Reflects on a pivotal year for the company and
looks ahead to 2025
AMSTERDAM,
Feb. 28,
2025 /PRNewswire/ -- Ferrovial, a leading global
infrastructure company, today released a letter to employees and
shareholders from its CEO, Ignacio
Madridejos.
Dear employees and shareholders,
2024 was a pivotal year for Ferrovial. I'm proud
of what we have accomplished together. We continue to deliver
complex, essential infrastructure benefiting communities around the
world, while achieving impressive financial results. We
strengthened our presence in the U.S., reaching significant
milestones, leading iconic projects and extending our efforts into
emerging high-growth sectors.
In May, after more than 20 successful years
operating in the U.S., Ferrovial shares began trading on the Nasdaq
Stock Exchange, a major step in our growth strategy. Our listing on
Nasdaq gives us access to global capital markets, enabling us to
take advantage of the significant opportunities we see in the U.S.,
our priority market.
2024 also marked the 10-year anniversary of the
North Tarrant Express, part of the TEXpress Lanes network in
Dallas-Fort Worth. TEXpress has
effectively improved the highway experience for drivers across the
region by providing more reliable travel options. The project has
had a positive economic impact of $20.2
billion on the region, with over 100,000 FTE jobs supported
and $5.9 billion in earned wages. The
TEXpress Lanes are a prime example of the transformative solutions
we bring to burgeoning metropolitan areas, thanks to public private
partnerships. Looking ahead, we see an attractive pipeline of
assets in cities where Ferrovial is already present, such as
Atlanta, Charlotte, Nashville, and Northern Virginia, that have a clear need for
infrastructure to enhance mobility.
A well-maintained, efficient airport with good
connectivity is a competitive differentiator for cities and states
looking to attract business. In New
York, Ferrovial is leading the development of the New
Terminal One at JFK International Airport — a $9 billion project in partnership with the Port
Authority of New York and
New Jersey. The project remains on
budget and schedule, with operations set to begin next year. Once
complete, it will be the largest terminal at JFK International
Airport, with the capacity to serve an estimated 23 million
passengers annually and provide a best-in-class experience. We'll
continue to capitalize on the accelerating demand for efficient
commercial air travel, with rising passenger traffic driving the
need for more capacity and more travelers seeking an improved
experience.
And we're providing energy solutions. In 2024, we
began construction of a solar photovoltaic plant in
Leon County, Texas. Once complete,
the plant will have the capacity to power 36,000 homes. This
$72 million investment marks
Ferrovial's first venture into renewable energy projects in the
U.S.
Our construction division continues to improve
profitability and surpassed its ambitious annual target. We
established a new Digital Infrastructure Division, bringing our
decades of experience and distinctive expertise to data center
projects. Our proven track record of engineering excellence and
value creation positions us well to expand our role as a global
investor and developer in this growing sector.
Financially, we reported an adjusted EBITDA of
$1.5 billion in 2024, a 38.9 percent
increase year-over-year, and delivered over $9.9 billion in annual revenue, up 6.7
percent.
Ferrovial's consistent success is driven by the
dedication of our teams, a clear purpose to provide essential
infrastructure to our communities, our integrated business model,
and the support of our shareholders. Investors recognize our
high-quality infrastructure assets located in fast-growing cities
able to price above inflation, solid pipeline of diverse
opportunities, strong shareholder returns, and financial discipline
with a long-term focus.
In 2025, we'll lean into our distinct business
model as a competitive advantage. We have the vision, expertise and
acumen to design, develop, build and transform highways, airports
and energy across North America.
We look forward to continuing to provide innovative infrastructure
solutions to communities, helping them to flourish as their
populations grow.
Ignacio Madridejos
Ferrovial CEO
About Ferrovial
Ferrovial is one of the
world's leading infrastructure companies. The Company operates in
more than 15 countries and has a workforce of over 25,000
worldwide. Ferrovial is triple listed on Euronext Amsterdam, the
Spanish Stock Exchanges and Nasdaq and is a member of Spain's blue-chip IBEX 35 index. It is also
included in globally recognized sustainability indices such as the
Dow Jones Best in Class Index (former Dow Jones
Sustainability Index), and all its operations are conducted in
compliance with the principles of the UN Global Compact, which the
Company adopted in 2002.
Forward-Looking Statements
This CEO message to employees and shareholders ("CEO Letter")
contains forward-looking statements. Any express or implied
statements contained in this CEO Letter that are not statements of
historical fact may be deemed to be forward-looking statements,
including, without limitation, statements regarding estimates and
projections provided by the Company and certain other sources with
respect to the Company's financial position, business strategy,
plans, and objectives of management for future operations,
expectations surrounding future shareholder distributions, certain
air traffic and population estimates, as well as statements that
include the words "expect," "intend," "plan," "believe," "project,"
"forecast," "foresee," "estimate," "will," "may," "should,"
"target," "anticipate" and similar statements of a future or
forward-looking nature, or the negative of these terms or other
similar expressions, although not all forward-looking statements
contain these words. Such statements may reflect various
assumptions by the Company concerning anticipated results and are
subject to significant business, economic and competitive
uncertainties and contingencies, and known and unknown risks, many
of which are beyond the Company's control and may be impossible to
predict. Any forecast made or contained herein, and actual results,
will likely vary and those variations may be material. The Company
makes no representation or warranty as to the accuracy or
completeness of such statements, expectations, estimates and
projections contained in this CEO Letter or that any forecast made
or contained herein will be achieved. Risks and uncertainties that
could cause actual results to differ include, without limitation:
risks related to our diverse geographical operations and Business
Divisions; risks related to our acquisitions, divestments and other
strategic transactions that we may undertake and considering that
our business is derived from a small number of projects; the impact
of competitive pressures in our industry and pricing, including the
costs of and lack of certainty in winning competitive tender
processes; general economic and political conditions and events and
the impact they may have on us; our ability to obtain adequate
financing in the future as needed; our ability to maintain
compliance with the continued listing requirements of Nasdaq Global
Select Market, Euronext Amsterdam and the Spanish Stock Exchanges;
lawsuits and other claims by third parties or investigations by
various regulatory agencies that we may be subject to; impact of
any changes in existing or future tax regimes or regulations; risks
specific to our securities, including the payment of future
dividends, which will depend on our financial condition and results
of operations, and the liquidity of our shares as a consequence of
the multiple listings in different jurisdictions; risks related to
increased digitalization and to cybersecurity threats; the impacts
of accidents or other incidents at our project sites and
facilities; physical and transitional risks in connection with the
impacts of climate change; risks related to increased scrutiny and
changing expectations in connection with sustainability and ESG
matters; risks related to the adequacy or existence of our
insurance coverage and any non-recoverable losses; risk associated
with the international nature of our business and operations; our
reliance on and ability to locate, select, monitor, and manage
subcontractors and service providers; our legal and regulatory
risks given that we operate in highly regulated environments and
may be subject to changes in regulations; risks related to our
holding company structure and from our joint venture and
partnership operations; and the other important factors discussed
under the caption "Risk Factors" in our Annual Report on Form 20-F
for the fiscal year ended December 31,
2024 filed with the U.S. Securities and Exchange Commission
("SEC") which is available on the SEC website at www.sec.gov, as
such factors may be updated from time to time in our other filings
with the SEC. Any forward-looking statements contained in this CEO
Letter speak only as of the date hereof and accordingly undue
reliance should not be placed on such statements. We disclaim any
obligation or undertaking to update or revise any forward-looking
statements contained in this CEO Letter, whether as a result of new
information, future events or otherwise, other than to the extent
required by applicable law. Forward-looking statements in this CEO
Letter are made pursuant to the safe harbor provisions contained in
the U.S. Private Securities Litigation Reform Act of 1995. We
intend such forward-looking statements to be covered by relevant
safe harbor provisions for forward-looking statements (or their
equivalent) of any applicable jurisdiction.
In addition, certain industry data and information contained in
this CEO Letter has been derived from industry sources. The Company
has not undertaken any independent investigation to confirm the
accuracy or completeness of such data and information, some of
which may be based on estimates and subjective judgments.
Accordingly, the Company makes no representation or warranty as to
the accuracy or completeness of such data and information.
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SOURCE Ferrovial
