European Airports: 2026 Edition SOTP valuation

Research evidence excerpt

European Airports: 2026 Edition SOTP valuation

Equity Research

12 June 2026

European Airports

2026 Edition SOTP valuation

Illustrative SOTP analysis: largest discounts at ADP and

Fraport; Zurich moderately inexpensive, AENA fully valued.

Update commercial/real estate multiples, refresh external European Transportation

asset valuations with finite-life DCFs. Core methodology Andrew+44 (0)20Lobbenberg3555 0639

andrew.lobbenberg@barclays.comremains 3-stage DCF. Ratings unchanged, minor lift to ADP/

Fraport PTs Barclays, UK

Emilie Fung

+44 (0)20 3555 2335

SOTP still points to ADP and Fraport as the clearest value, in line with our ratings. Our emilie.fung@barclays.com

updated SOTP analysis suggests ADP and Fraport, our two OW stocks, remain inexpensive, Barclays, UK

Zurich (EW) screens moderately inexpensive, and AENA (EW) looks broadly fully valued on the Rahul Singh

basis of SOTP analysis. On our updated NAV framework, ADP trades at 56% of NAV, Fraport at +91 (0)22 6175 2529

66%, Zurich at 76% and AENA at 101%. The value mix differs notably: external assets are central rahul.xb.singh@barclays.com

to the debate at ADP and Fraport, commercial drives AENA, while Zurich is supported by Barclays, UK

commercial, real estate and Noida. Marco Limite

+39 (0)2 6372 2582FIGURE 1. SOTP 2026: Summary Table

marco.limite@barclays.com Gap of Reverse DCF implied 12m fwd 12m fwd Div

Share price/NAV 12m fwd P/E

margins vs. 2015-19' margins EV/EBITDA yield BBI, Milan

ADP 56% -5.8% 8.4 14.9 2.9%

Helene Iselin

AENA 101% 8.2% 10.4 15.9 3.6% +44 (0)20 7773 7391

Fraport 66% -5.6% 9.5 18.1 1.5% helene.iselin@barclays.com

Zurich 76% -0.6% 10.8 22.4 3.8% Barclays, UK

Pierre Rousseau

Source: Barclays Research estimates, Bloomberg consensus estimates as of 10th June 2026

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