Ferrovial SA (0P2N.L) Q4 2025 Earnings Report

Ferrovial SA reported a robust top-line in Q4 2025, with revenue totaling EUR 5.158 billion, representing a YoY increase of 111.39% and a QoQ rise of 15.42%. Gross profit reached EUR 4.558 billion, delivering a gross margin of 88.35%, while EBITDA stood at EUR 1.343 billion and operating income EUR 471 million (operating margin 9.13%). The quarter is characterized by a notable, sizable non-recurring charge of EUR 4.086 billion labeled as other expenses, which constrains operating income and net income despite very strong gross profit and cash generation. Net income was EUR 348 million and basic EPS EUR 0.50, down meaningfully on a YoY basis due to the one-off cost items. On the cash flow front, Ferrovial generated EUR 1.417 billion from operations and EUR 1.332 billion in free cash flow, underscoring durable cash generation even as accounting charges affect earnings. Free cash flow generation, combined with sizable cash balances (EUR 4.242 billion in cash and equivalents) supports a resilient liquidity position. Net debt stood at EUR 6.49 billion, with total debt at EUR 10.732 billion and cash sufficient to underpin near-term obligations. The balance sheet reflects healthy liquidity (current ratio ≈ 1.13) and a modest capex footprint in the quarter (EUR 85 million), alongside meaningful investment activity (EUR 1.605 billion purchases of investments and EUR 0.595 billion in investment maturities). Management commentary on the quarter and forward-looking statements were not provided in the supplied dataset, limiting explicit guidance. Overall, the operational engine remains constructive, but the equity story is tempered by the impact of non-recurring charges and leverage considerations.