led primarily by its North American highway operations.
Chief Financial Officer Ernesto López Mozo highlighted that the growth in the US and Canada was driven by a combination of higher traffic volumes and increased toll rates. The 407 ETR toll road in Canada delivered a particularly strong quarter, with revenue surging 20% and toll revenue climbing 22.1% following rate hikes implemented on January 1, 2026.
In the United States, Ferrovial's managed lanes in the Dallas-Fort Worth area also outperformed expectations despite adverse weather conditions. Revenue per transaction rose sharply across the network, with the North Tollway (NTE) seeing an 18.3% increase, the LBJ Expressway up 11.5%, and the North Tollway 35W (NTE 35W) growing by 17.3%. The CFO attributed these gains to a favourable traffic mix involving higher volumes of heavy vehicles and ongoing technology enhancements that improved vehicle classification.
Construction activity continues to advance significantly at the New Terminal One project at John F. Kennedy International Airport. As of the end of the first quarter, construction progress has reached 87%, with the company targeting the completion of Phase One for the fall of 2026. The project has secured commitments from 30 airlines, comprising 21 executed agreements and nine letters of intent, underscoring strong demand for the new facility.
On the financial front, Ferrovial maintains a robust balance sheet with net cash standing at EUR 1.2 billion, excluding infrastructure projects. The board has approved a CAD 500 million dividend for payment in the second quarter of 2026. Additionally, the company issued EUR 500 million in bonds in March and announced a first scrip dividend of EUR 400 million, demonstrating a disciplined approach to capital allocation.
Looking ahead, the company's order book remains at an all-time high of EUR 17.6 billion, with nearly half of the backlog located in its core US and Canadian markets. While geopolitical instability in the Middle East has impacted international traffic volumes at Dalaman Airport, domestic traffic there rose 9.8% during the quarter. Ferrovial expects to see award decisions for new US managed lanes in Tennessee and Atlanta later in the year, continuing its strategy of balancing growth with shareholder returns.
