The Shareholders’ Meeting approved the 2023 financial statements and the company’s Climate Strategy Report ,Ferrovial increased adjusted EBITDA by 36.1% while revenue grew by 12.8% in 2023
Ferrovial held its Annual Shareholders Meeting on Thursday, after excellent operating performance in 2023, a year marked by the company’s listing on Amsterdam as a prelude to its debut in the United States.
During the meeting, Ferrovial’s Chairman, Rafael del Pino, highlighted that the company ended 2023 with adjusted EBITDA of €991 million (+36.1%) and €460 million in net profit (+148%), including a significant contribution from the construction business in Spain and Poland. He also emphasized the strong performance of Ferrovial’s main infrastructure assets, especially in North America, where revenue experienced double-digit growth due to improved traffic and tariff increases.
Del Pino noted that 2023 was another year in which Ferrovial invested actively, with capital expenditure reaching €454 million, 70% of which was allocated to the United States.
INTERNATIONALIZATION PROCESS
Simultaneous listing of Ferrovial shares in Spain and the Netherlands in June 2023 represented a significant milestone in the company’s internationalization, and it is now preparing to list ordinary shares on the Nasdaq in the United States.
Ferrovial shares ended 2023 at €33.02, having appreciated 34.9% in the year, compared with 22.9% of the IBEX 35 index, and 14.2% of the Amsterdam AEX Index. “The market seems to back what the vast majority of shareholders approved in 2023,” said Del Pino.
Ferrovial’s CEO, Ignacio Madridejos, emphasized the company’s geographic diversification. He noted that the United States and Canada currently generate 36% of revenue, while Poland accounts for 25% and Spain for 17%. In particular, Madridejos pointed to the momentum of the US market in 2023, where the company signed new construction projects worth more than 2 billion dollars.
“In 2023, the company performed very well. Both our toll roads and airport assets experienced significant growth in traffic. Heathrow Airport in the United Kingdom achieved its third-highest passenger volume ever. Additionally, the Construction division delivered a noteworthy performance, contributing to Ferrovial’s strong operating cash flows and affirming our sound financial position,” added Madridejos.
Ferrovial reaffirmed its leading position in sustainability in 2023 as it was included in the Dow Jones Sustainability Index for the 22nd consecutive year and is making significant progress towards its goal of carbon neutrality by 2050.
Ferrovial’s CEO concluded by setting out the company’s priorities for 2024, such as the commitment to sustainable growth, focusing on the development and operation of innovative, efficient infrastructure, paying particular attention to its key markets —the United States, Canada, Spain, and Poland— but also actively exploring opportunities in other countries.
MEETING RESOLUTIONS
In addition to the 2023 financial statements, the shareholders approved the issue of new shares for the purpose of implementing one or more flexible dividends in similar terms to the previous year. At the Shareholders’ Meeting it was explained that they would amount to a cash equivalent of approximately 550 million euro.
The Shareholders’ Meeting supported the company’s Climate Strategy report. That document, aligned with the recommendations of the Task Force for Climate-Related Financial Disclosures (TCFD), describes the company’s progress in reducing greenhouse gas emissions and the steps required to achieve its stated objectives. Ferrovial was the first Spanish company to submit this document to a vote at the Shareholders’ Meeting, in 2021, and was also the first to do so in the Netherlands.
The shareholders also granted discharge to the executive and non-executive directors for 2023 and approved the Annual Remuneration Report and the re-appointment of Ernst & Young as external auditors for 2024.
