<div id="readability-page-1"><div>** Exane BNP Paribas sees 2026 as a positive year for transport and infrastructure, as macro conditions &#34;are expected to stay benign&#34;, but slightly less than the current year** &#34;European transport &amp; infrastructure equities still trade at reasonable valuations, but the upside is more muted compared to the strong-run up seen in 2025,&#34; the brokerage says** It upgrades parent ACS and unit Hochtief to &#34;outperform&#34; from &#34;neutral&#34; and chooses both, together with Groupe ADP , as its top picks** &#34;We think the value of (ACS') data centres JV is overlooked by the street and, like Hochtief, we think it can surprise positively,&#34; it says ** It downgrades Vinci and Fraport to &#34;neutral&#34; from &#34;outperform&#34; due to a &#34;less favourable risk/reward balance&#34; and a &#34;weakening FCF inflection story&#34;, respectively<div><table><thead><tr><th>COMPANY</th><th>RATING</th><th>OLD RATING</th><th>PT</th></tr></thead><tbody><tr><td>ACS</td><td>outperform</td><td>neutral</td><td>107.0 euros</td></tr><tr><td>Aena </td><td>neutral</td><td>neutral</td><td>24.9 euros</td></tr><tr><td>Athens Airport </td><td>neutral</td><td>neutral</td><td>10.9 euros </td></tr><tr><td>Eiffage </td><td>outperform</td><td>outperform</td><td>150.0 euros</td></tr><tr><td>Ferrovial </td><td>neutral</td><td>neutral</td><td>55.0 euros </td></tr><tr><td>Fraport</td><td>neutral</td><td>outperform</td><td>74.0 euros </td></tr><tr><td>Groupe ADP</td><td>outperform</td><td>outperform</td><td>150.0 euros</td></tr><tr><td>Hochtief</td><td>outperform</td><td>neutral</td><td>375.0 euros</td></tr><tr><td>Vinci</td><td>neutral</td><td>outperform</td><td>131.0 euros</td></tr><tr><td>Vinci ADR</td><td>neutral</td><td>outperform</td><td>$38.0</td></tr><tr><td>Zurich Airport </td><td>neutral</td><td>neutral</td><td>248.0 CHF</td></tr></tbody></table></div></div></div>

BNP Paribas anticipates a positive but less robust 2026 for European infrastructure, with macro conditions remaining favorable. The brokerage upgrades ACS and Hochtief to "outperform," citing overlooked value in ACS' data centers JV. Groupe ADP is also a top pick. Vinci and Fraport are downgraded to "neutral" due to less favorable risk/reward and weakening FCF stories. Current valuations are reasonable, but the upside is more muted compared to 2025.

BNP Paribas sees positive but 'more muted' 2026 for European infrastructure