Intermoney | The Spanish company (Mantener, PO€26), through its US subsidiary Webber, has won nine construction projects in the United States in recent weeks, specifically in Texas and Florida. The total budget amounts to €932 million. Among the new work in the pipeline is its first major civil engineering project in Florida. This project, Ferrovial’s first in Florida, with a budget of €75 million, consists of the reconstruction of one of the busiest interchanges in the city of Jacksonville: the I-95 junction with U.S. 1, also known as Martin Luther King Parkway. The project is already underway and is scheduled to be completed by spring 2025.
Valuation: Ferrovial has become strong in the state of Texas, but is now expanding in Florida, where Spanish construction companies such as ACS and OHLA have a strong presence. The Group has a portfolio of almost €15bn as of June this year, of which some €3.6bn is in the hands of Webber. This subsidiary generated H1 EBITDA of €37m, a decline of -21% compared to H1 22. However, this decline was more due to the demanding comparison against an excellent last year, as margins this time were still above +6%. The problems for the Group, within Construction, are to be found in Ferrovial Construction, which reported a negative EBITDA of -€48 Mn.
