Reporting principles


Ferrovial is made up of the parent company, Ferrovial S.A., and its subsidiaries. For detailed information on the companies included, the scope of consolidation can be consulted in the Consolidated Annual Accounts.

During 2022 there have been operations that have led to changes in the perimeter due to the acquisition of companies, the awarding of new contracts or the start of new businesses. There have also been company restructurings. In 2022, the divestments of the Services division continued, with the sale of the Infrastructure Services business in Spain and the sale of Amey, a subsidiary in the United Kingdom, standing out. We also acquired 60% of Dalaman Airport in Türkiye.

For further information, please refer to pages 48-71 of the Business Performance.


The report includes all companies in which Ferrovial has economic control, meaning as a shareholding of over 50%. In these cases, 100% of the information is reported. The list of subsidiaries and associates can be found in Appendix II of the Consolidated Financial Statements, page 284. Although the Services business is treated as an activity classified as financially discontinued, as it is available for sale, in order to comply with the requirements of Law 11/2018 on non-financial information it does include this division in its perimeter, offering a complete view of all aspects and impacts of the business. Therefore, in cases where it is considered material, data from the Services division will be disaggregated.

Likewise, following the indications of the GRI Sustainability Reporting Standards, Ferrovial provides information on indicators and material aspects “outside the organization”, when these data are of sufficient quality, and always separately. Ferrovial considers that the most relevant impacts are those related to the 407 ETR toll road in Canada and the airports in the United Kingdom, entities in which its shareholding does not reach 50%. Some indicators of interest associated with these assets are those relating to indirect emissions (scope 3), user satisfaction, or the number of passengers transiting through the airports.


Ferrovial guarantees the traceability of information relating to Corporate Responsibility thanks to a reporting system, in place since 2007, which allows detailed information to company level, facilitating partial consolidations by geography or business. During 2022, the information requested was periodically reviewed to adapt the system to the information requirements of the company’s different stakeholders and the recommendations of the external and internal auditors. The software used has made it easier for corporate management to collect quarterly information for management and internal reporting to Senior Management.

In 2022, the reporting system enabled the collection of 487 quantitative and qualitative indicators, in 96 companies, thanks to the collaboration of 220 users.


During 2022 there have been a number of changes in the perimeter of companies that may affect the comparability of the data contained in the Report, although in general they are not particularly relevant in comparison with the company as a whole. In order to guarantee maximum transparency and comparability of the data, the body of the report itself indicates when any indicator from previous years has been modified or presents significant changes that affect the comparability of the information. Likewise, the Report takes into account most of the recommendations on the Statement of Non-Financial Information of the National Securities Market Commission (CNMV).


Ferrovial is committed to transparency of the information it shares with the market, through continuous improvement of communication channels with all its stakeholders, based on innovative corporate information that, in addition to financial aspects, takes into account environmental and social variables.

The company considers stakeholders to be individuals or social groups with a legitimate interest who are affected by its present or future actions. This definition includes both stakeholders who are part of the company’s value chain (shareholders, employees, investors, customers and suppliers), considered as partners in the development of the business, and external stakeholders (administrations, governments, the media, analysts, the business sector, trade unions, the third sector and society in general), starting with the local communities in which the company carries out its activities.

This relationship is dynamic, as the environment is changing at an increasingly rapid pace. Ferrovial’s business depends to a large extent on relations with the Public Administrations of the countries in which it operates. Ferrovial holds decision-making positions in organizations that promote Corporate Responsibility at national and international level, such as the SERES Foundation, Forética, the Spanish Global Compact Network, the CEOE’s CSR Committee and the Spanish Association for Quality (AEC). In 2022, Ferrovial held the presidency of the Spanish Group of Green Growth, the CEO is a member of the Executive Committee of Seres Foundation, and a representative of the company was also appointed secretary general of Forética, a position that will become effective in 2023 and 2024. The company also collaborates with other organizations that promote sustainability in different areas, such as the Green Building Council (GBCe), Climate-KIC, Corporate Leaders Group, Pact for the Circular Economy, EU Green Growth Group, Business and Climate Foundation, We Mean Business and European Climate Pact.

Ferrovial is characterized by absolute political neutrality, carrying out its activities for both public administrations and private clients in the countries where it operates. The company does not make financial or in-kind contributions to political parties or electoral candidates. However, Ferrovial is a member of business representation organizations or foundations for commercial exchange between countries linked to the development of its activity or the geographical area in which it operates. Through its presence and collaboration with these organizations, the company aims to contribute to the progress and development of all those fields of action in which it is present. Among these contributions, the contributions made to the Association of Construction Companies and Infrastructure Concessionaires (SEOPAN) or the World Economic Forum stand out.

  • Dalaman Airport, Türkiye.

2020 2021 2022
Contributions to political parties or candidates 0 0 0
Lobbying activities or sector associations 833,976 1,635,430 1,628,315
Trade Associations 99,785 154,875 119,700
Total contribution 933,761 1,790,305 1,748,015


For Ferrovial, material issues are all those that may have a substantial influence on the assessments and decisions of stakeholders, affecting the ability to meet their present needs without compromising future generations.

The double materiality analysis allows Ferrovial to identify and prioritize the most relevant issues for the company and for stakeholders, considering which of them may have a greater potential impact on the company’s financial statements.

This analysis complies with the requirements established by the GRI and SASB reporting standards, which are the standards under which Ferrovial prepares its Integrated Annual Report, which require reporting only on what is material for the companies, avoiding non-relevant information. It also anticipates the European regulatory requirements that will be in force in the short term.

Ferrovial considers it appropriate to perform the materiality analysis on a biennial basis, as there are no significant variations in material issues over a shorter time horizon. Given that the materiality analysis is an ongoing process, this study complements those performed in previous years, its last edition was performed in 2020. However, in the 2022 edition, issues have been considered from a financial and non-financial point of view, applying the concept of double materiality. Ferrovial executives were asked about the potential financial impact on the company’s accounts of the issues identified (financial relevance), while other stakeholders were asked about the importance of these same issues for a company such as Ferrovial (non-financial relevance).

The analysis process was developed in several phases:

  • Identification and validation of issues. By consulting various relevant sources of information (GRI, SASB, World Economic Forum Global Risks, media coverage, sector reports by KPMG, Deloitte and PWC, rating agencies and ESG investors, as well as the materiality of 2020, the main trends and most relevant issues for the sector in which Ferrovial operates were identified. Once the initial list of issues was obtained, it was agreed with the main corporate and business managers, and a final list of 17 issues was determined.
  • Determination of financial relevance. By means of an online survey addressed to the company’s managers, both from corporate areas and business units, in the main geographies in which Ferrovial operates (USA, Canada, United Kingdom, Spain, Poland), they were asked to evaluate and prioritize the material issues identified.
  • Determination of non-financial relevance. Prioritization of issues based on a survey of the different stakeholders (suppliers, customers, NGOs, foundations, trade unions, etc.) in the main geographical areas in which Ferrovial operates.
  • Prioritization. This is the result of graphically cross-referencing financial and non-financial relevance, which is specified in the double materiality matrix.

According to financial relevance, three issues stand out: “Digitalization and Innovation applied to the business”, “Equal opportunities, development, attraction and retention of talent” and “Customer and user satisfaction and safety”. This means that Ferrovial executives consider these to be the three issues with the greatest potential impact on the company’s financial statements, although the impact is moderate or slight in any case.

The priority issues from a non-financial point of view are, in order of importance, “climate change risks and reduction of GHG emissions”, “labor rights and conditions” and “commitment to impacted local communities”. These results indicate that stakeholders consider these issues to be the most relevant in the ESG area.


  • Pomeranian Metropolitan Railway, Gdansk, Poland. © José Manuel Ballester.