<SEC-DOCUMENT>0001104659-23-120412.txt : 20240606
<SEC-HEADER>0001104659-23-120412.hdr.sgml : 20240606
<ACCEPTANCE-DATETIME>20231121165829
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-120412
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20231121

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
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	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
</SEC-HEADER>
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    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99 Bishopsgate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London EC2M 3XF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United Kingdom</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel: +44(0)20.7710.1000&nbsp;&nbsp;Fax: +44(0)20.7374.4460</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.lw.com</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><IMG SRC="tm2326351d6_drsltrimg002.jpg" ALT=""></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRM / AFFILIATE OFFICES</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Austin</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Munich</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boston</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brussels</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orange County</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;21</FONT>, 2023</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Century City</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paris</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Riyadh</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dubai</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Diego</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D&uuml;sseldorf</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Francisco</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frankfurt</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seoul</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hamburg</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silicon Valley</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houston</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel Aviv</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Los Angeles</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tokyo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Madrid</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington, D.C.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Via EDGAR and E-mail</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549-6010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Isabel Rivera</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Pam Long</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Eric McPhee</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Jennifer Monick</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Ferrovial SE</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Amendment No.&nbsp;1 to Draft Registration Statement on
Form&nbsp;20-F</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Confidentially submitted on October&nbsp;10, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>CIK No.&nbsp;0001468522</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.5in">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of Ferrovial SE (the
 &ldquo;<B><I>Company</I></B>&rdquo; and, together with its subsidiaries, the &ldquo;<B><I>Group</I></B>&rdquo;), we are hereby
confidentially submitting an amended version of the Draft Registration Statement (the &ldquo;<B><I>Amended Draft Registration
Statement</I></B>&rdquo;). The Company previously submitted a Draft Registration Statement on Form&nbsp;20-F on a confidential basis
with the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) on October&nbsp;10, 2023 (the
 &ldquo;<B><I>Draft Registration Statement</I></B>&rdquo;). The Amended Draft Registration Statement has been revised to reflect the
Company&rsquo;s responses to the comment letter to the Draft Registration Statement received on November&nbsp;6, 2023 from the staff
of the Commission (the &ldquo;<B><I>Staff</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The numbering of the paragraphs below
corresponds to the numbering of the comments in the comment letter from the Staff. For the Staff&rsquo;s convenience, we have set
forth below each of the numbered comments of your comment letter in bold type followed by the Company&rsquo;s responses thereto.
Page&nbsp;references in the text of this response letter correspond to the page&nbsp;numbers in the Amended Draft Registration
Statement. Capitalized terms used in this letter but otherwise not defined herein shall have the meanings ascribed to such terms in
the Amended Draft Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Latham&nbsp;&amp; Watkins is the business
name of Latham&nbsp;&amp; Watkins (London) LLP, a registered limited liability partnership organised under the laws of New York and authorised
and regulated by the Solicitors Regulation Authority (SRA No.&nbsp;203820). A list of the names of the partners of Latham&nbsp;&amp;
Watkins (London) LLP is open to inspection at its principal place of business, 99 Bishopsgate, London EC2M 3XF, and such persons are
either solicitors, registered foreign lawyers, European lawyers or managers authorised by the SRA. We are affiliated with the firm Latham&nbsp;&amp;
Watkins LLP, a limited liability partnership organised under the laws of Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>November&nbsp;21, 2023</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page&nbsp;2</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2326351d6_drsltrimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Item 3.D Risk Factors, page 2</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>Please clarify whether your directors and officers reside
                                            outside of the United States. In addition, please consider adding risk factor disclosure
                                            addressing the difficulty that investors may have in effecting service of process within
                                            the United States and enforcing United States federal securities laws and judgments obtained
                                            in the United States.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I></FONT>: The
                                                                              Company respectfully acknowledges the Staff&rsquo;s comment and, in response to the Staff&rsquo;s comment, has revised the
                                                                              disclosure on page 30 of the Amended Registration Statement to add a new risk factor titled &ldquo;<I>3.D.3.9 Our
                                                                              shareholders in the United States may have difficulty bringing actions and enforcing judgements, against us, our directors and our
                                                                              executive officers based on the civil liabilities provisions of the federal securities laws or other laws of the United States or
                                                                              any state thereof</I>.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>3.D.1.24 Risks relating to the Energy Infrastructure and Mobility
Business, page&nbsp;22</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>We note that your Energy Infrastructure and Mobility business line provides services to the Chilean mining industry. Please consider
including a risk factor addressing any material risks associated with those services.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I></FONT>: The
                                                                              Company respectfully acknowledges the Staff&rsquo;s comment and advises the Staff that it has revised the disclosure on pages 22
                                                                              through 23 of the Amended Registration Statement to add a new risk factor&#8239;titled &ldquo;<I>3.D.1.24.2 We provide services to a
                                                                              limited number of customers in the mining sector in Chile, which is a highly regulated sector and is subject to
                                                                              risks</I>.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Item 5. Operating and Financial Review and Prospects</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>5.A.6 Results of Operations, page&nbsp;100</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>We note your disclosure on page&nbsp;95 that your Construction Business Division has been affected by the Ukraine conflict due
to its effects on the increase in the costs of materials, energy costs and employee salaries, as well as delayed or reduced supply of
certain materials. We understand that you have developed an action plan to mitigate the potential negative impact to your business. Please
revise to quantify, if possible, any material impact of these disruptions to your business or results of operations.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in">&nbsp;</TD>
<TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I></FONT>:
The Company respectfully acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages&nbsp;96, 103 and 107 of the
Amended Registration Statement in response to the Staff&rsquo;s comment.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>5.A.8 Non-IFRS Measures: Operational Results, page&nbsp;117</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>We note you have presented the non-IFRS performance measures EBIT and EBITDA. These measures appear to have adjustments beyond
Net profit/(loss) before interest, taxes, depreciation and amortization. To the extent your measures contain any adjustments from Net
profit/(loss) for items other than interest, taxes, depreciation and amortization, please revise the names of those measures to distinguish
them from EBIT and EBITDA. Please also ensure this change is made for the measures like-for-like EBIT and EBITDA as well. Please refer
to question 103.01 of the C&amp;DI on Non-GAAP Financial Measures.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I></FONT>:
                                                                              The Company respectfully acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages&nbsp;18, 46, 48, 53, 118
                                                                              through 128 of the Amended Registration Statement in response to the Staff&rsquo;s comment.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>November&nbsp;21, 2023</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page&nbsp;3</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2326351d6_drsltrimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B>We note that you have reconciled EBIT and EBITDA to Operating profit/(loss). Please revise your reconciliations to reconcile these
measures to Net profit/(loss) as EBIT and EBITDA make adjustments for items that are not included in operating profit/(loss). Please also
ensure this change is made to the like-for-like EBIT and EBITDA reconciliations as well. Please refer to question 103.02 of the C&amp;DI
on Non-GAAP Financial Measures.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I></FONT>: The
                                                                              Company respectfully acknowledges the Staff&rsquo;s comment and has revised the disclosure on pages&nbsp;118 through 121, 122
                                                                              through 128 of the Amended Registration Statement in response to the Staff&rsquo;s comment.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD><B>We refer you to your tables on pages&nbsp;126 through 129, specifically, we refer you to the column that contains each income statement
item presented on a basis before fair value adjustments. Please tell us how your disclosure does not result in your presentation of a
non-IFRS measure with greater prominence than the related IFRS measure. Please refer to questions 102.10(a)&nbsp;and 102.10(c)&nbsp;of
the C&amp;DI on Non-GAAP Financial Measures.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="text-align: left"><I>Response</I>: The Company
                                            respectfully acknowledges the Staff&rsquo;s comment and has revised the presentation in the
                                            tables on pages 128 through 130 of the Amended Registration Statement in response to the Staff&rsquo;s
                                            comment to better align with the guidance in questions 102.10(a) and 102.10(c) of the Compliance
                                            and Disclosure Interpretations on Non-GAAP Financial Measures (&ldquo;CDIs&rdquo;) and avoid
                                            displaying non-IFRS measures with greater prominence than the related IFRS measures. <BR>
                                            <BR>
                                            The Company advises the Staff that the reconciliation tables are not intended to constitute
                                            non-GAAP income statements and are not labelled or presented as income statements. The Fair
                                            Value Adjustment reconciliations are presented in the tables after disclosure of the Company&rsquo;s
                                            full IFRS consolidated income statement, which is clearly identified as such. Each table
                                            in the reconciliations begins with the IFRS measure and ends with the adjusted measure. The
                                            purpose and context of the reconciliations are carefully explained on page 128, and the specific
                                            adjusted measures are clearly indicated. As presented, we believe there is little likelihood
                                            of an investor confusing the reconciliation tables with the Company&rsquo;s IFRS financial
                                            statements. <BR>
                                            <BR>
                                            The measures and reconciliations are presented in groupings that have been requested from
                                            the Company&rsquo;s investors and analysts. The totality of the presentation is meant to
                                            supplement the required reconciliations to provide additional detail on our adjustments to
                                            enhance investor understanding and be responsive to the requests that the Company receives
                                            from analysts and investors. In addition, the Company believes that by presenting the various
                                            reconciliations in the concise format that it has used, it provides investors with all
                                            reconciliations in an integrated and clear presentation. As such, we believe this presentation
                                            is fully consistent with&#8239;the Staff's guidance and SEC rules and regulations regarding the presentation
                                            of non-IFRS financial measures.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>5.B.6.2 Consolidated Cash Flows, Excluding Infrastructure Projects
and from Infrastructure Projects, page&nbsp;136</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD><B>We refer you to your tables on page&nbsp;137. Please address the following:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>Please revise your filing to describe the nature of the items in the adjustments columns.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I></FONT>:
The Company respectfully acknowledges the Staff&rsquo;s comment and, in response to the Staff&rsquo;s comment, has revised the
disclosure on page 138 of the Amended Registration Statement to describe the nature of the items in the adjustments columns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>Please tell us if such adjustments result in the presentation of measures that are non-IFRS measures and how you made that determination.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I></FONT>:
The Company respectfully acknowledges the Staff&rsquo;s comment and, in concurrence with the Staff&rsquo;s comment, advises the
Staff that, in the instances referred to, we supplemented the presentation of IFRS financial information (cash flows) with
additional information intended to illustrate the effects of infrastructure projects on our IFRS reported cash flows. We believe
that these adjustments result in the presentation of non-IFRS measures (Cash flows excluding infrastructure project companies (Ex-Infrastructure Cash Flows), Cash flows from infrastructure projects (Infrastructure
Cash Flows) and Adjusted Cash Flows), which we discussed on pages&nbsp;137 through 142. These non-IFRS
financial measures are reconciled to the corresponding IFRS financial measures on page 138 and the reason the Company's management
considers such non-IFRS information useful is stated on page 138.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>November&nbsp;21, 2023</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page&nbsp;4</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2326351d6_drsltrimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left"><B>To
                                            the extent these adjustments result in the presentation of non-IFRS measures, please clearly
                                            label these as non-IFRS measures and include the applicable disclosures required by Item
                                            10(e)&nbsp;of Regulation S-K.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I></FONT>:
The Company respectfully acknowledges the Staff&rsquo;s comment and, in concurrence with the Staff&rsquo;s comment, revised the tables
and disclosure on page&nbsp;138 of the Amended Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: left"><B>We refer you to your tables on pages&nbsp;137-139, specifically your presentation of the columns labeled consolidated cash flows.
Please address the following:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: left"><B>Please tell us if the columns for consolidated cash flows is the presentation of measures that are non-IFRS measures and how you
made that determination.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I></FONT>:
The Company respectfully acknowledges the Staff&rsquo;s comment and, in concurrence with the Staff&rsquo;s comment, advises the Staff
that in the instances referred to, we supplemented the presentation of IFRS financial information (cash flows) with additional information
intended to illustrate the separation by Ex-Infrastructure Projects Cash Flow and Infrastructure Projects Cash flow, based on our internal
criteria discussed on page&nbsp;139. We believe that these adjustments result in the presentation of non-IFRS measures, which we discussed
on pages&nbsp;137, 139 through 142. These non-IFRS financial measures are reconciled to the corresponding IFRS financial measures on pages&nbsp;139 through 142
and the reason the Company's management considers such non-IFRS measures  useful is stated on page 138.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>To the extent these columns are non-IFRS measures, please clearly label these as non-IFRS measures and include the applicable disclosures
required by Item 10(e)&nbsp;of Regulation S-K. Within your revisions, please clearly explain each reconciling item and how the non-IFRS
presentation results in useful information to investors.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I></FONT>:
The Company respectfully acknowledges the Staff&rsquo;s comment and, in concurrence with the Staff&rsquo;s comment, revised the tables
and disclosure on pages&nbsp;137 through 142 of the Amended Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Item 6. Directors, Senior Management, and Employees, page&nbsp;148</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD><B>Please clarify the periods during which Rafael del Pino and Ignacio Madridejos served as your Chief Executive Officer. Each of
their biographies states that they were appointed Chief Executive Officer, but it appears that only one is currently serving in the role.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I></FONT>:
The Company respectfully acknowledges the Staff&rsquo;s comment and advises the Staff that, before the Merger (as defined and
described on page&nbsp;iv of the Amended Registration Statement), which was completed on June&nbsp;16, 2023, the Company&rsquo;s
predecessor <FONT STYLE="color: #231f20">Ferrovial, S.A., </FONT>was domiciled in Spain. Under Spanish law, the Company&rsquo;s
predecessor <FONT STYLE="color: #231f20">Ferrovial, S.A. </FONT>had two Chief Executive Officers, with the powers of the Board
delegated jointly and severally to both of them. Both Rafael del Pino and Ignacio Madridejos were Executive Directors and co-Chief
Executive Officers. Furthermore, Rafael del Pino was also the Chairman of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>November&nbsp;21, 2023</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page&nbsp;5</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2326351d6_drsltrimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">After completion of the Merger, including the Company&rsquo;s
re-domiciliation to the Netherlands, there has been a title change: both Rafael del Pino and Ignacio Madridejos remain Executive Directors,
with Rafael del Pino also serving as the Chairman and Ignacio Madridejos also serving as the Chief Executive Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in">In response to the Staff&rsquo;s comment, the Company amended
the description on page&nbsp;151 and  152 of the Amended Registration Statement to clarify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notes to Consolidated Financial Statements for the years ended
December&nbsp;31, 2022, 2021 and 2020</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>1.3 Accounting Policies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Non-refundable grants related to assets, page&nbsp;F-61</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD><B>We note your disclosure that investments made are presented net of non-refundable grants on the statement of cash flows. Please
tell us your basis for presenting this information on a net basis. Within your response, please reference paragraph 28 of IAS 20 and any
other applicable authoritative accounting literature management relied upon.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response:</I></FONT>
The Company respectfully acknowledges the Staff&rsquo;s comment and advises the Staff that its basis for presenting investments made net
of non-refundable grants on the statement of cash flows is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">From an accounting standpoint, the International
Accounting Standards (IAS) 20, p. 28 states that: &ldquo;the purchase of assets and the receipt of related grants can cause major movements
in the cash flow of an entity. For this reason and in order to show the gross investment in assets, such movements are often disclosed
as separate items in the statement of cash flows regardless of whether or not the grant is deducted from the related asset for presentation
purposes in the statement of financial position&rdquo;. This statement by the IAS suggests that disclosing separately grants in the statement
of cash flows is frequently found in practice. However, this does not necessarily mean that netting the grant from the total investment
made in the statement of cash flows is not a permissible accounting treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Furthermore, IAS 7, p.10 does not indicate whether grants
related to investments should be classified as operating, financing, or investing cash flows. The International Financial Reporting Interpretations
Committee discussed the presentation of cash flows for several fact patterns including government grants related to assets in July 2012.
Although they did not reach a conclusion as the matter was considered too broad, one of the alternatives considered was to classify cash
flows from grants in accordance with the nature of the activity to which they relate, following the definitions of operating, investing
and financing activities in IAS 7.6. Therefore, the Company&rsquo;s statement of cash flows presents grants received netted of investments
made as investing cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>November&nbsp;21, 2023</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page&nbsp;6</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">From a business standpoint, the cash flows of
non-refundable grants, which are related to certain specific toll roads concessions, are intrinsically linked to the total amounts
invested. In fact, the amount of grants is a key part of the Company&rsquo;s bid proposal in those projects and, therefore, known at
the time of making investments decision. This means that the Company's management assesses new business opportunities and potential investments considering the respective investment cash flows
already netted from grants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The Company considered that: (i) there is no prescriptive
guidance under IFRS in relation to the disclosure of the non-refundable grants in the cash flow statement, (ii) even if the non-refundable
grants were presented separately from the investments made in the statement of cash flows they would still constitute a gross-up in the
same cash flow category and would not alter the total investing cash flow, (iii) management believes that separating cash flows of grants
from investments would not alter the decision-making of potential investors in light of the business approach discussed in the preceding
paragraph, and (iv) as presented below, the total amount of non-refundable grants deducted by the investment made in the statement of
cash flows is believed not to be material; therefore, the Company's management respectfully concluded to maintain the current presentation
of non-refundable grants in the Company's statement of cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The following table shows the non-refundable grants netted in the cash flow statements and total investment made related to infrastructure
projects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 89%; font: 10pt Times New Roman, Times, Serif; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">As of December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">(Million euro)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left">Investment &ndash; Cash outflow</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(809</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(285</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(150</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Non-refundable grants related to the investments &ndash; Cash inflow</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">46</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Investment in infrastructure projects (as per the statement of cash flows)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(784</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(239</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(128</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">As the table illustrates, the classification of capital grants received in the Group's cash flow statement is not expected to impact the perception
of a potential investor reading the financing statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Toll roads business, page&nbsp;F-65</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD><B>For revenue recognition purposes, it appears that you have
                                            concluded that you are the agent when you are the concessionaire only and have subcontracted
                                            the infrastructure construction to an external company. Please tell us and revise your filing
                                            to clarify how you determined that you are agent in these scenarios. Within your response,
                                            please reference the authoritative accounting literature management relied upon.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response:</I></FONT>
The Company respectfully acknowledges the Staff&rsquo;s comment and would like to clarify that <FONT STYLE="font-size: 10pt">the
Company is acting as a principal in all its service concessions arrangements in which the construction performance obligation is
performed by Group companies, except for JFK NTO LLC (the concession company), where the Company is acting as an agent in relation
to the construction performance obligation. JFK NTO LLC is an equity-consolidated company that signed a service concession agreement
with the Port Authority of New York and New Jersey (the grantor) for the construction, operation and maintenance of the New Terminal
One of the JFK Airport. In this case, the design and construction services are the responsibility of a third-party company,
contracted for this purpose by the concession company (such third party, the construction company).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The conclusion that the concession company was acting as
an agent for the construction activity was achieved after performing an assessment following the provisions of IFRS 15, especially
considering paragraphs B35 and B37. In summary, we concluded:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: left">The concession company is not primarily responsible for fulfilling
                                            the promise to provide design and construction services, as the contract with the construction
                                            company has back-to-back clauses with the ones included in the service concession agreement
                                            with the grantor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: left">The concession company has no inventory risk before the design and
                                            construction services have been transferred to the customer, as the construction company
                                            assumes all the inventory risk during the construction period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">In light of the abovementioned,
the Company considers that (i) the only case in which the concession company acts as agent in relation to the performance
construction obligation is JFK NTO LLC and (ii) JFK NTO LLC is an equity investee and, therefore, the former  does not impact the Company's
consolidated revenues. Therefore, the Company's management believes that expanding the information provided in the accounting policy
note in this regard would not provide valuable information to potential investors and respectfully requests the Staff not to revise
the relevant part of the filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>November&nbsp;21, 2023</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page&nbsp;7</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B><I>6.9</I></B></TD><TD><B><I>Restricted Net Assets, page&nbsp;F-148</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD><B>We note your disclosure that you concluded that the restricted
                                            net assets exceed 25% of Ferrovial&rsquo;s consolidated net assets at December&nbsp;31, 2022,
                                            and therefore, the separate condensed financial statements of Ferrovial, S.A. are presented.
                                            We are unable to locate these separate condensed financial statements. Please advise or revise.
                                            Reference is made to Rule&nbsp;12-04 of Regulation S-X.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I></FONT>:
The Company has added Note 6.11 to the Notes to the Consolidated Financial Statements  on pages F-150 through F-154 to disclose the condensed financial statements of Ferrovial, S.A. as required by Rule&nbsp;12-04 of Regulation
S-X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hope the foregoing answers are responsive to
your comments. Please do not hesitate to contact me by telephone at +44 20 7710 4669 or e-mail at Ryan.Benedict@lw.com with any questions
or comments regarding this correspondence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>November&nbsp;21, 2023</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page&nbsp;8</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2326351d6_drsltrimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ M. Ryan Benedict</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">M. Ryan Benedict</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">of LATHAM&nbsp;&amp; WATKINS LLP</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.5in">cc:</TD><TD STYLE="text-align: justify">(via email)</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Ignacio Madridejos, Chief Executive
Officer of Ferrovial SE</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Ernesto Lopez Mozo, Chief Financial
Officer of Ferrovial SE</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Santiago Ortiz Vaamonde, General Counsel
and Secretary of the Board of Directors of Ferrovial SE</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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