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1、7T2se3r0Ot6kwoPa7T2se3r0Ot6kwoPaDistributed on:25/07/2025 14:45:08 GMTDistributed on:25/07/2025 14:45:08 GMTResearchDeutsche BankHarishankar Ramamoorthy+44-20-754-12940harishankar-European TransportationTransportation Leading IndicatorsJuly 2025Andy Chu+44-20-754-11360 andy-Gopal KrishanResearch Ass

2、ociateJaime Rowbotham+44-20-754-IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1.Deutsche Bank does and seeks to do business with companies covered in its research reports.Thus,investors should be aware that the firm may have a conflict of interest that could affect th

3、e objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.Deutsche BankResearch European Transport and AirlinesAndy Chu|(+44)20 754 11360|andy- Jaime Rowbotham|(+44)20 754 72690|Harishankar Ramamoorthy|(+44)20 754 12940|harishankar

4、-July 20252Key takeaways grinding higher despite uncertainties in airlines and airports;mixed investor views in logistics and container shippingTop picks:BUY:Ferrovial,Vinci,DSV,IAG and AIA.SELL:AENA.Catalyst Calls:BUY:Wizz Air,SELL:MaerskAirlines and Airports grinding higher despite uncertaintiesSi

5、nce the publication of our last Transport Leading indicators on 27th June,the airlines(+4%)and airport&infra names(+2%)have marginally outperformed the market on average(STOXX 600+1%),despite a rising oil price(jet fuel+8%to$762/mt),continued uncertainty on tariffs&geopolitics and some lacklustre PM

6、I data.Two of the French names we cover have been the relative outperformers within their subsectors,so Air France-KLM(+24%)and Groupe ADP(+6%),meanwhile easyJet(-7%)has been the obvious underperformer having provided a softer than expected outlook for the remainder of its year to Sept-25(see here).