v3.26.3
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS (Details)
£ in Millions, zł in Millions, $ in Millions, $ in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
EUR (€)
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
EUR (€)
Dec. 31, 2025
PLN (zł)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
CAD ($)
Dec. 31, 2025
GBP (£)
Dec. 31, 2025
AUD ($)
Operating Results [Line Items]                      
Assets € 27,420,000,000       € 27,420,000,000            
Construction business division         17,438,000,000 € 16,755,000,000          
Revenue and other operating income, operating         € 9,627,000,000 9,148,000,000          
Revenue percentage variation         5.20%            
Raw materials and consumables used, operating         € 1,124,000,000 1,115,000,000          
Materials consumed variation         0.80%            
Other expense by nature         € 5,199,000,000 4,931,000,000          
Other operating expenses variation percentage         5.40%            
Employee benefits expenses, operating         € 1,847,000,000 1,760,000,000          
Personnel expenses variation         4.90%            
Operating expense, operating         € 8,170,000,000 7,806,000,000          
Total operating expenses variation         4.70%            
Depreciation and amortisation expense         € 490,000,000 441,000,000          
Fixed asset depreciation variation         11.10%            
Impairment and disposal of fixed assets         € (210,000,000) (2,208,000,000)          
Impairment and disposal of fixed assets variation         (90.50%)            
Profit (loss) from operating activities         € 1,177,000,000 3,109,000,000          
Operating profit/(loss) variation         (62.10%)            
Financial result on financing of infrastructure projects         € (348,000,000) (339,000,000)          
Financial result on financing of infrastructure projects variation         2.70%            
Result on derivatives and other financial results infrastructure projects         € (76,000,000) (72,000,000)          
Profit/(loss) on derivatives and other net financial income/(expense) variation         (5.60%)            
Financial result of infrastructure projects         € (424,000,000) (411,000,000)          
Net financial income/(expense) from infrastructure projects variation         3.20%            
Financial result on financing excluding infrastructure projects         € 57,000,000 74,000,000          
Net financial income expense from financing         € (291,000,000) (265,000,000)          
Financial result on financing ex-infrastructure projects variation         (23.00%)            
Financial result on derivatives and other net financial income expense ex-infrastructure projects variation         (99.70%)            
Result on derivatives and other financial results excluding infrastructure projects         € 2,000,000 611,000,000          
Financial result excluding infrastructure projects         € 59,000,000 685,000,000          
Financial result excluding infrastructure projects variation         (91.40%)            
Finance income (cost)         € (365,000,000) 274,000,000          
Finance income cost of the entity variation         (233.20%)            
Share of profit (loss) of associates accounted for using equity method, investing         € (258,000,000) (238,000,000)          
Share of profits of equity-accounted companies variation         8.40%            
Profit (loss) before income taxes         € 1,070,000,000 3,621,000,000          
Profit/(loss) before tax from continuing operations variation         (70.50%)            
Income tax expense (income), income taxes         € 60,000,000 (145,000,000)          
Income tax benefit / (expense) variation         (141.40%)            
Profit (loss) from continuing operations         € 1,130,000,000 3,476,000,000          
Profit/(loss) net of tax from continuing operations variation         (67.50%)            
Profit (loss) from discontinued operations, discontinued operations         € (20,000,000) (14,000,000)          
Profit/(loss) net of tax from discontinued operations variation         42.90%            
Profit (loss)         € 1,150,000,000 3,490,000,000          
Net profit/(loss) variation         (67.00%)            
Profit (loss), attributable to non-controlling interests         € (262,000,000) (251,000,000)          
Net profit/(loss) for the year attributed to non-controlling interests variation         4.40%            
Profit (loss), attributable to owners of parent         € 888,000,000 3,239,000,000          
Net profit/(loss) for the year attributed to the parent company variation         (72.60%)            
Revenue And Operating Income variation rate         5.20%            
Gains or losses on disposal of non-current assets and Impairments         € 210,000,000 2,208,000,000          
Profit loss on derivatives and other net financial income expense         € (74,000,000) 539,000,000          
Percentage of total assets 100.00%       100.00%   100.00% 100.00% 100.00% 100.00% 100.00%
Adjusted EBIT         € 967,000,000 901,000,000          
Adjusted EBIT Growth Rate         7.30%            
Adjusted EBITDA         € 1,457,000,000 1,342,000,000          
Comparable like for like revenue                      
Operating Results [Line Items]                      
Profit (loss) from discontinued operations, discontinued operations         0 (2,000,000)          
Exchange rate effect         0 (28,000,000)          
Restructuring costs         0 0          
Accounting model adjustments         0 0          
Non-Recurring Impact         0 0          
Operating results from newly acquired companies         0 0          
Reconciliation of comparable adjusted EBIT (like-for-like basis) to our net profit (or loss).         967,000,000 874,000,000          
Adjusted EBITDA comparable                      
Operating Results [Line Items]                      
Impairment and disposal of fixed assets         (210,000,000) (2,208,000,000)          
Finance income (cost)         (365,000,000) 274,000,000          
Share of profit (loss) of associates accounted for using equity method, investing         258,000,000 238,000,000          
Income tax expense (income), income taxes         60,000,000 (145,000,000)          
Profit (loss) from discontinued operations, discontinued operations         20,000,000 14,000,000          
Profit (loss)         1,150,000,000 3,490,000,000          
Exchange rate effect         0 (39,000,000)          
Operating results of disposed companies         0 (4,000,000)          
Restructuring costs         0 0          
Operating results from new acquired companies         0 0          
Accounting model adjustments         0 0          
Non-Recurring Impact         0 0          
Fixed asset depreciation         490,000,000 441,000,000          
Adjusted EBIT Comparable (Like-for-like)         1,457,000,000 1,299,000,000          
Reported revenue                      
Operating Results [Line Items]                      
Revenue and other operating income, operating         9,627,000,000 9,148,000,000          
Exchange rate effect         0 (167,000,000)          
Fixed asset impairments         0 0          
Operating results of disposed companies         0 (116,000,000)          
Restructuring costs         0 0          
Operating results from new acquired companies         0 0          
Accounting model adjustments         0 0          
Non-Recurring Impact         0 0          
Revenues Comparable (Like-for-like)         9,627,000,000 8,865,000,000          
Highways Division                      
Operating Results [Line Items]                      
Adjusted EBIT         € 719,000,000 686,000,000          
Adjusted EBIT Growth Rate         4.80%            
Airports division [Member]                      
Operating Results [Line Items]                      
Adjusted EBIT         € 14,000,000 4,000,000          
Adjusted EBIT Growth Rate         250.00%            
Construction division [Member]                      
Operating Results [Line Items]                      
Adjusted EBIT         € 351,000,000 284,000,000          
Adjusted EBIT Growth Rate         23.60%            
Energy Division [Member]                      
Operating Results [Line Items]                      
Adjusted EBIT         € (12,000,000) (11,000,000)          
Adjusted EBIT Growth Rate         (9.10%)            
Other division [Member]                      
Operating Results [Line Items]                      
Adjusted EBIT         € (105,000,000) (62,000,000)          
Adjusted EBIT Growth Rate         (69.40%)            
UNITED STATES                      
Operating Results [Line Items]                      
Assets € 15,298,000,000       € 15,298,000,000            
Revenue and other operating income, operating         € 3,485,000,000 3,271,000,000          
Percentage of total assets 55.80%       55.80%   55.80% 55.80% 55.80% 55.80% 55.80%
POLAND                      
Operating Results [Line Items]                      
Assets € 1,997,000,000       € 1,997,000,000            
Revenue and other operating income, operating         € 2,228,000,000 2,119,000,000          
Percentage of total assets 7.30%       7.30%   7.30% 7.30% 7.30% 7.30% 7.30%
SPAIN                      
Operating Results [Line Items]                      
Assets € 2,294,000,000       € 2,294,000,000            
Revenue and other operating income, operating         € 1,891,000,000 1,584,000,000          
Percentage of total assets 8.40%       8.40%   8.40% 8.40% 8.40% 8.40% 8.40%
UNITED KINGDOM                      
Operating Results [Line Items]                      
Assets € 637,000,000       € 637,000,000            
Revenue and other operating income, operating         € 804,000,000 809,000,000          
Percentage of total assets 2.30%       2.30%   2.30% 2.30% 2.30% 2.30% 2.30%
CANADA                      
Operating Results [Line Items]                      
Assets € 2,451,000,000       € 2,451,000,000            
Revenue and other operating income, operating         € 371,000,000 246,000,000          
Percentage of total assets 8.90%       8.90%   8.90% 8.90% 8.90% 8.90% 8.90%
Others [Member]                      
Operating Results [Line Items]                      
Assets € 369,000,000       € 369,000,000            
Revenue and other operating income, operating         € 848,000,000 1,119,000,000          
Percentage of total assets 1.30%       1.30%   1.30% 1.30% 1.30% 1.30% 1.30%
NETHERLANDS                      
Operating Results [Line Items]                      
Assets € 1,893,000,000       € 1,893,000,000            
Percentage of total assets 6.90%       6.90%   6.90% 6.90% 6.90% 6.90% 6.90%
INDIA                      
Operating Results [Line Items]                      
Assets € 884,000,000       € 884,000,000            
Percentage of total assets 3.20%       3.20%   3.20% 3.20% 3.20% 3.20% 3.20%
TURKIYE                      
Operating Results [Line Items]                      
Assets € 659,000,000       € 659,000,000            
Percentage of total assets 2.40%       2.40%   2.40% 2.40% 2.40% 2.40% 2.40%
CHILE                      
Operating Results [Line Items]                      
Assets € 524,000,000       € 524,000,000            
Percentage of total assets 1.90%       1.90%   1.90% 1.90% 1.90% 1.90% 1.90%
AUSTRALIA                      
Operating Results [Line Items]                      
Assets € 238,000,000       € 238,000,000            
Percentage of total assets 0.90%       0.90%   0.90% 0.90% 0.90% 0.90% 0.90%
COLOMBIA                      
Operating Results [Line Items]                      
Assets € 175,000,000       € 175,000,000            
Percentage of total assets 0.60%       0.60%   0.60% 0.60% 0.60% 0.60% 0.60%
Amount in EUR                      
Operating Results [Line Items]                      
Cash and cash equivalents € 4,271,000,000       € 4,271,000,000            
Amount in EUR | Euro Member Countries, Euro                      
Operating Results [Line Items]                      
Cash and cash equivalents 2,165,000,000       2,165,000,000            
Amount in EUR | Poland, Zlotych                      
Operating Results [Line Items]                      
Cash and cash equivalents 687,000,000       687,000,000            
Amount in EUR | United States of America, Dollars                      
Operating Results [Line Items]                      
Cash and cash equivalents 577,000,000       577,000,000            
Amount in EUR | Canada, Dollars                      
Operating Results [Line Items]                      
Cash and cash equivalents 372,000,000       372,000,000            
Amount in EUR | United Kingdom, Pounds                      
Operating Results [Line Items]                      
Cash and cash equivalents 236,000,000       236,000,000            
Amount in EUR | Australia, Dollars                      
Operating Results [Line Items]                      
Cash and cash equivalents 154,000,000       154,000,000            
Amount in EUR | Other Currency [Member]                      
Operating Results [Line Items]                      
Cash and cash equivalents 80,000,000       80,000,000            
Local currency amount | Euro Member Countries, Euro                      
Operating Results [Line Items]                      
Cash and cash equivalents 2,165,000,000       2,165,000,000            
Local currency amount | Poland, Zlotych                      
Operating Results [Line Items]                      
Cash and cash equivalents | zł             zł 2,883        
Local currency amount | United States of America, Dollars                      
Operating Results [Line Items]                      
Cash and cash equivalents | $               $ 670      
Local currency amount | Canada, Dollars                      
Operating Results [Line Items]                      
Cash and cash equivalents | $                 $ 598    
Local currency amount | United Kingdom, Pounds                      
Operating Results [Line Items]                      
Cash and cash equivalents | £                   £ 207  
Local currency amount | Australia, Dollars                      
Operating Results [Line Items]                      
Cash and cash equivalents | $                     $ 271
Local currency amount | Other Currency [Member]                      
Operating Results [Line Items]                      
Cash and cash equivalents                  
Budimex                      
Operating Results [Line Items]                      
Construction business division         4,048,000,000 4,389,000,000          
Webber [Member]                      
Operating Results [Line Items]                      
Construction business division         5,556,000,000 5,710,000,000          
Ferrovial Construction                      
Operating Results [Line Items]                      
Construction business division         7,834,000,000 6,657,000,000          
Highways Division                      
Operating Results [Line Items]                      
Revenue and other operating income, operating         1,374,000,000 1,256,000,000          
Operating expense, operating         385,000,000 338,000,000          
Depreciation and amortisation expense         270,000,000 232,000,000          
Impairment and disposal of fixed assets         0 (151,000,000)          
Profit (loss) from operating activities         719,000,000 837,000,000          
Net financial income expense from financing         (234,000,000) (215,000,000)          
Finance income (cost)         291,000,000 (290,000,000)          
Share of profit (loss) of associates accounted for using equity method, investing         247,000,000 226,000,000          
Profit (loss) before income taxes         675,000,000 773,000,000          
Income tax expense (income), income taxes         (65,000,000) (110,000,000)          
Profit (loss) from continuing operations         610,000,000 663,000,000          
Profit (loss) from discontinued operations, discontinued operations         0 0          
Profit (loss)         610,000,000 663,000,000          
Profit (loss), attributable to non-controlling interests         177,000,000 160,000,000          
Profit (loss), attributable to owners of parent         € 433,000,000 503,000,000          
Revenue And Operating Income variation rate         9.40%            
Gains or losses on disposal of non-current assets and Impairments         € 0 151,000,000          
Profit loss on derivatives and other net financial income expense         (57,000,000) (75,000,000)          
Adjusted EBITDA         989,000,000 918,000,000          
Airports division [Member]                      
Operating Results [Line Items]                      
Revenue and other operating income, operating         111,000,000 91,000,000          
Operating expense, operating         75,000,000 65,000,000          
Depreciation and amortisation expense         22,000,000 22,000,000          
Impairment and disposal of fixed assets         (270,000,000) (2,025,000,000)          
Profit (loss) from operating activities         284,000,000 2,029,000,000          
Net financial income expense from financing         69,000,000 (2,000,000)          
Finance income (cost)         (99,000,000) 625,000,000          
Share of profit (loss) of associates accounted for using equity method, investing         (11,000,000) 8,000,000          
Profit (loss) before income taxes         394,000,000 2,662,000,000          
Income tax expense (income), income taxes         (92,000,000) 3,000,000          
Profit (loss) from continuing operations         302,000,000 2,665,000,000          
Profit (loss) from discontinued operations, discontinued operations         0 0          
Profit (loss)         302,000,000 2,665,000,000          
Profit (loss), attributable to non-controlling interests         (5,000,000) 23,000,000          
Profit (loss), attributable to owners of parent         € 307,000,000 2,642,000,000          
Revenue And Operating Income variation rate         22.00%            
Gains or losses on disposal of non-current assets and Impairments         € 270,000,000 2,025,000,000          
Profit loss on derivatives and other net financial income expense         30,000,000 627,000,000          
Adjusted EBITDA         36,000,000 26,000,000          
Construction division [Member]                      
Operating Results [Line Items]                      
Revenue and other operating income, operating         7,653,000,000 7,236,000,000          
Operating expense, operating         7,142,000,000 6,806,000,000          
Depreciation and amortisation expense         160,000,000 146,000,000          
Impairment and disposal of fixed assets         (6,000,000) 0          
Profit (loss) from operating activities         357,000,000 284,000,000          
Net financial income expense from financing         126,000,000 150,000,000          
Finance income (cost)         (74,000,000) 116,000,000          
Share of profit (loss) of associates accounted for using equity method, investing         0 0          
Profit (loss) before income taxes         431,000,000 400,000,000          
Income tax expense (income), income taxes         (99,000,000) (142,000,000)          
Profit (loss) from continuing operations         332,000,000 258,000,000          
Profit (loss) from discontinued operations, discontinued operations         0 0          
Profit (loss)         332,000,000 258,000,000          
Profit (loss), attributable to non-controlling interests         91,000,000 68,000,000          
Profit (loss), attributable to owners of parent         € 241,000,000 190,000,000          
Revenue And Operating Income variation rate         5.80%            
Gains or losses on disposal of non-current assets and Impairments         € 6,000,000 0          
Profit loss on derivatives and other net financial income expense         (52,000,000) (34,000,000)          
Adjusted EBITDA         511,000,000 430,000,000          
Energy Division [Member]                      
Operating Results [Line Items]                      
Revenue and other operating income, operating         339,000,000 270,000,000          
Operating expense, operating         336,000,000 268,000,000          
Depreciation and amortisation expense         15,000,000 13,000,000          
Impairment and disposal of fixed assets         7,000,000 0          
Profit (loss) from operating activities         (19,000,000) (11,000,000)          
Net financial income expense from financing         (15,000,000) (8,000,000)          
Finance income (cost)         (19,000,000) (8,000,000)          
Share of profit (loss) of associates accounted for using equity method, investing         0 0          
Profit (loss) before income taxes         (38,000,000) (19,000,000)          
Income tax expense (income), income taxes         0 5,000,000          
Profit (loss) from continuing operations         (38,000,000) (14,000,000)          
Profit (loss) from discontinued operations, discontinued operations         0 0          
Profit (loss)         (38,000,000) (14,000,000)          
Profit (loss), attributable to non-controlling interests         (1,000,000) 0          
Profit (loss), attributable to owners of parent         € (37,000,000) (14,000,000)          
Revenue And Operating Income variation rate         25.60%            
Gains or losses on disposal of non-current assets and Impairments         € (7,000,000) 0          
Profit loss on derivatives and other net financial income expense         (4,000,000) 0          
Adjusted EBITDA         3,000,000 2,000,000          
Other division [Member]                      
Operating Results [Line Items]                      
Revenue and other operating income, operating         460,000,000 519,000,000          
Operating expense, operating         537,000,000 551,000,000          
Depreciation and amortisation expense         23,000,000 28,000,000          
Impairment and disposal of fixed assets         59,000,000 (32,000,000)          
Profit (loss) from operating activities         (159,000,000) (28,000,000)          
Net financial income expense from financing         (237,000,000) (193,000,000)          
Finance income (cost)         (228,000,000) (169,000,000)          
Share of profit (loss) of associates accounted for using equity method, investing         0 4,000,000          
Profit (loss) before income taxes         (387,000,000) (193,000,000)          
Income tax expense (income), income taxes         316,000,000 99,000,000          
Profit (loss) from continuing operations         (71,000,000) (94,000,000)          
Profit (loss) from discontinued operations, discontinued operations         (20,000,000) 14,000,000          
Profit (loss)         (51,000,000) (80,000,000)          
Profit (loss), attributable to non-controlling interests         0 0          
Profit (loss), attributable to owners of parent         € (51,000,000) (80,000,000)          
Revenue And Operating Income variation rate         (11.40%)            
Gains or losses on disposal of non-current assets and Impairments         € (59,000,000) 32,000,000          
Profit loss on derivatives and other net financial income expense         9,000,000 24,000,000          
Adjusted EBIT         (100,000,000) (60,000,000)          
Adjusted EBITDA         (77,000,000) (32,000,000)          
Adjustments [Member]                      
Operating Results [Line Items]                      
Revenue and other operating income, operating         (310,000,000) (224,000,000)          
Operating expense, operating         (305,000,000) (222,000,000)          
Depreciation and amortisation expense         0 0          
Impairment and disposal of fixed assets         0 0          
Profit (loss) from operating activities         (5,000,000) (2,000,000)          
Net financial income expense from financing         0 3,000,000          
Finance income (cost)         0 0          
Share of profit (loss) of associates accounted for using equity method, investing         0 0          
Profit (loss) before income taxes         (5,000,000) (2,000,000)          
Income tax expense (income), income taxes         0 0          
Profit (loss) from continuing operations         (5,000,000) (2,000,000)          
Profit (loss) from discontinued operations, discontinued operations         0 0          
Profit (loss)         (5,000,000) (2,000,000)          
Profit (loss), attributable to non-controlling interests         0 0          
Profit (loss), attributable to owners of parent         € (5,000,000) (2,000,000)          
Revenue And Operating Income variation rate         (38.40%)            
Gains or losses on disposal of non-current assets and Impairments         € 0 0          
Profit loss on derivatives and other net financial income expense         0 (3,000,000)          
Adjusted EBIT         (5,000,000) (2,000,000)          
Adjusted EBITDA         (5,000,000) (2,000,000)          
NTE                      
Operating Results [Line Items]                      
Assets € 37,000,000       € 37,000,000 39,000,000          
Traffic trends (6.00%) (4.00%) (4.00%) (6.00%) (5.00%)            
LBJ Toll Road                      
Operating Results [Line Items]                      
Assets € 46,000,000       € 46,000,000 46,000,000          
Traffic trends (4.00%) 2.00% 1.00% 2.00% 0.00%            
NTE 35W                      
Operating Results [Line Items]                      
Assets € 52,000,000       € 52,000,000 51,000,000          
Traffic trends 0.00% 5.00% 5.00% 3.00% 3.00%            
I77 toll road [Member]                      
Operating Results [Line Items]                      
Assets € 42,000,000       € 42,000,000 43,000,000          
Traffic trends 4.00% 13.00% 8.00% 4.00% 7.00%            
I-66 Toll Road                      
Operating Results [Line Items]                      
Assets € 35,000,000       € 35,000,000 32,000,000          
Traffic trends (11.00%) 1.00% 2.00% 0.00% (2.00%)            
407 ETR                      
Operating Results [Line Items]                      
Assets € 2,819,000,000       € 2,819,000,000 2,658,000,000          
Traffic trends 6.00% 9.00% 6.00% 2.00% 6.00%            
Dalaman airport [Member]                      
Operating Results [Line Items]                      
Assets € 5.6       € 5.6 € 5.6          
Traffic trends 1.00% (2.00%) 0.00% 1.00% (1.00%)