European Transport "Investor positioning in European Transport" Nedelcu

Research evidence excerpt

European Transport "Investor positioning in European Transport" Nedelcu

Global Research

7 July 2026ab

European Transport Equities

Europe including UKInvestor positioning in European Transport

Industrial Transportation

Cristian Nedelcu, CFA

Short interest: Wizz, ADP, and Getlink screen as highest Analyst

Analysing data from the start of July (latest data as at 7 July), we note that Wizz (c.22%), cristian.nedelcu@ubs.com

ADP (c.21%), and Getlink (c.15%) screen as having the highest short interest as a +44-20-7568 4375

proportion of free float (Figure 4Shortinterestbysub-sectoroverthelast6monthshortinterestbysub-sector,last4months). In Leisure, we highlight TUI, where short interest as a Samuel Goldstone

% of free float has risen to c.8% vs. c.2% at the start of March. In Infrastructure, we Analyst

note that Flughafen Zurich short interest as a % of free float has risen to c.5% from 0- samuel.goldstone@ubs.com

1% in recent months, whilst Aena short interest has also climbed to c.3% from c.1% +44-20-7567 0338

previously. We note the stocks with the highest short interest expressed in days to cover Amal Patel

are: ADP, Getlink, and Fraport (Figure 2Europeantransportdaystocover(UBSe)). We also note the stocks that lead in terms of Analyst

nominal short interest (USD) are: Getlink at c.$1,025m and ADP at c.$970m (Figure 3Getlink,Maersk,andADPleadwithhighestnominalshortinterest(USD)inTransport&Infrastructure). amal.patel@ubs.com

+44-20-7568 3973

Most crowded longs: ACS, DHL, and Eiffage; Most crowded shorts: ADP, Fraport, Jarrod Castle, CFA

and Aena Analyst

We utilise the UBS Quantitative framework to measure relative investor positioning. The jarrod.castle@ubs.com

+44-20-7568 8883

framework leverages a combination of internal/external data, including prime