Earnings Call
Jul 28, 2026
Q2 FY2026
EPS Estimate
0.25
EPS Actual
0.51
Post-Earnings Close
$62.54
Earnings Reaction
+1.2%
Ferrovial's first-half 2026 results were anchored by two standout performers: the 407 ETR in Canada and the Dallas, Fort Worth managed lanes in Texas, both of which delivered revenue and EBITDA growth well ahead of inflation. The 407 ETR grew toll revenue 18.7% and total revenue 20.2%, with EBITDA up 24.4%, driven by January 2026 toll rate increases and a dramatically lower credit provision (CAD 5.5 million versus CAD 45.2 million in the prior year). The three DFW managed lanes, NTE, LBJ, and NTE 35 West, each posted adjusted EBITDA growth of 14, 19%, with revenue per transaction surging 17, 19% across the portfolio. The primary driver of that pricing outperformance was a technology-enabled reclassification of heavy vehicles, which began rolling out in 2025 and is now embedded across all three assets, alongside a higher incidence of mandatory mode events at NTE and NTE 35 West. Combined dividend distributions from the DFW lanes reached $322 million at 100% level in the first half, with the 407 ETR contributing CAD 500 million, and a further CAD 550 million approved for Q3 distribution.
Report generated on Jul 30, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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