Ferrovial SE (FER) Q2 FY25 earnings call

The half rests on Ferrovial's North American toll-road engine: segmentation-driven dynamic pricing on unconstrained assets (I-66/I-77) and mandatory-mode capture on the soft-capped Dallas lanes are converting weather- and construction-dampened traffic into outsized revenue-per-transaction gains, while capital rotates out of divested airports into a deeper 407 ETR stake. Construction holds its target margin on a record order book; the JFK terminal's final, hardest build year is the key execution watch.