In 2023 Ferrovial reported paying 305 million euros in taxes in Spain, up from 282 million the year before, as shown by the firm’s annual activity report filed with the Spanish stock regulator. The figure stands out because the company shifted its headquarters to the Netherlands a year earlier under the guidance of chairman Rafael del Pino.
Following the announcement, some economic and political observers questioned the relocation, interpreting it as a tax move. Ferrovial has consistently rejected this, explaining that the shift was intended to facilitate an initial public offering in the United States.
Over the past year, Ferrovial has solidified its position in Spain, which remains the segment of the group that generates the largest revenue outside the United States and Poland. Spain produced 1.475 billion euros in revenue, a rise of 27.8 percent from 2022 and 35 percent higher than 2021. Spain’s contribution represents roughly 17 percent of the total results, which reached 8.514 billion euros, with net profit of 460 million euros, up 147 percent from the previous year.
Key contracts awarded in 2023
In the latest year Ferrovial secured two major megacontracts in Spain. The first involved the undergrounding of the R2 line of Rodalies through Montcada i Reixac in Barcelona, including a new subterranean station. The project, developed with FCC and Comsa, involves an investment of 540 million euros. In another large bid, Ferrovial, in a consortium with Sacyr, Copisa and Copcisa, won the extension of Line 8 of the Catalan rail system, a contract valued at 300 million euros.
The report also highlights additional milestones, such as the contract to construct a new Microsoft data center in San Sebastián de los Reyes, two photovoltaic energy projects in Andalusia totaling 75 million euros, a floating photovoltaic plant project in Madrid, and the management of street lighting in Santiago de Compostela, a tender valued at 42 million euros.
What risks does Ferrovial see in Spain?
Ferrovial’s annual report outlines the economic and political risks present across the markets where the company operates, a standard section for listed groups. In Spain, concerns center on the economy, amplified by the post-pandemic environment and the effects of the Ukraine conflict. The primary worry is inflation, with expectations for inflation remaining relatively high in the near term, even as forecasts have been revised downward recently by market participants.
The document also underscores the firm’s reliance on the European Union. The Spanish economy remains highly sensitive to Eurozone conditions, and any slowdown in European activity could dampen Spanish growth and potentially reduce demand for Ferrovial’s services in Spain.
On the political front, Ferrovial flags possible adverse effects from rising political uncertainty in Spain, including renewed tensions in Catalonia that could trigger volatility in capital markets or affect financing conditions. Reputational risk is noted as a result of the Netherlands relocation. Beyond these sovereign factors, the report references geopolitical dynamics such as Brexit’s enduring impact, ongoing U.S.–China trade frictions, and volatility in commodity prices.