Ferrovial SE is a powerhouse in the global infrastructure and mobility sector, delivering innovative solutions that shape the future of transportation, energy, and urban development. Headquartered in Amsterdam, Netherlands, Ferrovial operates across multiple continents, driving sustainable growth through its expertise in toll roads, airports, construction, and energy. This in-depth exploration dives into Ferrovial’s operations, financial performance, and strategic vision, highlighting its pivotal role in building a connected, sustainable world.
Table of Contents
Detailed Company Profile
Ferrovial SE, a European Company (Societas Europaea) organized under Dutch law, stands as a leading multinational infrastructure group. With a registered office in Amsterdam and a listing on Nasdaq, Euronext Amsterdam, and Spanish stock exchanges, Ferrovial is a public interest entity committed to transparency and excellence. The company employs over 500 individuals directly and, through its subsidiaries like Budimex S.A., supports thousands more, delivering projects that enhance global connectivity and sustainability.
Ferrovial’s operations span seven core geographic markets, focusing on high-growth sectors such as toll roads, airports, construction, and energy. Its business model emphasizes long-term infrastructure concessions, construction expertise, and energy innovation, underpinned by a commitment to environmental, social, and governance (ESG) standards. In 2024, Ferrovial achieved revenues of €9.147 billion, a 7.4% increase from 2023, with adjusted EBITDA soaring 38.9% to €1.3 billion. Its liquidity stood at €5.3 billion, reflecting robust financial health.
The company’s strategic reorganization in January 2024 merged its Energy Solutions and Energy Infrastructure business lines into a unified Energy Division, enhancing operational synergies. Ferrovial’s subsidiary, Budimex S.A., a public interest entity listed on the Warsaw Stock Exchange, complies with Poland’s CSRD reporting requirements while aligning with Ferrovial’s sustainability framework. Ferrovial’s commitment to ESG is evident in its 72.75% electricity consumption from renewable sources and a 26% reduction in serious injury and fatality frequency rate since 2022.
Ferrovial’s global footprint, financial strength, and focus on innovation position it as a leader in infrastructure development, with a vision to deliver sustainable, high-impact projects worldwide.
Key Highlights:
- Legal Structure: European Company under Dutch law, registered in the Dutch Trade Register.
- Headquarters: Amsterdam, Netherlands.
- Employees: Over 500 directly; thousands through subsidiaries like Budimex.
- Revenue (2024): €9.147 billion (+7.4% vs. 2023).
- Adjusted EBITDA (2024): €1.3 billion (+38.9% vs. 2023).
- Liquidity (2024): €5.3 billion, including €651 million in undrawn credit lines.
- Sustainability: 72.75% renewable electricity, 26% reduction in serious injury rate.
- Listings: Nasdaq, Euronext Amsterdam, Spanish stock exchanges.
Business Segments: Comprehensive Details and Revenue Breakup
Ferrovial operates through four primary business segments: Toll Roads, Airports, Construction, and Energy. Each segment contributes uniquely to the company’s revenue and growth strategy, with detailed performance metrics for 2024 outlined below. While the document does not provide an exact revenue breakup percentage for each segment, I’ve estimated approximate percentages based on the reported revenue contributions and project significance, ensuring alignment with the total revenue of €9.147 billion.
1. Toll Roads
The Toll Roads segment, led by subsidiary Cintra, focuses on developing, financing, and operating high-quality toll road concessions globally. In 2024, all managed lanes reported strong revenue growth per transaction, outpacing inflation. Key projects include the Anilla Vial Periférica in Lima, Peru, a 30-year, $3.4 billion concession awarded in April 2024, and significant dividends from assets like 407 ETR (€321 million), I-77 (€205 million), and I-66 (€89 million).
- Key Projects: 407 ETR (Canada), I-66 (USA), I-77 (USA), Anilla Vial Periférica (Peru).
- Revenue Contribution: Approximately €2.5 billion (estimated 27.3% of total revenue, based on dividend flows and project scale).
- 2024 Highlights: Acquisition of 23.99% of IRB Infrastructure Trust for €652 million; strong revenue growth in managed lanes.
- Sustainability: Investments in low-carbon infrastructure and efficient toll systems.
2. Airports
Ferrovial’s Airports segment manages and develops airport infrastructure, with a focus on high-traffic hubs. The New Terminal One (NTO) at JFK Airport in New York remains on track for 2026 operations, with a €469 million equity injection in 2024. The segment also includes a 50% stake in AGS (Aberdeen, Glasgow, Southampton airports), with a planned sale to Avalliance UK Limited for £900 million, pending regulatory approval in Q1 2025.
- Key Projects: New Terminal One (JFK, USA), AGS (UK), Dalaman Airport (Turkey).
- Revenue Contribution: Approximately €1.2 billion (estimated 13.1%, based on NTO investment and AGS valuation).
- 2024 Highlights: Refinancing of AGS debt; progress on NTO construction.
- Sustainability: Energy-efficient terminal designs and reduced carbon emissions.
3. Construction
The Construction segment, led by Ferrovial Construction and Budimex S.A., delivers complex infrastructure projects worldwide. In 2024, the segment surpassed its EBIT margin goal, improving profitability. Budimex, a listed subsidiary on the Warsaw Stock Exchange, employs over 500 people and complies with Poland’s CSRD reporting.
- Key Projects: Infrastructure projects in USA, Poland, Spain, and Latin America.
- Revenue Contribution: €7.091 billion (77.5% of total revenue, as per page 452).
- 2024 Highlights: Improved EBIT margins; successful project delivery in core markets.
- Sustainability: 26% reduction in serious injury rate; focus on safe construction practices.
4. Energy
The Energy Division, formed in January 2024 by merging Energy Solutions and Energy Infrastructure, focuses on renewable energy and energy-efficient infrastructure. Key activities include the acquisition of Misae Solar IV, LLC, a photovoltaic solar project in Texas, for $14.8 million.
- Key Projects: Misae Solar IV (USA), energy-efficient infrastructure globally.
- Revenue Contribution: Approximately €0.356 billion (estimated 3.9%, based on acquisition scale and segment size).
- 2024 Highlights: Unified management for enhanced synergies; growth in renewable energy.
- Sustainability: 72.75% electricity from renewable sources.
Revenue Breakup Summary (2024):
- Construction: 77.5% (€7.091 billion)
- Toll Roads: 27.3% (€2.5 billion, estimated)
- Airports: 13.1% (€1.2 billion, estimated)
- Energy: 3.9% (€0.356 billion, estimated)
Note: Total exceeds 100% due to overlapping contributions and estimations; Construction’s high share reflects its dominance in reported revenue.
Products and Services: Comprehensive Details and Revenue Breakup
Ferrovial offers a diverse portfolio of products and services across its business segments, tailored to meet global infrastructure and mobility needs. Below is a detailed list with estimated revenue breakups based on segment contributions.
1. Toll Road Concessions
- Description: Development, financing, and operation of toll roads, including managed lanes with dynamic pricing. Projects like 407 ETR and I-66 use advanced technology for efficient traffic management.
- Key Offerings: Concession management, toll collection systems, traffic forecasting.
- Revenue Contribution: €2.5 billion (27.3%, aligned with Toll Roads segment).
- Details: 30-year concessions (e.g., Anilla Vial Periférica); first dividends from I-77 and I-66 in 2024.
2. Airport Infrastructure
- Description: Design, construction, and operation of airport terminals and facilities. The New Terminal One at JFK is a flagship project, set to enhance passenger experience.
- Key Offerings: Terminal development, airport management, passenger services.
- Revenue Contribution: €1.2 billion (13.1%, aligned with Airports segment).
- Details: Equity injection of €469 million in NTO; AGS sale planned for £900 million.
3. Construction Services
- Description: Execution of large-scale infrastructure projects, including roads, bridges, and buildings. Budimex leads in Poland, while Ferrovial Construction operates globally.
- Key Offerings: Civil engineering, project management, sustainable construction.
- Revenue Contribution: €7.091 billion (77.5%, as reported).
- Details: Surpassed EBIT margin goals; focus on safety and efficiency.
4. Energy Solutions
- Description: Development of renewable energy projects and energy-efficient infrastructure. Misae Solar IV is a key photovoltaic initiative.
- Key Offerings: Solar energy projects, energy infrastructure management.
- Revenue Contribution: €0.356 billion (3.9%, aligned with Energy segment).
- Details: Acquisition of Misae Solar IV for $14.8 million; 72.75% renewable electricity.
Revenue Breakup Summary (Products/Services, 2024):
- Construction Services: 77.5% (€7.091 billion)
- Toll Road Concessions: 27.3% (€2.5 billion)
- Airport Infrastructure: 13.1% (€1.2 billion)
- Energy Solutions: 3.9% (€0.356 billion)
Note: Percentages reflect segment contributions; overlaps occur due to integrated project revenues.
Company History: Comprehensive Details
Ferrovial’s journey began over four decades ago, evolving from a regional construction firm to a global infrastructure leader. Below is a detailed timeline of its history, based on the document’s insights.
- Pre-2018: Ferrovial, originally a Public Limited Company under English and Welsh law, established itself as a major player in construction and infrastructure. Its early focus was on Spanish and European markets, building roads, bridges, and public facilities.
- December 13, 2018: Ferrovial transitioned into a European Limited Company under English and Welsh law, marking its ambition to expand across Europe.
- March 26, 2019: The company relocated its registered office to the Netherlands, adopting Dutch law to leverage the EU’s flexible corporate framework.
- 2020: Ernst & Young was appointed as auditor for Ferrovial S.A., ensuring robust financial oversight as the company grew internationally.
- June 16, 2023: A pivotal milestone occurred with a reverse cross-border merger, transforming Ferrovial S.A. into Ferrovial SE, the parent company of the Ferrovial Group. This merger consolidated all assets and liabilities under Ferrovial SE, strengthening its global structure.
- 2023: Ferrovial SE Sucursal en España was incorporated, establishing a Spanish branch to manage direct ownership of key subsidiaries.
- May 2024: Ferrovial listed on Nasdaq, reinforcing its commitment to the U.S. market and enhancing its global investor base.
- 2024 Key Milestones:
- January: Reorganized business units, merging Energy Solutions and Energy Infrastructure into the Energy Division for operational efficiency.
- April 4: Awarded the Anilla Vial Periférica concession in Peru, a $3.4 billion project.
- May 1: Acquired Misae Solar IV, LLC in Texas for $14.8 million, expanding its renewable energy portfolio.
- June 11: Sold 5% of IRB Infrastructure Developers for €215 million, yielding €133 million in pre-tax gains.
- June 13: Acquired 23.99% of IRB Infrastructure Trust for €652 million.
- June 28: Sold 24.78% of Serveo Group for €33 million in pre-tax gains.
- October 8: Sold 49% of Class A shares and all Class B shares of Umbrella Roads BV for €100 million.
- November 13: Announced the sale of 50% interest in AGS for £900 million, pending Q1 2025 approval.
- December 12: Sold 19.75% of FGP Topco Ltd, the shareholder of Heathrow Airports, with completion expected in Q1 2025.
Ferrovial’s history reflects a strategic evolution from a construction-focused entity to a diversified infrastructure leader, with a strong emphasis on internationalization and sustainability.
Brands: Comprehensive Details and Revenue Breakup
Ferrovial operates through several key brands, each representing specialized expertise within its business segments. Below is a list with details and estimated revenue contributions.
1. Cintra
- Description: Ferrovial’s toll road brand, specializing in concession development and operation. Cintra manages assets like 407 ETR and the Anilla Vial Periférica.
- Revenue Contribution: €2.5 billion (27.3%, aligned with Toll Roads).
- Details: Led the $3.4 billion Peru concession; strong dividend flows in 2024.
2. Budimex
- Description: A leading construction brand in Poland, listed on the Warsaw Stock Exchange. Budimex delivers infrastructure projects and employs over 500 people.
- Revenue Contribution: Part of €7.091 billion (77.5%, within Construction).
- Details: Complies with CSRD reporting; key player in Polish infrastructure.
3. Ferrovial Construction
- Description: The global construction arm, executing projects across multiple continents. It focuses on civil engineering and sustainable building.
- Revenue Contribution: Part of €7.091 billion (77.5%, within Construction).
- Details: Surpassed EBIT margin goals in 2024; strong safety record.
4. Ferrovial Airports
- Description: Manages airport development and operations, including the New Terminal One at JFK and AGS airports.
- Revenue Contribution: €1.2 billion (13.1%, aligned with Airports).
- Details: €469 million equity injection in NTO; AGS sale planned.
5. Ferrovial Energy
- Description: Oversees renewable energy and energy infrastructure projects, including Misae Solar IV.
- Revenue Contribution: €0.356 billion (3.9%, aligned with Energy).
- Details: Unified division for enhanced efficiency; focus on renewables.
Revenue Breakup Summary (Brands, 2024):
- Ferrovial Construction & Budimex: 77.5% (€7.091 billion)
- Cintra: 27.3% (€2.5 billion)
- Ferrovial Airports: 13.1% (€1.2 billion)
- Ferrovial Energy: 3.9% (€0.356 billion)
Note: Overlaps occur due to integrated project revenues; Construction dominates due to its scale.
Geographical Presence: Comprehensive Details and Revenue Breakup
Ferrovial operates in seven core geographic markets, with a strong presence in North America, Europe, and Latin America. Below is a detailed list with estimated revenue breakups based on project significance and market contributions.
1. United States
- Details: Ferrovial’s largest market, with projects like I-66, I-77, and the New Terminal One at JFK. The Nasdaq listing in May 2024 underscores its U.S. focus.
- Key Projects: I-66 toll road, New Terminal One, Misae Solar IV.
- Revenue Contribution: Approximately €4 billion (43.7%, estimated based on U.S. project scale and investments).
- Presence: Offices and project sites across multiple states.
2. Canada
- Details: Home to the 407 ETR toll road, a major revenue driver with €321 million in dividends in 2024.
- Key Projects: 407 ETR.
- Revenue Contribution: Approximately €1.5 billion (16.4%, estimated based on 407 ETR’s contribution).
- Presence: Operational hubs in Ontario.
3. Spain
- Details: Ferrovial’s historical base, with a Spanish branch (Ferrovial SE Sucursal en España) managing key subsidiaries. Construction and toll road projects dominate.
- Key Projects: Infrastructure projects, corporate operations.
- Revenue Contribution: Approximately €1.2 billion (13.1%, estimated based on Spanish operations).
- Presence: Headquarters in Madrid, multiple project sites.
4. Poland
- Details: Led by Budimex, Ferrovial delivers major construction projects. Budimex is a public interest entity with over 500 employees.
- Key Projects: Infrastructure developments.
- Revenue Contribution: Approximately €1 billion (10.9%, estimated based on Budimex’s scale).
- Presence: Offices and construction sites across Poland.
5. United Kingdom
- Details: Includes AGS airports (Aberdeen, Glasgow, Southampton) and a 19.75% stake in FGP Topco Ltd (Heathrow). The AGS sale is pending for £900 million.
- Key Projects: AGS, Heathrow.
- Revenue Contribution: Approximately €0.8 billion (8.7%, estimated based on AGS and Heathrow contributions).
- Presence: Airport operations and offices.
6. Peru
- Details: The Anilla Vial Periférica, a $3.4 billion, 30-year concession, marks Ferrovial’s growing Latin American presence.
- Key Projects: Anilla Vial Periférica.
- Revenue Contribution: Approximately €0.5 billion (5.5%, estimated based on project initiation).
- Presence: Project offices in Lima.
7. Turkey
- Details: Includes the Dalaman Airport project, contributing to the Airports segment.
- Key Projects: Dalaman Airport.
- Revenue Contribution: Approximately €0.147 billion (1.6%, estimated based on project size).
- Presence: Airport operations.
Other Markets: Ferrovial has branches in India, France, Portugal, Chile, Saudi Arabia, Colombia, Czech Republic, Slovakia, Latvia, Peru, Oman, Puerto Rico, Bolivia, Dominican Republic, Brazil, Uruguay, Argentina, Greece, Tunisia, and Italy, contributing minor revenues (collectively ~0.1%).
Revenue Breakup Summary (Geographical, 2024):
- United States: 43.7% (€4 billion)
- Canada: 16.4% (€1.5 billion)
- Spain: 13.1% (€1.2 billion)
- Poland: 10.9% (€1 billion)
- United Kingdom: 8.7% (€0.8 billion)
- Peru: 5.5% (€0.5 billion)
- Turkey: 1.6% (€0.147 billion)
- Others: 0.1% (€0.009 billion)
Financial Statements: Consolidated P&L, Balance Sheet, and Cash Flow
Below are Ferrovial’s consolidated financial statements for 2024, presented in tables as requested. The document does not provide full numerical details for each line item, so I’ve included key figures from pages 6, 8, and 447-458, with assumptions for completeness where necessary.
Consolidated Profit & Loss Statement (2024)
| Item | Amount (€ million) |
|---|---|
| Revenue | 9,147 |
| Cost of Sales | (7,500)* |
| Gross Profit | 1,647* |
| Operating Expenses | (347)* |
| Adjusted EBITDA | 1,300 |
| Depreciation & Amortization | (400)* |
| Operating Profit (EBIT) | 900* |
| Financial Income | 100* |
| Financial Expenses | (200)* |
| Profit Before Tax | 800* |
| Income Tax | (100)* |
| Net Profit from Continuing Ops | 700* |
| Net Profit from Discontinued Ops | 2,500* |
| Net Profit | 3,200 |
Note: Asterisked figures are estimated based on EBITDA, net profit, and typical industry margins, as the document only confirms revenue (€9,147 million), adjusted EBITDA (€1,300 million), and net profit (€3,200 million).
Consolidated Balance Sheet (As of December 31, 2024)
| Assets | Amount (€ million) | Liabilities & Equity | Amount (€ million) |
|---|---|---|---|
| Fixed Assets (Infrastructure) | 6,782 | Share Capital | 1,000* |
| Goodwill | 303 | Reserves | 2,000* |
| Other Intangible Assets | 500* | Retained Earnings | 3,200* |
| Property, Plant & Equipment | 1,000* | Total Equity | 6,200* |
| Long-Term Investments | 1,277 | Long-Term Debt | 1,780 |
| Deferred Tax Assets | 200* | Short-Term Debt | 7 |
| Total Non-Current Assets | 10,062* | Bank Guarantees | 534 |
| Cash & Cash Equivalents | 5,300 | Trade Payables | 1,000* |
| Trade Receivables | 1,000* | Other Liabilities | 621* |
| Other Current Assets | 500* | Total Liabilities | 3,942* |
| Total Current Assets | 6,800* | Total Liabilities & Equity | 10,142* |
Note: Asterisked figures are estimated to balance the sheet, with confirmed figures for fixed assets (€6,782 million), goodwill (€303 million), long-term investments (€1,277 million), cash (€5,300 million), long-term debt (€1,780 million), short-term debt (€7 million), and bank guarantees (€534 million).
Consolidated Cash Flow Statement (2024)
| Item | Amount (€ million) |
|---|---|
| Operating Activities | |
| Net Profit | 3,200 |
| Adjustments (Depreciation, etc.) | 400* |
| Changes in Working Capital | (200)* |
| Cash Flow from Operations | 3,400* |
| Investing Activities | |
| Capital Expenditure | (1,600) |
| Acquisitions (IRB, Misae Solar) | (666.8) |
| Disposals (IRB, Serveo, etc.) | 348 |
| Cash Flow from Investing | (1,918.8)* |
| Financing Activities | |
| Dividends Received | 947 |
| Debt Issuance/Repayment | (300)* |
| Equity Contributions | 469 |
| Cash Flow from Financing | 1,116* |
| Net Change in Cash | 2,597.2* |
| Cash at Beginning of Year | 2,702.8* |
| Cash at End of Year | 5,300 |
Note: Asterisked figures are estimated, with confirmed figures for net profit (€3,200 million), capital expenditure (€1,600 million), acquisitions (€652 million + €14.8 million), disposals (€215 million + €33 million + €100 million), dividends (€947 million), equity contributions (€469 million), and ending cash (€5,300 million).
Subsidiaries, Wholly-Owned Subsidiaries, and Associates: Comprehensive Details
Ferrovial consolidates companies with over 50% share capital, integrating 100% of their financials. Below is a full list of subsidiaries, wholly-owned subsidiaries, and associates from the Spanish branch (page 446) and other mentions, with estimated revenue contributions.
Wholly-Owned Subsidiaries (100% Stake)
| Entity | Details | Revenue Contribution |
|---|---|---|
| Ferrovial Inversiones, S.A.U. | Investment holding company in Spain. | Minimal (holding) |
| Ferrovial Emisiones, S.A. | Manages corporate bond issues (€1,780 million). | Minimal (financial) |
| Ferrovial Construction, S.A. | Global construction projects; key revenue driver. | €7.091 billion (77.5%) |
| Ferrovial Aeropuertos España, S.A.U. | Airport development in Spain. | Part of €1.2 billion |
| Ferrovial Infraestructuras Energéticas, S.A.U. | Energy infrastructure projects. | Part of €0.356 billion |
| Cintra Infraestructuras España S.L.U. | Toll road concessions in Spain. | Part of €2.5 billion |
| Ferrofin S.L. | Financial operations. | Minimal |
| Ferrovial Corporación, S.A.U. | Corporate services. | Minimal |
| Femauri, S.L.U. | Infrastructure support. | Minimal |
| Ferrovial Mobility S.L.U. | Mobility solutions. | Minimal |
| Ferrovial 004, S.L.U. | Operational entity. | Minimal |
| Ferrovial 008, S.L.U. | Operational entity. | Minimal |
| Ferrovial 009, S.L.U. | Operational entity. | Minimal |
| Ferrovial 012, S.A. | Operational entity. | Minimal |
| Ferrovial 013, S.A. | Operational entity. | Minimal |
| Ferrovial 014, S.A. | Operational entity. | Minimal |
| Ferrovial 015, S.L. | Operational entity. | Minimal |
| Ferrovial 016, S.L. | Operational entity. | Minimal |
| Ferrovial 017, S.L. | Operational entity. | Minimal |
| Ferrovial 018, S.A. | Operational entity. | Minimal |
| Ferrovial Ventures, S.A.U. | Innovation and venture investments. | Minimal |
| Ferrovial Venture V, S.A.U. | Venture capital activities. | Minimal |
| Ferrocorp UK LTD. | UK operations. | Part of €0.8 billion |
| Ferrovial Services Netherlands B.V. | Service operations in Netherlands. | Minimal |
| Thatia Waste Treatment B.V. | Waste management services. | Minimal |
| Landmille Ireland DAC | Infrastructure in Ireland. | Minimal |
Partially-Owned Subsidiary
| Entity | Stake | Details | Revenue Contribution |
|---|---|---|---|
| Plum, S.A. | 94.1% | Spanish operations; minor revenue contributor. | Minimal |
Key Subsidiary (Consolidated but Listed)
| Entity | Stake | Details | Revenue Contribution |
|---|---|---|---|
| Budimex S.A. | >50% | Listed on Warsaw Stock Exchange; major construction player in Poland. | Part of €7.091 billion |
Associates
| Entity | Stake | Details | Revenue Contribution |
|---|---|---|---|
| IRB Infrastructure Trust | 23.99% | Acquired in 2024 for €652 million; toll road operations in India. | Part of €2.5 billion |
| FGP Topco Ltd (Heathrow) | 19.75% | Sold in 2024, pending Q1 2025 completion; airport operations. | Part of €0.8 billion |
| IRB Infrastructure Developers | 5% (sold) | Sold in 2024 for €215 million; toll road operations in India. | Minimal (post-sale) |
Revenue Breakup Summary (Subsidiaries/Associates, 2024):
- Ferrovial Construction & Budimex: 77.5% (€7.091 billion)
- Cintra Entities: 27.3% (€2.5 billion)
- Ferrovial Aeropuertos & Associates: 13.1% (€1.2 billion)
- Energy Subsidiaries: 3.9% (€0.356 billion)
- Others: Minimal (holding/financial entities)
Physical Properties: Comprehensive Details
Ferrovial’s physical properties include offices, project sites, and operational facilities across its global markets. The document does not provide a detailed list, but mentions key locations and project sites. Below is a comprehensive overview based on available data.
1. Corporate Headquarters
- Location: Amsterdam, Netherlands.
- Details: Registered office; houses executive management and corporate functions.
- Purpose: Strategic oversight, financial management, and governance.
2. Spanish Branch Office
- Location: Madrid, Spain (Ferrovial SE Sucursal en España).
- Details: Manages direct ownership of 27 subsidiaries; key operational hub.
- Purpose: Corporate services, subsidiary oversight, and project coordination.
3. Construction Sites
- Locations: USA, Poland, Spain, Peru, Canada, and others.
- Details: Temporary sites for projects like I-66, Anilla Vial Periférica, and Polish infrastructure.
- Purpose: Execution of civil engineering and building projects.
4. Toll Road Facilities
- Locations: Canada (407 ETR), USA (I-66, I-77), Peru (Anilla Vial Periférica).
- Details: Operational hubs for toll collection and maintenance.
- Purpose: Traffic management and revenue collection.
5. Airport Facilities
- Locations: USA (New Terminal One, JFK), UK (AGS), Turkey (Dalaman).
- Details: Construction sites (NTO) and operational terminals (AGS, Dalaman).
- Purpose: Passenger services, terminal management, and construction.
6. Energy Project Sites
- Location: Texas, USA (Misae Solar IV).
- Details: Photovoltaic solar plant under development.
- Purpose: Renewable energy generation.
7. Branch Offices
- Locations: India, France, Portugal, Chile, Saudi Arabia, Colombia, Czech Republic, Slovakia, Latvia, Peru, Oman, Puerto Rico, Bolivia, Dominican Republic, Brazil, Uruguay, Argentina, Greece, Tunisia, Italy.
- Details: Small-scale offices for project management and local operations.
- Purpose: Regional coordination and business development.
Summary: Ferrovial’s properties are primarily project-driven, with permanent offices in Amsterdam and Madrid, and temporary sites tied to construction, toll roads, airports, and energy projects. No specific details on owned vs. leased properties are provided.
Founders: Comprehensive Details
The document does not explicitly name Ferrovial’s founders, but its history suggests it was established as a construction company in Spain over 40 years ago. Rafael del Pino, the current Executive Director and Chairman, is part of the del Pino family, which has long been associated with Ferrovial’s leadership. It’s likely that the company was founded by predecessors linked to this family, though no specific founder is identified.
- Assumed Founder Context: Likely a Spanish entrepreneur or group, possibly tied to the del Pino family, who started a construction business in the mid-20th century.
- Details: Evolved from a regional firm to a global leader under family and professional leadership.
- Current Influence: Rafael del Pino and María del Pino (Non-Executive Director) continue the family’s legacy.
Board of Directors: Comprehensive Details
Ferrovial’s one-tier board comprises executive and non-executive directors, with 2024 remuneration totaling €14 million (€12 million for executive directors, €2 million for non-executives). Below is a full list from page 444.
| Director | Role | Details |
|---|---|---|
| Rafael del Pino | Executive Director (Chairman) | Leads strategic vision; part of the del Pino family; key decision-maker. |
| Oscar Fanjul | Non-Executive Director (Vice-Chairman) | Provides governance oversight; extensive industry experience. |
| Ignacio Madridejos | Executive Director (CEO) | Manages operations; drives 2024 growth (revenue +7.4%, EBITDA +38.9%). |
| María del Pino | Non-Executive Director | Family representative; focuses on long-term strategy and sustainability. |
| José Fernando Sánchez-Junco | Non-Executive Director | Contributes to risk management and governance. |
| Philip Bowman | Non-Executive Director | Brings financial expertise; supports audit and control committee. |
| Hanne Sørensen | Non-Executive Director | Enhances ESG focus; international business experience. |
| Bruno Di Leo | Non-Executive Director | Advises on global expansion, particularly in North America. |
| Juan Hoyos | Non-Executive Director (Lead Director) | Leads independent oversight; ensures board accountability. |
| Gonzalo Urquijo | Non-Executive Director | Supports financial strategy and investment decisions. |
| Hildegard Wortmann | Non-Executive Director | Contributes to innovation and mobility solutions. |
| Alicia Reyes | Non-Executive Director | Focuses on diversity and corporate governance. |
Shareholding Details
The document does not provide a detailed shareholding structure, but key insights include:
- Publicly Listed: Ferrovial SE is listed on Nasdaq, Euronext Amsterdam, and Spanish stock exchanges, indicating a broad shareholder base.
- Treasury Shares: Shares held in treasury by Ferrovial or subsidiaries do not carry voting rights unless encumbered (page 446).
- Voting Rights: Each share confers one vote at the general meeting, except treasury shares (page 446).
- Major Shareholders: Likely includes institutional investors and the del Pino family, given Rafael and María del Pino’s board roles, but no specific percentages are provided.
Parent Company Details
Ferrovial SE is the parent company of the Ferrovial Group, with no higher parent entity. It became the group’s parent through a reverse cross-border merger on June 16, 2023, absorbing all assets and liabilities of the former Ferrovial S.A. (page 3).
- Details: Ferrovial SE oversees all subsidiaries and associates, with direct ownership of entities like Ferrovial Construction and Cintra.
- Structure: European Company under Dutch law, headquartered in Amsterdam.
Investment Details: Comprehensive List
Ferrovial committed €1.6 billion in capital investments in 2024, primarily in toll roads and airports. Below is a detailed list of passive investments and disposals.
Investments
| Investment | Details | Amount (€ million) |
|---|---|---|
| IRB Infrastructure Trust | 23.99% stake acquired on June 13, 2024; toll road operations in India. | 652 |
| Misae Solar IV, LLC | 100% acquired on May 1, 2024; photovoltaic project in Texas. | 14.8 |
| New Terminal One (JFK) | Equity injection for construction; on track for 2026. | 469 |
| AGS Debt Refinancing | Refinanced existing debt facility for UK airports. | Not specified |
Disposals
| Disposal | Details | Amount (€ million) | Pre-Tax Gain (€ million) |
|---|---|---|---|
| IRB Infrastructure Developers | 5% stake sold on June 11, 2024. | 215 | 133 |
| Serveo Group | 24.78% stake sold on June 28, 2024 to Portobello Capital. | Not specified | 33 |
| Umbrella Roads BV | 49% Class A and all Class B shares sold on October 8, 2024. | 100 | Not specified |
| AGS (50% stake) | Sale announced November 13, 2024; pending Q1 2025 approval (£900 million). | Not finalized | Not specified |
| FGP Topco Ltd (Heathrow) | 19.75% sold on December 12, 2024; pending Q1 2025 completion. | Not finalized | Not specified |
Future Investment Plan
Ferrovial’s future investment strategy focuses on expanding its toll road and airport portfolios, enhancing renewable energy projects, and maintaining financial discipline. Key plans inferred from 2024 activities include:
- Toll Roads Expansion: Continue investing in high-growth concessions, following the Anilla Vial Periférica model. Potential focus on North America and Latin America.
- Airport Development: Complete the New Terminal One at JFK by 2026, with further investments in terminal modernization globally.
- Renewable Energy Growth: Scale up projects like Misae Solar IV, targeting increased renewable energy capacity.
- Divestment Strategy: Finalize sales of AGS and FGP Topco Ltd in Q1 2025, using proceeds to fund new investments.
- Liquidity Management: Maintain €5.3 billion liquidity to support strategic acquisitions and organic growth.
- Sustainability Focus: Align investments with ESG goals, targeting higher renewable energy usage and lower carbon emissions.
