Ferrovial is a global infrastructure company that develops, finances, builds, and operates toll roads and airports under long-term concessions. Toll roads, managed through wholly-owned subsidiary Cintra, are the core of the business. North American assets generate roughly 97% of the highway division's EBITDA. The flagship asset is 407 ETR, a 108 km all-electronic highway in the Greater Toronto Area where Ferrovial holds a 48.3% stake and sets toll rates freely without prior government approval. The U.S. portfolio consists of managed lanes — express toll lanes embedded within existing highway corridors in Dallas–Fort Worth, Northern Virginia, and Charlotte — which charge dynamic prices updated every few minutes based on congestion. On the airport side, Ferrovial sold Heathrow and AGS Airports in 2025 and now holds a 49% stake in the New Terminal One under construction at JFK (targeting a Fall 2026 opening) and a 60% stake in Dalaman Airport in Turkey. Ferrovial's business model centers on bidding for decades-long concession rights, project-financing assets with non-recourse debt, and collecting dividends from the concession vehicles once debt service is covered. Ferrovial also operates a construction business through Ferrovial Construction, Budimex in Poland, and Webber in Texas, with a record order book. A growing Energy segment builds solar and transmission assets. Ferrovial's growth strategy focuses on winning new U.S. managed lanes concessions, expanding its airport terminal pipeline in North America, and developing renewable energy assets.