Ferrovial Announces €600 Million Interim Distribution, Offering Cash or Shares
Key Facts
On October 27, 2026, Ferrovial announced a total interim distribution of €600 million from its reserves, allowing shareholders to choose between receiving the amount in cash or in company shares. A summary published by PR Newswire quoted the company as saying the choice rests with shareholders, describing the distribution as payable in cash or Ferrovial shares. The structure gives investors a choice between receiving cash and increasing their holdings of company shares. The summary did not specify the distribution per share. The announcement comes as the company prepares to publish its third-quarter operating results.
The announced amount is an increase on the previous interim distribution Ferrovial announced on May 7, 2026, which totaled €400 million. The company’s interim management report filed with the U.S. Securities and Exchange Commission said that distribution was also available in cash or shares at shareholders’ choice and funded from company reserves. The total distribution announced in this new transaction is therefore higher than in the May announcement, while the choice between cash and shares remains available in both cases. In a separate disclosure of its first-quarter results, the company said the previous distribution was €0.5578 per share. That figure applied to the May distribution and does not set the value per share for the new distribution.
The outcome of shareholders’ choices in the previous transaction showed broad acceptance of shares or no explicit election. In a filing with the U.S. regulator, Ferrovial said holders of 75.55% of outstanding shares had made no election or had chosen to receive the distribution in shares as of the May 19, 2026, record date. As a result, the company delivered 5,230,564 treasury shares during June instead of increasing its issued share capital. This provides a practical precedent for how the two options may be implemented in this year’s distribution, but does not predetermine what shareholders will choose this time. Under the terms of the new announcement, a shareholder who does not submit an election during the specified period will be deemed to have chosen shares.
A Ferrovial document filed with the U.S. regulator sets the election period between November 9 and 20, 2026. Shareholders may receive the distribution in cash or shares; failure to submit an election during the period will be treated as a choice of shares. The distribution amount per share will be announced on November 3, according to the timetable in the filing. The ex-distribution date is November 5 in the European market and November 6 in the United States, which is also the record date stated in the timetable. Cash distributions are due to be paid and shares delivered from December 10.
According to the 2026 shareholder meeting documents, the board’s plan is to make one or more interim distributions during the year equivalent to around €1 billion in cash, with the option to receive the amount in cash or shares. The new €600 million distribution fits within that stated plan, alongside the previous €400 million distribution in May. The targeted cash equivalent does not mean all shareholders will receive cash, since the mechanism also allows them to choose shares and defaults to shares when a shareholder gives no instruction. The previous transaction shows how a large part of the distribution ended up as treasury shares delivered to shareholders. Details of the number of shares or the per-share distribution in the new transaction will follow the disclosure dates set by the company.
In trading, EL7 data showed Ferrovial shares closing at €50.35 on October 26, 2026, compared with a close of €49.23 on October 20. The price record lists these two closes in the period before the announcement, without linking the move to the distribution. As part of its corporate calendar, Ferrovial said it would release its third-quarter operating results on October 27 after the U.S. market close. It also scheduled a management conference to present the results for October 28 at 3:00 p.m. Central European Time. The results will be released before the per-share distribution amount is announced on November 3, followed by the ex-distribution, election and payment dates set out in the company’s filing.