Who Owns Ferrovial Company?

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Who Owns Ferrovial?

Understanding the ownership of a global infrastructure company is key to grasping its strategic direction and accountability. A significant recent development for Ferrovial was its re-domiciliation to the Netherlands in June 2023, followed by a Nasdaq listing in May 2024, a move supported by 93.3% of its shareholders.

This strategic shift aimed to bolster the group's international presence and align its structure with future growth, especially in North America. The company's journey began in Madrid in 1952, founded by Rafael del Pino y Moreno, initially focusing on railway construction.

Ferrovial's ownership structure has evolved since its founding. The founder's family, through various holdings, has historically maintained a significant stake. Key institutional investors and public shareholders also play a crucial role in its current ownership landscape. For a deeper dive into its strategic positioning, one might consider the Ferrovial BCG Matrix.

In the first half of 2025, the company reported a net profit of €540 million, marking a 30% increase year-over-year. Revenue for the same period reached €4.5 billion, a 5% growth on a like-for-like basis.

Ferrovial's journey began on December 18, 1952, founded by Rafael del Pino y Moreno. A civil engineer, del Pino y Moreno initiated the company after gaining insights into railway construction techniques abroad, subsequently importing necessary equipment to Spain. The company's initial operations focused on track renovation for the Spanish railway company and managing railroad tie sleeper workshops.

Founding Vision

Rafael del Pino y Moreno established Ferrovial with a core vision centered on service to society, quality workmanship, dedication, and reinvestment of profits. This foundational philosophy guided the company's early trajectory and subsequent diversification.

Early Operations

The company's first office was situated in a Madrid attic. Its initial projects involved renovating tracks for Renfe and operating workshops for railroad tie sleepers, laying the groundwork for future expansion.

International Expansion

Ferrovial achieved its first international project in Venezuela in 1954, demonstrating early ambition for global reach. This marked a significant step in its growth beyond domestic operations.

Early Growth Metrics

Within its first decade, Ferrovial had expanded its workforce to 500 employees and generated revenues equivalent to €750,000. This rapid development showcased the company's strong initial momentum.

Founders' Stake

While specific early equity details are not publicly disclosed, Rafael del Pino y Moreno maintained a significant controlling interest in the company. This ensured his vision continued to shape Ferrovial's direction.

Key Milestones

Notable early achievements include participation in the Redia Plan for road construction in 1964 and securing the Bilbao-Behobia highway concession in 1968. These events signaled Ferrovial's strategic entry into transport infrastructure concessions.

The company's early development was characterized by a commitment to its founding principles, leading to diversification into road construction and water projects. This strategic expansion allowed Ferrovial to build a robust portfolio and establish itself as a key player in infrastructure development, aligning with its broader Growth Strategy of Ferrovial.

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Ferrovial's ownership journey began with its public offering in 1999, marking a significant transition from private to public status. A pivotal moment in its corporate evolution occurred on June 16, 2023, when the company re-domiciled to the Netherlands, becoming Ferrovial SE. This strategic move facilitated its listing on the Nasdaq Global Select Market in May 2024, enhancing its international reach.

The del Pino family continues to be the primary controlling interest in Ferrovial SE. Rafael del Pino y Calvo-Sotelo, the Executive Chairman, indirectly holds a substantial stake of 21.35% through Rijn Capital SARL. His sister, María del Pino y Calvo-Sotelo, is the second-largest individual shareholder with 8.57% via Menosmares, S.L.U. Other family members also maintain significant holdings, collectively representing around 35% of the company's share capital. This substantial family ownership underscores a long-standing commitment to the company's strategic direction.

Key Institutional Investors in Ferrovial

Institutional investors and hedge funds collectively owned 22.28% of Ferrovial's stock as of the first quarter of 2025. These entities play a crucial role in the company's public trading landscape.

• DekaBank Deutsche Girozentrale
• Bank of New York Mellon Corp
• Allianz Asset Management GmbH
• Other institutional asset managers

The strategic re-domiciliation of Ferrovial to the Netherlands and its subsequent listing on the Nasdaq have been instrumental in broadening its access to global capital markets. This international focus aligns with Ferrovial's extensive Revenue Streams & Business Model of Ferrovial, which spans infrastructure development and management worldwide. The company's structure and ownership are designed to support its global expansion and operational efficiency, ensuring it can effectively manage its diverse portfolio of projects and investments across various continents.

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As of July 2025, Ferrovial SE's Board of Directors is structured to reflect significant shareholder representation and robust independent oversight. Rafael del Pino y Calvo-Sotelo holds the position of Executive Chairman, a role he has maintained for Ferrovial SE since 2023 and for Ferrovial, S.A. since 2000. His substantial indirect shareholding of 21.35% through Rijn Capital SARL positions him as a key figure in the company's ownership and voting power.

Ferrovial operates under a strict one-share-one-vote principle, with its issued share capital comprising 729,559,951 shares as of December 2024. The company's commitment to good governance is evident in its board composition, where 9 out of 12 directors, representing 75% of the board, are classified as independent according to Dutch and U.S. regulations. This structure ensures a balance of interests and a focus on long-term value creation. The 2025 Shareholders' Meeting, held on April 24, 2025, saw 70.43% of the issued and outstanding share capital in attendance or represented, approving key resolutions including the re-election of Rafael del Pino as Chairman. The company's strategic internationalization, including its move to the Netherlands and Nasdaq listing in 2024, has further refined its corporate governance framework to meet global standards.

Ferrovial's Governance and Shareholder Influence

Ferrovial's board structure and voting power are designed to ensure effective management and shareholder representation. The company's governance is influenced by its major shareholders and a strong contingent of independent directors.

• Executive Chairman Rafael del Pino y Calvo-Sotelo holds significant indirect voting power.
• A majority of the board members are independent directors.
• The company adheres to a one-share-one-vote system.
• Shareholder meetings demonstrate high participation rates, influencing key decisions.
• Recent international listings have enhanced compliance and governance standards.

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Ferrovial has seen significant shifts in its ownership structure and strategic direction over the past few years. Key developments include its re-domiciliation to the Netherlands in June 2023 and its subsequent listing on Nasdaq in May 2024, aimed at boosting its international profile and market access.

These strategic asset rotations and shareholder return initiatives are indicative of broader industry trends focused on portfolio optimization. Despite internationalization efforts and increased institutional ownership, the del Pino family, notably Rafael del Pino, continues to maintain a significant and controlling stake, providing a stable foundation for the company's strategic decisions. This blend of family control and global investor participation shapes the current Ferrovial ownership landscape.

Internationalization Strategy

Ferrovial's re-domiciliation to the Netherlands and Nasdaq listing in 2024 underscore its commitment to global financial markets. This move aims to enhance its international visibility and access to capital.

Strategic Asset Management

The company has actively managed its portfolio through significant divestments and acquisitions. These transactions, such as the sale of stakes in Heathrow and the acquisition of a larger share in 407 ETR, reflect a strategy of optimizing asset allocation.

Shareholder Value Focus

Ferrovial has demonstrated a consistent focus on returning value to its shareholders. Significant distributions through dividends and share buyback programs in 2024 and planned for 2025 highlight this commitment.

Dominant Family Influence

The del Pino family remains a pivotal shareholder, maintaining a controlling interest. This enduring influence ensures continuity in the company's strategic vision and governance, as detailed in its Brief History of Ferrovial.

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