Bank of America has flagged a group of European infrastructure names it expects to outperform in 2026, pointing to concentrated exposure to high-demand infrastructure segments across Europe and North America. The bank’s review emphasizes firms with footholds in toll motorways, data-center construction, airports and regulated utility networks, and assigns Buy ratings alongside explicit price objectives for each company.
Ferrovial (BME:FER)
BofA places Ferrovial at the top of its list with a Buy rating and a €67 price objective. The bank’s thesis centers on the company’s pricing power in toll motorways across the US and Canada, where it anticipates EBITDA to nearly double over 2025-29. BofA also points to healthy macroeconomic backdrops in Ferrovial’s key North American cities and the prospect of value creation from possible awards of new managed lanes in the US. In addition, Ferrovial’s expected inclusion in the Nasdaq 100 index is seen as a potential catalyst to raise the company’s profile among US investors.
ACS (BME:ACS)
ACS earns a Buy rating from BofA with a new €111 price objective. The bank highlights ACS’s leading position in US non-residential construction and in data-center building through its Turner subsidiary as evidence of sustained upside, despite the stock’s strong performance over the past year. BofA notes that data centers account for 16% of ACS’s group backlog, a segment expected to support margin expansion. The bank projects 21% EPS growth for 2026 and models a 17% EPS compound annual growth rate for 2025-28. ACS has also established a €2 billion data-center joint venture with Blackstone’s Global Infrastructure Partners, a move BofA views as reinforcing its footprint in the sector.
Sacyr (BME:SCYR)
BofA assigns Sacyr a Buy rating and a €4.5 price objective, pointing to several upcoming catalysts. Sacyr has been shortlisted for two of three US managed lanes that are expected to be awarded in 2026, opportunities that could translate into potential equity investments of around €1 billion. Additional upside factors cited by BofA include further details on the disposal of the Voreantis vehicle and the possibility that Sacyr could attain an investment grade credit rating, which would likely reduce financing costs and increase access to US debt markets.
Flughafen Zurich (SIX:FHZN)
Flughafen Zurich receives a Buy rating and a CHF280 price objective from BofA. The airport operator is said to be benefiting from robust traffic momentum, with the bank indicating upside risk to its 2025 guidance. BofA draws attention to an upcoming investor event related to the Noida airport project in India that could enhance project visibility. The bank also identifies 2026 as a potential free-cash-flow inflection point following the completion of major international capital expenditures, and notes that the company maintains one of the strongest balance sheets within its sector.
National Grid (LON:NG)
National Grid is rated Buy by BofA with a £1,300p price objective. The bank describes the utility as having an attractive growth profile across its UK and US networks, projecting 6-8% EPS growth over 2025-29 and a dividend yield in excess of 3%. BofA states that, following a £7 billion rights issue and successful asset divestments, funding pressures are limited. The arrival of new chief executive Zoë Yujnovich in November 2025 is identified as a potential trigger for a strategic review targeting cost efficiencies and possible disposals of non-core assets.
Across the five companies, BofA’s analysis focuses on specific, measurable drivers: near-term and multi-year EBITDA and EPS targets, backlog composition, joint-venture activity, market access improvements tied to credit ratings, and project-level events that could change investor visibility or free-cash-flow profiles. Each name carries sector-specific levers that the bank believes support upside for 2026.
Notable themes include the monetization and operational leverage available in toll-road concessions, the growth and margin potential from data-center construction, recovery and cash-generation in airport operations after capital spend cycles, and steady regulated growth in utility networks.
Investors should weigh these catalysts against company-specific execution risks and financing dynamics as they evaluate exposure to infrastructure segments across Europe and North America.