Multinational Spanish construction company Ferrovial sees more opportunities for investment in airports across the U.S. after leading a massive terminal overhaul at New York's John F. Kennedy International Airport, CEO Ignacio Madridejos said on Thursday.

Speaking at the Reuters NEXT conference in New York, Madridejos said the infrastructure company expects long-term growth in air travel. U.S. inbound travel demand has ebbed in 2025 in part due to inflation and concerns over President Donald Trump's policies around immigration and trade.

The New Terminal One at JFK Airport has a $9.5 billion price tag and is expected to open in phases starting in 2026. A consortium of labor, operating and financial partners led by Ferrovial secured $6.5 billion in bank loans, the largest ever committed for an airport terminal. 

Ignacio Madridejos, Chief Executive Officer at Ferrovial takes part in a conversation with Reuters Travel Company News Reporter Doyinsola Oladipo during the Reuters NEXT conference in New York City, U.S., December 4, 2025. REUTERS/Brendan McDermid

Madridejos said despite short-term travel disruptions, Ferrovial was looking at long-term trends. He said New York in particular was a "destination that was quite unique" with more passengers passing through, and that the company did not regret betting on such a massive overhaul.

The firm, which also develops toll roads across the U.S., sells its stake in assets once fully matured, Madridejos said. In July, Ferrovial said it completed the sale of its remaining 5.25% stake in Heathrow Airport for an estimated profit of 31 million euros.

Revenue in Ferrovial's highways division increased 14% to 1 billion euros ($1.17 billion) in the first nine months of 2025, year over year, driven by performance in North America. Madridejos said he expects public-private partnerships to continue to be a mainstay in infrastructure spending in the coming decades, especially as more Americans move into cities.