Ferrovial NV

FER: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ferrovial Earnings: Minor Bumps in Road, but Broadly Ahead of Expectations; FVE Raised

Jack Fletcher-Price

Feb 26, 2026

Ferrovial reported 2025 results broadly ahead of expectations, driven by strong performance in Construction. Toll Roads traffic came in a touch light, but this was by-and-large driven by idiosyncratic issues at the asset level, which doesn’t dim our long-term view of the assets in question.

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Ferrovial NV

Ferrovial Earnings: Minor Bumps in Road, but Broadly Ahead of Expectations; FVE Raised

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