Ferrovial 9M 2026: Adjusted EBITDA EUR 1,210M (+21.8% LfL), Record EUR 19B Order Book
FER is trading near its 52-week low of $48 (10% above the low) on elevated volume (2.5× avg).
Summary
Ferrovial posted 9M 2026 revenue of EUR 7,402 million (+10.8% LfL) and Adjusted EBITDA of EUR 1,210 million (+21.8% LfL), with Construction margin at 4.1% and a record EUR 18,994 million order book. It also declared a EUR 600 million second interim scrip dividend.
Key Events · Earnings and Guidance · FER
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9M 2026 Earnings Beat on Margin
Revenue EUR 7,402 million (+10.8% LfL) and Adjusted EBITDA EUR 1,210 million (+21.8% LfL); Adjusted EBIT EUR 823 million, +24.2% LfL.
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Construction Margin Tops Target
Adjusted EBIT margin of 4.1% versus 3.7% in 9M 2025 and above the 3.5% long-term target; order book at a record EUR 18,994 million (+8.2% LfL), excluding ~EUR 8,745 million of pre-awarded contracts.
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Net Cash and Liquidity Position
Liquidity of EUR 5,071 million and net cash excluding infrastructure projects of EUR 1,660 million, after EUR 604 million of project dividends and EUR 461 million of dividends and buybacks.
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Second Scrip Dividend Declared
EUR 600 million second interim scrip dividend announced 2026-10-27, payable in cash or shares; per-share amount due 2026-11-03 and ratio due 2026-12-03.
Analysis · FER · Real Estate & Construction
Ferrovial's core earnings engine is accelerating faster than revenue: Adjusted EBITDA rose 21.8% like-for-like to EUR 1,210 million on revenue of EUR 7,402 million (+10.8% LfL), so margin expanded rather than merely tracking top-line growth. Construction is the surprise — a 4.1% adjusted EBIT margin beats the company's own 3.5% long-term target, and the order book sits at a record EUR 18,994 million with a further EUR 8,745 million of pre-awarded work (mostly the I-24 project) not yet counted. The balance sheet carries the story: EUR 5,071 million of liquidity and EUR 1,660 million of net cash excluding infrastructure projects, which funds the EUR 600 million second scrip dividend announced the same day and the ongoing buyback without new borrowing. The offset is 407 ETR, where traffic fell 1.7% and Q3 VKTs dropped 7.1%, and NTO's Phase A opening has slipped to March 31, 2027, contingent on the contractor's remediation plan.
How filings like this one have moved
In the 30 days to Oct 27, 2026, 29.9% of the 1374 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, FER was trading at $52.86 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $38.6B. The 52-week trading range was $48.00 to $74.79. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.