Ferrovial

What Ferrovial does

Ferrovial is a global transport infrastructure operator headquartered in Amsterdam (corporate seat relocated from Madrid in 2023) with primary operations in Spain, the United States, Canada, the United Kingdom, Poland, and Australia. Founded in 1952 and listed on Nasdaq since May 2024 (with inclusion in the Nasdaq-100 Index in December 2025), the company operates through four divisions: Highways (toll road concessions managed via its wholly owned Cintra subsidiary, including the 407 ETR in Toronto with a 48.29% stake and managed lane networks in Texas, Virginia, and North Carolina), Airports (notably a 49% stake in the $9.5 billion New Terminal One at JFK), Construction (through Webber in the US, Budimex in Poland, Cadagua for water, and the recently acquired Powernet for data centers), and Energy (smart infrastructure and solar development). The company generates revenue through long-term inflation-indexed toll road concessions, design-build and public-private partnership contracts secured via competitive bidding with government agencies, and airport operations, with FY2025 revenue of €9.6 billion (+8.6% like-for-like) and adjusted EBITDA of €1.5 billion (+12.2%) across approximately 22,609 employees.

Ferrovial's technology stack centers on the proprietary Pangea data platform integrated with Workday ERP, supporting near-100% cloud migration and orchestrating data from IoT sensors, digital twins, drones, and robotics deployed across infrastructure assets. More than 30 AI agents have been deployed through DXC Technology's AI Workbench for computer vision-based safety violation detection, automated progress tracking, and predictive maintenance on construction sites, with approximately 80 AI projects in production overall. NextPass by Cintra is the consumer-facing toll payment platform that enables transponder-less cross-border tolling across US and Canadian toll roads and managed lanes, serving fleet operators and rental car companies. Ferrovial also holds technology partnerships with Microsoft, NTT DATA, Telefónica Tech (NB-IoT smart street lighting), and research collaborations with MIT and Georgia Tech.

The business model combines recurring-style concession revenues (toll roads with demonstrated pricing power, including 23-25% tariff increases on 407 ETR effective January 2026 and double-digit revenue-per-transaction growth in US Express Lanes), one-time construction contract revenue (record €17.6 billion order book), and managed services revenue from airports and facility management (FMM joint venture with Qatar Airways). Customer concentration is heavy in government transportation and defense agencies, with named clients including Texas DOT ($1.47 billion Highway 99 Grand Parkway), the US Army Corps of Engineers ($1.08 billion Puerto Rico flood control), the Port Authority of New York & New Jersey ($9.5 billion JFK Terminal One), and PKP Polish Railways (€604 million tunnel project). Following 2025 portfolio simplification including the divestiture of Heathrow, AGS Airports, Amey, and non-core Spanish/Portuguese services businesses, Ferrovial has concentrated capital on toll road and airport concessions while pursuing data center construction as a new growth vertical through the Powernet acquisition.

Name

Ferrovial

Legal name

Ferrovial N.V.

Website

https://ferrovial.com

Company type

Public

Founded year

1952

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Ferrovial is a global infrastructure operator (founded 1952, listed on Nasdaq and European exchanges) focused on toll road concessions via its Cintra subsidiary, airport operations, construction, and energy services, serving government transportation agencies and institutional clients across North America, Europe, and Australia.

Ownership category

akta.pro rank

Product category

Transport Infrastructure Services

NAICS

Highway, Street, and Bridge Construction (23731), Utility System Construction (2371)

SIC

Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Managed Services & Operations Outsourcing for Tolling/RUC Programs (TLAJABAL)

akta.pro secondary industry

Road & Tunnel Operations/Construction Interfaces (Tolling Infrastructure, Ventilation/Fire-Life-Safety Civil Works) (IMAFAEAL)

Keywords

• Transport infrastructure
• Toll road concessions
• Airport operations
• Civil engineering
• Public-private partnerships

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Toll Road Concessions: Long-term toll road concessions with inflation-linked revenues, operated through Cintra. Strong performance in North American highways with double-digit revenue-per-transaction growth outpacing inflation. Includes 407 ETR in Canada with 48.29% stake through Cintra Global S.E.
2. Airport Operations: Airport concessions including stake in Heathrow (now divested) and New Terminal One at JFK (49% Ferrovial stake). Airport segment supported by $9.5 billion JFK terminal project at 87% completion with 30 airline commitments.
3. Construction Contracts: Construction division delivering infrastructure projects through competitive bidding. Record order book of €17.6 billion including $1.47 billion Texas DOT Highway 99 Grand Parkway, $1.08 billion Puerto Rico flood control, $699 million Poland rail tunnel, and £80 million UK Thames Water upgrade.
4. Energy Infrastructure: Ferrovial Energy operations including joint ventures for smart infrastructure, data center capabilities through Powernet acquisition, and solar facility development (250 MW in Texas).

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

Ferrovial designs, finances, builds, and operates large-scale transport infrastructure through four main business divisions: Highways (toll road concessions operated via its Cintra subsidiary, including 407 ETR in Canada and managed lanes in Texas, Virginia, and North Carolina), Airports (development and operation of airport terminals, most notably the $9.5 billion New Terminal One at JFK), Construction (civil engineering, water, tunneling, and infrastructure delivery through subsidiaries such as Webber, Budimex, and Cadagua), and Energy (smart infrastructure including solar and NB-IoT street lighting). Its activities are anchored in long-term concessions and design-build contracts awarded by government agencies worldwide.

Product overview

Ferrovial operates as a diversified infrastructure group organized into four main business divisions: Highways (managed through Cintra subsidiary), Airports, Construction, and Energy. The Highways division manages toll roads and managed lanes including 407 ETR in Canada, LBJ Texpress and NTE in Texas, I-77 Express in North Carolina, and I-66 Express in Virginia, supported by the NextPass unified toll payment platform. The Airports division includes stakes in major airports and the $9.5 billion New Terminal One at JFK. The Construction division operates through subsidiaries including Webber (US), Budimex (Poland), Cadagua (water treatment), and newly acquired Powernet (data centres and telecommunications). The Energy division focuses on smart infrastructure including street lighting and solar projects through joint ventures with Iberdrola. Ferrovial also maintains internal technology platforms including the Pangea data platform and approximately 80 AI projects in production for operational optimization.

Differentiator

Problem solved

Functional benefit

Brands

• 407 ETR: Electronic toll collection system for Highway 407 in Toronto, Canada
• Texpress Lanes
• I-77 Express
• I-66 Express
• Pangea
• Ferrovial Lab

Products and services

• Toll Road Concessions (Cintra) Long-term toll road development, investment, and operation business operated through Ferrovial's Cintra subsidiary, covering managed lanes and greenfield/brownfield toll concessions across North America, Europe, Australia, and Latin America for government transportation agencies and end-users.
• Airport Development and Operations (Ferrovial Airports) Investment, development, and operation of airport terminals and infrastructure for airport authorities and public-sector partners globally, including greenfield terminal development and concession management.
• New Terminal One at JFK International Airport Design, construction, and operation of the $9.5 billion new international terminal at JFK Airport, a 2.4-2.6 million square foot facility with capacity for 23 million passengers annually, delivered for the Port Authority of New York & New Jersey.
• Civil Engineering and Construction (Ferrovial Construction) Design-build delivery of transport, energy, water, and environmental infrastructure, including highways, tunnels, bridges, railways, and water treatment plants, delivered to government clients through subsidiaries Webber (US), Budimex (Poland), Cadagua (water), Ditecpesa, Edytesa, Tecpresa, and Ferconsa.
• Energy Infrastructure (Ferrovial Energy / Siemsa) Development and operation of energy and smart-infrastructure assets including smart street lighting (NB-IoT LED management), solar facilities, and integrated facility management services through Ferrovial Energy, Siemsa, and the FMM joint venture with Qatar Airways.
• Data Center and Telecommunications Services (Powernet) Design, operation, and maintenance of data centres and telecommunications infrastructure for enterprise and digital-infrastructure clients, delivered through Powernet, a Madrid-based systems engineering company acquired in October 2025.
• NextPass Toll Payment Platform Transponder-less unified toll payment platform operated by Cintra that lets drivers pay tolls across US and Canadian toll roads and managed lanes through a single account, with transparent fleet reporting for rental car companies and commercial fleet operators.

Quantifiable outcome

• Q1 2026 revenue increased 10.2% like-for-like to €2.1 billion
• +6 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability9 records

Feature4 records

Partnerships

13 partnerships are on record, tiered minor and core.

• Telefónica TechminorStrategic or Co-development Partner · 24 June 2026Telefónica Tech deployed approximately 6,300 NB-IoT nodes for smart street lighting in Santa Pola, Spain, as part of a joint venture between Ferrovial Energía and Iberdrola Clientes. The solution enables real-time data access and dynamic light level adjustments.
• Qatar AirwayscoreStrategic or Co-development Partner · 20 May 2026FMM joint venture between Qatar Airways and Ferrovial, founded in 2012, grew into one of Qatar's most diversified integrated facility management operators with over 4,600 professionals serving aviation, healthcare, education, transportation, and infrastructure sectors.
• MITminorStrategic or Co-development Partner · 13 April 2026Open innovation ecosystem including collaborations with MIT, Georgia Tech, and UT Austin for research and development in infrastructure innovation.
• BudimexcoreStrategic or Co-development Partner · 9 March 2026First tunneling joint venture between Ferrovial Construction and its Polish subsidiary Budimex for €604 million railway infrastructure contract in Poland. Budimex is a leading Polish construction company.
• CadaguacoreStrategic or Co-development Partner · 17 February 2026Joint venture between Ferrovial Construction and Cadagua for £80 million Slough Sewage Treatment Works upgrade for Thames Water in the UK.
• Carlyle GroupcoreStrategic or Co-development Partner · 13 December 2025Carlyle led consortium selected by Port Authority of New York & New Jersey in 2018 to develop the $9.5 billion New Terminal One at JFK Airport. Carlyle navigated COVID-driven demand collapse and 2022 credit market dislocation, securing over $6.5 billion in bank financing before selling partial stake to Ferrovial.
• DXC TechnologycoreTechnology or Integration · 28 October 2025DXC Technology partnership for AI Workbench platform deployment, enabling Ferrovial to deploy more than 30 AI agents across daily workflows for safety detection, progress tracking, and predictive maintenance.
• PowernetcoreStrategic or Co-development Partner · 27 October 2025Ferrovial acquired the Spanish telecommunications and systems engineering company Powernet to enhance its data centre design, development, and maintenance capabilities. Powernet, established in 1989 and based in Madrid, specializes in designing, operating, and maintaining data centres and telecommunications solutions.
• PlenaryminorStrategic or Co-development Partner · 7 February 2025Ferrovial created Netflow consortium with Plenary to compete in infrastructure market in Australia and New Zealand.
• MicrosoftcoreTechnology or Integration · 6 February 2025Ferrovial and Microsoft established global partnership to develop digital solutions for construction, infrastructure, and mobility industries. Ferrovial presented as reference customer at Microsoft AI Tour Madrid.
• NTT DATAcoreTechnology or Integration · 4 February 2025Ferrovial partnered with NTT DATA to accelerate technology transformation of the industry through its Center of Excellence in Spain, focusing on digitalization and innovation initiatives.
• Georgia Institute of TechnologycoreStrategic or Co-development Partner · 1 September 2023Ferrovial partnered with Georgia Institute of Technology to advance transport infrastructure innovation through joint research and sustainable mobility solutions. Partnership includes robotaxi rider survey research for managed lanes planning.
• Ferrovial Energía and Iberdrola Clientes JVminorStrategic or Co-development PartnerJoint venture between Ferrovial Energía and Iberdrola Clientes for smart street lighting and energy management solutions in Spanish municipalities.

Scale indicators15 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Vinci SA: French-listed global concessions and construction group operating Autoroutes du Sud de la France (ASF) and airports; the closest large-cap European peer to Ferrovial's toll-road + airport + construction portfolio.
• Bouygues Construction: French-listed construction and concessions group with global civil engineering and PPP concessions; comparable to Ferrovial's mix of construction delivery and long-term asset ownership.

Direct peers

• John Laing Group: UK-listed infrastructure investor and developer focused on PPP/P3 concessions across transport and social infrastructure; directly comparable to Cintra's project development and concession model.
• Skanska: Swedish-based construction and project development group with strong US civil engineering presence (similar to Webber); comparable in design-build delivery and infrastructure project development.
• Hochtief: German-based global construction and infrastructure operator with significant US presence (via Turner Construction) and infrastructure PPP experience; closely comparable to Ferrovial Construction in heavy civil and design-build delivery.
• ACS Group (Actividades de Construcción y Servicios): Spanish-listed infrastructure and construction conglomerate with significant toll road concessions (via Abertis stake) and global construction operations; most direct European comparable to Ferrovial's mix of concessions and contracting.
• Abertis: Major European toll road concession operator jointly owned by ACS and Mundys; directly comparable to Cintra in long-dated toll road ownership and tariff management.
• Atlantia / Mundys: Italian-headquartered global toll road operator (previously Atlantia) with significant concessions across Italy, Brazil, and Europe; directly comparable to Cintra's toll road portfolio and concession strategy.

Emerging players

• Brookfield Infrastructure Partners: Global infrastructure investor and operator with toll road and transportation assets; comparable to Ferrovial's infrastructure ownership model, with focus on asset-level investment rather than construction delivery.

Regional players

• Balfour Beatty: UK-listed infrastructure group with major construction and infrastructure investments in UK, US, and Hong Kong; comparable to Ferrovial Construction's heavy civil and rail delivery model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ferrovial_es
• YouTubeyoutube.com/ferrovial
• Facebookfacebook.com/ferrovial
• LinkedInlinkedin.com/company/ferrovial
• Instagraminstagram.com/ferrovial
• TikToktiktok.com/@ferrovial
• Pinterestpinterest.com/ferrovial

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries13 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ferrovial