Company Reports

Ferrovial makes the bulk of its earnings by investing in, designing, building, and operating transport infrastructure. Its primary asset is its stake in the 99-year lease to operate the 407 Express Toll Route that traverses the greater Toronto area. In recent years, Ferrovial has meaningfully shifted its portfolio toward North American assets, partly funded by exiting UK airports (Heathrow Airport and AGS), hoping to take advantage of superior asset economics and more lenient regulation than in Europe and a larger pipeline of public/private partnerships. We estimate roughly 85% of Ferrovial’s value is derived from its toll roads, 9% from airports, and the balance from construction businesses.

Ferrovial makes the bulk of its earnings by investing in, designing, building, and operating transport infrastructure. Its primary asset is its stake in the 99-year lease to operate the 407 Express Toll Route that traverses the greater Toronto area. In recent years, Ferrovial has meaningfully shifted its portfolio toward North American assets, partly funded by exiting UK airports (Heathrow Airport and AGS), hoping to take advantage of superior asset economics and more lenient regulation than in Europe and a larger pipeline of public/private partnerships. We estimate roughly 85% of Ferrovial’s value is derived from its toll roads, 9% from airports, and the balance from construction businesses.

A Ferrovial-led consortium, DriveTN, has been awarded "Best Value Proposer" to finance, design, build, operate, and maintain a 26- mile managed lane concession on I-24 between Nashville and Murfreesboro. Operations are provisionally targeted for 2032.

Ferrovial reported 2026 half-year results broadly ahead of company-compiled consensus driven by very strong growth in average revenue per transaction across its US managed lanes. Ferrovial’s construction businesses also performed well, growing adjusted EBITDA 18.3% year on year.

Ferrovial makes the bulk of its earnings by investing in, designing, building, and operating transport infrastructure. Its primary asset is its stake in the 99-year lease to operate the 407 Express Toll Route that traverses the greater Toronto area. In recent years, Ferrovial has meaningfully shifted its portfolio toward North American assets, partly funded by exiting UK airports (Heathrow Airport and AGS), hoping to take advantage of superior asset economics and more lenient regulation than in Europe and a larger pipeline of public/private partnerships. We estimate roughly 85% of Ferrovial’s value is derived from its toll roads, 9% from airports, and the balance from construction businesses.

We are updating our longer-term forecasts for Ferrovial’s portfolio of long-duration, high-quality transport infrastructure concessions, including the 407 ETR in Toronto, and the New Terminal One at JFK Airport.

Ferrovial makes the bulk of its earnings by investing in, designing, building, and operating transport infrastructure. Its primary asset is its stake in the 99-year lease to operate the 407 Express Toll Route that traverses the greater Toronto area. In recent years, Ferrovial has meaningfully shifted its portfolio toward North American assets, partly funded by exiting UK airports (Heathrow Airport and AGS), hoping to take advantage of superior asset economics and more lenient regulation than in Europe and a larger pipeline of public/private partnerships. We estimate roughly 85% of Ferrovial’s value is derived from its toll roads, 9% from airports, and the balance from construction businesses.

Ferrovial makes the bulk of its earnings by investing in, designing, building, and operating transport infrastructure. Its primary asset is its stake in the 99-year lease to operate the 407 Express Toll Route that traverses the greater Toronto area. In recent years, Ferrovial has meaningfully shifted its portfolio toward North American assets, partly funded by exiting UK airports (Heathrow Airport and AGS), hoping to take advantage of superior asset economics and more lenient regulation than in Europe and a larger pipeline of public/private partnerships. We estimate roughly 75% of Ferrovial’s value is derived from its toll roads, 17% from airports, and the balance from construction businesses.

Ferrovial reported first-quarter results broadly ahead of consensus expectations, driven by strong performance at its US Managed Lanes despite some adverse weather in the period. Elsewhere, Ferrovial confirmed JFK New Terminal One is on track to start operational readiness in autumn 2026.

Ferrovial reported 2025 results broadly ahead of expectations, driven by strong performance in Construction. Toll Roads traffic came in a touch light, but this was by-and-large driven by idiosyncratic issues at the asset level, which doesn’t dim our long-term view of the assets in question.

Ferrovial makes the bulk of its earnings by investing in, designing, building, and operating transport infrastructure. Its primary asset is its stake in the 99-year lease to operate the 407 Express Toll Route that traverses the greater Toronto area. In recent years, Ferrovial has meaningfully shifted its portfolio toward North American assets, partly funded by exiting UK airports (Heathrow Airport and AGS), hoping to take advantage of superior asset economics and more lenient regulation than in Europe and a larger pipeline of public/private partnerships. We estimate roughly 75% of Ferrovial’s value is derived from its toll roads, 17% from airports, and the balance from construction businesses.

Ferrovial makes the bulk of its earnings by investing in, designing, building, and operating transport infrastructure. Its primary asset is its stake in the 99-year lease to operate the 407 Express Toll Route that traverses the greater Toronto area. In recent years, Ferrovial has meaningfully shifted its portfolio toward North American assets, partly funded by exiting UK airports (Heathrow Airport and AGS), hoping to take advantage of superior asset economics and more lenient regulation than in Europe and a larger pipeline of public/private partnerships. We estimate roughly 75% of Ferrovial’s value is derived from its toll roads, 18% from airports, and the balance from construction businesses.

We’re initiating coverage of Ferrovial, the global transport infrastructure investor, developer, and operator.