Fellow shareholder,
Ferrovial delivered remarkable results in 2024. All managed lanes posted solid growth in revenue per transaction, significantly outpacing inflation, construction improved its profitability, surpassing the EBIT margin goal set for the year and the New Terminal One at JFK Airport in New York remained on budget and on schedule to start operations in 2026.
Revenue increased by 6.7% to €9.1 billion, with adjusted EBITDA rising by 38.9% like-for-like to €1.3 billion, and net profit amounted to €3.2 billion, boosted by divestments of long-term assets.
The year was dynamic in terms of investments, with a total of €1.6 billion of committed capital. This was mainly allocated to toll roads, with the acquisition of a 24% stake in IRB Infrastructure Trust for €710 million, and airports, with an equity injection in NTO of €469 million and the refinancing of AGS’ existing debt facility.
Ferrovial closed 2024 with liquidity reaching €5.3 billion, including proceeds from asset sales and a record figure of dividends received from infrastructure assets which totalled €947 million. Worth mentioning are the first dividends from I-77 and I-66, €205 million and €89 million respectively, as well as €321 million coming from 407 ETR and €244 million from the managed lanes. The consolidated net debt amounted to minus €1.8 billion, excluding infrastructure projects.
In May, Ferrovial was listed on Nasdaq. It marked a further step in our internationalization process and shows our commitment to the United States. With this milestone, 25 years almost to the day after our initial public offering in Madrid, Ferrovial is now traded in the US, Spain and the Netherlands.
Shareholder distributions, including cash dividends and share repurchases, amounted to €831 million. The company’s stock value increased by 23% in 2024, outperforming the 13.6% gain of the IBEX 35 and the 21.5% increase of the Euronext Amsterdam. This growth in value led to a market capitalization at year end of approximately €30 billion and total shareholder return in the period was 25.7%.
Last year was intensive in terms of asset rotation. Ferrovial closed the divestment of a 19.75% stake in Heathrow Airport for a total amount of
€2.0 billion, sold a 5% stake in IRB Infrastructure Developers for €211 million and completed the sale of its remaining 24.78% holding in Serveo.
In terms of health and safety, despite the efforts of the whole organization, we had a disappointing outcome that was far away from our zero fatalities goal. We remain committed to substantially improve in this area.
The company also remains committed to the highest environmental, social and governance standards. We were recognized as the top ranked company in Europe and the second worldwide in the Construction and Engineering sector, according to the Dow Jones Best in Class Index. In 2024 we continued to feature in indices such as FTSE4Good, CDP, Sustainalytics, MSCI, Moody’s, ISS ESG, and Bloomberg Gender Equality.
At Ferrovial, we made further headway as well in our commitment to caring for the planet and ensuring our operations are environmentally friendly. In the last year we adopted more ambitious decarbonization targets, aimed at achieving carbon neutrality by 2050, in line with the Paris Agreement goal of limiting global warming to 1.5°C.
I would like to thank Ferrovial’s employees for their hard work throughout the year. Their dedication makes it possible for us to grow and improve performance and achieve new milestones year after year. Many thanks also to our investors, shareholders, customers and other stakeholders for their trust and support that has enabled us to create sustainable infrastructure that benefits society.
Rafael del Pino
