Ferrovial SE posted revenue growth of 5.2% in 2025, underpinned by stable concession cash flows in highways and airports alongside construction contributions. Net income declined substantially due to non-recurring impacts, but the company maintained strong operating cash flow and disciplined capital investment. Its competitive moat rests on long-term concessions across the U.S., Europe, and Canada, supported by technical expertise and financial prudence. Key risks include regulatory uncertainties impacting concession terms and toll rates.