Ferrovial Launches New EUR 800 Mln Share Repurchase Program Following Termination Of Current Buyback

Ferrovial has terminated its ongoing buyback program effective at the close of U.S. markets today, with final repurchase totals to be disclosed; that program was announced on March 14, 2025 and commenced June 2, 2025. The company has authorized a new share repurchase plan—approved at the April 24, 2025 shareholder meeting—allowing up to €800 million to buy a maximum of 15 million shares (about 2.04% of issued share capital) from December 15, 2025 through October 15, 2026, subject to early termination or extension. Goldman Sachs will execute purchases independently under the new program, reflecting a continued capital-return policy that could provide buy-side support for the stock.

Analysis

Ferrovial terminated its ongoing share buyback program effective at the close of U.S. markets today; that program was announced on 14 March 2025 and commenced on 2 June 2025, with final repurchase totals and amounts to be disclosed in due course. The company has secured shareholder approval from the 24 April 2025 general meeting to launch a new program, signaling continuity in capital-return policy.

The new program authorizes up to €800 million of repurchases with a cap of 15 million shares, representing roughly 2.04% of issued share capital, and runs from 15 December 2025 to 15 October 2026 with possible extension or early termination. Goldman Sachs has been appointed to execute purchases independently, indicating execution will be broker-driven and potentially opportunistic across the trading window.

The announcement is mildly positive for investor sentiment as it confirms ongoing buyback intent, but the capped 2.04% scope limits the potential EPS and share-price uplift to a modest level relative to larger programs. Key near-term informational catalysts are the disclosure of totals for the terminated program and the initial execution cadence under the new plan beginning 15 December 2025; these will determine whether buybacks are material or primarily symbolic support.

Key Decisions for Investors

• Await disclosure of final totals from the terminated program before materially changing position sizes, as that reveals actual capital deployed and execution aggressiveness
• Monitor Goldman Sachs execution reports and any volume/price patterns after 15 December 2025 to assess whether the €800m cap will be approached; consider incrementally increasing exposure if repurchases are sizable and sustained
• Treat the new program as modest positive support (max ~2.04% share reduction) rather than a driver of significant valuation re-rating, and consider hedging short-term exposure if market volatility rises during the gap between programs