JPMorgan analyst Elodie Rall placed Fraport AG and Getlink SE on positive catalyst watch ahead of their Q4 results, citing potential for strong guidance and dividend clarity. Conversely, the bank downgraded Zurich Airport to Neutral, pointing to rising capital spending and pressure on free cash flow.

Rall expects Fraport to reassure on free cash flow delivery and provide a bullish 2026 outlook, supported by traffic growth and slower operating cost increases. For Getlink, the upcoming investor day could bring positive commentary on dividends and the Eleclink project, though she remains Neutral on the stock due to macroeconomic headwinds in the UK and France.

The downgrade for Zurich Airport stems from management lifting long-term capex to CHF 350-400 million annually from roughly CHF 300 million, plus expected tariff cuts. While traffic momentum is strong, the analyst argues higher investment needs and tariff uncertainty now outweigh operational positives, prompting a more cautious stance until visibility improves.