Strong Financial Performance: Ferrovial reported robust performance for H1 2025 with total revenues increasing significantly, especially within the Highways division, which witnessed a 14.9% revenue growth and a 17.1% rise in adjusted EBITDA driven primarily by U.S. assets, contributing 88% of total revenues. Adjusted EBIT margin for Construction was stable at 3.5%, consistent with long-term targets.

Dividends and Cash Flow: The company distributed €334 million in dividends to shareholders in H1 2025, reflecting positive cash flow from infrastructure projects, though dividends from North American highways declined year-on-year due to an exceptionally large payment in Q1 2024 for the I-77. Looking ahead, Ferrovial maintains a guidance of €2.2 billion in dividends from 2024 to 2026, potentially indicating further increases in investor returns.

Operational Challenges: Despite overall growth, the company cited operational challenges in the construction sector, particularly due to increased bidding costs and some IT-related overheads. Additionally, negative operating cash flow of €104 million in H1 2025 compared to €53 million in the same period last year raises concerns about cash management during project execution.