Ferrovial (ADR) (FER)
Develops, builds, finances, and operates long-duration highways, airports, and energy infrastructure.
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Develops, finances, builds, and operates highways, airports, construction projects, and energy infrastructure. Combines construction activity with long-duration concessions, asset operation, and selective sales of mature holdings, with North America as the main growth focus.
Develops, finances, builds, and operates long-duration infrastructure across Highways, Airports, Construction, and Energy. The integrated model links engineering and construction capability with concession development and asset operation.
North America is the main growth focus, anchored by managed lanes in the United States, Toronto's 407 ETR toll road, and JFK's New Terminal One. Projects are executed through legally independent assets with their own management, while mature holdings can be sold to fund new concessions.
Performance depends on winning and financing long-lived projects, forecasting traffic, delivering complex construction, and operating regulated infrastructure. Founder-family continuity remains visible through executive chairman Rafael del Pino Calvo-Sotelo, alongside CEO Ignacio Madridejos. The portfolio has narrowed since the former Services division was sold, concentrating capital on transport and energy infrastructure.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 26, 2026 | UBS | Downgrade | ||
| May 27, 2026 | Citigroup | Downgrade | ||
| Mar 9, 2026 | Jefferies | Downgrade | ||
| Mar 8, 2026 | Jefferies | Target | Target: — | Target: $70.93 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $4.43B · Total debt $12.20B · Total assets $31.17B · Shareholders' equity $6.55B
- Revenue
- $5.38B
- Operating income
- $562.3M
- Net income
- $295.5M
Reported in EUR, converted at the latest exchange rate
HistoryDividendAnnual yield
| Institutions | ≈ 33.24% | 239.50M ADS | |
|---|---|---|---|
| 347 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 18.56% | 133.77M ADS | |
| 2 holders · as of Nov 13, 2025 | |||
| Other | ≈ 48.20% | 347.35M ADS | |
| remainder | |||
720.63M ADS as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
María del Pino y Calvo-SoteloInsider | 9.84% | 70.89M | filed Oct 22, 2024 |
del Pino Calvo-Sotelo MariaInsider | 8.73% | 62.88M | filed Nov 13, 2025 |
Tci Fund Management LtdInstitution | 2.91% | 20.94M ADS | as of Jun 30, 2026 |
Invesco Ltd.Institution | 2.75% | 19.81M ADS | as of Jun 30, 2026 |
AmundiInstitution | 2.52% | 18.17M ADS | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
Not reported.