Ferrovial gets EUR 2.9 billion D35 bid: JPMorgan cuts Ferrovial stock target to EUR 50

Published on 10/09/2026 at 12:43 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue reached EUR 4.70 billion, up 5.20 percent year over year. Ferrovial stock costs EUR 44.52 on October 9, 2026 after EUR 44.76.

Key points in brief

Ferrovial was named preferred bidder for the EUR 2.9 billion D35 highway project on October 6, 2026.
JPMorgan cut its Ferrovial target from EUR 65.00 to EUR 50.00 and lowered its rating to Neutral on October 5, 2026.
Ferrovial stock was trading at EUR 44.52 at Lang & Schwarz on October 9, 2026, down 0.54 percent from EUR 44.76.
The company is scheduled to release 9M 2026 results on October 27, 2026.

Fotorealistische Autobahn-Flughafen-Szene zu Ferrovial SE, ISIN NL0015001IX2, Infrastruktur — Fotorealistische Autobahnbrücke und moderner Flughafen zeigen anschaulich Ferrovial SE, ISIN NL0015001IX2, führenden Infrastrukturkonzern der Branche, Illustration mit AI erstellt.

Ferrovial (ISIN NL0015001FS8) was named preferred bidder for a EUR 2.9 billion D35 highway public-private partnership in the Czech Republic on October 6, 2026, while JPMorgan cut its target for Ferrovial stock from EUR 65.00 to EUR 50.00 on October 5, 2026. Ferrovial published the D35 announcement, while Markets Insider reported the analyst action.

Three contracts reshape the story

The latest project follows a sequence of infrastructure milestones. On July 30, 2026, Ferrovial reported first-half revenue of EUR 4.70 billion, up 5.20 percent from the first half of 2025, while net income fell 52.00 percent to EUR 251.00 million, according to Simply Wall St.

On September 30, 2026, Ferrovial reached commercial close on the I-24 Southeast Choice Lanes in Tennessee. The project covers 26 miles and carries a 50-year concession under the agreement described by Ferrovial.

What does the EUR 2.9 billion bid add?

The D35 consortium will design, build, finance, operate and maintain 35.40 kilometers of new highway sections, with a further 17.00 kilometers of adjacent road under operation and maintenance. The total network under management reaches 52.00 kilometers, according to Ferrovial. The combination of long concessions and construction work expands the project pipeline, but the first-half profit decline shows why delivery costs and financing conditions remain important to the investment case.

Two reporting dates are approaching

Ferrovial's investor calendar lists the 407 ETR 9M 2026 results release for October 21, 2026 and the Ferrovial 9M 2026 results release for October 27, 2026. The company also scheduled its results conference call and webcast for October 28, 2026, according to its Investor Relations page.

Ferrovial stock trades below prior close

Ferrovial stock was trading at EUR 44.52 at Lang & Schwarz on October 9, 2026 at 12:40 p.m. CEST, down 0.54 percent versus the prior close of EUR 44.76 on October 8, 2026. The daily move keeps the market reaction separate from the longer-term value of the D35 and I-24 concessions. The further course of trading is shown by the continuously updated real-time quote of Ferrovial stock.