Ferrovial, S.A. delivered QQ2 2025 results with revenue of EUR 2,234.5 million, gross profit of EUR 1,973.0 million and an EBITDA of EUR 327.5 million. Operating income stood at EUR 353.0 million and net income reached EUR 270.0 million, translating to EPS of EUR 0.37. The gross margin was robust at approximately 88.3%, underscoring continued project mix efficiency and pricing leverage in the company’s infrastructure activities. On a cash-flow basis, operating cash flow totaled EUR 185.0 million, while free cash flow was EUR 49.5 million, reflecting modest cash generation after maintenance capex and working-capital dynamics.
Ferrovial maintains a strong liquidity position with EUR 2.835 billion of cash and equivalents, yet it carries a substantial balance sheet burden, with total debt of EUR 10.341 billion and net debt of EUR 7.506 billion. Leverage remains material (debt to capitalization ~0.64; debt to equity ~1.75), and interest coverage is around 5.1x. The company’s balance sheet indicates a mix of public concessions, toll-road exposure, and asset-light operations that provide steady cash flows but require active balance-sheet management to support deleveraging.
Management commentary and market context suggest continued emphasis on capital discipline and selective asset monetization to reduce leverage, while pursuing revenue growth through toll-based concessions and infrastructure services. Given the scale of indebtedness, investors should monitor debt refinancing dynamics, capex plans, and the pace of deleveraging against a backdrop of inflationary pressures and varying macro conditions. No explicit forward guidance was included in the input data, so the outlook relies on the stated financials and observable sector trends.