Express Lanes in North America saw a significant increase in traffic, while Heathrow Airport surpassed its all-time passenger record
Revenue increased by 3.5% to $2 billion, driven by Toll Roads and Construction divisions
AMSTERDAM, May 13, 2024 /PRNewswire/ — Ferrovial (NASDAQ:FER), a leading global infrastructure company, today announced Q1 results for the first time after being listed simultaneously in Spain, the Netherlands and the U.S. Adjusted EBITDA amounted $276 million in the first quarter of 2024, a 37.6% like-for-like growth versus Q1 2023, due to the solid growth of the Toll Roads and Construction divisions. Revenue increased by 3.5% in like-for-like terms to $2 billion in the period.
“Once again, the first quarter results reflect the strong performance of our key infrastructure assets, particularly in the United States. Revenues from our Express Lanes grew above inflation and GDP, demonstrating the value we bring to travelers with faster and less congested highways,” said Ferrovial CEO Ignacio Madridejos. “Listing on the U.S. stock market gives us access to greater financial resources, enabling new development opportunities to continue providing critical infrastructure to communities, helping them to flourish as their populations grow.”
Ferrovial ended the first quarter with a solid financial position, with high liquidity levels reaching $5.3 billion and consolidated net debt of $-720 million, excluding infrastructure projects in both cases. During the period, cash consumption was driven by shareholder remuneration ($275.8 million) and investments, including equity contributions in New Terminal One at JFK International Airport and the investment in AGS following its debt facility refinancing.
Milestones in the first quarter include the agreement to acquire a 24% stake in IRB Infrastructure Trust for $803 million and Ferrovial recognized as one of the world’s leading environmental companies by CDP (formerly the “Carbon Disclosure Project”).
Operating results
The Toll Roads division saw revenue increase by 30.1% in like-for-like terms to $301 million as a result of solid growth in North America, where both …
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