Ferrovial results January – December 2022

  • 407 ETR traffic showed a solid increase in 2022 vs 2021, following the removal of all COVID-19 related restrictions by the government of the Province of Ontario in 1Q 2022, although followed by a slow economic reopening throughout the year. In addition, the 4Q traffic performance was negatively impacted by the end of some construction works in the corridor, as well as, higher seasonality impact due to the increased of work flexibility. Revenues were higher vs 2021 (+29.7%) due to increase in traffic. Avg rev/trip (CAD13.32) +1.5% vs 2021 helped by longer avg trip length (+2.4%). 407 ETR distributed CAD750mn of dividends in 2022 (EUR237mn for Ferrovial).
  • Managed Lanes registered a strong revenue growth in the year. Higher toll rates & a higher proportion of heavy vehicles (NTE 35W) led to even stronger performance in revenues. All managed Lanes (MLs) posted double digit average revenue per transaction growth vs. 2021: I-77 +43.1%, NTE 35W +20.7%, NTE +18.8% & LBJ +11.8%.
  • Airports showed a strong traffic recovery following the removal of UK travel restrictions in March. Heathrow welcomed 61.6mn passengers (+217.6% vs 2021), which represented the highest passenger increase of any major airport globally. Passenger numbers in December were close to 5.8mn, which was 11% below 2019 levels, the highest since the start of the pandemic. AGS showed strong traffic recovery vs 2021 (164.1%). Dalaman has been consolidated since July, the airport showed a positive trend ending the year with December traffic reaching +17.9% vs 2019.
  • Construction EBIT stood at EUR63mn vs. EUR132mn in 2021, mainly due to the inflation impact on prices of supplies and subcontracts, partially offset by price review formula compensation and strong Budimex performance (6.3% EBIT mg). EBIT margin stood at 1.0% in 2022. The order book at-all-time high reached EUR14,743mn (+18.7% LfL), not including pre-awarded contracts of c.EUR915mn.
  • Solid financial situation: high liquidity levels reaching EUR6,118mn and net cash position ex-infrastructure (EUR1,439mn). Cash consumption driven by investments (EUR856mn) on the back of new projects’ equity injections (I-66, NTE 3C and New Terminal One) & acquisitions (I-77 additional stake & the stake acquisition of Dalaman Airport), together with the shareholder remuneration, partially offset by dividends from infra projects (EUR475mn) and a significant improvement at Operating CF in Construction.
  • Recent developments in line with Horizon 24 Strategy:
    • I-66 Managed Lanes (Virginia, US) open to traffic (full configuration November 2022).
    • Increased stake in I-77 to 72.24%: 7.135% additional stake acquired in December 2022.
    • Ferrrovial has been prequalified for SR400 (Georgia, US).
    • NTE 3C (NTE35W extension) works advancing according to schedule. Opening expected for September 2023.
    • Stake acquisition (49%) in New Terminal One (NTO) at JFK Airport in June 2022.
    • 60% acquisition of Dalaman International Airport (Turkey) in July 2022.
    • Sale of Amey completes services divestment process, the deal was closed in December 2022.



(EUR million) DEC – 22 DEC – 21
REVENUES 7,551 6,910
EBITDA 728 610
Period depreciation -299 -270
EBIT (ex disposals & impairments) 429 340
Disposals & impairments -6 1,139
EBIT 423 1,479
Equity-accounted affiliates 165 -178
EBT 268 966
Corporate income tax -30 9
Minorities -116 -138


(EUR million) DEC-22 DEC-21 VAR. LfL
Toll Roads 780 588 32.6% 22.4%
Airports 54 2 n.s. n.s.
Construction 6,463 6,077 6.3% 2.2%
Energy Infrastructure & Mobility 296 252 17.6% 18.0%
Others -42 -9 n.s. n.s.
Total Revenues 7,551 6,910 9.3% 4.2%


(EUR million) DEC-22 DEC-21 VAR. LfL
Toll Roads 550 415 32.5% 21.6%
Airports -2 -26 92.3% -41.0%
Construction 176 245 -28.2% -27.8%
Energy Infrastructure & Mobility 13 -13 200.0% 224.6%
Others -9 -11 18.2% 50.8%
Total EBITDA 728 610 19.3% 7.7%

EBIT (before impairments and disposals of fixed assets)

(EUR million) DEC-22 DEC-21 VAR. LfL
Toll Roads 390 275 42.3% 25.0%
Airports -9 -26 65.4% -40.9%
Construction 63 132 -52.5% -50.5%
Energy Infrastructure & Mobility 1 -24 104.2% 104.7%
Others -16 -17 5.9% 25.4%
Total EBIT 429 340 26.2 % 8.3%

PROPORTIONAL EBITDA (Like-for-like figures)

(EUR million) DEC-22 DEC-21 VAR.
Toll Roads 870 630 38.1%
Airports 500 91 n.s.
Construction 116 155 -25.4%
Energy Infrastructure & Mobility 31 -1 n.s.
Others -6 -14 56.6%
1,511 863 75.2%

Like-for-like figures


(EUR million) DEC-22 DEC-21
NCP ex-infrastructures projects 1,439 2,182
NCP infrastructures projects -7,219 -6,633
Toll Roads -6,852 -6,439
Others -367 -195
Total Net Cash /(Debt) Position -5,781 -4,451


vs 2021 vs 2019
407 ETR (VKT) 30.5% -19.3%
NTE* 9.2% 7.1%
LBJ* 7.3% -17.7%
NTE 35W* -2.2% 6.3%
I-77* 18.7% n.s.
Heathrow 217.6% -23.8%
AGS 164.1% -32.5%
Dalaman 95.3% -7.5%



  • Revenues at EUR7,551mn (+4.2% LfL) on the back of higher Construction revenues (+2.2% LfL) and Toll Roads (+22.4% LfL).
  • EBITDA reached EUR728mn (+7.7% LfL) supported by a higher contribution from Toll Roads (21.6% LfL), particularly US Toll Roads with an EBITDA of EUR498mn.


Toll roads: revenues increased by +22.4% LfL and EBITDA by +21.6% LfL. EBITDA stood at EUR550mn.

  • Texas Managed Lanes:NTE +9.2% and LBJ +7.3% showed traffic growth in 2022 vs. 2021, while NTE 35W traffic decreased by -2.2% vs 2021, impacted by the construction works of NTE3C. NTE & NTE35W traffic was above pre-pandemic levels (2019), and LBJ traffic is still below, mainly due to the construction works developed in the area. All MLs posted double digit average revenue per transaction growth vs. 2021: NTE 35W +20.7%, NTE +18.8% & LBJ +11.8%.
    • NTE: reported revenues of USD243mn (+29.6%), helped by higher traffic and higher toll rates. EBITDA reached USD213mn (+30.4%). EBITDA margin of 87.9% (vs 87.4% in 2021).
    • NTE 35W: reached revenues of USD168mn (+18.2%), led by higher toll rates and more heavy traffic weight. EBITDA reached USD139mn (+16.4%) with 82.6% EBITDA mg (83.9% in 2021).
    • LBJ: revenues at USD159mn (+20.0%), helped by higher traffic and higher toll rates. EBITDA at USD128mn (+24.8%) with 80.1% EBITDA mg (77.0% in 2021).
  • I-77 Managed Lanes traffic increased by +18.7% vs 2021, showing a strong recovery after traffic had been impacted by Omicron spike in 1Q and some adverse weather events during the year. Revenues reached USD61mn (+66.6% vs. 2021) with significant growth in revenue per transaction terms (+43.1% vs 2021). EBITDA stood at USD38mn with 62.9% of EBITDA mg (54.9% in 2021).
  • 407 ETR showed a solid traffic increase in 2022 (+30.5% vs 2021), after the removal of all COVID-19 related restrictions by the government of the Province of Ontario in 1Q 2022, although a slow economic reopening followed throughout the year. In addition, the 4Q traffic performance was negatively impacted by the end of some construction works in the corridor, as well as, higher seasonality impact due to the increase of work flexibility. Revenues reached CAD1,327mn increasing by +29.7% given the steady recovery in traffic volumes when restrictions eased. EBITDA reached CAD1,139mn (+32.6%) with 85.8% EBITDA mg.

Airports: traffic has shown a solid improvement in 2022 vs 2021, although pre-COVID levels have not been reached yet (Heathrow -23.8%, AGS -32.5% and Dalaman -7.5%, vs 2019):

  • Heathrow revenues increased by +140.0% and adjusted EBITDA reached GBP1,684mn, vs GBP384mn in 2021. Heathrow welcomed 61.6mn passengers in 2022 (19.4mn passengers in 2021), increasing 42.2mn vs 2021 (+217.6%), which represented the highest passenger increase of any major airport globally. Passenger numbers in December were close to 5.8mn, which was 11% below 2019 levels, the highest since the start of COVID-19.
  • AGS revenues increased by +92.4% vs 2021 driven by higher traffic in all airports (+164.1% vs 2021). EBITDA stood at GBP47mn in 2022 vs -GBP6mn in 2021.
  • Dalaman: revenues reached EUR44mn driven by the positive performance in traffic. EBITDA stood at EUR35mn with EBITDA margin at 79.0%. Traffic numbers reached 4.5mn passengers (2.3mn in 2021) driven by higher traffic from the UK (46% of the traffic). Passenger numbers in December increased by +17.9% vs December 2019, the highest since the start of the pandemic.

Construction: revenues were up by +2.2% LfL. EBIT reached EUR63mn vs. EUR132mn in 2021, mainly due to the inflation impact on prices of supplies and subcontracts. EBIT margin reached 1.0% in 2022. The order book reached EUR14,743mn (18.7% LfL), an all time high, not including pre-awarded contracts of c.EUR915mn,mainly from contracts at Budimex (EUR790mn) and Webber (EUR125mn).


Total dividends received from projects reached EUR475mn in 2022 (vs EUR550mn in 2021) including as main distributions:

  • 407 ETR: Ferrovial received EUR237mn of dividends in 2022 (EUR164mn in 2021).
  • Texas Managed Lanes: EUR123mn were received by Ferrovial from NTE (EUR92mn) and LBJ (EUR31mn), vs. EUR220mn in 2021 that included extraordinary dividends from LBJ following the issuance of a senior secured note.
  • Other toll roads: EUR28mn in 2022 (EUR85mn in 2021) mainly coming from Spanish toll roads (EUR12mn), Australian toll roads (EUR4mn), EUR3mn from the Irish toll roads, along with EUR2mn from IRB. The 2021 dividends included EUR73mn of the compensation received from the Madrid Regional Government in relation to the administrative proceeding of M-203 legal dispute.
  • Heathrow: no dividends were distributed in 2022 and 2021.



  • In June, Ferrovial entered into an agreement to acquire a stake in New Terminal One (NTO) at JFK International Airport in New York, the consortium appointed to design, build and operate the NTO (which includes replacing Terminals 1 and 2 and former Terminal 3 of this airport). Ferrovial holds a 49% indirect ownership interest in the project, becoming the consortium’s lead sponsor. Ferrovial’s investment would amount to USD1.14bn which will be contributed during the construction period of Phase A (2026). Construction will proceed in phases, with the first phase expected to be completed in 2026. The design and build will be carried out by Aecom Tishman.
  • In July, Ferrovial completed the acquisition of 60% of Dalaman International Airport (Turkey) from YDA Group for EUR146mn, out of which EUR119mn had already been paid by Ferrovial. The concession agreement lasts until 2042 and fees per passenger are set and collected in euro.
  • In December, Ferrovial, through subsidiary Cintra, agreed to acquire an additional 7.135% stake in the I-77 Managed Lanes, from Aberdeen. The deal, worth EUR104mn (USD109mn), raises Ferrovial’s stake in I-77 to 72.24%. The other shareholder, John Laing also increased its participation by 7.135%, reaching 24.58%, while Aberdeen maintained a 3.18% stake.


  • Divestment of Infrastructure Services business in Spain for EUR175mn. In January 2022, Ferrovial completed the sale of infrastructure Services business in Spain to Portobello Capital. Ferrovial acquired 24.99% of the leveraged entity created postacquisition for a price of EUR17mn.
  • Divestment of Algarve Toll Road. In August 2022, Ferrovial received EUR23mn following the sale completion to DIF Capital Partners agreed in 2020. The sale agreement included the divestment of 49% stake in Norte Litoral and 48% stake in Via do Infante (Algarve). As part of the agreement Cintra will hold a management contract for both assets. Norte Litoral divestment was already completed in 2021.
  • In December 2022, Ferrovial, through Cintra, sold 15% of Ausol in Spain, to French infrastructure fund Meridiam for EUR111mn. The sale is the result of Cintra exercising the put option it has held since selling 65% of the Ausol I and Ausol II toll roads to Meridiam in 2019. The divestment produced a capital gain of EUR473mn that was booked in 2019, no additional accounting effect has been included in the 2022 income statement.
  • Divestment of Amey for c.GBP265mn. In December 2022, Ferrovial sold Amey to One Equity Partners and Buckthorn Partners. The net consideration (equity value) that Ferrovial receives amounts to c.GBP264.6mn (EUR301.3mn), and remains subject to adjustment in accordance to a customary completion accounts mechanism. The consideration was paid partly in cash in an amount of EUR132mn; the remaining portion will be paid through a vendor loan note of c.GBP151.8mn (EUR172.8mn), issued at completion and repayable over the next 5 years with an interest rate of 6% per year (increasing to 8% after year 3). The capital gain from the divestment reached EUR58mn in 2022.


In 2022, the net cash ex-infrastructure projects reached EUR1,439mn vs EUR2,182mn in December 2021. Net debt of infrastructure projects reached EUR7,219mn (EUR6,633mn in December 2021). Net consolidated debt reached EUR5,781mn (EUR4,451mn in December 2021).


Sustainability remains at the core of our strategy. In 2022:

  • Ferrovial became the 1st infrastructure company to receive the Good Corporate Governance Index (GCGI) certification by Aenor.
  • On October 25th, 2022, the Board of Directors approved a revision of Ferrovial’s Human Rights Policy that is in line with the requirements of Ferrovial’s stakeholders, including aspects such as forms of modern slavery, pay gap inequality, respect for the indigenous communities or the right to digital disconnection.
  • During 2022 Ferrovial has reinforced its positioning in all main sustainability indices: Dow Jones Sustainability Index (DJSI), FTSE4Good, Carbon Disclosure Project (A for Climate Change & A for Water Security), MSCI (A), VIGEO (Euronext-Vigeo Europe 120), STOXX, ISS ESG Prime, GRESB (A).
  • Heathrow’s focus remains to champion the role of sustainable aviation fuel (SAF). Heathrow’s 2022 landing charges included a new financial incentive to help make SAF more affordable for airlines. The 2022 scheme was fully subscribed and designed to ensure that at least 0.5% of total aviation fuel delivered at Heathrow in 2022 was SAF. Airlines took part in a consultation regarding 2023 aeronautical charges and it was agreed that a 1.5% target incentive is to be implemented for 2023, with plans to rise steadily each year.
  • Ferrovial submitted the Climate Strategy and GHG Emissions Reduction Plan to the vote of the 2022 General Shareholders’ Meeting. Both were approved with more than 92.5% of votes in favor.