# EDGAR Filing Document

**Accession Number:** 0001468522
**File Stem:** 0001104659-25-103100
**Filing Date:** 2025-10
**Character Count:** 63415
**Document Hash:** 973bf274c1941b79bb702facdc3b5165
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-103100.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001104659-25-103100

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251028

**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:** 333-291116
- **FILM NUMBER:** 251424153

**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 October 28, 2025**

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)

------

**DIRECTOR SHARE PLAN OF FERROVIAL SE**

(Full title of the plan)

**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 ¨ Accelerated filer ◻ <br> Non-accelerated filer x 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 50,000 ordinary shares, €0.01 par value per share, of the Registrant ("Ordinary Shares") for issuance under the Director Share Plan of Ferrovial SE.

**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 to be contained in the Section 10(a) prospectus 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 plan 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:

(a) the Registrant's Annual Report on [Form 20-F for the year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468522/000146852225000034/fer-20241231.htm) , accepted on February 27, 2025 and filed with the Commission on February 28, 2025
(File No. 001-41912); and

(b) the description of the Registrant's ordinary shares, €0.01 par value per share, contained in [Exhibit 2.1](https://www.sec.gov/Archives/edgar/data/1468522/000146852225000034/exhibit21-descriptionofs.htm) to the Registrant's Annual Report on [Form 20-F for the year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1468522/000146852225000034/fer-20241231.htm) , accepted on February 27, 2025 and filed with the Commission on February 28, 2025
(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\*](tm2529185d1_ex5-1.htm) | [Opinion of De Brauw Blackstone Westbroek N.V.](tm2529185d1_ex5-1.htm) |
| [23.1\*](tm2529185d1_ex23-1.htm) | [Consent of Ernst & Young, S.L., Independent Registered Public Accounting Firm.](tm2529185d1_ex23-1.htm) |
| [23.2\*](tm2529185d1_ex5-1.htm) | [Consent of De Brauw Blackstone Westbroek N.V. (included in Exhibit 5.1).](tm2529185d1_ex5-1.htm) |
| [24.1\*](#a_001) | [Power of Attorney (included on signature page hereto).](#a_001) |
| [99.1\*](tm2529185d1_ex99-1.htm) | [Director Share Plan of Ferrovial SE.](tm2529185d1_ex99-1.htm) |
| [107\*](tm2529185d1_ex-filingfees.htm) | [Filing Fee Table.](tm2529185d1_ex-filingfees.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 October 28, 2025.

---

| | |
|:---|:---|
| **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 October 28, 2025.

---

| | |
|:---|:---|
| **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/ Alicia Reyes | Director |
| **Alicia Reyes** |  |
| /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 October 28, 2025.

---

| | |
|:---|:---|
| 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 Notarissen Belastingadviseurs

![](tm2529185d1_ex5-1img001.jpg)

Burgerweeshuispad 201 Postbus 75084 <br> To: Ferrovial SE Gustav Mahlerplein 61-63 Symphony Towers, 14th Floor 1082 MS Amsterdam The Netherlands 1070 AB Amsterdam T +31 20 577 1771 F +31 20 577 1775

---

| | | |
|:---|:---|:---|
| Date 28 October 2025 | Date 28 October 2025 | 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. | M45073098/1/20761830/W. | 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.<br>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.<br> Client account notaries ING Bank IBAN NL83INGB0693213876 BIC INGBNL2A.<br>

![](tm2529185d1_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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Directors' Remuneration Policy; 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;(iii) the Directors' Share Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trade Register Extract; 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;(iii) the Board Rules.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Corporate Resolution; 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;(ii) the Board Certificate.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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/nationale-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;&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;&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** / 12

![](tm2529185d1_ex5-1img001.jpg)

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| | |
|:---|:---|
| **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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Articles of Association were in force on the date of the Corporate Resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Board Rules were in force on the date of the Corporate Resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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

**3** / 12

![](tm2529185d1_ex5-1img001.jpg)

&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Registration Shares:

&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 in the form and manner prescribed by the Articles of Association at the time of issue;
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) will have been transferred, and accepted by their subscribers or transferees, in accordance with the Directors'
Remuneration Policy, as may be amended from time to time, and the Directors' Share Plan, as may be amended from time to time, and in accordance
with all applicable laws (including, for the avoidance of doubt, Dutch law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Directors' Remuneration Policy and the Directors' Share Plan remain in full force and effect 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;(B) the aggregate number of Registration Shares that will be registered under the Directors' Share Plan will
not exceed the maximum number permitted under Directors' Share Plan.

---

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

---

Based on the Board Certificate, 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 me (including force (*bedreiging*), fraud (*bedrog*), undue influence (*misbruik van omstandigheden*) or a mistake (*dwaling*), we are of the opinion that when issued, the Registration Shares have been validly issued and are fully paid and nonassessable<sup>1</sup>.

<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.

**4** / 12

![](tm2529185d1_ex5-1img001.jpg)

---

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

---

This opinion is subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the requirement that the Issuer's shareholders who are in equal circumstances are treated equally; 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;(ii) (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 recognise as being applicable to the Issuance to which this opinion relates.

**5** / 12

![](tm2529185d1_ex5-1img001.jpg)

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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;&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.

*[Signature page to follow]*

**6** / 12

![](tm2529185d1_ex5-1img001.jpg)

---

| |
|:---|
| Yours faithfully,<br> De Brauw Blackstone Westbroek N.V. |
| /s/ Tijmen Klein Bronsvoort |
| Tijmen Klein Bronsvoort<br> *Kandidaat-notaris,* acting as party adviser (*partijadviseur*) for the Issuer |

---

**7** / 12

![](tm2529185d1_ex5-1img001.jpg)

**Annex 1 – Definitions**

In this opinion:

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

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

"**Board Certificate**" means the certificate executed on the date of this opinion, and which is attached to this opinion as Annex 2.

"**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 general meeting of the Issuer dated 24 April 2025 to, amongst others, adopt the
Directors' Remuneration Policy, in accordance with article 8.5 of the Articles of Association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution of the Board, as adopted on 28 October 2025 and as reflected in a written confirmation
of the resolution having been adopted by the Board in that meeting dated 28 October 2025 to (i) adopt the Directors' Share Plan;
and (ii) approve the Registration Statement.

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

"**Directors' Share Plan**" means the general terms and conditions of the directors' share plan of the Issuer, in accordance with and within the framework of the Directors' Remuneration Policy, and as approved by the Board on 28 October 2025.

"**Directors' Remuneration Policy**" means the directors' remuneration policy of the Issuer, providing the remuneration framework for the members of the Board, as adopted by the general meeting of the Issuer dated 24 April 2025 and as effective as per 1 January 2025.

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

"**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).

**8** / 12

![](tm2529185d1_ex5-1img001.jpg)

"**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.

"**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 50,000 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 28 October 2025 in relation to the Registration (excluding any documents incorporated by reference in it and any exhibits to it).

"**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

&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.

**9** / 12

![](tm2529185d1_ex5-1img001.jpg)

"**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 28 October 2025.

**10** / 12

![](tm2529185d1_ex5-1img001.jpg)

**Annex 2 – Board Certificate**

**BOARD CERTIFICATE<br> FROM THE BOARD OF DIRECTORS OF FERROVIAL SE**

**THE UNDERSIGNED:**

Mr Ignacio Madridejos, acting in his capacity as executive director of the board of directors of 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, and registered with the Dutch Trade Register under number 73422134 (the "**Issuer**").

**BACKGROUND**

(a) The Issuer intends to seek the Registration.

(b) In connection with the Registration, on the date of this Board Certificate, De Brauw Blackstone Westbroek N.V. intends to issue a
legal opinion in the form attached to this certificate (the "**Legal Opinion** ").

(c) This Board Certificate is the "Board Certificate" as defined in the Legal Opinion.

(d) The undersigned make the certifications in this Board Certificate after due and careful consideration and after having made all necessary
enquiries.

---

| | |
|:---|:---|
| **1** | **CONSTRUCTION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** Terms defined in the Legal Opinion have the same meaning in this Board Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** In this Board Certificate "**including**" means "including without limitation".

---

| | |
|:---|:---|
| **2** | **CERTIFICATION** |

---

The undersigned certifies the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Authenticity** 

As at the date of this Board Certificate all information regarding the Issuer registered or on file with the Dutch Trade Register is correct, complete and up to date.

**11** / 12

![](tm2529185d1_ex5-1img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Solvency** 

The Issuer is not subject to any 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*) or other rules regulating conflicts between rights of creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Documentation** 

The undersigned is not aware of any fact or circumstance (including (i) any lack of capacity of any person, (ii) any conflict of interest, (iii) any force (*bedreiging*), fraud (*bedrog*), undue influence (*misbruik van omstandigheden*) or mistake (*dwaling*), and (iv) any amendment or supplement) which he understands or suspects has or may have the effect that each Corporate Resolution will or may cease to be in force without modification at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **General** 

The undersigned is not aware of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any claim (whether actual or threatened and including any claim, litigation, arbitration or administrative or regulatory proceedings)
to the contrary of the certifications in this Board Certificate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fact or circumstance which he understands or suspects has or might have any impact on the correctness of the Legal Opinion and
which has not been disclosed to De Brauw in writing.

---

| | |
|:---|:---|
| **3** | **RELIANCE** |

---

De Brauw may rely on this Board Certificate (without personal liability for the undersigned).

---

| | |
|:---|:---|
| **4** | **IN EVIDENCE WHEREOF:** |

---

This Board Certificate was signed in the manner set out below.

/s/ Ignacio Madridejos

By: Ignacio Madridejos

Title: Executive Director (Chief Executive Officer)

**12** / 12

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the Director Share Plan of Ferrovial SE, 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, 2024, filed with the Securities and Exchange Commission.

/s/ Ernst & Young, S.L.

Madrid, Spain

October 28, 2025

## Exhibit 99.1

**Exhibit 99.1**

**General Conditions of the<br> Director Share Plan<br> of Ferrovial SE (the "Plan")** 

**Article One.** Purpose and Administration of the Plan**

1.1 The
 Board of Directors (the "Board") of Ferrovial SE (the "Company" or
 "FERROVIAL"), within the framework of the Directors' Remuneration Policy
 approved at the Shareholders Meeting held on 24 April 2025 or any replacement policy (the
 "Policy"), the Board Rules and the Committee (as defined below) Charter, has
 approved this Plan, effective as of 28 October 2025, to offer the directors of the Board
 (the "Directors") awards of restricted shares of the Company as part of the Directors'
 remuneration in their capacity as such.

1.2 The
 purpose of the Plan is to better align the remuneration of Directors with the practices of
 U.S. companies in Ferrovial's benchmark group – which typically use a mix of cash and
 shares – enhancing attractiveness for Directors with a focus on North America, while
 maintaining alignment with European best practices.

1.3 The Plan shall be governed by
the General Conditions set forth herein.

1.4 The
 Nomination and Remuneration Committee of the Board (the "Committee") will be
 responsible for the administration of the Plan and have the authority, in accordance with
 the applicable regulations and the Policy, in its sole discretion to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercise
 all of the powers granted to it, and make all determinations, under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recommend
 to the Board for approval the grant of awards of restricted shares of the Company's
 ordinary shares, par value €0.01 per share (the "Shares") under the Plan
 to the Directors and determine the terms of such awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) construe,
 interpret, implement and correct any defect, supply any omission and reconcile any inconsistency
 in the Plan and any documentation delivered pursuant to the Plan and determine disputed facts
 related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) prescribe,
 amend and rescind rules and regulations relating to the Plan.

1.5 The
 Board will have the authority, in accordance with the applicable regulations and the Policy,
 in its sole discretion to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) grant
 awards of restricted Shares under the Plan to the Directors after a recommendation by the
 Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amend
 the Plan or any outstanding award under the Plan in any respect provided that, subject to
 Section 2.2, no such amendment may materially adversely impair the rights of a Director without
 the Director's consent.

**Article Two.** Shares under the Plan**

2.1 Subject
 to the other provisions of this Article Two, pursuant to the Policy, the total number of
 Shares that may be granted under the Plan in any year in which the Plan is in force shall
 not exceed the number of Shares, taking into account the closing price of a Share on 31 December
 (or such other day that may be decided by the Committee) of the prior year, which shall be
 equivalent to a maximum of 20% of €2,280,000, which is the Board of Directors'
 maximum aggregate annual total remuneration (excluding remuneration paid to executive directors
 in their capacity as executives and excluding remuneration paid other than in the capacity
 as a Director, if any) as established in the Policy, or such percentage of the Board of Directors'
 maximum aggregate total remuneration as determined under the Policy from time to time.

2.2 In
 accordance with the applicable regulations and the Policy, the Committee may recommend to
 the Board, and the Board may resolve, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) adjust
 the number of Shares authorized pursuant to Section 2.1, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adjust
 any other terms of the Plan and the terms of any outstanding awards under the Plan (including,
 without limitation, the number of Shares covered by each outstanding award),

in such manner as the Committee and the Board, respectively, deem appropriate (including, without limitation, by payment of cash) to prevent the enlargement or dilution of rights, as a result of any increase or decrease in the number of issued Shares resulting from a recapitalization, stock split, reverse stock split, stock dividend, spinoff, split up, combination, reclassification or exchange of Shares, merger, consolidation, rights offering, separation, reorganization or liquidation or any other change in the corporate structure or Shares, including any extraordinary dividend or extraordinary distribution.

**Article Three.** Main Characteristics of the Plan**

**Participants**

3.1 Shares
 under the Plan may be granted only to Directors.

**Grant of restricted Shares**

3.2 The
 Committee will recommend to the Board for approval, and the Board will approve, the granting
 of restricted Shares to the Directors in such numbers and subject to such terms and conditions
 as the Committee and the Board, respectively, may determine and, to the extent required by
 applicable law, in such numbers as approved by the Company's shareholders. Upon the
 delivery of restricted Shares, the Director will have, in accordance with applicable regulations,
 the rights of a shareholder with respect to such Shares, including full voting rights. Notwithstanding
 the foregoing, prior to the time that the restricted Shares have become no longer subject
 to any holding period (such period, the "Restricted Period"), such Shares may
 not be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed
 of or hedged, in any manner (including through the use of any cash-settlement instrument),
 whether voluntarily or involuntarily and whether by operation of law or otherwise, other
 than by will or by the laws of descent and distribution, and the Company may place no-transfer
 restrictions on the restricted Shares during the Restricted Period.

3.3 Unless
 otherwise set forth in the applicable regulations, during the Restricted Period, all ordinary
 cash dividends or other ordinary distributions paid upon any restricted Share will be paid
 to the relevant Director.

3.4 Each
 Director must indicate the securities account that they have opened with a financial institution
 in which they wish to receive the restricted Shares granted to them. In accordance with the
 applicable regulations, the Company reserves the right to require the Directors, as a necessary
 condition to adhere to this Plan, to open a securities account in a specific financial institution
 proposed by the Company itself. Subject to this Section 3.4, the Director may deposit them
 in any other entity or account subject to the limitations established in Section 3.2.

**Holding period of restricted Shares**

3.5 Unless
 otherwise set forth in the Policy, the Restricted Period will lapse upon the first to occur
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 third anniversary of the date of the award of restricted Shares under the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 end of the term of office as a Director.

**Article Four.** Tax Implications**

**General Considerations**

4.1 Both
 the Personal Income Tax and the withholdings and payments on account of this tax which, in
 accordance with the legislation in force at any given time, are or could be levied on the
 remuneration in kind obtained by the Director, as a consequence of the implementation of
 this Plan, and shall be borne by the Director.

4.2 Any
 payments made under this Plan shall be subject to the applicable withholding taxes as required
 by law. The payor shall deduct and remit such taxes to the relevant tax authorities, and
 the Director shall receive the net amount after such deductions.

4.3 Likewise,
 the taxes arising from the sale of the Shares acquired as a result of this Plan shall also
 be borne by the Director.

**Article Five.** Limit of Rights, declaration of Limitation of Liability and Privacy of Data with Respect to the Plan**

5.1 By
 accepting an award of restricted Shares under the Plan, each Director acknowledges:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that
 FERROVIAL shall not be liable and, consequently, the Director shall not be entitled to claim
 any compensation for fluctuations in the price of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that
 FERROVIAL shall be responsible for the expenses of the administration and execution of this
 Plan until the effective delivery of the restricted Shares in the Director's private
 securities account referred to in Section 3.4 above. Any other expenses derived from the
 maintenance of the Shares in the corresponding securities account shall be borne by the Director
 under the terms agreed, if any, with the financial institution with which the securities
 account is open.

5.2 In
 accordance with the provisions of Regulation (EU) 2016/679, General Data Protection Regulation
 (GDPR), FERROVIAL will process the personal data of the Directors in its capacity as data
 controller for the purpose of managing their remuneration. The lawful basis for such processing
 is the execution of the contractual relationship. When accepting the award of restricted
 Shares under the Plan, the Directors are aware that their personal data will be processed
 automatically or manually for the sole purpose of enabling the proper management and administration
 of the Plan. The personal data requested are essential to be able to award and, if necessary,
 allow the subsequent delivery of the restricted Shares. Likewise, the Directors are informed
 that their data may be communicated to FERROVIAL and its subsidiaries for the fulfillment
 of the same purpose mentioned above; as well as, if applicable, to the public administrations
 such as fiscal and tax authorities, for the fulfillment of legal obligations; and to financial
 entities for the management of collections and payments.

Once the purpose for which the data was collected is fulfilled, it will be blocked for the period of limitation of the legal actions that may correspond. Once this instance has been exhausted, the data will be definitively deleted.

In addition, the Directors have the right to access, rectify, erase, object to, restrict the processing of, and transfer their data under the terms specified in data protection legislation, by sending a communication to the address of FERROVIAL (Gustav Mahlerplein 61-63 -Symphony Towers, 14<sup>th</sup> floor-, 1082 MS Amsterdam, The Netherlands), including its name, surname, an address for notification purposes and the right they wish to exercise, or by writing to <u>dpo@ferrovial.com</u>. The Directors can also complain to the Dutch Data Protection Supervisory Authority (*Autoriteit Persoonsgegevens*, <u>Home \| Autoriteit Persoonsgegevens</u>), especially when no satisfaction has been obtained in the exercise of rights.

**Article Six.** Duration and Termination of the Plan**

6.1 The
 Plan will be in force for as long as the Policy is in force.

6.2 Notwithstanding
 the foregoing, FERROVIAL reserves the right to terminate the Plan in accordance with applicable
 regulations and the Policy.

**Article Seven.** Communications and Information on the Plan**

7.1 All
 communications made by the Director to the Company in connection with the Plan shall be addressed
 to the Committee.

7.2 The
 Committee will provide all the information required regarding this Plan and any award under
 the Plan to the Directors, and will keep them informed of any amendments thereto.

**Article Eight.** Applicable Law and Interpretation of the Plan**

8.1 This
 Plan and all awards of restricted Shares made and actions taken thereunder shall be governed
 by, and construed in accordance with, the laws of the Netherlands, without reference to principles
 of conflict of laws.

8.2 In
 the event of any discrepancy regarding the interpretation or effects of the provisions of
 the Plan, the parties agree to submit the matter to the Committee before taking any legal
 action, stating their intention to take into account what the Committee may rule.

8.3 Subject
 to Section 8.2, any disputes arising out of or in connection with this Plan, including disputes
 concerning its applicability, will be resolved in first instance by the courts in Amsterdam,
 the Netherlands.

## 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**  |

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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; **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 Director Share Plan of Ferrovial SE | 457(a) | 50000 | $64.21 | $3210500.00 | 0.0001381 | $443.37 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $3210500.00  |  | $443.37  |
| 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:  |  |  |  | $443.37  |

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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 be offered or issued under the Registrant's Director Share Plan of Ferrovial SE. 1(b) Consists of 50,000 Ordinary Shares that may become issuable under the Director Share Plan of Ferrovial SE pursuant to its terms 1(c) Estimated solely for purposes of calculating the registration fee pursuant to Rules 457(c) and 457(h) 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 October 24, 2025. 1(d) The Registrant does not have any fee offsets.

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

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