JPM | Building Broadcast: HOLN,SGO,CRH,HEI,DG,ADP,AENA,TWI: JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: HOLN,SGO,CRH,HEI,DG,ADP,AENA,TWI: JPMC Construction Daily

ricing freedom

Aena: Negative catalysts have played out; upgrade to Neutral

European Infrastructure: Post Q1 - Continue to prefer toll roads from here

Ferrovial April TomTom: Traffic sequentially improves; down 4.6% y/y

European Airports & Airlines: Assessing the risk from jet fuel shortages

Ferrovial March TomTom: Downward trend y/y, traffic down 10.9% vs 2025

European Infrastructure: Prefer Toll Roads to Airports from here, with Ferrovial best

positioned

Getlink CMD Feedback

Getlink: CMD Preview: Upside from New Destinations, New Entrants, Eleclink, Dividends.

European Infrastructure Positive Catalyst Watch on Fraport & Getlink into Results; D/g

Zurich Airport to N

Getlink: Price tracker for shuttles: increase in price differential in December as passenger

shuttle prices increased due to demand for festive season travel

Ferrovial: December TomTom: Downward trend m/m, but still robust, up 13.6% vs 2019

Ferrovial: November TomTom: slight downward trend m/m, but still very robust, up 19.2%

vs 2019

European Infrastructure and Construction 2026 Outlook: The ‘Deep Value’ has crystallised,

D/G Vinci, ADP; U/G Fraport; Ferrovial top pick

Getlink: Price tracker for shuttles (October-25): increase in price differential for passenger

shuttles as prices increase due to seasonal demand

Ferrovial: Latest TomTom data shows downward trend m/m in October: Congestion up

21.2% compared to 2019 levels

Getlink : Price tracker for shuttles (September-25): increase in price differential for passenger

shuttles as ferries’ prices decrease in off-peak season

European Infrastructure Continue to favour toll roads; focus on French politics, Nasdaq 100

rebalancing, capex, and regulation