Ferrovial SA (0P2N.L) Q4 2024 Earnings Report

Ferrovial, S.A. reported a robust QQ4 2024 quarter characterized by meaningful top-line growth and exceptional operating leverage within its infrastructure assets. Revenue totaled EUR 2,440 million, with a gross margin of 85.9% and an operating margin of 52.4%, underscoring the high-margin, asset-heavy nature of its infrastructure and mobility portfolio. The quarter benefited from a substantial non-operating income contribution of EUR 258.5 million, which supported an outsized net income of EUR 1,412.5 million and earnings per share of EUR 1.95, despite a modest tax outlay (EUR 54 million). Cash generation remained solid, with operating cash flow of EUR 549 million and free cash flow of EUR 413 million, while the balance sheet shows strong liquidity (EUR 4.81 billion in cash) paired with elevated leverage (net debt EUR 6.78 billion; total debt EUR 11.59 billion).

This quarter’s strength was supported by recurring cash flow from the portfolio, but investors should note the mix of operating and non-operating items driving profitability. The company’s profitability metrics highlight substantial operating efficiency, yet leverage remains a key consideration for risk management and refinancing risk in a high-capital expenditure industry. Going forward, Ferrovial’s ability to sustain free cash flow and manage debt levels will be critical as the group continues to optimize its asset mix and pursue growth opportunities in toll roads, airports, and urban mobility services.