Key Highlights

  • Ferrovial's Euronext Amsterdam delisting took effect Sept. 11, 2026, after a last trading day on Sept. 10.
  • Amsterdam handled only 0.15% of average daily volume, against 59.21% on Nasdaq and 40.63% on the Spanish exchanges, the company said.
  • First-half 2026 Revenue rose 11.3% like-for-like to €4.7 billion and adjusted EBITDA rose 21.6% to €746 million.
  • Ferrovial is a member of both the Nasdaq-100 and Spain's IBEX 35, and Nasdaq now accounts for close to 60% of its trading volume following the Amsterdam exit.

Ferrovial (NASDAQ:FER) has stopped trading in Amsterdam for a simple reason: almost nobody was trading its shares there. The infrastructure group's ordinary shares were Delisted from Euronext Amsterdam effective Sept. 11, 2026, after a final trading day on Sept. 10, leaving the stock listed only on Nasdaq and the Spanish stock exchanges.

In the notice it filed with the US Securities and Exchange Commission on Aug. 13, Ferrovial said Euronext Amsterdam accounted for only 0.15% of the company's average daily trading volume. Nasdaq accounted for 59.21% and the Spanish exchanges for 40.63%. Given that imbalance, the company said keeping the Dutch listing was no longer justified and that dropping it would simplify its listing structure in line with its long-term strategy.

The move does not change where Ferrovial is incorporated. In a further filing on Sept. 11, confirming the delisting had taken effect, the company said it remains a Dutch company subject to the Dutch corporate governance and regulatory framework, with its registered seat in Amsterdam.

Tracing the Road From Madrid to Nasdaq

The Amsterdam exit completes a multi-year reshaping of Ferrovial's capital-markets profile. In 2023 the Spanish-founded group moved its corporate seat to the Netherlands through a cross-border merger, arguing that a Dutch Holding Company would ease its path to a US listing. The Amsterdam listing came with that redomiciliation and was always intended as a bridge rather than the main trading venue.

Ferrovial then listed on the Nasdaq Global Select Market in May 2024 under the ticker FER, keeping its shares quoted in Madrid, Barcelona, Bilbao and Valencia. It is now a member of the Nasdaq-100 as well as Spain's IBEX 35, according to the company's Sept. 11 filing. The trading data it disclosed suggest the US line has become the primary venue, with Nasdaq accounting for close to 60% of volume.

For shareholders, the practical change is limited to where the stock can be traded. Shares remain available in Spain and in the United States, and Ferrovial's reporting obligations as a foreign private issuer, including filings on Form 6-K, continue.

First-Half Results Show North American Momentum

The listing change comes after a strong first half. In results released on July 28, Ferrovial reported revenue of €4.7 billion for the six months to June 30, 2026, up 11.3% on a like-for-like basis. Adjusted EBITDA rose 21.6% like-for-like to €746 million, and net profit was €258 million.

Chief Executive Ignacio Madridejos said the group had delivered exceptional first-half results driven by strength in North America and construction momentum.

The Highways division remains the core of the Investment case. Highways revenue rose 15.8% like-for-like to €740 million, and adjusted EBITDA increased 13.4% to €530 million. At Toronto's 407 ETR toll road, traffic grew 1.8% and revenue per trip rose 17.7%, and the concession approved a CAD 550 million distribution for the third quarter of 2026. Among Ferrovial's US managed lanes, revenue per transaction increased between 8.7% and 18.9% across the NTE, LBJ, NTE 35W, I-77 and I-66 projects, although transaction volumes were mixed, ranging from a 5.2% decline on I-77 to an 8.5% gain on I-66.

Construction and Airports Round Out the Portfolio

Construction, historically the most volatile part of Ferrovial, posted an adjusted EBIT Margin of 3.5% in the first half, in line with the company's long-term target, and its order book reached an all-time high of €18.0 billion.

In Airports, the flagship project is the New Terminal One at New York's John F. Kennedy International Airport. The company said construction was 92% complete at the end of June and that it had completed Equity injections totaling $1.1 billion. Ferrovial has already reduced its exposure to London's Heathrow after selling most of its stake in 2024, which has sharpened the group's focus on North American toll roads and airports.

Where Ferrovial Sits Among Infrastructure Peers

Ferrovial competes for concessions and construction contracts with European groups such as Vinci, ACS and its US Subsidiary Turner, and Eiffage, as well as infrastructure investors including Macquarie and Brookfield (NYSE:BN). Its distinguishing feature is its portfolio of dynamically priced express lanes in Texas, North Carolina and Virginia, where tolls rise with congestion, and its long-term stake in 407 ETR, where pricing power has driven revenue per trip higher.

That North American skew helps explain the delisting. With most of its value in the United States and Canada, and most of its trading on Nasdaq, Ferrovial has less need for a third venue in continental Europe. Concentrating Liquidity in fewer markets can also reduce administrative costs, although the company has not quantified any savings.

Risks to Weigh

The delisting itself carries limited operational risk, but investors should keep other factors in view. Toll-road Earnings depend on traffic, which can weaken in an economic downturn, and on regulatory tolerance for price increases, which can become politically sensitive. Transaction declines on some US managed lanes in the first half show that volume trends are not uniformly positive.

Construction margins can swing on cost overruns and contract disputes, and large projects such as JFK's New Terminal One carry execution and financing risk until they open. Currency is another factor: Ferrovial reports in euros but earns much of its profit in US and Canadian dollars. Finally, removing the Amsterdam line leaves a small group of shareholders who traded there needing to use other venues, although the volume data suggest that group is very small.

Confirming Ferrovial's Nine-Month North America Trends

The next scheduled catalyst is Ferrovial's nine-month trading update, which the company has typically published in late October or early November. Investors will look for continued revenue-per-trip gains at 407 ETR, traffic trends on the US managed lanes, and whether construction margins hold near 3.5%.

Progress toward the opening of JFK's New Terminal One, further distributions from 407 ETR and the managed lanes, and any new US concession awards are other markers to track. With Amsterdam gone, Nasdaq trading volume and the stock's standing in the Nasdaq-100 will be a cleaner gauge of how far Ferrovial's shift toward US investors has progressed.