Company Overview

Ferrovial SE, along with its subsidiaries, is a global leader in the design, construction, financing, operation, and maintenance of transport infrastructure and urban services. The company operates across four key segments: Construction, Toll Roads, Airports, and Energy Infrastructures and Mobility. Founded in 1952, Ferrovial is headquartered in Amsterdam, the Netherlands.

Ferrovial SE is dedicated to developing sustainable infrastructure solutions worldwide. Its core specializations include construction, project promotion, investment, and the operation of toll roads, airports, electrical transmission networks, water treatment plants, and other vital infrastructure projects.

Business Segments

Core Operations

The company's operations involve the design and execution of a wide array of public and private works. This includes the construction of public infrastructure, as well as the development, financing, and operation of toll roads and airports. Ferrovial also develops, finances, and operates power transmission lines and renewable energy generation plants. Additionally, it provides mobility and waste management services, and caters to the mining industry in Chile. The company actively promotes, constructs, and operates energy generation and transmission infrastructures.

Strategic Focus Areas

Ferrovial's primary infrastructure assets, particularly its managed lanes and the 407 ETR toll road in North America, are projected to continue delivering robust revenue growth. The company has strategically established a significant presence in managed lanes and toll road operations, with a particular emphasis on North American markets.

Financial Performance

FY 2024 Results

In 2024, Ferrovial reported an adjusted EBITDA of €1.3 billion, representing a substantial 38.9% increase year-over-year on a like-for-like basis. This growth was driven by strong performance across all business areas. Revenue for the year amounted to €9.1 billion, a 6.7% growth on a like-for-like basis.

Key Financial Metrics for FY 2024:

- Revenue: €9,147 million (+6.7% LfL growth), primarily fueled by increased Toll Roads revenue (+19.6% LfL growth) and a higher contribution from the Construction segment (+3.8% LfL growth).

- Adjusted EBITDA: €1.3 billion, showing a 38.9% year-over-year increase on a like-for-like basis, largely attributable to enhanced contributions from US Toll Road assets and the Construction business.

- Construction Order Book: Reached an all-time high of €16.8 billion, with nearly 50% originating from North America.

- Dividends from Projects: Achieved a record €947 million, including the initial distribution from the I-66 and I-77 projects.

Financial Position

Ferrovial concluded 2024 in a strong financial position, boasting liquidity of €5.3 billion. The consolidated net debt stood at -€1.8 billion, excluding infrastructure project financing in both figures. The net debt position, when excluding infrastructure projects, reached minus €1.8 billion.

Market Capitalization and Stock Performance

As of September 16, 2025, Ferrovial SE commanded a market capitalization of EUR 35.461 billion. The company delivered a total shareholder return of 25.7% in 2024.

Toll Roads Division Performance

The Toll Roads division recorded a significant 19.6% increase in revenue on a like-for-like basis, reaching €1.3 billion. This growth was primarily a result of strong performance in its North American operations.

Key Assets Performance

- 407 ETR (Canada): Traffic on the 407 ETR in Canada grew by 4.8%, supported by increased mobility, the impact of construction activities on Highway 401, fewer winter weather disruptions, and more promotional offers aimed at reducing peak-hour congestion. Revenue for the asset rose by 14% to CAD 1.7 billion. Ferrovial received a dividend of €321 million from this asset in 2024.

- US Express Lanes: The Express Lanes in the U.S. experienced solid growth in revenue per transaction. Notably, I-66 Express (Virginia) registered a 33.2% increase, NTE 35W (Texas) saw a 12.5% rise, I-77 Express (North Carolina) increased by 11.7%, LBJ Express (Texas) by 8.8%, and NTE (Texas) by 6%.

Construction Division

The Construction division achieved an adjusted EBIT margin of 3.9% for 2024, surpassing the target of 3.5% adjusted EBIT margin set for the year. Q4 2024 continued the trend of profitability improvement, reaching an adjusted EBIT margin of 4.1%.

The division's order book expanded to an all-time high of EUR 16,755 million, representing a +7.5% LfL growth compared to December 2023. This figure excludes approximately EUR 2,670 million in pre-awarded contracts.

Strategic Developments

NASDAQ Listing

Ferrovial shares commenced trading on the NASDAQ on May 9, 2024. This listing marks a significant milestone and underscores the company's increased strategic focus on the North American market.

Major Transactions in 2024

In 2024, the company generated €2.6 billion from divestments. The primary contributors were the sale of a 19.75% stake in Heathrow Airport for €2 billion and the divestment of a 5% stake in IRB Infrastructure Developers for €211 million.

Investments totaled €1.6 billion and mainly consisted of the acquisition of a 24% stake in IRB Infrastructure Trust for €710 million and €469 million in equity invested in NTO.

Shareholder Returns

During 2024, Ferrovial returned $831 million to its shareholders, which included €271 million from the 2023 program. The company also executed share repurchases totaling €272 million.

Industry Recognition

In 2024, Ferrovial reinforced its standing as the highest-ranked company in Europe and the second globally within the Construction and Engineering sector, as recognized by the Dow Jones Best in Class Index (formerly the Dow Jones Sustainability Index).

Investment Outlook

Ferrovial remains committed to high-growth infrastructure markets, with a particular emphasis on North America. Strategic investments are being channeled into managed lanes, airports, and energy infrastructure. The company offers a combination of reliable growth and upside potential through its integrated construction and concessions model, focusing on high-demand U.S. managed lanes and select global assets.

Ferrovial's robust financial position, diversified infrastructure portfolio, and strategic emphasis on North American markets solidify its position as a key player in the global infrastructure sector. The company's dual listing strategy and its portfolio of strong dividend-generating assets are instrumental in supporting its ongoing growth trajectory and value creation for shareholders.