Core Viewpoint - Ferrovial SE (FER) has shown exceptional market performance this year, with a stock increase of over 60%, significantly outperforming major indices, and is set to be added to the Nasdaq 100 Index on December 22 [1][2] Group 1: Company Overview - Ferrovial SE is a global infrastructure operator focused on Europe and North America, with significant interests in toll roads, airports, construction, and services, including a major stake in Heathrow Airport [3] - The company has a market capitalization of nearly $50 billion and is classified as a large-cap stock, recognized as a defensive compounder rather than a cyclical stock [3] Group 2: Stock Performance - FER stock is currently trading around $68, close to its 52-week high of $68.01, having started the year in the low $40s, outperforming the S&P 500 Index during the same period [4] - The stock's relative strength is attributed to continuous accumulation rather than a one-time surge [4] Group 3: Financial Metrics - Ferrovial is valued at a multiple of 5x sales, which is a premium compared to typical industrial stocks, justified by the quality of its assets, concession lengths, and high margins [5] - The company generates a net income of $3.2 billion annually, with $9.1 billion in sales and margins exceeding 35% [5] - In the most recent quarter, Ferrovial achieved approximately $2.44 billion in revenue, indicating a strong trajectory for continued excellent performance [6]

Core Insights - Ferrovial has been added to the Nasdaq-100 Index, effective before trading opens on 22 December, enhancing its visibility and shareholder base [1][6] - The company has a significant presence in North America, with over 80% of its equity value derived from this region, particularly from the US [3] - Ferrovial's market capitalization is approximately $27 billion, and it aims to expand its asset portfolio in North America [3] Company Operations - Ferrovial has been operating in North America for over two decades, involved in projects such as express lanes in various US states and Ontario, Canada, and is currently working on the New Terminal One at JFK International Airport [1][2] - The company covers four primary sectors: toll roads, airports, energy, and construction, and has achieved an average annual total shareholder return of 12% over the past decade [3][4] Strategic Partnerships and Growth - Ferrovial emphasizes its history of forming partnerships with investors, contractors, and local stakeholders to deliver key assets [5] - The CEO stated that the inclusion in the Nasdaq-100 reflects market confidence in the company's ability to develop high-value projects that drive economic growth and benefit local communities [6]

Core Viewpoint - Ferrovial SE is implementing a new share repurchase program to support future projects, following the termination of its previous program, reflecting its commitment to strategic growth and sustainability [1][2]. Group 1: Share Repurchase Program - The existing share repurchase program was terminated, which began on June 2, 2025 [1]. - A new share repurchase program has been authorized with a maximum investment limit of €800 million, aiming to acquire up to 15 million shares, approximately 2.04% of the issued share capital [3]. - The new program will run from December 15, 2025, to October 15, 2026, with Goldman Sachs engaged to execute the purchases independently [4]. Group 2: Financial Performance and Market Position - Ferrovial's stock was downgraded to a "Market Perform" rating by Bernstein on December 10, 2025, with the stock price at $66.45 at that time [5]. - Currently, the stock price is $66.76, showing a slight increase of 0.01% or $0.01, with a trading range between $65.85 and $67.54 [5]. - The company's market capitalization is approximately $48.14 billion, with a trading volume of 1,116,255 shares [5].

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].

Core Viewpoint - Spanish construction giant Ferrovial is exploring further investment opportunities in airports across the United States after successfully completing a significant terminal overhaul at New York's John F. Kennedy Airport [1] Group 1: Company Developments - Ferrovial has recently completed a major renovation of the terminal at John F. Kennedy Airport, which has positioned the company to seek additional airport investment opportunities in the U.S. market [1] - The company’s experience in large-scale infrastructure projects is expected to enhance its competitive edge in future airport investments [1] Group 2: Industry Insights - The U.S. airport sector is seen as a growing area for investment, particularly in light of increasing passenger traffic and the need for modernization of existing facilities [1] - Ferrovial's strategic focus on U.S. airports aligns with broader trends in the construction and infrastructure industry, where public-private partnerships are becoming more prevalent [1]

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]