Ferrovial NV (FER.MC): 9M26e preview: Pricing power remains the key driver

Ferrovial will report 9M26 results on 27-October after market close. We expect revenue of €7.38bn, EBITDA of €1.19bn and EBIT of €813m, implying continued growth across Highways and Construction. Within Highways, we expect resilient traffic trends and strong pricing dynamics across the portfolio to continue supporting earnings. In DFW, roadworks projects are likely to have continued affecting traffic patterns during much of the period, although NTE benefited from the early completion and reopening of its capacity-expansion project during September. Construction should remain supportive, underpinned by a record backlog and positive margin trends. For 407 ETR, traffic will have been affected by wildfires leading to poor air quality and event cancellations, although we expect strong pricing power to mitigate softer traffic and support YoY growth. While we expect earnings to be resilient, investor focus is likely to centre on progress at JFK NTO, the I-24 project and other upcoming concess