Constr., Infra & Materials (AO) | Who owns who in European infrastructure?

Research evidence excerpt

Constr., Infra & Materials (AO) | Who owns who in European infrastructure?

Connecting the dots

Release date: 26 June 2026

Luis Prieto

Head of Constr., Infra & Materials

+34 914 36 5111

Constr., Infra & Materials lprieto@keplercheuvreux.com

Europe

Who owns who in European infrastructure?

Key points:

Getlink, ACS and Ferrovial have seen recent changes in their ownership structures, and that of Groupe ADP could potentially be

altered in 2031 by Vinci's convertible bond. In addition, the Italian government could potentially revive the possibility of reducing

its stake in ENAV. These moves have led us to revisit the sector's shareholder bases.

On an aggregate basis, our listed transport infrastructure coverage universe is owned by the operators themselves (12%),

governments (11%), families (8%), employees (5%) and a number of financial anchor investors, entrepreneurs and other

companies (5%). The remaining 59% is free float.

In the particular case of Getlink, we would not be surprised if, in the medium term, the company is taken private.

Getlink: Eiffage and Mundys have each reached close to 30% of voting rights

After Getlink’s CMD, Eiffage acquired, between 23 March and 26 March, another 1.74% in the rail operator’s capital, leading it to

hold a total 29.4% stake (29.5% of voting rights). Mundys announced shortly after that it had strengthened its strategic position in

Getlink with the acquisition of a 9.5% of its share capital, moving from a 15% stake to 24.9% (29.9% of voting rights). Mundys

confirmed its commitment, initiated in 2018, to support Getlink, its management, its employees and its long-term strategy. It

added that the acquisition was in line with its strategy to strengthen its investments in France, that it could further increase its