# Ferrovial S.E.

Ferrovial S.E. is an other based in Madrid, Spain.

## Overview

- **Organization type:** other
- **Headquarters:** Madrid, Spain
- **Region:** Europe
- **Address:** Madrid, Spain
- **Founded:** 1952
- **Assets under management:** Undisclosed
- **Website:** ferrovial.com

## Regulatory record

- **Reports private funds:** No

## About

Ferrovial was founded in 1952 by Rafael del Pino y Moreno as a small construction company in Madrid. The del Pino family retains controlling ownership today, with Chairman Rafael del Pino y Calvo-Sotelo — the founder's son — leading a publicly traded entity listed on the Spanish stock exchange and, since 2023, the Dutch Euronext after a controversial corporate move. The firm's strategy spans the full infrastructure value chain: design, construction, financing, operation, and maintenance. Core asset classes include toll roads (407 ETR in Toronto, the NTE and LBJ Express in Texas), airports (Heathrow, Aberdeen, Glasgow, Southampton), and energy infrastructure focused on renewables. Ferrovial has been an active partner in large public-private partnerships across the US and Europe. Scale is substantial: Ferrovial reported €9.4 billion in revenue in 2023 (per Q4 2023 earnings). Its employee base exceeds 24,000. The del Pino family's wealth is channeled through a separate single-family office, but Ferrovial itself remains a public operating company. No separate philanthropic foundation is publicly listed apart from corporate social responsibility initiatives. A structural differentiator is Ferrovial's vertically integrated model — it both builds and owns the assets it operates. This creates a long-term incentive alignment rare among construction firms: the company retains equity in assets for decades, managing maintenance and upgrades rather than flipping completed projects.

## Sectors

- Infrastructure
- Construction
- Real Estate
- Mobility & Transportation
- Energy Transition & Renewables

## Offices

- London, United Kingdom
- Boston, United States

## People

- Rafael del Pino y Calvo-Sotelo — Chairman
- Ignacio Madridejos — CEO

## Questions

### What investment stages does Ferrovial target?

Ferrovial targets the full lifecycle: greenfield development (design-build-finance), brownfield acquisitions of existing assets, and long-term operational management. Its portfolio includes both early-stage PPP projects and mature toll-road concessions.

### Which sectors does Ferrovial explicitly avoid?

Ferrovial does not engage in residential real estate development or speculative commercial construction. Its focus is exclusively on infrastructure: toll roads, airports, energy, and water. It has exited non-core businesses such as services and waste management in prior years.

### Does Ferrovial participate in fund commitments or only direct deals?

Ferrovial primarily invests directly in operating assets and development projects. It has occasionally partnered with infrastructure funds (e.g., its stake in 407 ETR involved Ontario Municipal Employees Retirement System), but the firm does not commit capital to third-party funds.

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Last updated: 2026-06-03T20:00:00.000Z

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