Ferrovial exceeded quarterly profit expectations as its construction division surged, partially offsetting weakness in highways. The Spanish infrastructure group reported adjusted EBITDA of €426 million, beating forecasts by €52 million. Revenue climbed 8.4% to €2.72 billion, driven by strong performance in construction operations across Poland and the United States.

Construction EBITDA jumped 87.8% to €200 million, well above consensus, while highways EBITDA fell 2.9% to €239 million, missing targets. Analysts cited higher headquarters costs and bidding expenses as headwinds. The company's net cash position strengthened to €1.341 billion at year-end, supporting its financial flexibility.

Ferrovial guided for €1 billion in total shareholder returns for 2026, combining a €400 million buyback with dividends. Analysts remain optimistic, with Jefferies maintaining a Buy rating and RBC upgrading to Outperform. The company's construction order book now stands at €17.44 billion, positioning it for future growth opportunities across multiple infrastructure projects.