Profit/(loss) before tax from continuing operations
2,807
213
3,621
656
Income tax
-66
-74
-145
-42
Net profit/(loss) from continuing operations
2,741
139
3,476
614
Net profit/(loss) from discontinued operations
5
8
14
16
Net profit/(loss)
2,746
148
3,490
630
Net profit/(loss) attributed to non-controlling interests
-81
-52
-251
-170
Net/(loss) attributed to the parent company
2,665
96
3,239
460
Related Party Transactions: The information on related party transaction is included in the note 6.8 of the Consolidated Financial Statements.
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 270)
Revenue of EUR 9,147 million (+6.7% LfL growth), driven primarily by higher Toll Roads revenue (+19.6% LfL growth) and higher contribution from Construction (+3.8% LfL growth).
Adjusted EBITDA reached EUR 1,342 million (+38.9% LfL growth), driven by a higher contribution from Toll Roads (+19.5% LfL growth), particularly US Toll Roads with adjusted EBITDA of EUR 906 million (+22.2% vs 2023). Construction delivered a strong performance in the year, reaching EUR 430 million of adj. EBITDA (+95.4% LfL growth).
Depreciation:+10.2% to EUR -441 million, primarily due to traffic increase in Toll Roads and increased activity in Construction.
Disposals and impairments of EUR 2,208 million related to capital gains from disposals including the 19.75% stake sale in Heathrow (EUR 2,023 million), the 5% stake sale in IRB Infrastructure Developers (EUR 132 million) and the 24.78% stake sale in Serveo (EUR 33 million).
Financial results of EUR 274 million of financial income in 2024 vs. EUR -184 million of financial expenses in 2023 related to the higher financial result from ex-infrastructure projects.
Infrastructure projects: EUR -411 million (EUR -372 million in 2023). The increase was primarily due to the opening of NTE 3C (NTE 35W), as financial expenses stopped being capitalized once it began operations in June 2023. Additionally, higher financial costs from increased debt following the I-77 refinancing process. Together with financial expenses related to the provisions for the support for corridor improvements obligations in I-66 which began to be accrued in 2024.
Ex-infrastructure projects: EUR 685 million (EUR 188 million in 2023). This higher income comes as a result of the sale of a 19.75% stake in Heathrow, as Ferrovial has recognized the remaining stake of 5.25% as a financial asset at fair value for EUR 547 million. On the contrary, there was a negative impact coming from lower cash remuneration on the back of lower cash position along the year.
Equity-accounted affiliates reached EUR 238 million after tax (EUR 215 million in 2023). The stronger performance compared with 2023 is mostly related to 407 ETR, due to the toll rate increase in 2024 and the solid traffic recovery.
(EUR million)
Q4 24
Q4 23
VAR.
FY 24
FY 23
VAR.
Toll Roads
45
65
-30.3%
226
198
14.1%
407 ETR
46
35
34.0%
188
154
22.0%
IRB**
3
8
-62.6%
13
14
-13.6%
IRB Private InviT**
-8
n.s.
-8
n.s.
Others
4
23
-81.4 %
34
30
14.3 %
Airports
3
2
1.2%
9
11
-12.4%
Construction
0
0
88.4%
0
0
139.3%
Others
0
0
-153.1 %
3
6
-47.1 %
Total
47
68
-29.8%
238
215
11.1%
Related Party Transactions: The information on related party transaction is included in the note 6.8 of the Consolidated Financial Statements.
**IRB and IRB Private InvIT include a contribution of six months (July-December) instead of three months (October-December) for the last quarter of the year due to the latest information available.
REVENUE
(EUR million)
Q4 24
Q4 23
VAR.
FY 24
FY 23
VAR.
LfL growth*
Toll Roads
340
304
11.6%
1,256
1,085
15.8%
19.6%
Airports
17
10
64.2%
91
80
13.7%
13.7%
Construction
1,998
1,875
6.5%
7,234
6,869
5.3%
3.8%
Energy
96
56
71.9%
270
207
30.6%
30.6%
Others
54
47
14.2%
296
273
8.4%
12.1%
Revenue
2,504
2,293
9.2%
9,147
8,514
7.4%
6.7 %
Related Party Transactions: The information on related party transaction is included in the note 6.8 of the Consolidated Financial Statements.
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 270)
ADJUSTED EBITDA*
(EUR million)
Q4 24
Q4 23
VAR.
FY 24
FY 23
VAR.
LfL growth*
Toll Roads
246
222
10.9%
918
799
15.0%
19.5%
Airports
-2
-1
-148.1%
26
22
19.4%
19.6%
Construction
106
85
25.2%
430
211
103.7%
95.4%
Energy
2
-1
n.s.
2
0
n.s.
n.s.
Others
-18
-14
-27.4%
-34
-41
17.0%
21.5%
Adjusted EBITDA*
334
291
14.8%
1,342
991
35.5%
38.9%
Related Party Transactions: The information on related party transaction is included in the note 6.8 of the Consolidated Financial Statements.
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 270)
ADJUSTED EBIT*
(EUR million)
Q4 24
Q4 23
VAR.
FY 24
FY 23
VAR.
LfL growth*
Toll Roads
186
180
2.8%
686
586
16.9%
22.0%
Airports
-5
-4
-40.4%
4
2
65.4%
67.8%
Construction
81
44
84.6%
284
77
n.s.
n.s.
Energy
-2
-3
38.9%
-11
-8
-39.1%
-39.1%
Others
-26
-21
-21.9%
-62
-68
9.5%
11.4%
Adjusted EBIT*
234
197
18.9%
901
590
52.7%
57.8%
Related Party Transactions: The information on related party transaction is included in the note 6.8 of the Consolidated Financial Statements.
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 270)
Income tax: the corporate tax expense for 2024 was EUR -145 million (vs EUR -42 million in 2023). There are several factors that impacted 2024 corporate tax expense, including:
Results from divestments completed during 2024 which are tax exempt under the application of the participation exemption (EUR 2,814 million).
Equity-accounted companies’ profit must be excluded, as it is already net of tax (EUR 238 million).
Consolidation tax adjustments without tax impact (EUR 148 million), mainly due to US concessional assets.
Other impacts are further explained in note 2.7 of the Financial Statements.
Taking into account the aforementioned adjustments to the profit before tax, along with the positive adjustment from the previous years’ regularization (EUR 26 million) and the withholding tax expense (EUR 36 million) among others, the resulting effective income tax rate is 4%.
Net income from continuing operations totaled EUR 3,476 million in 2024 (EUR 614 million in 2023).
Net income from discontinued operations was EUR 14 million related to the update of the indemnities and earn-outs following the divestment of the Services Business in Spain and Portugal and other adjustments related to the Amey divestment in the UK.
Net income attributed to the parent company reached EUR 3,239 million in 2024 (EUR 460 million in 2023).
The 2023 figures reported to the SEC did not include the impact related to the DAEX (tax deduction for export activities): EUR 199 million to the Net income (EUR 73 million from Income tax and EUR 46 million from Financial Results).
