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1、EUROPE|InfrastructureEquity ResearchAugust 1,2025 GrahamHunt,CFA*|Equity Analyst44(0)20 7548 4251|GlynisJohnson*|Equity Analyst44(0)20 7029 8677|PriyalWoolf*|Equity Analyst44(0)20 7029 8183|LauraOjeil*|Equity Analyst+44(0)20 7029 8220|GonzaloRiera Ripoll*|Equity Associate+44(0)20 7548 4690|Infrastru

2、cture BlueprintWith most of our coverage now reported,next week looks quieter withjust Fraport pre-market on Tuesday(preview here).Results were mixedthis week,with a number of one offs/wrinkles to digest amid reiteratedguidance across the board.Core assets are performing well,but after astrong run Y

3、TD,increasing feedback has been what can drive the sectorhigher from here.On the macro side,were focused on Swedish houseprices and Construction PMIs next week.In this report,we include our long-term valuation and performance chartbook across our EuropeanInfrastructure coverage.EventsCONFERENCE|Jeff

4、eries Industrials Conference in NYC:ACS,Ferrovial(3rd-4thSeptember)Weekly ResearchEUROPE|Infrastructure|Chart of the Week:French Motorway TrafficFRAPORT|2Q25 Consensus UpdatedSKANSKA|Steadying The Ship;Model UpdatedHOCHTIEF|2Q25:Key Takes from HOT Results2Q25 ResultsCELLNEX|2Q25:Cash Flow Beat;Profi

5、ts Inline;Guidance ConfirmedHELIOS|2Q25:Quarter Secured;Roll on November 6thADP|2Q25:A Modest Miss But Still On TrackVINCI|2Q25:An Operational BeatACS|Erratum:2Q25:Top End of Guide;Aligned with HOTAENA|2Q25:Strong Trends in SpainFERROVIAL|2Q25:Beats in the Right PlacesINWIT|2Q25:Solid ProgressEIFFAG

6、E|APRR 2Q25 ResultsHOCHTIEF|2Q25:HOT Print;Beat on Cash and ProfitSKANSKA|2Q25:Solid Print;Resi BeatSKANSKA|JM AB Q2 Read-Across for SkanskaFERROVIAL|407 ETR 2Q25:Another BeatADP|First View-ADP 1H25 Pre-releaseAENA|2Q25 Consensus Updated2Q25 PreviewsFRAPORT|2Q25 Results Due Before Open on 5th August