Ferrovial SE is a global infrastructure group with over 40 years of international experience, operating across seven core geographic markets. The company focuses on the development, construction, and operation of infrastructure assets, employing over 24,000 people. Ferrovial SE sells infrastructure solutions through its main business activities, including toll roads, airports, construction, and energy infrastructure and mobility.
- Construction - Undertakes the design and build of various public and private works, focusing on public infrastructures.
- Toll Roads - Develops, finances, and operates toll road projects, leveraging dynamic pricing schemes for urban congestion management.
- Energy Infrastructure and Mobility - Develops energy transmission and renewable energy infrastructures, as well as mobility businesses and services related to waste treatment.
- Airports - Engages in developing, financing, and operating airports, with significant investments in various international airports.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Geerte Gudule Hesen ExecutiveBoard | Chief Legal and Compliance Officer | Chair of the Board of the Dutch Association of In-House Counsel; Member of the Supervisory Board and Audit Committee of CARE Netherlands | Geerte Gudule Hesen is the Chief Legal and Compliance Officer at FER since 2024. Previously, she held key legal roles, including General Counsel at Lumicks, Deputy General Counsel at ASML, and Head of Legal at Philips Personal Health. | View Report → |
Óscar Fanjul ExecutiveBoard | Vice-Chairman of the Board | Director at Marsh & McLennan Companies since 2001 ; Non-Executive Director at Cellnex Telecom since 2023 ; Chairman at Cellnex Telecom since 2024 ; Non-Executive Chairman at HWK since 2024 ; Trustee at Center of Monetary and Financial Studies of the Bank of Spain since 1999 ; Trustee at Aspen Institute (Spanish branch) since 2011 ; Trustee at Norman Foster Foundation since 2019 | Óscar Fanjul has been a director at FER since 2015 and currently serves as Vice-Chairman of the Board, in addition to his membership in the Executive Committee and chairmanship of the Audit and Control Committee since 2019. | |
Rafael del Pino ExecutiveBoard | Executive Chairman | Member of MIT Corporation; Member of MIT Energy Initiative’s External Advisory Board; Member of MIT Sloan European Advisory Board; Member of IESE Business School’s International Advisory Board; Member of the Royal Academy of Engineering of Spain | Executive Chairman of Ferrovial since 2000, previously served as CEO from 1992 to 2000. | |
Alberto Ferreiro Executive | Chief Audit and Risk Officer | Alberto Ferreiro has served as the Chief Audit and Risk Officer at FER since May 2008. He expanded his role in 2024 to include the Risk function and has previously held internal audit positions at Banco Santander and Union Fenosa. | ||
Andrés Sacristán Executive | Chief Executive Officer of Cintra | CEO of Cintra since 2021, previously held multiple senior roles in Cintra including head of development, operations, and director positions starting from 2001. | ||
Ernesto López Mozo Executive | Chief Financial Officer | Ernesto López Mozo has served as Chief Financial Officer of Ferrovial since October 2009. He holds extensive experience from his previous roles at Telefónica Group, JP Morgan, and Banco Santander. | ||
Ignacio del Pino Executive | Chief Investment Officer (CIO) | Member of MIT Corporation; Member of MIT Energy Initiative’s External Advisory Board; Member of MIT Sloan European Advisory Board; Member of IESE Business School’s International Advisory Board; Member of Royal Academy of Engineering of Spain | Ignacio del Pino is the Chief Investment Officer (CIO) at FER since 2023, having joined FER in 2017 and previously worked in investment banking and private equity. | View Report → |
Ignacio Madridejos Executive | Chief Executive Officer | Ignacio Madridejos is the CEO of Ferrovial SE since September 2019, previously serving in leadership roles at CEMEX, McKinsey & Company, and Agroman. | View Report → | |
Juan Ignacio Gastón Executive | Chief Executive Officer of Ferrovial Construction | Juan Ignacio Gastón is the Chief Executive Officer of Ferrovial Construction since November 2018. He joined Ferrovial in 1995 and has accumulated extensive leadership roles within the company, including his role as Supervisory Board director of Budimex since 2018. | ||
María José Esteruelas Executive | Chief Executive Officer of Ferrovial Energy | Director of Applus+ | María José Esteruelas has been the Chief Executive Officer of Ferrovial Energy since January 2024. Previously, she served as Managing Director of Energy Solutions at FER from 2021 to 2024, demonstrating a strong track record in the energy sector. | |
Patricia Leiva Executive | Director of Communications and Corporate Social Responsibility (CSR) | Patricia Leiva is the Director of Communications and CSR at FER with over 25 years of experience in communication and corporate reputation management, previously holding roles at KPMG, ING DIRECT, and Mahou San Miguel. | ||
Valentín Alfaya Executive | Director of Sustainability | Valentín Alfaya is the Director of Sustainability at Ferrovial since at least 2004 and previously served as the Group Risk Manager from 2004 to 2008. He has over 25 years of experience and holds a Ph.D. cum laude in Biology and an M.Sc. in Environmental Engineering. | ||
Alicia Reyes Board | Non-Executive Independent Director | Banco Sabadell: Independent Non-Executive Director since 2020; KBC Group: Independent Non-Executive Director since 2022; Energias de Portugal (EDP): Member of the General and Supervisory Board since 2024; Fareshare UK: Trustee since 2020; University College London (UCL): Guest Professor at the Institute of Finance and Technology. | Alicia Reyes has served as a Non-Executive Director at FER since 2021 and as a director of Ferrovial SE since 2023. She is also a member of the Audit and Control Committee. | |
Bruno Di Leo Board | Non-Executive Director | CEO of Bearing North LLC; Non-Executive Director of Cummins; Member of IESE's International Advisory Board; Member of the Deming Center Advisory Board | Bruno Di Leo has served as a Non-Executive Director at FER since 2018. He brings extensive international experience from executive roles, including CEO of Bearing North LLC and non‐executive roles such as at Cummins and advisory board memberships. | |
Gonzalo Urquijo Board | Non-Executive Director | CEO of Talgo; Non-Executive Director of Gestamp Automoción; Chairman of Fundación Hesperia; Member of the Board of Trustees of Fundación Princesa de Asturias | Gonzalo Urquijo has served as a Non-Executive Director at FER since 2019, sitting on the Audit and Control and Nomination and Remuneration Committees. He also holds external roles including CEO of Talgo since 2021 and Non-Executive Director of Gestamp Automoción since 2017, among others. | |
Hanne SØrensen Board | Non-Executive Director | Director, Holcim (since 2013); Director, Tata Motors (since 2018); Director, Tata Consulting Services (since 2018); Director, Jaguar Land Rover Automotive Plc (since 2018); Director, Jaguar Land Rover Limited (since 2019); Director, Jaguar Land Rover Holdings (since 2023) | Hanne SØrensen is a Non-Executive Director at Ferrovial, serving since 2017 (Ferrovial, S.A.) and on the board of Ferrovial SE since 2023; she brings extensive global experience from leadership roles at Holcim, Tata Motors, Tata Consulting Services, and Jaguar Land Rover. | |
Hildegard Wortmann Board | Non-Executive Director | Member of the Extended Executive Committee at Volkswagen Group since 2022; Member of the Board of Management at Audi AG (responsible for Sales and Marketing) since 2019; Non-Executive Director at Volkswagen Financial Services AG since 2021; Non-Executive Director at the Supervisory Board of Porsche Holding GmbH, Porsche Austria GmbH, and Porsche Retail GmbH since 2022 | Hildegard Wortmann is a Non-Executive Director at Ferrovial since 2021, bringing extensive leadership experience across major multinational companies including roles at Volkswagen, Audi, BMW, and Unilever. | |
José Fernando Sánchez-Junco Board | Non-Executive Director | Honorary Chairman at Maxam Group; Chairman at Villabuena Inversiones, S.L. | José Fernando Sánchez-Junco has served as a Non-Executive Director at Ferrovial since 2009. He has extensive leadership experience with external roles including Honorary Chairman at Maxam Group and Chairman at Villabuena Inversiones, S.L.. | |
Juan Hoyos Board | Non-Executive Independent Director and Lead Director | Independent Board Member at Inmoglaciar; Independent Board Member at Gescobro Collection Services | Juan Hoyos has been a Non-Executive Independent Director and Lead Director at Ferrovial SE since 2023, and he has extensive experience from previous roles at McKinsey & Company and Banco Santander. | |
María del Pino Board | Director of Ferrovial SE | Chairperson of Fundación Rafael del Pino (since 2008); Chairperson of Chart Inversiones SICAV S.A. (since 2022); Member of the Board of Trustees of Fundación Princesa de Asturias (since 2008); CEO and Chairperson of Menosmares, S.L. (since 2017) | María del Pino has served as a Non-Executive Director at FER since 2006 and as a Director of Ferrovial SE since 2023, contributing significantly to the company’s strategic oversight and internationalization. | |
Philip Bowman Board | Non-Executive Independent Director | Non-Executive Chairman of Majid Al Futtaim Properties LLC; Non-Executive Director of Majid Al Futtaim Holding LLC; Non-Executive Director of Majid al Futtaim Capital LLC; Non-Executive Chairman of Tegel Group Holdings Limited; Non-Executive Director of KMD Brands Limited; Director of Better Capital PCC Limited | Philip Bowman is a Non-Executive Independent Director at FER since 2016 and also became a director in 2023. He brings extensive leadership experience from previous roles including positions at Majid Al Futtaim Properties LLC and Tegel Group Holdings Limited. |
- Considering your Schedule 22 variability, can you explain how you plan to stabilize its impact on cash flows in future quarters, given the first quarter’s volatile performance and the potential for long-term cash outflows?
- With strong revenue per trip increases driven by dynamic pricing amidst adverse weather conditions, how do you plan to sustain these levels outside of peak seasonal events, and what adjustments could be anticipated in non-optimal weather?
- As you maintain less than 50% ownership in the 407 ETR with independent reporting, is there any intention to further consolidate this asset to simplify governance and enhance transparency for U.S. investors, and how might this affect dividend distributions?
- Given that your FX hedges currently mitigate P&L translation risks, can you elaborate on the duration and risk profile of these hedges, and what contingency plans are in place if market pressures lead to an earlier de-hedging process?
- With an ambitious pipeline for U.S. Managed Lanes and potential airport ventures, how do you prioritize these new investments amid economic uncertainties and fluctuating traffic levels, and what measures are in place to ensure consistent performance across your existing portfolio?
Research analysts who have asked questions during Ferrovial earnings calls.
Elodie Rall
JPMorgan Chase & Co.
3 questions for FER
Graham Hunt
Jefferies
3 questions for FER
Luis Prieto
Kepler Cheuvreux
3 questions for FER
Marcin Wojtal
Bank of America
3 questions for FER
Cristian Nedelcu
UBS
2 questions for FER
Dario Maglione
BNP Paribas
2 questions for FER
José Arroyas
Banco Santander
2 questions for FER
Jose Manuel Arroyas
Banco Santander
2 questions for FER
Nicolas Mora
Morgan Stanley
2 questions for FER
Nicolò Pessina
Mediobanca
2 questions for FER
Ruairi Cullinane
RBC Capital Markets
2 questions for FER
Álvaro Lenze
Alantra Equities
1 question for FER
Alvaro Navarro
Bestinver
1 question for FER
Ami Galla
Citigroup Inc.
1 question for FER
Augustin Cendre
Stifel
1 question for FER
Fernando Lafuente
Alantra
1 question for FER
Filipe Leite
CaixaBank
1 question for FER
Gregor Kuglitsch
UBS
1 question for FER
Harishankar Ramamoorthy
Deutsche Bank AG
1 question for FER
Sathish Sivakumar
Citigroup Inc.
1 question for FER
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
407 International Inc. (407 ETR) | 2025 | Ferrovial increased its ownership from 43.23% to 48.29% by acquiring a 5.06% stake for CAD $1.99 billion in two tranches (one on June 6 and the other via a call option on June 11), emphasizing the strategic role of the 108‑kilometer all‑electronic toll highway with over three million weekly users. |
IRB Infrastructure Trust | 2024 | Through its subsidiary Cintra, Ferrovial acquired a 24.0% stake in IRB Infrastructure Trust for a total investment of EUR 740 million (with EUR 652 million completed in June and the remainder to fund outstanding equity commitments), securing a portfolio of 14 toll road concessions in India and capturing strategic long‑term infrastructure growth. |
Dalaman International Airport | 2022 | Ferrovial completed the acquisition of a 60% stake in Dalaman International Airport for €140 million, bringing an asset that demonstrated resilient revenue performance despite passenger traffic challenges, thereby strengthening its international airport portfolio. |
New Terminal 1 at JFK Airport | 2022 | Ferrovial secured a 30‑year concession to build, operate, and maintain the new Terminal 1 at JFK Airport by subscribing to new capital through Mars LLC (holding a 96% stake) as part of a $9.3 billion investment (with $2.3 billion in equity and $6.6 billion in bank financing) to expand capacity from 8 million to 23 million passengers, aligning with its U.S. infrastructure strategy. |
Recent press releases and 8-K filings for FER.
- Ferrovial has declared an interim scrip dividend totaling EUR 342,000,000, offering shareholders the choice between receiving payment in cash or Ferrovial shares.
- The European Ex-Dividend Date is October 24, 2025, and the US Ex-Dividend Date is October 27, 2025, which is also the dividend record date.
- Shareholders can make their election from October 28, 2025, to November 11, 2025, with a default to shares if no election is made.
- Dividend payments in cash and delivery of shares are scheduled to commence from December 3, 2025. Cash dividends are generally subject to 15% Dutch dividend withholding tax, while Ferrovial will bear the tax on the nominal value of scrip shares.
- Ferrovial SE declared a second 2025 interim scrip dividend totaling EUR 342,000,000, offering shareholders the choice between cash or Ferrovial shares.
- The European Ex-Dividend Date is October 24, 2025, the US Ex-Dividend Date is October 27, 2025, and the dividend record date is also October 27, 2025.
- The election period for shareholders to choose their dividend option runs from October 28, 2025, to November 11, 2025, with a default to shares if no election is made.
- Dividend payments in cash and delivery of shares are scheduled to commence from December 3, 2025. Cash dividends are generally subject to 15% Dutch dividend withholding tax, while Ferrovial will bear the tax for share dividends.
- Ferrovial SE announced a resolution to cancel a maximum of 10,500,000 treasury shares.
- These shares, each with a nominal value of EUR 0.01, were repurchased under the 2024 and 2025 Approved Programs.
- The cancellation specifically includes 6,300,460 FSE Shares from the 2024 Approved Program and up to 4,199,540 FSE Shares from the 2025 Approved Program.
- The company intends to carry out the cancellation steps after completing all necessary formalities, including a statutory 2-month creditor opposition period.
- Ferrovial SE has reported transactions under its share buyback program, which commenced on June 2, 2025.
- The current reports detail transactions carried out between August 25, 2025, and September 30, 2025.
- As of September 26, 2025, Ferrovial SE has repurchased a total of 2,550,000 shares for 117,357,575.06 euro since the program's inception.
- Ferrovial SE's share buyback program commenced on June 2, 2025.
- As of August 18, 2025, the company has repurchased a cumulative total of 1,800,000 shares for 81,491,297.31 euro under the program.
- The company has been regularly announcing transactions under the program, with reports covering periods up to August 22, 2025.
- Ferrovial SE's share buyback program, announced on March 14, 2025, commenced on June 2, 2025.
- As of July 25, 2025, the company has repurchased a total of 1,200,000 shares for a cumulative amount of 53,975,454.75 euro under the program.
- The most recent transactions reported cover the period between July 21 and 25, 2025.
- Ferrovial SE completed the sale of its entire 5.25% stake in Heathrow Airport on July 3, 2025.
- Ferrovial's stake was sold for GBP 466 million (approximately EUR 551 million).
- The company expects to recognize an estimated profit of EUR 31 million as of June 30, 2025, from this transaction.
- Ferrovial SE filed a 6-K on July 2, 2025, to report transactions carried out under its share buyback program from June 2, 2025, to June 27, 2025.
- The share buyback program, which was announced on March 14, 2025, commenced on June 2, 2025.
- As of June 27, 2025, Ferrovial SE has repurchased a total of 600,000 shares under the program.
- The total amount spent on these repurchases up to June 27, 2025, is 26,843,597.60 euro.
- Interim scrip dividend of EUR 228 million (EUR 0.3182/share) at a ratio of 1 new share for every 140.8733 existing shares, based on a VWAP of EUR 44.8259 (4–6 June 2025)
- 4,195,421 new shares to be issued after 82.48% of shareholders defaulted to shares, increasing capital to EUR 7,337,553.72 and total shares to 733,755,372
- Cash payments and share deliveries commence on 25 June 2025, with fractions settled in cash and USD payments at an EUR/USD rate of 1.1418 (6 June 2025 BFIX) for DTC/registered holders
- New shares will be admitted to trading on the Spanish Stock Exchanges, Euronext Amsterdam and Nasdaq Global Select without a prospectus
- On June 6, 2025 Ferrovial acquired 25,580,287 shares (3.30%) of 407 ETR and will close its call option on June 11, 2025 for 13,672,501 shares (1.76%), investing CAD 1.99 billion to raise its ownership from 43.23% to 48.29%.
- The CAD 1.99 billion consideration comprises CAD 1,353 million for the 3.30% tranche and CAD 637 million for the 1.76% tranche, adjusted per the agreed option formula.
- Post-closing, Ferrovial has no current plans to alter its stake and is relying on the private agreement exemption from formal takeover bid requirements under Canadian National Instrument 62-104.