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