European Transport and Infrastructure "Weekly newsletter - Key investor..."

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European Transport and Infrastructure "Weekly newsletter - Key investor..."

Global Research

2 July 2026ab

European Transport and Infrastructure Equities

Europe including UKWeekly newsletter - Key investor questions and

newsflow Industrial Transportation

Amal Patel

Analyst

amal.patel@ubs.com

Infrastructure: What's top of mind for investors this week? +44-20-7568 3973

This week, our discussions with investors/key newsflow included: (1) Feedback on our Cristian Nedelcu, CFA

ACS note, where we took closer look at assessing the value of the Blackrock Analyst

GIP datacentre JV platform and addressing recent newsflow; (2) Unpacking Flughafen cristian.nedelcu@ubs.com

Zurich's Brazil CMD; (3) Thoughts on ADP /Vinci following pre-close calls ahead of 2Q +44-20-7568 4375

results; (4) commentary from Comfort Systems non deal roadshow in London with Jarrod Castle, CFA

potential cross reads for Vinci/Eiffage Analyst

jarrod.castle@ubs.com

Transport: What's top of mind for investors this week? +44-20-7568 8883

Looking at ocean freight quote collections (UBSe) this week, we are seeing early signs of Samuel Goldstone

potential stabilisation in rates, with moderate increases for departures scheduled 7–14 Associate Analyst

days out on the main East–West trades. While rates on the major lanes continue to rise samuel.goldstone@ubs.com

for departures within the next 7 days, these gains are being partially offset by declines on +44-20-7567 0338

secondary routes. The debate among investors continues to centre on how much higher

container freight rates can rise and how long they can remain elevated. Some argue that

front-loading in H1 will result in a materially weaker H2, placing downward pressure on

ocean rates. However, we believe a key data point remains the US retail inventory-to-