Ferrovial opened 2026 by doing what the market has spent years asking it to prove it could do: convert its toll-road and construction portfolio into clean double-digit growth without leaning on one-time disposals. First-half revenue reached four point seven billion euros, up five point two percent on a reported basis and eleven point three percent on a like-for-like basis, while adjusted EBITDA grew thirteen point nine percent to seven hundred forty-six million euros. The strength is concentrated in the assets the company has been repositioning around, chiefly the United States managed-lanes toll roads, where revenue per transaction is rising at a double-digit clip that handily outpaces US inflation.
The composition of the growth is the real story. US Highways contributed five hundred twenty-one million euros of adjusted EBITDA in the half, up fifteen point six percent like-for-like, and every one of the company's managed-lanes corridors, NTE, NTE 35W, and LBJ, posted revenue per transaction growth between eleven and nineteen percent. The 407 ETR toll road in Toronto, held at just under half equity ownership, grew traffic one point eight percent and EBITDA twenty-four percent. Construction, the lower-margin but cash-generative engine, reached an all-time-high order book of eighteen billion euros while holding a three point five percent adjusted EBIT margin. The company is not just winning tolls; it is winning bids.
The question the next six months resolve is whether the bid pipeline converts into the next leg of growth. Ferrovial submitted for the I-24 Southeast Choice Lanes in Tennessee and I-285 East in Georgia in July, and its Czech D-35 highway bid is under technical evaluation ahead of a September preferred-bidder decision. The I-24 award was subsequently confirmed in August. That pipeline, plus the JFK New Terminal One build-out, is the forward driver, and it is the variable that determines whether the re-rating toward a US-infrastructure pure-play continues or stalls.