• EBIT Margin: 3.9% for the first nine months of 2024.

• Dividends from Infrastructure Assets: EUR190 million received, including the first dividend from the I-77.

• Proceeds from Sale of IRB Stake: EUR211 million.

• Proceeds from Amey Vendor Loan Divestment: EUR176 million.

• Shareholder Distributions: EUR749 million in buybacks.

• Investment in IRB Infrastructure Trust: EUR652 million.

• US Toll Roads Revenue and EBITDA Growth: In excess of 20%.

• Dividends from North American Assets: EUR444 million.

• 407 Toll Road Revenue Growth: 16.1% for the quarter.

• 407 Toll Road Dividends: CAD175 million plus CAD125 million, with a CAD700 million dividend approved for the last quarter.

• NTE 35W Revenue Share: $3.4 million in Q3, $10.1 million for the first nine months of 2024.

• I-77 Revenue Share: $1.2 million in Q3, $3.6 million for the first nine months of 2024.

• Heathrow Passenger Numbers: Record-breaking figures.

• AGS Revenue Growth: High-single digit, with adjusted EBITDA above 20%.

• Dalaman Revenue Growth: 7.4% for the first nine months.

• New Terminal One Equity Contribution: $347 million in the first nine months, $160 million in Q3.

• Construction EBIT Margin: 7.8% for Budimex, 3.0% for Webber, 1.9% for Ferrovial Construction.

• Dividends from Projects: Close to EUR500 million.

• Warning! GuruFocus has detected 7 Warning Signs with FER.

Release Date: October 30, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Ferrovial SE (NASDAQ:FER) reported strong results in the third quarter of 2024, with toll roads benefiting from increased mobility, particularly in Canada and the US.

• The airports division saw record-breaking numbers at Heathrow and strong growth in AGS and Dalaman, indicating robust performance in the aviation sector.

• The construction segment showed profitability improvement, with a healthy backlog and increased EBIT margins across Budimex, Webber, and Ferrovial Construction.

• Ferrovial SE (NASDAQ:FER) received significant dividends from infrastructure assets, totaling EUR190 million, and proceeds from various sales, enhancing cash flow.

• The company announced an additional buyback program for a maximum amount of EUR300 million, reflecting a commitment to shareholder returns.

Negative Points

• Traffic on the 407 was affected by adverse weather conditions, including heavy rain, impacting overall performance.

• Construction works on the NTE and I-77 managed lanes affected traffic and revenue, posing challenges to growth in these areas.

• The comparison of Heathrow's results to 2023 was negatively impacted by the gliding path of aeronautical tariffs and higher costs.

• Ferrovial SE (NASDAQ:FER) faced competition challenges in the US express lanes market, with a disappointing result in Atlanta.

• The company's construction segment experienced a cash drain, although it was better than the previous year, indicating ongoing financial pressures.