Ferrovial joins Nasdaq; rings in a new era in the U.S.


rafael del pino, ignacio madridejos ferrovial on nasdaq

An open letter from Ferrovial CEO Ignacio Madridejos

Today in New York and around the world, Ferrovial employees are celebrating our entrance into the U.S. stock market, a significant milestone for us as one of the world’s leading infrastructure companies.

Ferrovial began trading under the Nasdaq ticker symbol FER. To mark the occasion, our Chairman Rafael del Pino rang the opening bell, signaling not only the opening of trading, but the opening of a new era for Ferrovial in the U.S. It’s a market we know well. We have been here for more than 20 years building and managing toll roads in Texas, Virginia, and North Carolina, and we are currently developing the New Terminal One at JFK International Airport in New York.

Today, more than 80% of Ferrovial’s equity value comes from North America, according to analysts’ consensus, primarily the United States. With approximately $27 billion in market capitalization, we are North America’s largest listed road and airport infrastructure company. We plan to continue to expand our North American asset base in the coming years. Our ability to expand and scale depends on having access to capital markets around the world. Given the significance of our operations and opportunity in the U.S., our presence on Nasdaq is an obvious next step that positions us well for future growth as a multinational company.

Our differentiated business model across four units—toll roads, airports, energy, and construction—positions us well. Our business units are capitalizing on three macroeconomic trends creating unprecedented growth opportunities in our most important end markets:

  • The increasing need to modernize and expand road transportation infrastructure.
  • Accelerating demand for efficient commercial air travel, with rising passenger traffic driving the need for more capacity; plus, more travelers seeking an improved passenger experience.
  • Accelerating investment in the energy transition and renewables.

Our distinct business model allows us to tackle the most complex projects in each of our end markets in a way that creates the most value. Our integrated model supports the entire lifecycle of a project—from conceptualization to design, funding, construction, and operation of critical infrastructure like highways and airports. We have a strong understanding of project risks and how to mitigate them. We have achieved a 12% annual total shareholder return in the last 10 years as a result of our value-oriented investment process, financial discipline, and best-in class capabilities.

Our ability to build strong and long-lasting partnerships is also a key to our success. Over the years, we have successfully partnered with both investors and contractors to develop our main assets. We build strong relationships with local authorities and stakeholders in the communities we serve.

And we’re proud of our work. Our infrastructure projects provide innovative solutions to complex challenges faced by growing metropolitan areas. Nearly 85 million passengers traveled through our airports in 2023. Currently, in New York, the New Terminal One project represents a $9.5 billion investment, and will increase the terminal’s capacity to serve an estimated 23 million passengers annually with a best-in-class experience.  It will be the largest terminal at JFK International Airport. In Dallas-Fort Worth, Texas; Charlotte, North Carolina; and Northern Virginia, more and more people are choosing our express lanes. We saw nearly 200 million transactions last year. As a result, travelers on these highways saved 882,000 hours in travel time. We are ~4,300 employees strong in the U.S. and growing. We also engage more than 7,000 local suppliers in the U.S. and Canada. Collectively, our more than 150 projects in North America have contributed $176 billion in economic impact.

I am grateful for the ~24,000 Ferrovial employees around the world, and our clients and partners who made this milestone possible. Together, we have made Ferrovial one of the world’s leading infrastructure companies. We are distinguished by the quality of our portfolio, the breadth of our experience and, above all, our ability to fully develop complex, high-value infrastructure projects around the world.

And this is only the beginning. With our stock trading in Spain, the Netherlands and now the U.S., we have access to greater financial resources to continue to invest and grow, enabling new and expanding development opportunities across all our business units and geographies.

We look forward to continuing to provide innovative infrastructure solutions to communities around the world, helping them to flourish as their populations grow.

Together, we’re building a future where infrastructure is a catalyst for progress. We’re building the future of infrastructure for a world on the move.

Ignacio Madridejos

Ferrovial CEO


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