Ferrovial is a global infrastructure development company that operates through two complementary business models: construction services and long-term concession assets. The construction division acts as a project integrator, delivering large-scale engineering and infrastructure projects for public and private clients, while relying on subcontractors for execution. The company also owns and operates a diversified portfolio of long-term infrastructure concessions, including toll highways in North America and Europe, airport terminals, and related facilities, generating revenue from user fees, tolls, passenger volumes, and operational services. Ferrovial's earnings depend on construction contract revenues and recurring income streams from concession-based operations, though both are exposed to traffic volumes, economic cycles, construction risks, and competitive pressures in capital-intensive infrastructure markets.