European Transport and Infrastructure: Transport & Infra weekly, Key investor questions and newsflow

Research evidence excerpt

European Transport and Infrastructure: Transport & Infra weekly, Key investor questions and newsflow

Global Research

19 June 2026ab

European Transport and Infrastructure Equities

Europe including UKTransport & Infra weekly. Key investor questions

and newsflow Industrial Transportation

Cristian Nedelcu, CFA

Analyst

cristian.nedelcu@ubs.com

Main highlights this week: DHL, Aena, DSV, Maersk, ACS, FHZN, Hapag-Lloyd, +44-20-7568 4375

Ryanair, Wizzair, Expeditors

Jarrod Castle, CFA

DHL: CFO virtual meetings feedback. We held a virtual roadshow with Melanie Kreis, jarrod.castle@ubs.com

DHL CFO. FY26 guidance was reiterated and an overall confident message with the +44-20-7568 8883

target to retain an improved cost position from last year together with targeted top-line Amal Patel

growth to bring an uplift to profit y/y. The heavy-weight campaign is expected to bring Analyst

further top-line support in Express.1st July European de minimis flat fee introduction - amal.patel@ubs.com

limited direct exposure in Express and Air freight to low value goods from China. +44-20-7568 3973

Potential lower demand for air cargo on Asia-Europe; however, currently there are Samuel Goldstone

constraints on Asia-Europe capacity. Potential headwinds to volumes for domestic Associate Analyst

parcels, but overall expected to be manageable. Forwarding – new management is samuel.goldstone@ubs.com

implementing several initiatives to improve the divisional performance. The division is no +44-20-7567 0338

longer seen as a “problem child” but rather an “upside opportunity”. In terms of

Express CAPEX needs, the company does not see any large backlog ahead. Air weight

load factors are still at a suboptimal position, with some need to add capacity on some

trade lanes as growth comes back.