Integrated Annual Report 2024
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Integrated Annual Report 2024
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Construction

Revenue increased by +3.8% LfL marking a historical record for the Construction division. Revenue from North America accounted for 34%, while Poland contributed 29%. For comparable purposes, 2023 figures have been restated excluding the Energy Solutions activity as it has been integrated within the Energy division since January 2024 (2023: EUR 202 million of revenue and EUR 1 million of Adjusted EBIT).

In 2024, Construction adjusted EBIT totaled EUR 284 million, representing a 3.9% adjusted EBIT margin (1.1% in 2023). Construction delivered another quarter of profitability improvement, reaching the 2024 target (3.5% EBIT mg). Details by subdivision:

  • Budimex:Revenue decreased by -7.0% LfL vs. 2023, mainly in Civil Works due to the termination of contracts not offset by the new contracts awarded, since these have suffered delays in the bidding process after a change of government. Adjusted EBIT margin improved from 7.6% in 2023 to 8.0% in 2024, a continuation of the positive trend observed since the second half of 2023, favored by effective risk mitigation strategies employed in the completion of contracts. Profitability in Q4 2024, although higher than average for total FY24, was lower compared with Q4 2023 due to the extraordinary impact recognized last year from the increase in the cap of the price indexation agreements in public contracts for roads and rail.
  • Webber:Revenue increased by +22.4% LfL vs. 2023, largely from Civil Works activities on the back of numerous awards in 2023 and 2024. Adjusted EBIT margin was higher at 3.0% in 2024 vs. 2.8% in 2023.
  • Ferrovial Construction: Revenue increased by +3.3% LfL vs. 2023, mostly in Canada and UK, which offset the completion of large contracts in North America (I-66 in Virginia, I-285 in Georgia and NTE 3C in Dallas). Adjusted EBIT totaled EUR 61 million (EUR -127 million in 2023) showing an improvement compared with previous quarters, mainly due to the absence of losses in the completion works in large projects in the U.S., as well as generalized improvements in almost all geographies in the final phases or by performance improvements once the projects are leaving their initial phases behind. Since Q4 2024 profitability has been negatively affected by the recognition of a penalty in a project in Colombia, as the client has denied the request of the construction joint venture for force majeure associated with unforeseen geological problems in lands that have suffered several landslides. Additionally, provisions have been made for the pending costs foreseen for the execution of the new technical solution, currently under negotiation with the client. Ferrovial has initiated legal proceedings.

2024 Order book & LfL change vs 2023:

The order book reached an all-time high, standing at EUR 16,755 million as of December 2024 (+7.5% LfL compared with December 2023). The Civil Works segment remains the largest segment (68%) and continues to adopt highly selective criteria when participating in tenders.

The percentage of the construction order book (excluding Webber and Budimex) from projects with Ferrovial reached 6% in December 2024 (8% in December 2023).

The order book figure, at December 2024, does not include pre- awarded contracts or contracts pending of commercial or financial agreement, which amount to c.EUR 2,670 million, and primarily consist of contracts from Ferrovial Construction (Peripheral Ring Road in Lima and HS2 Track in the UK) and Budimex.

P&L DETAILS (EUR million)

CONSTRUCTION Q4 24 Q4 23 VAR. FY 24 FY 23 VAR. LfL growth*
Revenue 1,998 1,875 6.5 % 7,234 6,869 5.3 % 3.8 %
Adjusted EBITDA* 106 85 25.2 % 430 211 103.7 % 95.4 %
Adjusted EBITDA margin* 5.3 % 4.5 % 5.9 % 3.1 %
Adjusted EBIT* 81 43 86.7 % 284 77 n.s. n.s.
Adjusted EBIT margin* 4.1 % 2.3 % 3.9 % 1.1 %
Order book* 16,755 15,179 10.4 % 7.5 %

*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)

BUDIMEX Q4 24 Q4 23 VAR. FY 24 FY 23 VAR. LfL growth*
Revenue 607 632 -4.1 % 2,119 2,160 -1.9 % -7.0 %
Adjusted EBITDA* 63 73 -13.9 % 207 199 4.1 % -1.7 %
Adjusted EBITDA margin* 10.3 % 11.5 % 9.8 % 9.2 %
Adjusted EBIT* 53 63 -16.8 % 170 164 3.5 % -2.4 %
Adjusted EBIT margin* 8.7 % 10.0 % 8.0 % 7.6 %
Order book* 4,389 3,301 33.0 % 31.0 %

*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)

WEBBER Q4 24 Q4 23 VAR. FY 24 FY 23 VAR. LfL growth*
Revenue 515 363 41.9 % 1,725 1,411 22.2 % 22.4 %
Adjusted EBITDA* 19 24 -19.9 % 100 81 23.1 % 23.1 %
Adjusted EBITDA margin* 3.7 % 6.5 % 5.8 % 5.8 %
Adjusted EBIT* 15 10 55.2 % 52 39 32.7 % 32.8 %
Adjusted EBIT margin* 3.0 % 2.8 % 3.0 % 2.8 %
Order book* 5,710 4,459 28.0 % 20.0 %

*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)

F.CONSTRUCTION Q4 24 Q4 23 VAR. FY 24 FY 23 VAR. LfL growth*
Revenue 876 880 -0.4 % 3,391 3,299 2.8 % 3.3 %
Adjusted EBITDA* 25 -12 n.s. 123 -69 279.6 % -272.7 %
Adjusted EBITDA margin* 2.8 % -1.3 % 3.6 % -2.1 %
Adjusted EBIT* 13 -30 142.4 % 61 -127 148.4 % -147.3 %
Adjusted EBIT margin* 1.5 % -3.4 % 1.8 % -3.8 %
Order book* 6,657 7,419 -10.3 % -11.1 %

*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)

CONSTRUCTION

Letter from the chairman
Management Report 2024
CONSOLIDATED FINANCIAL STATEMENTS
SEPARATE FINANCIAL STATEMENTS
INDEPENDENT AUDITOR'S REPORT
Integrated Annual Report 2024
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