Ferrovial wins nine construction projects worth €932m through US subsidiary Webber

ferrovial texas

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.

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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.