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Miguel González

Vice President and Director of Equity Research at JB Capital

Miguel González Toquero is a Vice President and Director of Equity Research at JB Capital Markets, specializing in depository banking and financial markets. He covers major companies such as ACS, providing investment recommendations including a neutral rating for ACS in 2025, and is recognized for his thorough equity analysis and insightful market trend guidance. Beginning his career as a Fixed Income Trader at JB Capital Markets in 2014, he advanced steadily within the firm, with earlier roles at BBVA and Tesfan Gestion Global, and holds a CFA credential along with advanced degrees from the University of Valladolid and Charles III University of Madrid. His professional achievements reflect strong analytical skills, commitment to continuous learning, and a growing influence in Spanish equity research circles.

Miguel González's questions to Ferrovial (FER) leadership

Question · Q3 2025

Miguel González asked for an explanation of the acceleration in Highways, headquarters, and other costs, and whether this trend is expected to continue.

Answer

CFO Ernesto López Mozo explained that the acceleration in costs was partly due to the loss of a $12 million stipend from SR400 compared to the previous year. The current increase is attributed to investments in engineering for upcoming pipeline bids and IT developments, including AI and system enhancements. He expects these expenditures to continue as they are for strategic growth reasons.

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Question · Q3 2025

Miguel González asked for an explanation behind the acceleration in Highways, headquarters, and other costs, and whether this trend is expected to continue in coming quarters.

Answer

CFO Ernesto López Mozo explained that the acceleration was due to the absence of a $12 million stipend from SR400 received in Q3 2024, and current investments in engineering for upcoming pipeline bids and IT developments (including AI) to support revenues. He implied these expenditures are for good reasons.

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