Ferrovial outlines its global expansion and governance shifts
During a pivotal shareholders’ gathering, Ferrovial highlighted its major markets across the United States, Canada, Spain, and the United Kingdom. The executive team indicated ongoing consideration of the company’s headquarters relocation from Madrid to Amsterdam, while identifying India and Poland as priority expansion zones. Management emphasized continued growth within the core business while evaluating new investment opportunities, with additional attention to opportunities across the rest of Europe, Latin America, and Australia.
Rafael del Pino, Ferrovial’s president, underscored internationalization as a key growth driver. He noted that the United States receives a substantial share of the group’s activity, with 64 percent of the 856 million invested in 2022 directed toward the U.S. projects. Del Pino highlighted that more than 90 percent of revenues come from international operations, and that a similar share of investors are international. He added that assets in North America account for about three-quarters of Ferrovial’s overall value. The firm also signaled its desire to increase liquidity and attractiveness to international investors as part of a broader path toward potential public market listing.
Del Pino addressed Ferrovial’s growing international footprint and explained that the push toward strategic markets such as the United States and Canada has been driven by rising mobility and traffic tied to the company’s infrastructure assets.
The government notes alignment with the shareholders’ board on Ferrovial’s trajectory
Focus on the United States market
The relocation of the headquarters from Madrid toward the United States was framed as a move intended to access U.S. capital markets. The plan projects concentrating a large share of investments in North America from 2023 to 2027, with aims to broaden the company’s trading presence in the United States. Ferrovial contends that this step supports the group’s internationalization, though some political perspectives have contested the move.
Shareholders endorse Del Pino and approve the Netherlands relocation plan
Ferrovial operates in multiple regions including Canada, the United States, and Colombia. The group highlights key infrastructure milestones such as airport terminal projects in North America and major roadways contributing to its European footprint, notably in Spain and the United Kingdom, with connectivity via major hubs such as Heathrow in London.
Commitment to Spain remains strong
Del Pino reiterated at the historic shareholders meeting that Spain remains a fundamental country for Ferrovial. The relocation to the Netherlands is framed as a choice to expand establishment freedom within the European Union while continuing to fulfill tax obligations in Spain. The leadership stressed that the move is not primarily a tax strategy, but a step to support enhanced international operations while maintaining core contributions to Spain.
Alongside the relocation, leadership clarified that the governance framework and compensation structures for Ferrovial FISE directors will continue in force from the moment the merger is effective. The meeting also covered matters such as director re-elections and governance provisions, including the continued role of the auditor and the management framework supported by the board.