Cintra

What Cintra does

Cintra is the highways subsidiary of Spanish infrastructure group Ferrovial, specializing in the development, financing, operation, and maintenance of toll road and managed lane concessions. The company holds a portfolio of more than ten long-duration public-private partnership (PPP) concessions across the United States, Canada, Spain, Australia, Colombia, and Portugal, anchored by the 99-year Highway 407 ETR concession in the Greater Toronto Area (1999–2098, 67 miles, $3.6B investment) and the 52-year LBJ Express concession in Dallas/Fort Worth (2009–2061, 13.3 miles, $2.2B investment). Core technology comprises all-electronic toll collection systems (transponder and license plate recognition) and the NextPass toll management platform, developed by its NextMove division, which enables transponder-less toll payment across both US and Canadian networks for rental car companies and commercial fleet operators.

Cintra's revenue model is primarily usage-based toll collection on its concession assets, supplemented by subscription and transaction-based revenue from the NextPass platform. The go-to-market motion operates on two levels: institutional, through multi-decade PPP concession agreements with government transportation agencies (Province of Ontario, Texas DOT, and others), and commercial, through B2B distribution of NextPass to enterprise fleet and rental car customers. End customers include millions of individual drivers (313,336 average daily trips on 407 ETR in 2024; 4.2 million daily drivers supported on LBJ Express) plus a targeted enterprise book of rental car companies and commercial fleet operators with cross-border US-Canada travel needs. The underlying value proposition is operational reliability and time savings (20–60 minutes per trip on 407 ETR; 35% peak-hour travel time saved on LBJ Express), delivered through electronic tolling infrastructure that eliminates physical toll booths.

Strategically, Cintra sits within Ferrovial's broader infrastructure platform (which also includes Airports, Construction, and Energy segments) and is positioned as the core highways franchise. Recent strategic activity has centered on technology-led extension of the concession franchise — most notably the 2026 expansion of NextPass into Highway 407 ETR, creating the first cross-border US-Canada toll payment product — alongside continued participation in large transportation concessions such as the JFK Airport New Terminal One consortium (2022). Ferrovial is currently undergoing a cross-border merger by absorption between Ferrovial S.A. and Ferrovial International SE, which will reshape the parent's corporate structure though Cintra's underlying concession contracts remain unaffected.

Name

Cintra

Legal name

Cintra Global S.E.

Website

https://ferrovial.com

Company type

Private

Founded year

1952

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Cintra is the highways subsidiary of Ferrovial that develops, operates, and maintains toll road and managed lane concessions across North America, Europe, Australia, and Latin America under long-term public-private partnerships. It also operates NextPass, a cross-border toll payment platform serving rental car companies and commercial fleet operators.

Ownership category

akta.pro rank

Product category

Toll Road Infrastructure and Highway Concessions

NAICS

Passenger Car Rental and Leasing (53211), Automotive Equipment Rental and Leasing (5321), Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing (532120)

SIC

Services-Auto Rental & Leasing (No Drivers) (7510)

akta.pro primary industry

Electronic Toll Collection (ETC) & Transponder/Tag Systems (RFID/DSRC) (TLAJABAA)

akta.pro secondary industries

Interoperability & Clearinghouse Services (Multi-Agency Toll Settlement) (TLAJABAF), Toll Payment & Toll Account Management (ETC, Toll Tags, Toll Invoicing) (TLABAMAC)

Keywords

• Toll road concessions
• Highway infrastructure
• Managed lane operations
• Public-private partnerships
• Electronic toll collection

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Toll Road Concessions: Cintra generates revenue through long-term concessions to operate toll roads. The 407 ETR concession runs from 1999-2098 (99 years). Revenue comes from toll collection on managed highways including LBJ Express ($2.2B investment), 407 ETR ($3.6B), and other toll roads in the US and Canada.
2. Toll Management Services: NextPass platform provides toll payment and management services to fleet operators and rental car companies, addressing the frustration of cross-border vehicle operators who previously had to manage multiple transponders and complex toll billing.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Cintra develops, operates, and maintains toll road and managed lane highway infrastructure through long-term public-private partnership concessions with government transportation agencies in North America, Europe, South America, and Australia. Its portfolio includes flagship assets Highway 407 ETR in Canada (99-year concession, 1999-2098) and LBJ Express in Texas (52-year concession, 2009-2061), generating usage-based revenue from all-electronic toll collection. The company also operates the NextPass toll management platform, a proprietary B2B service providing transponder-free, cross-border toll payment and unified fleet reporting to rental car companies and commercial fleet operators across the US and Canada.

Product overview

Cintra is the highways subsidiary of Ferrovial that develops, operates, and maintains toll road and managed lane projects. The company operates a portfolio of highway concessions including Highway 407 ETR in Canada (the world's first all-electronic toll highway), LBJ Express in Texas, and other managed lane projects in the US. Cintra's primary technology product is the NextPass toll management platform, developed by its NextMove division, which enables drivers to pay tolls without a transponder through a unified payment platform with transparent fleet reporting. NextPass supports cross-border toll payment between the United States and Canada, making it the first toll payment option to cover toll roads in both countries.

Differentiator

Problem solved

Functional benefit

Brands

• NextPass: Toll management platform that enables drivers to pay tolls without a transponder through a unified payment platform, covering toll roads and managed lanes in the United States and Canada

Products and services

• Highway 407 ETR The world's first all-electronic, open-access toll highway in Canada, operated under a 99-year concession agreement (1999-2098) spanning 67 miles / 108 km in the Greater Toronto Area. Generates usage-based toll revenue from approximately 313,336 average daily trips (2024). Owned 48.29% by Cintra Global S.E. (Ferrovial), 44.20% by CPP Investments, and 7.51% by PSP Investments.
• LBJ Express A 13.3-mile public-private partnership toll road along I-635 and I-35E in the Dallas/Fort Worth area, operated under a 52-year concession (2009-2061) with the Texas Department of Transportation. Features TEXpress Lanes with variable pricing based on traffic demand to maintain predictable speeds. Total investment of $2.2 billion; supports 4.2 million daily drivers and delivers 35% peak-hour travel-time savings.
• NextPass Toll Management Platform A proprietary toll management platform (developed by the NextMove division of Cintra/Ferrovial) that enables drivers to pay tolls without a transponder through a unified payment system. Offers transparent reporting for fleet operators and supports cross-border toll payment between the United States and Canada. Targets enterprise customers including rental car companies and commercial fleets that previously had to manage multiple transponders and complex billing across jurisdictions.
• NTE Texpress / NTE35W Managed Lanes Managed lanes in the North Tarrant Express corridor in Texas, operated by Cintra with variable pricing based on traffic demand (TEXpress Lanes). Part of Cintra's Texas managed lanes portfolio alongside LBJ Express.
• I-77 Express Managed Lanes Managed lanes in North Carolina operated by Cintra as part of its US managed lanes portfolio, providing variable pricing and congestion relief.
• I-66 Express Managed Lanes Express lanes in Virginia operated by Cintra as part of its US managed lanes portfolio, providing variable pricing and congestion relief.
• International Highway Concessions (Ruta del Cacao, D4R7, WRU) Cintra's international toll road concessions outside North America, including Ruta del Cacao (Colombia), D4R7 (Portugal), and WRU road infrastructure in Australia, contributing to geographic diversification of the highway portfolio.
• 407 East Phase 2 / 407 EDG Toll Road Operations Toll road operations in Ontario, Canada, including 407 EDG (407 East Development Group) and 407 East Phase 2, extending the 407 ETR concession area under the Province of Ontario partnership.

Quantifiable outcome

• 313,336 average daily trips on 407 ETR in 2024
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• JFK Airport New Terminal One ConsortiumcoreStrategic or Co-development Partner · 10 June 2022Ferrovial Airports (parent company of Cintra through Ferrovial) acquired stake in JFK Airport's New Terminal One project. Design, build, and operate concession runs through 2060.
• Texas Department of Transportation (TxDOT)coreStrategic or Co-development Partner · 1 January 2009Public-private partnership for LBJ Express project covering 13.3 miles along I-635 and I-35E. Cintra oversees design, development, operations and maintenance. Concession period runs from 2009 to 2061.
• Province of OntariocoreStrategic or Co-development Partner · 1 January 199999-year concession agreement (1999-2098) for the management and operation of Highway 407 ETR, including tolling, customer service, and maintenance and expansion of the roadway. This is a flagship PPP partnership that generates steady toll revenue.
• LBJ Infrastructure Group (LBJIG) ConsortiumcoreStrategic or Co-development PartnerLBJIG represents a consortium of global infrastructure developers and operators for LBJ Express. Long-term commitment to operations and maintenance.

Scale indicators9 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Abertis: Spanish-headquartered global toll road concessionaire with operations across Europe, the Americas, and Asia. Directly comparable to Cintra as a long-duration PPP toll road operator with a multi-country portfolio.
• Transurban: Australia-listed toll road operator with significant US and Canadian assets (including 407 ETR minority exposure historically). Pure-play electronic toll road concession operator with comparable business model and customer value proposition.
• Vinci Autoroutes / Vinci Concessions: Subsidiary of French infrastructure giant Vinci, operating toll road concessions primarily in France under long-term government agreements. Closely comparable PPP toll road operator with similar concession duration profile.
• Atlas Arteria: Listed toll road investor/operator with stakes in European and US toll roads (including the Dulles Greenway). Highly comparable investment vehicle structure focused on toll road concessions.
• APRR (Eiffage): French toll road concessionaire owned by Eiffage, operating ~2,300 km of motorways under long-term concessions with the French government. Closely mirrors Cintra's PPP concession business model.
• Globalvia: Spanish-based toll road and transportation infrastructure operator with concessions across Europe, the Americas, and Asia. Comparable mid-sized PPP concession operator with similar asset class focus.

Broad incumbents

• Brookfield Infrastructure Partners: Large-scale global infrastructure investor with toll road and transportation assets in its portfolio. Comparable as institutional capital competing for toll road concession opportunities and co-investing alongside Cintra.
• Macquarie Asset Management (MIRA): World's largest infrastructure manager with extensive toll road portfolio and co-investment relationships. Comparable as a global infrastructure investor with overlapping investment thesis in PPP toll roads.
• OHLA (formerly Obrascón Huarte Lain): Spanish construction and concession infrastructure operator with toll road concessions. Similar origin in Spanish infrastructure market and comparable concession portfolio strategy.
• Fluor Corporation: Large US-based engineering, procurement, and construction firm with infrastructure and transportation projects. Comparable as a peer in the broader transportation infrastructure delivery ecosystem that competes for PPP project work.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

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

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries10 records

Funding overview

Funding rounds1 record

Investors2 records

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

M&A

Investments1 record

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

Frequently asked questions about Cintra