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

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

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European Transport and Infrastructure Equities

Europe including UKWeekly newsletter - key investor questions and

newsflow Industrial Transportation

Cristian Nedelcu, CFA

Analyst

cristian.nedelcu@ubs.com

Transport: What's top of mind for investors this week? +44-20-7568 4375

Key investor discussions/weekly newsflow include: (1) DSV investor reactions post Q2 Samuel Goldstone

results; (2) Rynair 1Q27 results weaker than expected given uncertain summer; (3) Analyst

easyJet reports better than expected 3Q26 results. samuel.goldstone@ubs.com

+44-20-7567 0338

Infrastructure: What's top of mind for investors this week? Amal Patel

Key investor discussions/weekly newsflow includes: (1) Aena Q2 preview; (2) Ryanair Analyst

cross read for Airports; (3) Unpacking Google/Meta/Digital Realty results/news for ACS; amal.patel@ubs.com

(4) Airport exposure to easyJet amid takeover proposals; (5) Implications of enlarged ETS +44-20-7568 3973

scope; (6) 2Q result key takeaways for 407ETR and Getlink. Jarrod Castle, CFA

Datapoints: What were the key datapoints from this week? jarrod.castle@ubs.com

+44-20-7568 8883

Key datapoints this week include: (1) UBS Evidence Lab weekly Express/DHL dedicated

airfreight capacity data.

Transport

DSV investor reactions post Q2 results

Post Q2 results, we found investors broadly split into two camps. One (less than 20% of

our conversations) believes the Road turnaround could last for longer vs management

targets; and has concerns around weak cash generation in Q2 and that it could persist in

the quarters ahead. The majority of investors flagged meaningful underperformance

YTD vs. peers and a low valuation vs.