Ferrovial improves its adjusted Ebitda by 37.6% in the first quarter Ferrovial

Ferrovial improves its adjusted Ebitda by 37.6% in the first quarter Ferrovial
Ferrovial improves its adjusted Ebitda by 37.6% in the first quarter Ferrovial

Ferrovial, one of the world’s leading infrastructure companies, announces its first quarter results for the first time as a company listed simultaneously on the stock exchanges of Spain, the Netherlands and the United States. Adjusted Gross Operating Profit (Adjusted Ebitda) stood at €254 million in the first quarter of 2024, representing year-on-year growth of 37.6%, thanks to solid growth in the manufacturing divisions. Highways and Construction. Revenues increased by 3.5% in comparable terms, to 1,879 million euros at the end of March.

“Once again, the first quarter results reflect the good performance of our main infrastructure assets, especially in the United States. The income of our Express Lanes they grew above inflation and GDP, which demonstrates the value we bring to users with faster and less congested highways,” said Ignacio Madridejos, CEO of Ferrovial. “Being listed on the US Stock Exchange allows us to access better financial sources, enabling new development opportunities to continue providing critical infrastructure to communities, helping them prosper as their population increases.”

Ferrovial closed the first quarter with a solid financial position, which is reflected in high levels of liquidity that reach 4,908 million euros and a consolidated net debt of -667 million euros, excluding infrastructure in both cases. During this period, cash consumption was allocated to remuneration to shareholders (254 million euros) and investments, including the capital contribution to the New Terminal One of JFK international airport and the investment in AGS after the refinancing of its line of credit.

Among the milestones achieved during the first quarter are the agreement to acquire 24% of IRB Infrastructure Trust for 740 million euros and the recognition of Ferrovial by CDP (“Carbon Disclosure Project”) as one of the world’s leading companies in matter of environmental responsibility.

Operating results

The income of Freeways They improved by 30.1% in comparable terms to reach 277 million euros thanks to the solid growth of North American toll roads, which recorded notable increases in traffic and revenue. For its part, adjusted Ebitda increased by 36.2% to 203 million euros.

Traffic increased by 7.1% on the Canadian highway 407 ETR thanks to increased mobility, combined with more favorable weather conditions. Revenue grew 11.8%. In April, the Board of Directors of 407 ETR approved the payment of a dividend of 175 million Canadian dollars, which will be paid in the second quarter.

The Express Lanes in the United States recorded strong year-on-year traffic growth, with the most significant increases on the North Tarrant Express 35W (+44.7%) thanks to the opening to traffic of segment 3C in June, as well as on I-66 (+ 17.8%). Income increased above inflation across all assets; Specifically, growth of 82.2% was recorded on I-66 Express (Virginia), 72.8% on NTE 35W (Texas), 24.9% on I-77 Express (North Carolina), 16.3% in the LBJ Express (Texas) and 8.2% in the NTE (Texas).

The division of Construction It closed the quarter with a record order book that reached 15.39 billion euros. Revenues amounted to 1,476 million euros, which represents an increase of 0.4% in comparable terms, of which North contributed 33% and Poland 26%. This division reported an Adjusted Operating Result (Adjusted Ebit) of 32 million euros, 77.1% more than in the same period of the previous year, with the adjusted Ebit margin being 2.1%.

The division of Airports showed a notable increase in traffic during this period. Specifically, Heathrow received a historical record of 18.5 million passengers between January and March, a year-on-year increase of 9.5%. Thanks to this strong demand, Heathrow has raised its traffic forecasts for 2024 to a new high of 82.4 million passengers.

Aberdeen, Glasgow and Southampton airports also showed favorable developments during the first quarter, with traffic increasing by 8.4%, while the performance of Dalaman airport in Turkey remained stable on a comparable basis.

Information on webcast and conference with analysts

Ferrovial will hold a conference with analysts on May 14 at 15:00 CEST to present the financial results for the first quarter of 2024. To access the results conference, click here or visit the section Shareholders and Investors on the company’s website.

*Translation into Spanish for informational purposes only. In case of discrepancies between the Spanish and English versions, the English version will prevail.

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