UBS has singled out a focused group of European transport-infrastructure names it believes are likely to offer defensive characteristics amid the structural changes that could accompany increased AI adoption. In a 2026 sector report, the broker cites robust balance sheets, elevated returns on capital, revenue streams tied to regulation and resilient leisure-travel demand as the core attributes it seeks.
UBS's screening produced five highest-conviction ideas it judges capable of delivering relative safety and dependable earnings even if automation leads to lower employment or reduced business travel. The selections span concessions operators, airport owners, an air-navigation service provider and a major operator of a Swiss airport, each selected for different elements of stability or cash generation.
Vinci
At the top of UBS's list is Vinci, noted for its diversified portfolio that includes toll roads, airports and contracting activities. The broker points to the company's mix of regulated revenue streams and long-duration assets as providing a buffer against near-term economic shocks.
UBS also highlights Vinci's capital discipline and history of returning cash to shareholders, citing an annual cash-return range of 4.5-6.5%. The firm notes that Vinci currently trades below its historical EV/EBITDA and P/E averages and sets a price target of e9148, reflecting potential upside from its valuation discount.
Eiffage
Eiffage is presented by UBS as another core holding, combining construction operations with a portfolio of profitable concessions. The broker praises the company for delivering high returns on capital and strong cash conversion through capex cycles.
With stable concession-derived earnings, a solid balance sheet and a disciplined shareholder-return policy, UBS describes Eiffage as a resilient compounder and assigns a e9145 price target, noting its discount versus pre-COVID valuation multiples as supportive of upside.
Aena
Aena SME SA stands out in UBS's analysis because more than 80% of its traffic is leisure oriented, making it less exposed to declines in business travel that could follow automation-driven shifts. UBS calls Aena one of the more resilient airport operators under that scenario.
The broker highlights Aena's industry-leading return on capital employed (ROCE) at 16%, its strong cash generation even during periods of elevated capex, and low leverage with net debt/EBITDA below 1.5x. Trading at a 5-10% discount to historical valuation ranges, UBS assigns Aena a "buy" rating and a e927.5 price target.
ENAV
ENAV S.p.A., Italy's air-navigation service provider, is singled out for the stability of its business model. UBS underlines that a high share of ENAV's earnings derives from regulated activities, and that the company benefits from a strong balance sheet with net debt/EBITDA under 1.5x and a track record of reliable cash distributions.
Given these characteristics, UBS gives ENAV a "buy" rating and sets a e95.05 price target, positioning it as a defensive choice suited for periods of economic uncertainty and variable traffic patterns.
Flughafen Z fcrich
Flughafen Z fcrich AG is included among UBS's top-positioned names despite receiving a "neutral" rating. The broker attributes this inclusion to the airport's substantial share of regulated business and historically strong cash conversion.
UBS notes Zurich's conservative balance sheet and predictable revenue base as providing downside protection against swings in air-traffic demand. The firm sets a CHF 260 price target for Flughafen Z fcrich, framing the call as an emphasis on long-term stability rather than short-term outperformance.
Across the five names, UBS's argument centers on structural defensiveness: assets underpinned by regulation or long-term concessions, capital-light cash generation characteristics in some cases, and balance-sheet metrics that limit leverage risk. The broker's price targets and ratings reflect a view that these companies can offer relative resilience if AI-driven changes dampen business travel or otherwise create uncertain demand patterns.
Investors weighing these recommendations should note UBS's emphasis on steady cash conversion, returns on capital and valuation metrics relative to historical ranges as the principal reasons for conviction.