Intermoney | The company (Hold, PO €43) published its H1 2025 results yesterday after the close of trading on Wall Street and will hold a conference call today at 3pm. The main figures from the results, together with our forecasts, are shown in the table below.
Overall, EBITDA rose 9% to €655 million in 1H25, compared to Intermoney’s 17% estimate, confirming margin improvements in construction, although EBITDA was affected by slightly lower-than-expected revenues, combined with some stability in growth in Motorways, another trend already observed in previous quarters. Ferrovial reported figures below EBIT, in which, after a slight decline in investees of 9%, despite the €10 million increase in ETR 407, and the €290 million capital gain from the sale of the airports in the United Kingdom, the Group generated a net profit of €540 million (up 30%) compared to Intermoney’s estimate of €521 million. We are not changing our estimates following today’s figures, implying a CAGR of plus 12% but, if the current weakness of the dollar persists, this would imply a slight downward bias in our figures.
