Ferrovial advances its internationalization and demonstrates its commitment to investing in the U.S.

 

Ferrovial, the Spanish multinational infrastructure company, held its General Shareholders' Meeting, highlighting a 2024 marked by robust operating performance, intense asset turnover and the significant milestone of starting to trade on the stock market. Nasdaq New York index.

 

The president of the company, Raphael del PinoHe emphasized to shareholders the importance of this latest move: “In May, our shares began trading on Nasdaq. This is another step in our internationalization process and demonstrates our commitment to investing in the United States and the US market. This milestone comes almost 25 years after our initial public offering in Madrid and has been strongly supported by our shareholders.”

 

During his speech, Del Pino highlighted the widespread growth across all business divisions. In the sector of Freeways, managed lanes in North America experienced a significant increase in transaction revenue, significantly outperforming inflation. The Construction division achieved a substantial improvement in its profitability. Airports, the New Terminal One (NTO) of the JFK International Airport in New York progressed significantly in its construction, staying within the schedule planned for its operation in 2026.

 

Ferrovial's financial results in 2024 reflected this momentum, with adjusted EBITDA of €1.342 billion, representing a year-over-year increase of 38,9% on a comparable basis. Revenue reached €9.147 billion, up 6,7% year-over-year on a comparable basis. Net profit soared to €3.239 billion, driven primarily by strategic divestments of mature assets.

 

In terms of asset management, Ferrovial completed the sale of 19,75% of the Heathrow Airport for €2.004 billion and a 5% stake in IRB Infrastructure Developers for €211 million. Additionally, it announced an agreement to sell its 50% stake in AGS and completed other smaller divestments. The investments were primarily focused on the company's Freeways, with the acquisition of a 24% stake in IRB Infrastructure Trust for €710 million, and in Airports, with a €469 million capital injection into the JFK Airport NTO.

 

The company's positive performance was also reflected in shareholder returns. Ferrovial's share price closed 2024 at €40,60, marking an annual increase of 23%, outperforming the IBEX 35 (14,8%) and the Nasdaq (28,6%). Total shareholder return for the same period stood at 25,7%. Ferrovial distributed €831 million to its shareholders in 2024, including €271 million through a share buyback program. By 2025, the company plans to distribute €570 million in dividends and share buybacks, in addition to an additional buyback program of up to €500 million.

 

The CEO of Ferrovial, Ignacio MadridejosMadridejos highlighted the company's strategy, with a primary focus on growth in North America: "Our priority is growth in North America, but we will continue to explore opportunities in other regions." He also emphasized the operational achievements of the different divisions, including a record order backlog and improved margins in Construction, and significant progress on the construction of the NTO at JFK.

 

In line with its commitment to the sustainability, Ferrovial reaffirmed its leadership by being recognized as the most sustainable company in Europe and the second worldwide in the Construction and Engineering sector by the Dow Jones Best in Class IndexThe company has set more ambitious targets for reducing CO2 emissions, aligned with the 1,5°C trajectory validated by the Science Based Target Initiative (SBTi).

 

During the General Meeting, shareholders approved the reelection of Rafael del Pino as executive director and Óscar Fanjul as non-executive director. The appointments of other directors were also ratified, and the issuance of new shares for general purposes and for the distribution of flexible dividends was approved. PricewaterhouseCoopers (PwC) was appointed as the external auditor and verifier of the company's sustainability information for the period 2025-2027. In addition, the new Directors' Remuneration Policy was approved, and a favorable advisory vote was cast on the company's Remuneration Report and Climate Strategy Report.