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# Ferrovial CEO 'Not Worried At All' About Legal Challenge To Its $21 Billion I-24 Award
- URL: https://www.bullished.co/ferrovial-ceo-not-worried-at-all-about-legal-challenge-to-its-21-billion-i-24-award-7de82e87/
- Published: 2026-10-28T17:41:17.000Z
- Updated: 2026-10-28T17:41:17.000Z
- Description: Ferrovial's chief executive brushed off litigation over the Tennessee toll-lane deal while analysts pressed on a 5.2% discount rate.
- Author: Matteo Parrino
- Tags: Earnings, FER, Industry: Industrials

Ferrovial CEO Ignacio Madridejos said on the company's third-quarter earnings call that he is "not worried at all" about the [legal challenge](https://www.bizjournals.com/nashville/news/2026/10/27/tdot-ferrovial-drivetn-choice-lanes-payments.html?ref=bullished.co) to its Tennessee I-24 toll-lane award, and that he expects it "will be solved fast." [Ferrovial](https://www.bullished.co/tag/fer/), which develops, builds and operates toll roads, airports and other infrastructure, also put the payments it owes the state at $21 billion on a present-value basis.

## Litigation brushed aside

Asked by a Deutsche Bank analyst what happens if the award is overturned, Madridejos said the company cannot comment because litigation is ongoing. He later told a Bank of America analyst, who asked what supports his confidence in a quick resolution, that Ferrovial is not directly involved in the case and cannot argue it.

A Nashville business journal reported that the payment schedule Ferrovial disclosed on October 27 bears on the central allegation in a lawsuit filed by the runner-up bidder against the state.

## The $21 billion payment schedule

Madridejos said the $24.8 billion figure published earlier mixed present-value and nominal components, as the bid rules required. On a present-value basis, payments to Tennessee's transportation department total $21 billion, the same value as in Ferrovial's offer.

The schedule is front-loaded: about $7.7 billion nominal falls during construction from 2027 to 2033, peaking near [$1.1 billion nominal](https://markets.ft.com/data/announce/detail?dockey=600-202610271746PR%5FNEWS%5FUSPRX%5F%5F%5F%5FDA82618-1&ref=bullished.co). The rest is paid during operations through 2085\. Madridejos said final amounts depend on the financing structure at financial close.

Tennessee also gets two revenue shares that sit outside the $21 billion. One kicks in when accumulated revenue beats the base case. The other gives the state 50% of revenue between $3.2 and $4.8 per mile in 2025 dollars, 75% between $4.8 and $6.4, and 19% above $6.4.

Madridejos said Ferrovial held the schedule back because of confidentiality clauses and published it right after the state's press release on Monday.

## Questions on the 5.2% rate

A BNP Paribas analyst asked how the 5.2% blended discount rate was set, saying it "seems quite low." Madridejos answered that the rate is based on TIFIA costs, the federal loan program's pricing for such projects.

CFO Ernesto Lopez Mozo told a Bank of America analyst that TIFIA now covers a wider scope of costs, which is what allows up to 75% debt. He also said the 25% minimum equity requirement applies at financial close.

## Atlanta follows Nashville

Madridejos called I-285 East Express Lanes in Atlanta an important addition to the managed-lanes portfolio. Ferrovial leads that consortium with a 90% stake, and commercial close is expected in December 2026, with financial close due by October 2027.

Equity for both projects is back-ended, he said, with very little needed before 2030.

Financial close on I-24 will set the final concession value, which depends on interest rates and the financing structure.

### Sources

- [Ferrovial delivers strong performance in first nine months of 2026 – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610271746PR%5FNEWS%5FUSPRX%5F%5F%5F%5FDA82618-1&ref=bullished.co) — Financial Times
- [Is Ferrovial (BME:FER) Reasonable After A €19b Order Book?](https://sg.finance.yahoo.com/news/ferrovial-bme-fer-reasonable-19b-031523183.html?ref=bullished.co) — Yahoo Finance
- [Ferrovial bate el consenso y eleva su caja neta ante la I-24](https://es.benzinga.com/news/spain/stocks/ferrovial-resultados-consenso-caja-neta-i24-271026/?ref=bullished.co) — es.benzinga.com
- [Ferrovial N.V. (FER) Stock Forecasts](https://finance.yahoo.com/research/reports/MS%5F0P0000AT1J%5FAnalystReport%5F1793102392000?ref=bullished.co) — Yahoo Finance
- [I-24 TN toll lane winner DriveTN Ferrovial reveals payment plan - Nashville Business Journal](https://www.bizjournals.com/nashville/news/2026/10/27/tdot-ferrovial-drivetn-choice-lanes-payments.html?ref=bullished.co) — bizjournals.com

### More on Ferrovial

- [Ferrovial Holds 90% Of Atlanta's I-285 East Lanes, More Than Usual, And May Sell Down](https://www.bullished.co/ferrovial-holds-90-of-atlantas-i-285-east-lanes-more-than-usual-and-may-sell-down-3b03cb6f/)
- [BlackRock Crosses 5% In Ferrovial, Holding 36.8 Million Shares](https://www.bullished.co/blackrock-crosses-5-in-ferrovial-holding-36-8-million-shares-24507a07/)
- [Ferrovial-Led Group Selected For Atlanta I-285 East Express Lanes, A Project With $8.9 Billion Expected Construction Value](https://www.bullished.co/ferrovial-led-group-selected-for-atlanta-i-285-east-express-lanes-a-project-with-8-9-085d8e5f/)

[All Ferrovial (FER) coverage →](https://www.bullished.co/tag/fer/)