Global infrastructure company Ferrovial has been added to the Nasdaq-100 Index, with the move set to take effect before trading opens on 22 December. The company has maintained operations in North America for over two decades, including projects such as express lanes in several US states and Ontario, Canada. Ferrovial is also working on the New Terminal One at JFK International Airport in New York. It ranks among the largest infrastructure companies listed in North America and has established a presenc ...

Ferrovial SE (NASDAQ:FER) is a prominent infrastructure company known for its global operations and commitment to sustainability. The company is listed on multiple exchanges, including Euronext Amsterdam and the Spanish Stock Exchanges, and is part of Spain's IBEX 35 index. Ferrovial employs over 25,000 people across more than 15 countries, showcasing its extensive reach and influence in the infrastructure sector. Recently, Ferrovial announced the termination of its existing share repurchase program, which ...

Core Viewpoint - Ferrovial has decided to terminate its current share buyback program and has announced a new repurchase program with specific investment and operational guidelines [1][2][3]. Summary by Sections Current Buyback Program - The ongoing buyback program initiated on June 2, 2025, will be terminated effective from the closing of U.S. stock exchanges on December 12, 2025 [1]. New Repurchase Program - A new share repurchase program has been authorized with a maximum investment of EUR 800 million, allowing for the acquisition of up to 15 million shares, which is approximately 2.04% of Ferrovial's issued share capital [2][3]. - The purpose of the new program is to support future projects aligned with the company's strategic objectives and to facilitate corporate actions involving treasury shares [2]. Purchase Conditions - Shares will be purchased at prices not exceeding the higher of the last independent trade price or the highest current independent purchase bid [4]. - The volume of shares purchased on any trading day will not exceed 25% of the average daily trading volume over the preceding 20 trading days [4]. Duration and Flexibility - The new repurchase program is set to run from December 15, 2025, to October 15, 2026, with the possibility of extension or early termination based on investment limits or other circumstances [6]. Disclosure and Execution - Amendments and transactions under the new program will be disclosed to relevant authorities and published on the company's website [7]. - Goldman Sachs has been appointed as the broker to execute purchases under the new program, making independent trading decisions [8]. Company Overview - Ferrovial is a leading global infrastructure company operating in over 15 countries with a workforce exceeding 25,000. It is listed on Euronext Amsterdam, the Spanish Stock Exchanges, and Nasdaq, and is part of Spain's IBEX 35 index [11].

Core Insights - Ellomay Capital Ltd. has been awarded a tariff in Italy's Transitional FER X "NZIA" national competitive tender for its solar project "Ellomay 14," which is a significant step in the company's renewable energy initiatives in Italy [2][3][4]. Project Details - The Ellomay 14 project has a peak capacity of 20 MWp and is expected to generate approximately 32,200 MWh annually [3]. - The awarded tariff includes a fixed price of €68/MWh, with an additional €10/MWh regional supplement, resulting in a total supported price of €78/MWh [3][4]. - The project will benefit from a 20-year two-way Contract for Difference (CfD), ensuring price stability for 80% of its production [4]. Financial Projections - The total expected revenue for the Ellomay 14 project over the 20-year duration of the FER X "NZIA" is approximately €55 million [4]. - The tariff is indexed to the Italian CPI, enhancing revenue resilience and predictability [4]. Strategic Positioning - This award marks Ellomay's second successful tender result in recent weeks, following the award for the 79.5 MWp Ellomay 11 project [5]. - The company has established a diversified commercial presence in the Italian market, supported by a long-term power purchase agreement (PPA) with Statkraft [5][6]. Portfolio Overview - Ellomay's Italian portfolio includes 38 MW of operational projects, 160 MW under advanced construction expected to achieve commercial operation in 2026, and 210 MW that have reached Ready-to-Build status [6]. - The company has invested significantly in renewable energy projects across various regions, including Italy, Spain, and the USA [9].

Spanish construction giant Ferrovial sees other opportunities for investment in airports across the United States following its massive terminal overhaul at New York's John F. Kennedy Airport, Chief E... ...

Core Viewpoint - Ferrovial SE has declared an interim cash dividend totaling EUR 55,565,000, with a dividend per share of EUR 0.0770, scheduled for payment on December 22, 2025 [1] Company Overview - Ferrovial operates in over 15 countries and employs more than 25,000 people globally [1] - The company is listed on Euronext Amsterdam, Spanish Stock Exchanges, and Nasdaq, and is part of Spain's IBEX 35 index [1] - Ferrovial is recognized in sustainability indices such as the Dow Jones Best in Class Index and adheres to the principles of the UN Global Compact [1]

Group 1 - Ferrovial (FER) presents an interesting opportunity for exposure to the European infrastructure industry, with a significant portion of its activity originating from North America [1] - The recent Q3 2025 results indicate strong performance, which may attract investor interest [1] Group 2 - The article emphasizes the importance of informed decision-making in investment, highlighting the author's background in finance and investment analysis [1]

Core Viewpoint - Ferrovial SE has declared an interim scrip dividend totaling EUR 342 million, with a per-share dividend of EUR 0.4769, and has accelerated the payment date to November 25, 2025, from December 3, 2025 [1][2]. Dividend Details - The dividend will be payable in shares or cash, depending on shareholder elections, with a default option for shares if no election is made [3]. - The election period for shareholders to choose their preferred payment method is ongoing and will end on November 11, 2025 [3]. Company Overview - Ferrovial is a leading global infrastructure company operating in over 15 countries with a workforce exceeding 25,000 [5]. - The company is listed on Euronext Amsterdam, the Spanish Stock Exchanges, and Nasdaq, and is part of Spain's IBEX 35 index [5]. - Ferrovial is recognized in sustainability indices, including the Dow Jones Best in Class Index, and adheres to the principles of the UN Global Compact [6].

Core Insights - Ferrovial reported significant growth in the first nine months of 2025, with substantial revenue increases across all business divisions [1][15] - Adjusted EBITDA reached €1 billion, reflecting a 4.8% year-over-year increase, while total revenue was €6.9 billion, a 6.2% rise [3][9] Financial Performance - Adjusted EBITDA for the first nine months of 2025 was €1,031 million, up from €1,008 million in the same period of 2024, marking a 4.8% increase [3][9] - Total revenue increased to €6,911 million from €6,643 million, representing a 6.2% rise [9] - The company maintained a strong financial position with liquidity of €4.2 billion and consolidated net debt of -€706 million, excluding infrastructure projects [4] Business Division Highlights - The Highways division saw a revenue growth of 14.4% to €1 billion, driven by strong performance in North America, which contributed €312 million in dividends [5][6] - The Construction division's order book reached €17.2 billion, with North America accounting for 47% of the total [7] - The Airports division is progressing with the New Terminal One project, having secured 21 commercial agreements with airlines [7] Dividends and Shareholder Returns - The 407 ETR announced an additional dividend of CAD 1.05 billion for the last quarter of the year, bringing the total approved dividends to CAD 1.5 billion [6] - Ferrovial allocated €426 million to shareholder distributions during the reporting period [4]

Financial Data and Key Metrics Changes - In the first nine months of 2025, the company reported a negative net debt of €706 million, indicating a strong cash position [3][16] - Revenue grew by 6.2%, adjusted EBITDA increased by 4.8%, and adjusted EBIT rose by 6.0% in like-for-like terms [15] - Shareholder distributions reached €426 million in the first nine months, with a second scrip dividend announced [4][17] Business Line Data and Key Metrics Changes - Highways division saw a revenue growth of 16.4% in like-for-like terms, with adjusted EBITDA up nearly 15.1% [4][5] - The 407 ETR reported a traffic growth of 9.4% in the quarter, with revenue growth of 18.6% and EBITDA surging by 20.1% [6][7] - Airports division showed steady performance with adjusted EBITDA growth supported by commercial upgrades, despite a 1.5% decline in traffic [13] Market Data and Key Metrics Changes - The I-66 managed lane experienced exceptional traffic growth of 13.2% in the third quarter, with revenue per transaction growing by 12.1% [10][11] - The I-77 also saw traffic growth of 1.5% in the third quarter, with revenue per transaction increasing by 25.7% [12] - The Dallas-Fort Worth managed lanes recorded solid revenue per transaction growth, benefiting from a favorable traffic mix [9] Company Strategy and Development Direction - The company is focused on operational readiness for New Terminal One at JFK, with construction 78% complete and an official opening date set for June 2026 [13] - The construction order book stands at $17.2 billion, reflecting a healthy pipeline for future growth [15] - The company plans to submit bids for several projects in North America, including the I-24 and I-25 in 2026 [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance of North American assets, driven by increased customer segmentation and favorable market dynamics [18] - The company is monitoring the potential impact of the U.S. government shutdown but has not seen significant effects on revenue so far [28] - Management highlighted the importance of IT and bidding costs as investments for future growth [69] Other Important Information - The company announced a dividend of $1.05 billion CAD for Q4, a 50% increase from the previous year [7] - The company is committed to returning €2.2 billion to shareholders by the end of 2026 through buybacks and dividends [59] Q&A Session Summary Question: What are the potential financial consequences of a delay in the launch of New Terminal One? - Management stated that delays would result in liquidated damages for the contractor and a delay in revenue perception [22][23] Question: Will there be any impact from the U.S. government shutdown in Q4? - Management indicated no significant impact observed so far, with bidding processes continuing as scheduled [27][28] Question: Can you provide insights on Schedule 22 and its provision reversal? - Management noted that increased mobility and effective promotions contributed to the reversal, but refrained from making future projections [32][33] Question: What is the competitive backdrop in the contracting market? - Management reported a rational market with increased activity and no significant tightening in competition [45][46] Question: What is the strategy regarding data centers? - The recent acquisition is seen as a way to enhance construction capabilities, with no major shift in strategy for data centers [65]