Ferrovial (AO) | Buy | First move on the data-centre development front

Research evidence excerpt

Ferrovial (AO) | Buy | First move on the data-centre development front

ord (US managed lanes). Therefore, Ferrovial's opportunistic approach to this

potentially quite lucrative space, while it builds the relevant know-how, makes full sense to us.

Ferrovial's current data centre exposure

Ferrovial has over 10 years of experience in the data-centre sector, primarily in Spain, where it has built projects for various

international players. In 2022 and 2023, for example, Ferrovial's construction division was awarded the construction of two data

centres for Microsoft, one in Meco and another one in San Sebastian de los Reyes (both in Madrid).

In 2024, Ferrovial created the Digital Infrastructure division to expand its role in the space, moving from construction to becoming

a global investor and developer.

In October 2025, Ferrovial acquired the Spanish telecommunications and systems engineering company Powernet, with the

intention of strengthening its capabilities in the design, development, operation and maintenance of data centres within the

Construction area. Powernet, founded in 1989, is headquartered in Madrid and has offices in Barcelona and A Coruña. It also

offers information systems and telecommunications solutions, providing communications, systems, and network management

services.

In 2025, Ferrovial acquired Sien Real in Poland for the development of a data centre campus in Warsaw. The transaction price

amounted to EUR56m.

On the data-centre land front, Ferrovial purchased two plots in Spain last year for development (no additional details were

provided on location or other characteristics). These acquisitions followed that of another plot of land also aimed at data-centre

development in 2024.

The math of data-centre value generation