FERROVIAL

Overview

Ferrovial is a global infrastructure company focused on the development and operation of sustainable infrastructure. Its core business model is organized around four main activities: toll roads, airports, construction and energy; construction provides engineering and delivery capabilities across the full project lifecycle and supports its concession businesses. This positions the company primarily in transport infrastructure and related energy-transition projects, with a business mix centered on developing, financing, building and operating long-life infrastructure assets.[1]+3

Ferrovial states that its mission is to improve the future through the development and operation of sustainable infrastructures, with emphasis on environmental protection, support for communities, safety and user experience. The company has a broad international footprint, with employees across Europe, the Americas, Asia, Africa and Oceania; at year-end 2024 it employed 25,501 people. Its revenue base is geographically diversified but concentrated in a handful of core markets: around 95% of revenue is generated in Spain, the U.S., Canada, Poland, the U.K., Chile and Australia, and 2024 revenue was €9.147 billion.[5]+6 [1]+10

Products & services

Ferrovial’s offerings are infrastructure services and concession assets rather than stand-alone manufactured products, with its main activity concentrated in construction, toll roads, airports and energy infrastructure. In construction, it delivers civil works, buildings, data centers, water treatment plants and industrial facilities, and it emphasizes projects with high technical complexity supported by an Engineering Services Department of more than 350 employees. Representative projects include HS2 Main Works in the UK (80 km, 15 viaducts, 5 km of green tunnels and 22 km of road diversions), Sydney Metro West (11 km of twin railway tunnels), the Ontario Line subway in Canada (6.7 km and seven stations), the Silvertown Tunnel under a design-build-finance-operate-maintain model, the Coffs Harbour Bypass in Australia (14 km of road and three tunnels), Metro Paris Ligne 3A (6.7 km tunnel plus three stations), and Porto’s Pink Line (3.1 km with four stations, ventilation shafts, track and catenary).[12]+2

Its toll-road product set is centered on managed-lane and concession operations. Ferrovial says its express lanes use dynamic pricing that can be adjusted every few minutes based on congestion while guaranteeing a minimum speed, and they operate with free-flow, barrier-free tolling systems. Named road assets include NTE, LBJ, NTE 35W, I-66 and I-77, along with the broader DFW Managed Lanes platform.[15]+5

In airports, Ferrovial’s services include designing, building and operating airport terminals and concession assets. Its main named airport product is New Terminal One at John F. Kennedy International Airport in New York, where it holds a 49% stake in the partnership that will design, build and operate the terminal; the project was 55% complete at year-end 2024, is expected to open in 2026, runs under a concession contract to 2060, and had agreements with 16 airlines. It also manages the concession for Dalaman International Airport in Turkey through a 60% stake. In energy, the company undertakes both construction and operation of generation and transmission assets, usually treating these as two separate performance obligations. Specific assets include a 60 MWp photovoltaic plant in Poland and three operational transmission lines in Chile totaling 924 km: Transchile at 408 km (2x220 kV), Centella at 504 km (2x220 kV), and Tap Mauro at 12 km (4x220 kV).[21]+9

By reported 2024 revenue, construction was by far the largest offering at €7,234 million, followed by toll roads at €1,256 million, energy at €270 million and airports at €91 million, out of total revenue of €9,147 million; this implies approximate shares of 79.1%, 13.7%, 3.0% and 1.0%, respectively.[31] [12]+19

Geographic presence

Ferrovial SE has its corporate seat in Amsterdam, the Netherlands, with its office address at Gustav Mahlerplein 61-63, 1082 MS Amsterdam, and it also has a Spanish branch office to which certain assets, liabilities and legal relationships are allocated.[32][33]

Ferrovial’s revenue base is concentrated in a small number of markets. In 2024, the company generated the majority of its revenues in the United States (35.8%), Poland (23.2%), Spain (17.3%), the United Kingdom (8.8%) and Canada (2.7%), and these five main markets represented 88% of total sales.[34][35]

Its workforce is also concentrated in Europe and the Americas. Total headcount was 25,501, of which 15,002 were in Europe and 10,135 in America, with much smaller numbers in Asia (190), Oceania (173) and Africa (1). By country, the largest employee bases were in Poland (6,701), Spain (6,183), the United States (4,604), Chile (4,468) and the United Kingdom (1,139), with 2,406 employees in other countries.[7][36] [32]+5

Business segments

Ferrovial currently reports four reportable operating segments, and it states that no operating segments have been aggregated: Construction, Toll Roads, Airports and Energy. Construction covers the design and build of public and private works, especially public infrastructure; Toll Roads covers the development, financing and operation of toll roads; Airports covers developing, financing and operating airports; and Energy focuses on solutions for the promotion, construction and operation of energy generation and transmission infrastructure [37]+4.

This segmentation was updated in January 2024, when Ferrovial merged the energy solutions and energy infrastructure businesses into a single Energy Division, while Mobility and other service businesses began to be managed separately outside the divisions; prior-year figures were restated on this basis [42][43]. In the 2024 segment revenue breakdown, the four reportable segments generated €8,851 million in aggregate: Construction €7,234 million, Toll Roads €1,256 million, Airports €91 million and Energy €270 million, which implies an approximate mix of about 82%, 14%, 1% and 3% of reportable-segment revenue, respectively [44][45]. The same revenue note also shows €520 million in Other activities and -€224 million of adjustments versus total revenue of €9,147 million, so some older or alternative presentations may include non-reportable activities outside the four core segments [45]. [37]+8

Company history

Ferrovial was founded in Madrid on 18 December 1952 by Rafael del Pino y Moreno. After decades focused mainly on construction in Spain, the company reached a major turning point in 1999, when it listed on the stock exchange, won the Toronto Highway 407 concession through Cintra, and combined construction activities in Ferrovial-Agromán.[46]+3

In the 2000s, Ferrovial broadened from a construction-led group into a more diversified infrastructure and services company through a series of transactions: it took control of Amey in 2003, floated Cintra in 2004, acquired Texas-based Webber in 2005, and moved into major airport assets with its 2006 BAA offer.[50]+3 Ferrovial then merged with Cintra in 2009, further integrating its transport-infrastructure activities into the parent company.[47]+2 More recently, it completed the divestment of its Services division in 2022, and in 2023 Ferrovial, S.A. merged into Ferrovial SE, making the Dutch entity the group’s parent company.[56][57] [47]+11

Sources

• FERROVIAL — Full financial report (2024 Y)
  40 citations

  [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45]
• FERROVIAL — Presentation (2024 Y)
  5 citations

  [16][17][18][19][20]
• www.ferrovial.com[46]
• FERROVIAL — Full financial report (2010 Y)[47][54]
• newsroom.ferrovial.com[48]
• newsroom.ferrovial.com[49]
• newsroom.ferrovial.com[50]
• newsroom.ferrovial.com[51]
• newsroom.ferrovial.com[52]
• newsroom.ferrovial.com[53]
• newsroom.ferrovial.com[55]
• FERROVIAL — Full financial report (2022 Y)[56]
• FERROVIAL — Full financial report (2023 Y)[57]