Ferrovial SE

Ferrovial announced on August 19 that it has been selected to deliver the I-24 Southeast Choice Lanes, a 26-mile project running between Nashville and Murfreesboro, at a price tag of $9.2 billion. The project is the largest single capital investment in Tennessee's history and the state's first public-private partnership, and Ferrovial is not carrying it alone, since its DriveTN consortium also counts Transurban and Tikehau Star Infra as partners. Ferrovial's July 28 results showed adjusted EBITDA up 21.6% on a like-for-like basis to €746 million over the first six months of the year, with U.S. highways doing most of the lifting, and the construction order book reached an all-time high of €18 billion. Net profit for the first half of 2026 came in at €258 million, versus €540 million for the same period of 2025, a comparison made harsh by capital gains from asset rotation in the earlier figure. Ferrovial ended the first half with €1.3 billion in net cash, excluding infrastructure projects, and has finished funding the $1.1 billion in equity it pledged for New Terminal One at JFK, where construction is 92% complete.

Ferrovial has been selected to deliver Tennessee's I-24 Southeast Choice Lanes in Nashville, the largest single capital investment and first public-private partnership in the state's history. The 26-mile project will add choice lanes in both directions along I-24 between Nashville and Murfreesboro, improving mobility along one of the region's most congested corridors. The Ferrovial-led consortium, DriveTN, which includes Transurban and Tikehau Star Infra, will finance, design, build, operate and maintain the $9.2 billion project, while providing a projected $24.8 billion in concession value to Tennessee. Drivers who choose to use the lanes will benefit from more consistent travel speeds, even during peak periods, while those remaining in the free general-purpose lanes will also experience reduced congestion. Ferrovial has successfully replicated this model in other growing U.S. metropolitan areas, including Dallas-Fort Worth, Charlotte and Washington, D.C., where similar express lanes have reduced peak travel times by as much as 50 percent.

Ferrovial reported an 11.3% like-for-like revenue increase to €4.7 billion in the first half of 2026. Adjusted EBITDA rose 21.6% to €746 million, while net profit fell to €258 million from €540 million a year earlier, which had included capital gains from asset rotation. The Highways division saw revenue grow 15.8% to €740 million, with adjusted EBITDA up 13.4% to €530 million, and the Construction division achieved a record order book of €18 billion. The company completed $1.1 billion in equity injections for the New Terminal One at JFK Airport, now 92% complete, and submitted bids for U.S. highway projects in Tennessee and Georgia. Ferrovial ended the period with €4.7 billion in liquidity and €1.3 billion in consolidated net cash excluding infrastructure projects.

Ferrovial N.V. has been awarded a $1.079 billion contract by the U.S. Army Corps of Engineers for the Puerto Nuevo flood control project in San Juan, Puerto Rico. This is the company's second contract with USACE under the project and involves expanding and upgrading a section of the Río Piedras channel. Ferrovial Construction CEO Ignacio Gaston said the company is proud to continue working with USACE to strengthen resilience and reduce flood risk. In a separate development, Dalaman Airport managed by Ferrovial became the first global terminal to meet 100% of its electricity demand using rooftop solar power.