Ferrovial N.V. (NASDAQ: FER)

Ferrovial SE is a European public limited liability company organized under Dutch law that develops, finances, constructs, and operates infrastructure assets across multiple sectors. The company operates in highways, airports, construction, and energy, with a focus on concession-based projects that generate long-term returns through tolls, fees, and availability payments. Ferrovial SE maintains an integrated business model that spans the full project lifecycle from conceptualization to operation, leveraging expertise in urban congestion management and renewable energy development to create value for shareholders.

Ferrovial SE generates revenue through toll collection on operated highways, aeronautical and non-aeronautical income from airport facilities, construction contracts for public and private works, and renewable energy generation and transmission services. The company earns income from dynamic pricing schemes on managed lanes in the United States and Canada, passenger fees and commercial concessions at airports like Dalaman and the NTO project at JFK, infrastructure development projects in Texas and Europe, and solar photovoltaic plants under construction in Texas and operational assets in Spain and Poland. Revenue is also derived from dividend distributions from toll road concessions and availability payment contracts for transmission infrastructure.

The company operates through the following segments: Highways, Airports, Construction, and Energy.

• The Highways segment focuses on the development, financing, and operation of toll road infrastructure, with key assets including the 407 ETR in Canada, managed lanes projects in Texas such as NTE 1-2, LBJ, and NTE 35W, and express lane concessions in Virginia and North Carolina. The segment also holds minority stakes in Indian toll road operators IRB Infrastructure Developers Limited and Private InvIT, and manages concessions in Australia, Colombia, Slovakia, Spain, and the United Kingdom. Revenue is generated through toll collection, availability payments, and dividend income from equity-accounted assets.

• The Airports segment engages in the development, financing, investment, and operation of airport facilities, with primary assets including the Dalaman Airport in Turkey and the New Terminal One (NTO) project at John F. Kennedy International Airport in New York. The segment earns revenue from aeronautical charges based on passenger volume and aircraft weight, as well as non-aeronautical income from retail, parking, advertising, and cargo services. Operations are conducted under concession agreements with regulatory oversight varying by jurisdiction.

• The Construction segment performs civil engineering, building, and industrial construction activities through subsidiaries including Ferrovial Construcción S. A., Budimex in Poland, and Webber LLC in Texas. The segment undertakes public and private infrastructure projects such as transportation systems, water treatment plants, data centers, and renewable energy installations. It supports other divisions by providing end-to-end technical and execution capabilities for complex infrastructure developments.

• The Energy segment develops, finances, constructs, and operates renewable energy generation, storage, and transmission infrastructures, including solar photovoltaic plants in Texas, Spain, and Poland, and transmission line assets in Chile. The segment also provides energy efficiency solutions to public and private clients. Revenue is generated through power purchase agreements, wholesale market sales, and availability payments for transmission assets, with a focus on supporting decarbonization and grid resilience.

Ferrovial SE holds a leading position in the global infrastructure sector, particularly in managed lanes toll roads and airport terminal development, competing with international infrastructure firms such as Atlantia, ACS Group, and Macquarie Group. The company's competitive advantages stem from its proprietary data on urban congestion patterns, expertise in dynamic pricing systems, and integrated capabilities across development, construction, and operations, enabling it to optimize project returns and manage long-term concession assets effectively.

Ferrovial SE serves a diverse customer base including motorists using toll roads, airlines and passengers at airport facilities, public sector clients for infrastructure projects, and private and public off-takers for renewable energy. Specific customers include the Texas Department of Transportation, the Commonwealth of Virginia, the Port Authority of New York and New Jersey, and various local authorities in the United Kingdom for waste management services.