Ferrovial H1 2026: Double-Digit Growth, Record Order Book, and NTO Delay
FER sits 22% above its 52-week low of $50.72.
Summary
Ferrovial posted H1 2026 revenue of €4.7 billion and adjusted EBITDA of €746 million, both up double digits on a like-for-like basis. The construction order book hit a record €18 billion, but the JFK New Terminal One opening was delayed to March 2027.
Key Events · Earnings and Guidance · FER
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Strong H1 2026 Financial Performance
Revenue rose 11.3% like-for-like to €4.7 billion, and adjusted EBITDA jumped 21.6% to €746 million, driven by U.S. highways and construction.
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Record Construction Order Book
The order book reached an all-time high of €18,046 million, up 2.8% like-for-like from December 2025, with North America accounting for 48%.
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NTO Phase A Delayed to March 2027
The New Terminal One at JFK missed its June 2026 DBO milestone; a completion remedial plan targets March 2027, adding execution risk to the $1.1 billion equity investment.
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Net Profit Decline on Asset Sale Comparison
Net profit fell to €258 million from €540 million in H1 2025, which included €275 million in gains from the AGS and mining services disposals.
Analysis · FER · Real Estate & Construction
Ferrovial's H1 2026 results underscore robust momentum, with double-digit like-for-like gains in revenue and adjusted EBITDA fueled by North American highways and construction. The order book swelled to a record €18 billion, pointing to sustained future revenue. Yet the New Terminal One at JFK introduces execution risk: Phase A DBO has slipped to March 2027. Net profit declined to €258 million from €540 million a year ago, when asset sales lifted earnings. Meanwhile, the company has submitted bids for two major U.S. managed lanes projects and is well-positioned for a Czech highway award, reinforcing its growth pipeline.
At the time of this filing, FER was trading at $61.92 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $44.4B. The 52-week trading range was $50.72 to $74.79. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.