European Infrastructure: Recap of expectations into Q2/H1 results: traffic risks well flagged; see most recovery potential at Fraport

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European Infrastructure: Recap of expectations into Q2/H1 results: traffic risks well flagged; see most recovery potential at Fraport

J P M O R G A N Europe Equity Research

15 July 2026

European Infrastructure

Recap of expectations into Q2/H1 results: traffic risks

well flagged; see most recovery potential at Fraport

The sector has underperformed the broader market (up 2% vs SXXP 8%) YTD, in European Building & Construction

particular since the onset of the Iran conflict which remains a key overhang. and Infrastructure

Therefore, performance is likely to remain volatile until we see a real ceasefire. Elodie Rall AC

Overall, we see some trimming to estimates into results across the sector, but we (44-20) 7134-5911

think this is largely already discounted. The set up is mixed across airports. Aena elodie.rall@jpmorgan.com

(N) is the stock where earnings estimates remain positively supported by the latest J.P. Morgan Securities plc

traffic trends and where a guidance upgrade is likely, although widely expected, Zaim Beekawa

with the stock being the strongest airport performer YTD. A guidance upgrade was (44-20) 7134-4175

zaim.beekawa@jpmorgan.com

also largely expected at Zurich (N), noting consensus is already above, but the J.P. Morgan Securities plc

latest June traffic release makes an upgrade less likely. ADP (N) has been widely Jamie Smallbone

expected to lower guidance, but recent commentary has been reassuring, and with (44-20) 3493-7015

consensus already below guidance, a reaffirmation of guidance could potentially jamie.smallbone@jpmorgan.com

be reassuring. Fraport (OW) is the worst performer YTD but we reiterate our J.P. Morgan Securities plc

preference here within airports, as we believe Monday’s guidance could prove a Manshi Sinha