Ferrovial announces a 2025 interim scrip dividend
Rhea-AI Summary
Ferrovial SE (FER) has announced an interim scrip dividend totaling EUR 228 million, offering shareholders the choice between cash or shares. The dividend per share will be announced on May 21, 2025. Shares will trade ex-dividend on May 22, 2025, for European exchanges and May 23, 2025, for Nasdaq, with a record date of May 23, 2025.
Shareholders can elect their preference between May 26-June 6, 2025 (for Euroclear/Iberclear participants) or May 27-June 6, 2025 (for DTC participants). If no election is made, shareholders will automatically receive shares. The conversion ratio will be determined based on the volume-weighted average price during June 4-6, 2025. Payment and share delivery will commence from June 25, 2025.
The dividend is subject to 15% Dutch withholding tax for cash distributions, while share distributions will incur tax only on the nominal value (EUR 0.01 per share), which Ferrovial will bear.Positive
- Flexibility for shareholders to choose between cash or shares
- Substantial dividend amount of EUR 228 million
- Company bears the Dutch dividend withholding tax for share distributions
Negative
- 15% Dutch dividend withholding tax applies to cash distributions
- Default option automatically issues shares if no election is made
- Complex election process with different deadlines for different markets
News Market Reaction – FER
On the day this news was published, FER gained 5.11%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Ferrovial shares will trade ex-dividend as of 22 May 2025 (the "European Ex-Dividend Date") on the
The number of existing Ferrovial shares entitled to one new Ferrovial share (the "Ratio") will be determined based on the volume weighted average price of all traded Ferrovial shares on the Spanish Stock Exchanges on 4, 5 and 6 June 2025. Ferrovial will calculate the Ratio such that the gross EUR value of dividend in shares will be approximately equal to the gross dividend in cash.
The Ratio and the number of new Ferrovial shares to be issued in connection with the scrip dividend is expected to be announced on 23 June 2025.
Ferrovial shareholders are given the opportunity to indicate their election between cash and new Ferrovial shares:
(1) | from 26 May 2025 (9:00 am Central European Summer Time, "CEST") until 6 June 2025 (5:30 pm CEST), in relation to Ferrovial shares held through a custodian as a participant in (i) Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V. ("Euroclear Nederland"), or (ii) Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. Unipersonal ("Iberclear"); and |
(2) | from 27 May 2025[1] (9:00 am Eastern Daylight Time, "EDT") until 6 June 2025 (5:00 pm EDT), in relation to Ferrovial shares held through a custodian as a participant in The Depository Trust Company ("DTC"), or as a holder of shares in registered form directly on the share register of Ferrovial ("Registered Form"). |
If no election is made during the relevant election period, an election for a dividend in shares will be deemed to have been made and the dividend will consequently be paid in shares.
Banks and brokers may process the dividend in accordance with any applicable default option as agreed upon in their respective contractual arrangements with Ferrovial shareholders or may set an earlier deadline for the receipt of election instructions from their clients to those detailed above. Ferrovial shareholders should contact their bank or broker to check their default option and timings.
Distributions in cash, including settlement of share fractions in cash, where applicable, will be made in EUR, other than to Ferrovial shareholders who hold their shares (i) through custodians as participants directly in DTC, or (ii) in Registered Form, who will be paid in USD at the USD/EUR rate as per the BFIX: Bloomberg FX Fixings Frankfurt 2:00 pm CEST fixing of 6 June 2025.
Dividends in cash, where applicable, are in principle subject to
In addition, local tax withholding may be applicable depending on the tax residency, or other tax status of the shareholders.
Additional information about the tax consequences of the scrip dividend can be found at www.ferrovial.com/en/ir-shareholders/share-information/shareholder-remuneration/flexible-dividend/. Ferrovial shareholders are advised to consult their tax advisors regarding these tax consequences in any relevant jurisdictions, including whether they may be entitled to an exemption from Dutch dividend withholding tax or can credit such tax.
Newly issued Ferrovial shares will rank pari passu in all respects with Ferrovial's existing shares.
The following expected timetable applies:
21 May 2025 | : | Announcement of the cash dividend per Ferrovial share |
22 May 2025 | : | European Ex-Dividend Date |
23 May 2025 | : | US Ex-Dividend Date |
23 May 2025 | : | Dividend record date |
26 May 2025 (9:00 am CEST) – 6 June 2025 (5:30 pm CEST) | : | Election period in relation to Ferrovial shares held through a custodian as a participant in Euroclear Nederland or Iberclear |
27 May 2025 (9:00 am EDT) – 6 June 2025 (5:00 pm EDT) | : | Election period in relation to Ferrovial shares held through a custodian as a participant in DTC or a holder of shares in Registered Form |
23 June 2025 | : | Announcement of Ratio and the number of new Ferrovial shares to be issued |
From 25 June 2025 | : | Dividend payment date in cash and delivery of new Ferrovial shares |
If relevant changes to the timetable are made, they will be announced to the market.
Election facilities will be made available via the bank or broker where Ferrovial shares are administered at the start of trading on (i) 26 May 2025 in relation to Ferrovial shares held through a custodian as a participant in Euroclear Nederland or Iberclear, or (ii) 27 May 2025 in relation to Ferrovial shares held through a custodian as a participant in DTC or a holder of shares in Registered Form. Ferrovial shareholders are requested to indicate their choice within the election period set forth above, through their bank or broker, or directly as may be appropriate, to:
(1) | ING Bank N.V., if you are a holder of shares through a custodian that is a participant in Euroclear Nederland or Iberclear; |
(2) | DTC, if you are a holder of shares through a custodian that is a participant in DTC; and |
(3) | Computershare Trust Company, N.A., in accordance with the election form issued, if you are a holder of shares in Registered Form. |
Payment of the cash dividend and delivery of new shares, with settlement of fractions in cash, if required, will take place from 25 June 2025 onwards on the basis of share entitlements on the dividend record date.
Settlement in cash of fractions, if required, will take place based on the volume weighted average price of all traded Ferrovial shares on the Spanish Stock Exchanges on 4, 5 and 6 June 2025.
This document is made available by publication on Ferrovial's website and is the document referred to in article 1 paragraph 4 sub h and article 1 paragraph 5 sub g of the EU Prospectus Regulation (2017/1129). The new Ferrovial shares to be issued as share dividend will be offered and admitted to trading on the Spanish Stock Exchanges, Euronext Amsterdam and Nasdaq without a prospectus. More information on the rights attached to Ferrovial shares can be found at www.ferrovial.com/en/ir-shareholders/corporate-governance/rules-of-organization/ and more information about Ferrovial can be found at www.ferrovial.com/en/ir-shareholders/.
Forward-looking statements
This announcement contains forward-looking statements, which include statements with respect to the Company's interim scrip dividend, including the expected main milestones and timing of the scrip dividend process. Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding payment and timing of the scrip dividend, as well as statements that include the words "expect," "will," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: risks related to our diverse geographical operations; risks related to our acquisitions, divestments and other strategic transactions that we may undertake; the impact of competitive pressures in our industry and pricing, including the lack of certainty and costs in winning competitive tender processes; general economic and political conditions and events and the impact they may have on us, including, but not limited to, volatility or increases in inflation rates and rates of interest, increased costs and availability of materials, and other ongoing impacts resulting from circumstances including changes in tariff regimes, the
About Ferrovial
Ferrovial is one of the world's leading infrastructure companies. The Company operates in more than 15 countries and has a workforce of over 25,000 worldwide. Ferrovial is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq and is a member of
1 26 May 2025 is a public holiday in
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SOURCE Ferrovial