Expected Business Performance in 2022

Expected Business Performance


In 2021, dividends of 469 million euros were distributed, compared to 340 million euros in the previous year. Regarding the short and medium-term impact of COVID-19 on the main toll roads assets, to the extent that the population already exceeds 80% with the full vaccination pattern and new variants do not emerge with governments imposing mobility restrictions, it is expected traffic to continue its recovery rapidly. The company will continue to focus its efforts on maximizing the quality of the service provided by optimizing its revenues and costs, within the framework allowed by the concession contracts.

  • In Canada, the 407 ETR toll road was impacted by the mobility restrictions imposed due to the emergence of new COVID-19 variants. Despite this, the highest traffic data has been registered in the last quarter of 2021, since the outbreak of the pandemic. Heavy vehicles have shown a stronger recovery than light vehicles, boosted by growth in e-commerce and logistics.In an environment of recovery from the impacts caused by COVID-19, the 407 ETR will continue to focus on optimization and cost control measures, without abandoning the development of its strategy to generate value for the user. The toll road will maintain its investment in the Data Lab to better determine the behavior of users and to be able to personalize its value propositions, as well as improve its customer management systems, which will enable it to provide more personalized attention through loyalty plans and individualized offers. As a result of these strategic investments, 407 ETR will be in a privileged position to face the new challenges ahead. 
  • In the United States, the Managed Lanes were impacted by the mobility restrictions resulting from the COVID-19 pandemic; however, traffic recovery has been remarkable across all assets as these restrictions have been eased in the various jurisdictions. This traffic evolution demonstrates the solidity of the Managed Lanes solution and the economic strength of the environments in which the company operates, which has made it possible to mitigate the loss of revenue by taking advantage of the tariff flexibility of the Managed Lanes contracts. In addition, Cintra will continue executing projects under construction: I-66 and segment 3C of NTE35W.
  • In Australia, Cintra will continue to manage the Toowomba toll road, which was opened to traffic in September 2019. In addition, the Western Roads Upgrade project was fully opened to traffic in November 2021.
  • In the other markets, Cintra will continue to operate the assets already in operation, including the D4R7 highway in Slovakia, which opened in full in October 2021. It will also complete the opening to traffic of several sections of the Ruta del Cacao, in Colombia, and will continue with the execution of the construction of Silvertown, in the United Kingdom. 
  • Despite the sale of the Norte Litoral concessions and the planned sale of Via do Infante (Algarve), Cintra will maintain a contract with the DIF infrastructure fund to manage both assets until the end of the concessions.
  • In December 2021, Cintra formalized the purchase of a 24.86% stake in IRB Infrastructure Developers Ltd and its entry into the Asian market. IRB Infrastructure Developers Ltd is listed on the Bombay Stock Exchange and manages around 24 projects and 2,000 kilometers of highways in India.

In addition, Cintra will continue its bidding activity in the company’s target regions (North America, Europe, Australia, Colombia, Chile and Peru), focusing primarily on complex greenfield projects, given their high potential for value creation.


In 2022, a partial recovery in traffic is expected after the last two years impacted by COVID-19, estimating traffic of 45.5 million passengers at Heathrow and 8.8 million passengers at AGS. Heathrow is not expected to recover 2019 traffic levels over the next regulatory period, which ends in 2026. In the case of AGS, it is not expected to recover 2019 passenger levels before 2025. There is high uncertainty due to the impact on traffic of governmental or international decisions that restrict or preclude passenger flows so any estimates will need to be reviewed periodically. 

Heathrow and AGS will prepare operations for the estimated increase in passengers to do so in an efficient and safe manner.

Vertiports’ strategy for the 2022 financial year is focused on growth, certification processes and the creation of an innovative, versatile team with experience in the different sectors that encompass vertiports. 

From a growth point of view, success will be based on the number of lands leased for the operation of landfills and on continuing to negotiate and strengthen relationships with eVTOL companies to which Ferrovial can add value through its landfills. 

In terms of certification processes, Vertiports’ plans to continue developing a fluid relationship with the interstate and state agencies that regulate airspace and, in this way, ensure that the certification of both vertiports and eVTOLs is on track. 

Ferrovial Airports has not distributed dividends in 2021. In the coming years, the payment of dividends will largely depend on the duration and future evolution of the pandemic, passenger traffic and the evolution of the business.

During 2022 Ferrovial Airports will continue to analyze investment opportunities that arise worldwide, placing special emphasis on those identified as sustainable infrastructures with high concession value.


The outlook for 2022, by markets, is as follows:

In Spain, a similar level of sales to 2021 is expected thanks to the stable evolution of contracting in comparison with previous years, with no significant impact from the COVID-19 pandemic. Likewise, a stabilization in the prices of materials is expected, as well as the implementation of changes and measures by the Public Administrations to mitigate the impacts derived from this effect. In the medium term, a boost in the bidding process is expected as a result of the receipt of Next Generation European funds, in addition to the good dynamic of public initiatives in transport and health infrastructures. 

In international markets, the positive profitability trend is expected to continue in 2020 and 2021, to progressively reach the 3.5% EBIT target set in the Horizon24 Strategic Plan for Construction. This consolidation of margins is based on the improvement of operational processes in all phases of the project and the differential technical capabilities of the Construction division. This is despite not counting on the positive contribution of divested businesses during 2021, the expected increase in bidding costs due to the high volume of projects to be tendered and the impact of inflationary processes. However, inflationary processes are expected to have less impact than in previous quarters due to both the bidding cycle and the price control mechanisms implemented using statistical analysis and predictive models based on artificial intelligence to estimate bid costs, the signing of long-term supply contracts with closed prices in those projects where it is possible to implement them, and the introduction of price review clauses in contracts.

  • In the USA and Canada, the favorable investment in transport infrastructure by the provinces and states will continue, supported by the Canada’s Infrastructure Plan and the recent approval of the new US Infrastructure Investment and Jobs Act, which will provide additional impetus at the federal level. Also, in the medium term, the pipeline continues to be high, with P3/DBF projects where Ferrovial is the leader together with Ferrovial Construction as a builder. A slight reduction in the level of sales is expected for 2022 due to the completion of large projects such as the Grand Parkway, and the slower execution of new contracts such as the extension of I-35 in San Antonio and a highway in Bibb County, also in Texas. 
  •  In Poland, public tenders maintain good prospects thanks to the national road and railway investment plans until 2025-26. Likewise, a high level of funding allocation is expected under the new 2021-27 EU multiannual financial framework that guarantees future stability of investment in the country. In 2022, sales are expected to remain stable, maintaining the strategy of greater selectivity in contracting, prioritizing profitability.
  •  In the rest of the European markets, the United Kingdom stands out, where, despite the delays in tendering due to Brexit and COVID-19, the promotion of major infrastructure works linked to the tendering of public works programs continues. Sales in 2022 will be reduced due to the completion of projects such as the Northern Line Extension in London or the Highway D4R7 in Bratislava.
  • In Latin America and other markets such as Australia, there is a favorable pipeline in which concession projects stand out together with other Ferrovial divisions, and other relevant metro and tunnel works, such as the recently awarded new section of the Sydney Metro. A strong increase in the level of sales is expected for 2022, supported by the execution of contracts awarded in previous years.

In summary, a stable level of sales is expected for 2022, with good bidding opportunities in the future. Finally, profitability margins are expected to consolidate, in percentage terms, thanks to the strategic discipline of project selection, the implementation of control measures and the improvement of operational processes and active management in the execution of works.


In Mobility, the forecast is for 2022 to be very close to normality, after a 2021 still very much affected by COVID-19. Zity’s strategy is to expand its presence in other cities and MaaS Global expects to grow in Europe and Japan. Ferrovial is also exploring other opportunities in the transition to electric vehicles and in the mobility ecosystem in North America and Europe. 

In Energy Infrastructure, in the area of renewable energy, Ferrovial will begin executing greenfield projects in key markets with a technology-independent approach. Ferrovial will also actively scan the market for profitable, value-added acquisitions that will help it drive growth and navigate the learning curve efficiently. In transmission lines, the company will continue to focus on expanding its assets, mainly in Latin America, participating in public and private tenders, leveraging its existing presence and accelerating its integration throughout the value chain.

Ferrovial’s capabilities and experience in innovation and value creation in transport infrastructure provide a solid foundation for participating, leading and adapting to changes in both sectors.