# EDGAR Filing Document

**Accession Number:** 0001468522
**File Stem:** 0001104659-26-019858
**Filing Date:** 2026-2
**Character Count:** 58237
**Document Hash:** aadd113d3714ee99353d22be1b6bdfd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-019858.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001104659-26-019858

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ferrovial SE
- **CENTRAL INDEX KEY:** 0001468522
- **STANDARD INDUSTRIAL CLASSIFICATION:** HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293768
- **FILM NUMBER:** 26681125

**BUSINESS ADDRESS:**
- **STREET 1:** GUSTAV MAHLERPLEIN 61-63
- **STREET 2:** SYMPHONY TOWERS, 14TH FLOOR
- **CITY:** AMSTERDAM
- **STATE:** P7
- **ZIP:** 1082 MS
- **BUSINESS PHONE:** 31 20798 37 00

**MAIL ADDRESS:**
- **STREET 1:** GUSTAV MAHLERPLEIN 61-63
- **STREET 2:** SYMPHONY TOWERS, 14TH FLOOR
- **CITY:** AMSTERDAM
- **STATE:** P7
- **ZIP:** 1082 MS

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ferrovial, S.A.
- **DATE OF NAME CHANGE:** 20091203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cintra Concesiones de Infraestructuras de Transporte, S.A.
- **DATE OF NAME CHANGE:** 20090716

**As filed with the Securities and Exchange Commission on February 25, 2026**

Registration No. 333-

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM S-8<br> REGISTRATION STATEMENT**

*UNDER<br> THE SECURITIES ACT OF 1933*

**FERROVIAL SE**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **The Netherlands** | **98-1732985** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

**Gustav Mahlerplein 61-63**

**Symphony Towers, 14** **<sup>th</sup> Floor**

**1082 MS Amsterdam**

**The Netherlands**

**Tel: +31 20 798 37 00**

(Address, including zip code, and telephone number, including area code, of principal executive offices)

**PERFORMANCE-BASED SHARE PLAN OF "FERROVIAL SE" FOR EXECUTIVES 2023-2025**

**PERFORMANCE-BASED SHARE PLAN OF "FERROVIAL SE" FOR EXECUTIVE DIRECTORS AND SENIOR MANAGEMENT 2023-2025**

**PERFORMANCE-BASED SHARE PLAN OF "FERROVIAL SE" FOR EXECUTIVES 2026-2028**

**PERFORMANCE-BASED SHARE PLAN OF "FERROVIAL SE" FOR EXECUTIVE DIRECTORS AND SENIOR MANAGEMENT 2026-2028**

**RESTRICTED STOCK UNIT PLAN OF "FERROVIAL SE" FOR ELIGIBLE EMPLOYEES 2026-2028**

(Full title of the plans)

**CT Corporation System**

**28 Liberty Street**

**New York, NY 10005**

(Name and address for agent for service)

**+1 212 894 8940**

(Telephone number, including area code, of agent for service)

---

| | |
|:---|:---|
| *Copies to:* | *Copies to:* |
| **Evan Simpson**<br> **Sullivan & Cromwell LLP**<br> **1 New Fetter Lane**<br> **London EC4A 1AN**<br> **United Kingdom**<br> **+44 (0)20 7959-8426** | **Tijmen Klein Bronsvoort**<br> **De Brauw Blackstone Westbroek N.V.**<br> **Burgerweeshuispad 201**<br> **1076 GR Amsterdam**<br> **The Netherlands**<br> **+31 20 577 1357** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer ◻ <br> Non-accelerated filer ¨ Smaller reporting company ◻ <br> Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 (the "Registration Statement") is being filed by Ferrovial SE (the "Registrant") for the purpose of registering 1,430,227 ordinary shares of the Registrant, €0.01 par value per share, for issuance under (i) the Performance-Based Share Plan of "Ferrovial SE" for Executives 2023-2025, (ii) the Performance-Based Share Plan of "Ferrovial SE" for Executive Directors and Senior Management 2023-2025, (iii) the Performance-Based Share Plan of "Ferrovial SE" for Executives 2026-2028, (iv) the Performance-Based Share Plan of "Ferrovial SE" for Executive Directors and Senior Management 2026-2028; and (v) Restricted Stock Unit Plan of "Ferrovial SE" for Eligible Employees 2026-2028.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS**

The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"), and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the plans covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act. These documents and the documents incorporated herein by reference pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents filed with the Securities and Exchange Commission (the "Commission") by the Registrant are incorporated herein by reference (other than, in each case, documents or information deemed to have been furnished and not filed in accordance with Commission rules) by the Registrant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registrant's Annual Report on <u>[Form 20-F for the year ended December 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001468522/000162828026011789/fer-20251231.htm)</u>, filed with the Commission on February 25, 2026 (File No. 001-41912); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the description of the Registrant's ordinary shares, €0.01 par value per share, contained in <u>[Exhibit 2.1](https://www.sec.gov/Archives/edgar/data/1468522/000162828026011789/exhibit21-descriptionofs.htm)</u> to the Registrant's Annual Report on <u>[Form 20-F for the year ended December 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001468522/000162828026011789/fer-20251231.htm)</u>, and filed with the Commission on February 25, 2026 (File No. 001-41912), including any amendments or reports filed for the purpose of updating such description.

All reports and other documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and, to the extent designated therein, certain Reports of Foreign Private Issuer on Form 6-K furnished by the Registrant to the Commission, in each case, subsequent to the effective date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement indicating that all securities offered under the Registration Statement have been sold, or deregistering all securities then remaining unsold, are also incorporated herein by reference and shall be a part hereof from the date of the filing or furnishing of such documents.

Any statement contained in this Registration Statement, in an amendment hereto or in a document incorporated or deemed incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document or report which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement in such document. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Under Dutch law, the management of a company is a joint undertaking and each director can be held jointly and severally liable to the Registrant for damages in the event of improper or negligent performance of their duties. Directors may incur additional specific civil liabilities (including *vis-à-vis* third parties) and criminal liabilities. All directors are jointly and severally liable for failure of one or more co-directors. An individual director is only exempted from liability if he or she proves that he or she cannot be held seriously culpable for the mismanagement and that he has not been negligent in seeking to prevent the consequences of the mismanagement. In this regard a director may, however, refer to the allocation of tasks between the directors.

The Registrant has not itself indemnified, neither in its articles of association or otherwise, the members of the Board of Directors. The Registrant does maintain insurance to insure its directors and officers against certain liability relating to their conduct in their capacity as director or officer, subject to certain limitations, including that the coverage of such insurance does not apply in case of a deliberately dishonest or a deliberately fraudulent act.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

The exhibits included as part of this Registration Statement are as follows:

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Exhibit** |
| [4.1](https://www.sec.gov/Archives/edgar/data/1468522/000110465924001882/tm2326351d12_ex1-1.htm) | [Articles of Association of the Registrant (incorporated by reference to Exhibit 1.1 to the Registrant's Registration Statement on Form 20-F (File No. 001-41912) filed on January 5, 2024).](https://www.sec.gov/Archives/edgar/data/1468522/000110465924001882/tm2326351d12_ex1-1.htm) |
| [5.1\*](tm267060d1_ex5-1.htm) | [Opinion of De Brauw Blackstone Westbroek N.V.](tm267060d1_ex5-1.htm) |
| [23.1\*](tm267060d1_ex23-1.htm) | [Consent of PricewaterhouseCoopers Auditores, S.L., Independent Registered Public Accounting Firm.](tm267060d1_ex23-1.htm) |
| [23.2\*](tm267060d1_ex23-2.htm) | [Consent of Ernst & Young, S.L., Independent Registered Public Accounting Firm.](tm267060d1_ex23-2.htm) |
| [23.3\*](tm267060d1_ex5-1.htm) | [Consent of De Brauw Blackstone Westbroek N.V. (included in Exhibit 5.1).](tm267060d1_ex5-1.htm) |
| [24.1\*](#a_001) | [Power of Attorney (included on signature page hereto).](#a_001) |
| [99.1](https://www.sec.gov/Archives/edgar/data/1468522/000162828026011789/exhibit410ps23-25executi.htm) | [2025 General Conditions of the Performance-Based Share Plan of the Registrant for Executives 2023-2025, together with the form of Specific Conditions thereunder (incorporated by reference to Exhibit 4.10 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2025 (File No. 001-41912) filed on February 25, 2026.](https://www.sec.gov/Archives/edgar/data/1468522/000162828026011789/exhibit410ps23-25executi.htm) |
| [99.2](https://www.sec.gov/Archives/edgar/data/1468522/000162828026011789/exhibit49ps23-25execdire.htm) | [2025 General Conditions of the Performance-Based Share Plan of the Registrant for Executive Directors and Senior Management 2023-2025, together with the form of Specific Conditions thereunder (incorporated by reference to 4.9 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2025 (File No. 001-41912) filed on February 25, 2026.](https://www.sec.gov/Archives/edgar/data/1468522/000162828026011789/exhibit49ps23-25execdire.htm) |
| [99.3](https://www.sec.gov/Archives/edgar/data/1468522/000162828026011789/exhibit412ps23-25executi.htm) | [General Conditions of the Performance-Based Share Plan of "Ferrovial SE" for Executives 2026-2028, together with the form of Specific Conditions thereunder (incorporated by reference to Exhibit 4.12 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2025 (File No. 001-41912) filed on February 25, 2026.](https://www.sec.gov/Archives/edgar/data/1468522/000162828026011789/exhibit412ps23-25executi.htm) |
| [99.4](https://www.sec.gov/Archives/edgar/data/1468522/000162828026011789/exhibit411ps26-28execdir.htm) | [General Conditions of the Performance-Based Share Plan of "Ferrovial SE" for Executive Directors and Senior Management 2026-2028, together with the form of Specific Conditions thereunder (incorporated by reference to Exhibit 4.11 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2025 (File No. 001-41912) filed on February 25, 2026.](https://www.sec.gov/Archives/edgar/data/1468522/000162828026011789/exhibit411ps26-28execdir.htm) |
| [99.5](https://www.sec.gov/Archives/edgar/data/1468522/000162828026011789/exhibit413registeredstoc.htm) | [General Conditions of the Restricted Stock Unit Plan of "Ferrovial SE" For Eligible Employees 2026-2028, together with the form of Specific Conditions thereunder (incorporated by reference to Exhibit 4.13 to the Registrant's Annual Report on Form 20-F for the year ended December 31, 2025 (File No. 001-41912) filed on February 25, 2026.](https://www.sec.gov/Archives/edgar/data/1468522/000162828026011789/exhibit413registeredstoc.htm) |
| [107\*](tm267060d1_exfilingfee.htm) | [Filing Fee Table.](tm267060d1_exfilingfee.htm) |

---

\* Filed herewith.

**Item 9. Undertakings.**

(a) The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;

*provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration Statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where
applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that
is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.

**POWER OF ATTORNEY AND SIGNATURES**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Ignacio Madridejos Fernández and Ernesto López Mozo, and each of them, as such individual's true and lawful attorney in fact and agent with full power of substitution, for such individual in any and all capacities, to sign any and all amendments to this Registration Statement on Form S-8 (including post-effective amendments), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said attorneys in fact, proxy and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys in fact, proxy and agent, or the individual's substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Amsterdam, The Netherlands, on February 25, 2026.

---

| | |
|:---|:---|
| **FERROVIAL SE** | **FERROVIAL SE** |
| By: | /s/ Ignacio Madridejos Fernández |
| Name: | Ignacio Madridejos Fernández |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| By: | /s/ Ernesto López Mozo |
| Name: | Ernesto López Mozo |
| Title: | Chief Financial Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement on Form S-8 has been signed by the following persons in the capacities indicated on February 25, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Rafael del Pino Calvo-Sotelo | Chairman of the Board and Executive Director |
| **Rafael del Pino Calvo-Sotelo** |  |
| /s/ Óscar Fanjul Martin | Vice Chairman of the Board |
| **Óscar Fanjul Martin** |  |
| /s/ Ignacio Madridejos Fernández | Chief Executive Officer and Executive Director |
| **Ignacio Madridejos Fernández** | *(Principal Executive Officer)* |
| /s/ María del Pino | Director |
| **María del Pino** |  |
| /s/ José Fernando Sánchez-Junco | Director |
| **José Fernando Sánchez-Junco** |  |
| /s/ Philip Bowman | Director |
| **Philip Bowman** |  |
| /s/ Hanne Sørensen | Director |
| **Hanne Sørensen** |  |
| /s/ Bruno Di Leo | Director |
| **Bruno Di Leo** |  |
| /s/ Juan Hoyos | Lead Director |
| **Juan Hoyos** |  |
| /s/ Gonzalo Urquijo | Director |
| **Gonzalo Urquijo** |  |
| /s/ Hildegard Wortmann | Director |
| **Hildegard Wortmann** |  |
| /s/ Ernesto López Mozo | Chief Financial Officer |
| **Ernesto López Mozo** | *(Principal Financial Officer and Principal Accounting Officer)* |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Ferrovial SE, has signed this registration statement in Houston, Texas on February 25, 2026.

---

| | |
|:---|:---|
| Ferrovial Holding US Corp. | Ferrovial Holding US Corp. |
| (Authorized Representative in the United States) | (Authorized Representative in the United States) |
| By: | /s/ Matthew W. Little |
| Name: | Matthew W. Little |
| Title: | President |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
|  | Advocaten <br> Notarissen <br> Belastingadviseurs |
|  | ![](tm267060d1_ex5-1img001.jpg) |
| **Exhibit 5.1**<br> To: Ferrovial SE <br> Gustav Mahlerplein 61-63 <br> Symphony Towers, 14th Floor <br> 1082 MS Amsterdam <br> The Netherlands | Burgerweeshuispad 201 <br> Postbus 75084 <br> 1070 AB Amsterdam<br>T +31 20 577 1771 <br> F +31 20 577 1775 |

---

---

| | | |
|:---|:---|:---|
| Date 25 February 2026 | Date 25 February 2026 | Tijmen Klein Bronsvoort<br> E Tijmen.Kleinbronsvoort@debrauw.com<br> T +31 20 577 1357<br> F +31 20 577 1775 |
| | | Tijmen Klein Bronsvoort<br> E Tijmen.Kleinbronsvoort@debrauw.com<br> T +31 20 577 1357<br> F +31 20 577 1775 |
| Our ref. | M46409719/1/20761830 | Tijmen Klein Bronsvoort<br> E Tijmen.Kleinbronsvoort@debrauw.com<br> T +31 20 577 1357<br> F +31 20 577 1775 |
|  |  | Tijmen Klein Bronsvoort<br> E Tijmen.Kleinbronsvoort@debrauw.com<br> T +31 20 577 1357<br> F +31 20 577 1775 |
| Re: | Registration with the US Securities and Exchange Commission of shares in the share capital of the Issuer | Registration with the US Securities and Exchange Commission of shares in the share capital of the Issuer |
| Dear Sir/Madam, | Dear Sir/Madam, | Dear Sir/Madam, |

---

**Registration with the US Securities and Exchange Commission of<br> ordinary shares in the share capital of the Issuer**

---

| | |
|:---|:---|
| **1** | **Introduction** |

---

We, De Brauw Blackstone Westbroek N.V. ("**De Brauw**", "**we**", "**us**" and "**our**", as applicable), act as Dutch legal adviser to the Issuer in connection with the Registration.

Certain terms used in this opinion are defined in **Annex 1** (*Definitions*).

---

| | |
|:---|:---|
| **2** | **Dutch Law** |

---

This opinion (including all terms used in it) is to be construed in accordance with Dutch law. It is limited to Dutch law and the law of the European Union, to the extent directly applicable in the Netherlands, in effect on the date of this opinion and accordingly, we do not express any opinion on other matters such as matters of fact.

De Brauw Blackstone Westbroek N.V., Amsterdam, is registered with the Trade Register in the Netherlands under no. 27171912.

All services and other work are carried out under an agreement of instruction ("overeenkomst van opdracht") with De Brauw Blackstone Westbroek N.V. The agreement is subject to the General Conditions, which have been filed with the register of the District Court in Amsterdam and contain a limitation of liability.

Client account notaries ING Bank IBAN NL83INGB0693213876 BIC INGBNL2A.

![](tm267060d1_ex5-1img001.jpg)

---

| | |
|:---|:---|
| **3** | **Scope of Inquiry** |

---

We have examined, and relied upon the accuracy of the factual statements in, the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the FISE Articles of Association, as provided to us by the Chamber of Commerce (*Kamer van Koophandel*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer Articles of Association, as provided to us by the Chamber of Commerce (*Kamer van Koophandel*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trade Register Extract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Board Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of each Corporate Resolution.

In addition, we have obtained the following confirmations on the date of this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Confirmation by telephone from the Chamber of Commerce that the Trade Register Extract is up to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Confirmation through
 https://data.europa.eu/data/datasets/consolidated-list-of-persons-groups-and-entities-subject-to-eu-financial-sanctions?locale=en
 and https://www.rijksoverheid.nl/documenten/rapporten/2015/08/27/national e-terrorismelijst that the Issuer is not included on any
 Sanctions List.

(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Confirmation through https://insolventies.rechtspraak.nl; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) confirmation through www.rechtspraak.nl, derived from the segment for EU registrations of the Central
Insolvency Register;

in each case that the Issuer is not registered as being subject to Insolvency Proceedings.

We have not examined any document, and do not express an opinion on, or on any reference to, any document other than the documents referred to in this paragraph 3. Our examination has been limited to the text of the documents and we have not investigated the meaning and effect of any document (or part of it) governed by a law other than Dutch law under that other law.

**2** / 13

![](tm267060d1_ex5-1img001.jpg)

---

| | |
|:---|:---|
| **4** | **Assumptions** |

---

We have made the following assumptions:

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Issuer has been duly incorporated as a public limited liability company under the laws of England
and Wales and was validly converted into a European public limited liability company (*Societas Europaea*) under the laws of England
and Wales on 13 December 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Issuer transferred its registered office to the Netherlands on 26 March 2019, and has maintained
its head office in the Netherlands since such date.

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each copy document conforms to the original and each original is genuine and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each signature is the genuine signature of the individual concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each confirmation referred to in paragraph 3 is true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Registration Statement has been or will have been filed with the SEC in the form referred to in this
opinion.

(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The FISE Articles of Association were in force on the date of the Corporate Resolution set forth under
(a) of the definition of "Corporate Resolutions".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Issuer Articles of Association were in force on the date of the Corporate Resolutions set forth under
(b) of the definition of "Corporate Resolutions", and will remain in force without modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Mr. Carlos Cerezo Paredes was the Issuer's Chief Human Resources Officer on the date of the Corporate
Resolution set forth under (c) of the definition of "Corporate Resolutions".

**3** / 13

![](tm267060d1_ex5-1img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Board Rules were in force on the date of the Corporate Resolutions or, where the Board
Rules were not in force at the date of a Corporate Resolution, such Corporate Resolution was adopted in accordance with the prevailing
board rules at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Board Rules will remain in force without modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Performance-Based Share Plan for Executives 2023-2025 and the Performance-Based Share Plan for Executive
Directors and Senior Management 2023-2025 fall within the scope of the Long-Term Incentive Plan 2023-2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Each Corporate Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) has been duly adopted and remains in force without modification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) complies with the requirements of reasonableness and fairness (*redelijkheid en billijkheid*).

(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Issuer's authorised share capital at the time of issue of any Registration Share was sufficient to
allow for the issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Registration Shares will, at the time of their Delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) have been issued (*uitgegeven*) in the form and manner prescribed by the Issuer Articles of Association
and Dutch law at the time of issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) have been acquired by the Issuer in the form and manner prescribed by the Issuer Articles of Association
and Dutch law at the time of the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) have been retained by the Issuer as Shares in its own capital, free from encumbrances and attachments;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) have been transferred, and accepted by their transferees, in accordance with the relevant Plan and any
grant document under the relevant Plan, and in accordance with all applicable laws (including, for the avoidance of doubt, Dutch law).

**4** / 13

![](tm267060d1_ex5-1img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The nominal amount of the Registration Shares and any agreed share premium has been validly paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Registration Shares will be Delivered under the Performance-Based Share Plan for Executives 2026-2028
or the Restricted Stock Unit Plan for Eligible Employees 2026-2028 to the Issuer's statutory directors as remuneration in their capacity
as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Performance-Based Share Plan for Executive Directors and Senior Management 2026-2028 will be approved
by the Issuer's general meeting, to the extent required by law.

(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At the time of the Registration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the relevant Plan will be in full force and effect without modification (other than any change of any
maximum aggregate number of Shares that may be issued (*uitgegeven*) or Delivered under the relevant Plan); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the aggregate number of Registration Shares that will be registered under the relevant Plan will not exceed
the maximum number permitted under that Plan.

---

| | |
|:---|:---|
| **5** | **Opinion** |

---

Based on the documents and confirmations referred to and assumptions made in paragraphs 3 and 4 and subject to the qualifications in paragraph 6 and any matters not disclosed to us (including force (*bedreiging*), fraud (*bedrog*), undue influence (*misbruik van omstandigheden*) or a mistake (*dwaling*), we are of the following opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer exists as a European public limited liability company (*Societas Europaea*) under the
laws of the Netherlands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Issuer has the corporate power to perform the Delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that when Delivered, the Registration Shares will have been validly delivered without the need for further
authorization; and

**5** / 13

![](tm267060d1_ex5-1img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that when Delivered, the Registration Shares will be fully paid up and nonassessable<sup>1</sup>.

---

| | |
|:---|:---|
| **6** | **Qualifications** |

---

This opinion is subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This opinion is subject to any limitations arising from (a) rules relating to bankruptcy, suspension
of payments or Preventive Restructuring Processes, (b) rules relating to foreign (i) insolvency proceedings (including
foreign Insolvency Proceedings), (ii) arrangement or compromise of obligations or (iii) preventive restructuring frameworks,
(c) any other collective judicial or administrative proceeding in any jurisdiction pursuant to a law relating to insolvency, (d) other
rules regulating conflicts between rights of creditors, or (e) intervention and other measures in relation to financial enterprises
or their affiliated entities.

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An extract from the Trade Register does not provide conclusive evidence that the facts set out in it are
correct. However, under the 2007 Trade Register Act (*Handelsregisterwet 2007*), subject to limited exceptions, a legal entity or
partnership cannot invoke the incorrectness or incompleteness of its Trade Register registration against third parties who were unaware
of the incorrectness or incompleteness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A confirmation from an Insolvency Register does not provide conclusive evidence that an entity is not
subject to Insolvency Proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) We do not express any opinion on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the requirement that the Issuer's shareholders who are in equal circumstances are treated equally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whether, prior to their Delivery, the Shares have been validly issued (*uitgegeven*), were validly
acquired by the Issuer, and were retained by the Issuer until the Delivery, and in respect of these matters we have exclusively relied
on the assumptions set out in paragraph 4; and

<sup>1</sup> In this opinion, "nonassessable" – which term has no equivalent in Dutch – means, in relation to a share, that the issuer of the share has no right to require the holder of the share to pay to the issuer any amount (in addition to the amount required for the share to be fully paid) solely as a result of his shareholdership.

**6** / 13

![](tm267060d1_ex5-1img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (i) tax matters, (ii) anti-trust, state-aid or competition laws, (iii) financial assistance,
(iv) sanctions laws, (v) in rem matters and (vi) any laws that we, having exercised customary professional diligence, could
not be reasonably expected to recognize as being applicable to the Delivery to which this opinion relates.

---

| | |
|:---|:---|
| **7** | **Reliance** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This opinion is an exhibit to the Registration Statement and may be relied upon for the purpose of the
Registration and not for any other purpose. It may not be supplied, and its contents or existence may not be disclosed, to any person
other than as an Exhibit to (and therefore together with) the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each person accepting this opinion agrees, in so accepting, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) only De Brauw (and not any other person) will have any liability in connection with this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) De Brauw's liability in connection with this opinion is limited to the amount that is paid out in the
specific case under De Brauw's professional liability insurance, increased by the applicable deductible (*eigen risico*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the agreements in this paragraph 7 and all liability and other matters relating to this opinion will be
governed exclusively by Dutch law and the Dutch courts will have exclusive jurisdiction to settle any dispute relating to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) file this opinion as an exhibit to the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) refer to De Brauw giving this opinion in the Exhibit Index in the Registration Statement.

The previous two sentences are no admittance from us that we are in the category of persons whose consent for the filing and reference as set out in that sentence is required under article 7 of the Securities Act or any rules or regulations of the SEC promulgated under it.

**7** / 13

![](tm267060d1_ex5-1img001.jpg)

*[Signature page to follow]*

**8** / 13

![](tm267060d1_ex5-1img001.jpg)

Yours faithfully,

De Brauw Blackstone Westbroek N.V.

/s/ Tijmen Klein Bronsvoort

Tijmen Klein Bronsvoort

*Kandidaat-notaris,* acting as party adviser (*partijadviseur*) for the Issuer

**9** / 13

![](tm267060d1_ex5-1img001.jpg)

**Annex 1 – Definitions**

In this opinion:

"**2026-2028 Performance-Based Share Plans**" means the Performance-Based Share Plan for Executives 2026-2028 and the Performance-Based Share Plan for Executive Directors and Senior Management 2026-2028.

"**Board**" means the board of directors of the Issuer.

"**Board Rules**" means the board rules of the Issuer as published on the Issuer's website on the date of signing this opinion.

"**BW**" means the Dutch Civil Code.

"**Corporate Resolutions**" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resolution of the Issuer's (at that time named "Ferrovial International SE") general meeting
dated 13 June 2023, approving the Long-Term Incentive Plan 2023-2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution of the Board, as adopted on 18 December 2025 and as reflected in a written
 confirmation of the resolution having been adopted by the Board in that meeting dated 25 February 2026, to (i) approve the
 2026-2028 Performance-Based Share Plans and the Restricted Stock Unit Plan for Eligible Employees 2026-2028, and (ii) delegate
 the authority to determine the general terms and conditions of the 2026-2028 Performance-Based Share Plans and the Restricted Stock
 Unit Plan for Eligible Employees 2026-2028 to the Issuer's Chief Human Resources Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a written declaration of Mr. Carlos Cerezo Paredes, the Issuer's Chief Human Resources Officer, dated
25 February 2026, to determine the general terms and conditions of the 2026-2028 Performance-Based Share Plans and the Restricted Stock
Unit Plan for Eligible Employees 2026-2028.

"**De Brauw**" means De Brauw Blackstone Westbroek N.V., and "**we**", "**us**" and "**our**" are to be construed accordingly.

"**Delivered**" or "**Delivery**" means the transfer (*levering*) by the Issuer of Shares held by the Issuer in its own capital.

"**Dutch law**" means the law directly applicable in the Netherlands.

**10** / 13

![](tm267060d1_ex5-1img001.jpg)

"**Ferrovial SA**" means Ferrovial, S.A., a company incorporated under the laws of Spain, which acted as disappearing company under the Merger.

"**FISE Articles of Association**" means the Issuer's (at that time named "Ferrovial International SE") articles of association dated 22 May 2023.

"**Insolvency Proceedings**" means insolvency proceedings as defined in Article 2(4) of Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast).

"**Issuer**" means Ferrovial SE, a European public limited liability company (*Societas Europaea*) existing under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands, registered address at Gustav Mahlerplein 61-63, Symphony Towers, 14th Floor, 1082 MS Amsterdam, and registered with the Dutch Trade register under number 73422134.

"**Issuer Articles of Association**" means the Issuer's articles of association dated 15 June 2023.

"**Long-Term Incentive Plan 2023-2025**" means the Issuer's long-term incentive plan 2023-2025 as approved by the general shareholders' meeting of Ferrovial SA on 13 April 2023 and approved by the Issuer's (at that time named "Ferrovial International SE") general meeting dated 13 June 2023.

"**Merger**" means the cross-border legal merger within the meaning of title 2.7 BW with the Issuer (at that time named "Ferrovial International SE") as acquiring company, and Ferrovial SA as disappearing company, which became effective on 16 June 2023.

"**Performance-Based Share Plan for Executives 2023-2025**" means the performance-based share plan of the Issuer for Executives 2023-2025, which is included as Exhibit 99.1 to the Registration Statement, dated 15 December 2022.

"**Performance-Based Share Plan for Executive Directors and Senior Management 2023-2025**" means the performance-based share plan of the Issuer for Executive Directors and Senior Management 2023-2025, which is included as Exhibit 99.2 to the Registration Statement, dated 15 December 2022.

"**Performance-Based Share Plan for Executives 2026-2028**" means the performance-based share plan of the Issuer for Executives 2026-2028, which is included as Exhibit 99.3 to the Registration Statement, dated 18 December 2025.

"**Performance-Based Share Plan for Executive Directors and Senior Management 2026-2028**" means the performance-based share plan of the Issuer for Executive Directors and Senior Management 2026-2028, which is included as Exhibit 99.4 to the Registration Statement, dated 18 December 2025.

**11** / 13

![](tm267060d1_ex5-1img001.jpg)

"**Plans**" means each of:

(a) the Performance-Based Share Plan for Executives 2023-2025;

(b) the Performance-Based Share Plan for Executive Directors and Senior Management 2023-2025;

(c) the Performance-Based Share Plan for Executives 2026-2028;

(d) the Performance-Based Share Plan for Executive Directors and Senior Management 2026-2028; and

(e) the Restricted Stock Unit Plan for Eligible Employees 2026-2028.

"**Preventive Restructuring Processes**" means public and/or undisclosed preventive restructuring processes within the meaning of the Dutch Act on Court Confirmation of Extrajudicial Restructuring Plans *(Wet homologatie onderhands akkoord).*

"**Registration**" means the registration of the Registration Shares with the SEC under the Securities Act pursuant to the Registration Statement.

"**Registration Shares**" means 1,430,227 Shares, to be registered with the SEC under the Securities Act pursuant to the Registration Statement.

"**Registration Statement**" means the registration statement with the SEC on Form S-8 dated on or about 25 February 2026 in relation to the Registration (excluding any documents incorporated by reference in it and any exhibits to it).

"**Restricted Stock Unit Plan for Eligible Employees 2026-2028**" means the restricted stock unit plan of the Issuer for Eligible Employees 2026-2028, which is included as Exhibit 99.5 to the Registration Statement, dated 18 December 2025.

"**Sanctions List**" means each of:

(a) each list referred to in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Article 2(3) of Council Regulation (EC) No 2580/2001 of 27 December 2001 on specific restrictive
measures directed against certain persons and entities with a view to combating terrorism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Article 2 of Council Regulation (EC) No 881/2002 of 27 May 2002 imposing certain specific restrictive
measures directed against certain persons and entities associated with the ISIL (Da'esh) and Al-Qaida organisations, and repealing Council
Regulation (EC) No 467/2001 prohibiting the export of certain goods and services to Afghanistan, strengthening the flight ban and extending
the freeze of funds and other financial resources in respect of the Taliban of Afghanistan; or

**12** / 13

![](tm267060d1_ex5-1img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Article 1(1) of the Council Common Position of 27 December 2001 on the application of specific
measures to combat terrorism; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the national terrorism list (*nationale terrorismelijst*) of persons and organisations designated
under the Sanction Regulation Terrorism 2007-II (*Sanctieregeling terrorisme 2007-II*).

"**SEC**" means the United States Securities and Exchange Commission.

"**Securities Act**" means the United States Securities Act of 1933, as amended.

"**Shares**" means ordinary shares (*gewone aandelen*) in the share capital of the Issuer.

"**the Netherlands**" means the part of the Kingdom of the Netherlands located in Europe.

"**Trade Register Extract**" means a Trade Register extract relating to the Issuer provided by the Chamber of Commerce and dated 25 February 2026.

**13** / 13

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Ferrovial SE of our report dated February 25, 2026 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in Ferrovial SE's Annual Report on Form 20-F for the year ended December 31, 2025.

/s/ PricewaterhouseCoopers Auditores, S.L.<br> Madrid, Spain<br> February 25, 2026

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the (i) Performance-Based Share Plan of Ferrovial SE for Executives 2023-2025, (ii) Performance-Based Share Plan of Ferrovial SE for Executive Directors and Senior Management 2023-2025, (iii) Performance-Based Share Plan of Ferrovial SE for Executives 2026-2028, (iv) Performance-Based Share Plan of Ferrovial SE for Executive Directors and Senior Management 2026-2028, (v) Restricted Stock Unit Plan of Ferrovial SE for Eligible Employees 2026-2028, of our report dated February 27, 2025, with respect to the consolidated financial statements of Ferrovial SE (formerly, Ferrovial, S.A.) included in its Annual Report (Form 20-F) for the year ended December 31, 2025, filed with the Securities and Exchange Commission.

/s/Ernst & Young, S.L.

Madrid, Spain

February 25, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ferrovial SE**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Ordinary shares, EUR0.01 par value per share -- issuable under the Performance-Based Share Plan of "Ferrovial, S.E." for Executives 2023-2025 | Other | 175918 | $72.63 | $12776924.34 | 0.0001381 | $1764.49 |
| 2 | Equity | Ordinary shares, EUR0.01 par value per share -- issuable under the Performance-Based Share Plan of "Ferrovial, S.E." for Executive Directors and Senior Management 2023-2025 | Other | 156755 | $72.63 | $11385115.65 | 0.0001381 | $1572.28 |
| 3 | Equity | Ordinary shares, EUR0.01 par value per share -- issuable under the Performance-Based Share Plan of "Ferrovial, S.E." for Executives 2026-2028 | Other | 527753 | $72.63 | $38330700.39 | 0.0001381 | $5293.47 |
| 4 | Equity | Ordinary shares, EUR0.01 par value per share -- issuable under the Performance-Based Share Plan of "Ferrovial, S.E." for Executive Directors and Senior Management 2026-2028 | Other | 470264 | $72.63 | $34155274.32 | 0.0001381 | $4716.84 |
| 5 | Equity | Ordinary shares, EUR0.01 par value per share -- issuable under the Restricted Stock Unit Plan of "Ferrovial, S.E." for Eligible Employees 2026-2028 | Other | 99537 | $72.63 | $7229372.31 | 0.0001381 | $998.38 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $103877387.01  |  | $14345.46  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $14345.46  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> 1(a) Pursuant to Rule 416 of the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall be deemed to cover any additional ordinary shares, EUR0.01 par value per share ("Ordinary Shares"), of Ferrovial SE (the "Registrant") that may from time to time become issuable under the Registrant's Performance-Based Share Plan for Executives 2023-2025, Performance-Based Share for Executive Directors and Senior Management 2023-2025, Performance-Based Share Plan for Executives 2026-2028, Performance-Based Share Plan for Executive Directors and Senior Management 2026-2028, and Restricted Stock Unit Plan for Eligible Employees 2026-2028 (together, the "Plans") by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without receipt of consideration that increases the number of the Registrant's outstanding Ordinary Shares. 1(b) Consists of 1,430,227 Ordinary Shares that may become issuable under the Plans pursuant to their terms. 1(c) Estimated solely for purposes of calculating the registration fee pursuant to Rules 457(h) and 457(c) of the Securities Act, the proposed maximum offering price per share and proposed maximum aggregate offering price are based upon the average of the high and low prices of the Registrant's Ordinary Shares as reported on the Nasdaq Global Select Market on February 23, 2026. 1(d) The Registrant does not have any fee offsets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> See Note 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup> See Note 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>4</sup> See Note 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>5</sup> See Note 1

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| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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