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Ferrovial's New Share Repurchase Program: A Strategic Shift

Ferrovial SE, a prominent global infrastructure firm, has made a significant announcement regarding its share repurchase strategy. On December 12, 2025, the company confirmed the termination of its previous share buyback program, originally initiated on March 14, 2025, and effectively executed since June 2, 2025. This pivotal step allows Ferrovial to embark on a new phase with a freshly designed share repurchase initiative.

The company has set specific objectives for this new program, reflecting its commitment to strategic growth and enhancing shareholder value. According to Ferrovial’s statement, the new repurchase program aims to acquire shares in alignment with actions related to future projects that support the broader strategic goals of the company. Notably, this includes ventures in industrial projects and various corporate actions associated with the allocation or disposition of treasury shares.

Key Features of the New Share Repurchase Program

The details surrounding the new program are illustrative of Ferrovial's forward-thinking approach:
1. Maximum Investment: The new repurchase program allows for a maximum investment of €800 million.
2. Share Limits: Under this program, Ferrovial plans to purchase up to 15 million shares, which constitutes approximately 2.04% of its total issued share capital.
3. Acquisition Conditions: Shares will be acquired based on the price determined by the last independent trade or the highest current independent purchase bid. Importantly, on any trading day, purchases will be limited to no more than 25% of the average daily volume of shares traded.
4. Duration of the Program: The new initiative is set to run from December 15, 2025, to October 15, 2026, with provisions to extend or terminate depending on the circumstances and the interests of the company and its stakeholders.
5. Transparency and Disclosure: Ferrovial commits to disclosing any amendments to the repurchase program and all transactions made under it, ensuring compliance with existing regulations, particularly within EU markets.
6. Broker Engagement: The investment bank Goldman Sachs has been appointed to handle share purchases on behalf of Ferrovial, ensuring that decisions regarding trading are made independently, yet aligned with the company's overall strategy.

Implications for Stakeholders

The cessation of the current share buyback program and the introduction of the new one demonstrate Ferrovial's adaptive strategy in a volatile market environment. Stakeholders, including investors and analysts, will be closely observing how these changes impact the company's share price and overall market reputation.

This new approach to repurchasing shares is not just a financial maneuver; it reflects Ferrovial's broader strategy to invest in its future and engage in projects that reinforce its position as a leader in the infrastructure sector. The company continues to align its operations with sustainable practices, adhering to the principles of the UN Global Compact, which it has supported since 2002.

Forward-Looking Statements

As Ferrovial executes these strategies, there are inherent risks associated with market activities and fluctuating economic conditions. Factors such as geopolitical issues, changes in regulatory environments, and competitive pressures will be critical for Ferrovial to monitor closely. The company emphasizes the necessity of balancing its ambitious growth objectives with prudent financial management, particularly in light of recent economic fluctuations.

In conclusion, with the new share repurchase program, Ferrovial is setting the stage for both value creation for its shareholders and continued commitment to its strategic vision in infrastructure development. The operational efficiencies and robust project scopes anticipated in the upcoming years will likely redefine the company's market presence, providing a compelling narrative for investors moving forward.