European Construction, Building Materials & Infrastructure: Building Blocks

Research evidence excerpt

European Construction, Building Materials & Infrastructure: Building Blocks

Equity Research

11 May 2026

European Construction, Building Materials & Infrastructure

Building Blocks

This week: Q1-26 results (FER, HEI, AMRZ, ROCKb, HOT + read-

across from US building products). Register now for the May

Euro Leadership Conference (DG, FGR, HOLN, SIKA). Valuation European& InfrastructureConstruction, Building Materials

sheet included. NEUTRAL

European Transportation

NEUTRAL

European Construction, Building

Macro trends, news and data Materials & Infrastructure

Global Economics Weekly: It opens, it opens not, it opens… Pierre Rousseau

+33 (0)1 4458 3377

Hopes for an opening of the Strait of Hormuz continue to yo-yo, while the inflationary pierre.rousseau@barclays.com

consequences from petroleum product shortages build and US labour market data remain solid. BBI, Paris

Next week's Trump-Xi meeting could bring some transactional 'wins' in trade, but probably no

Tom Zhang, CFA

'breakthroughs'. Source: Global Economics Weekly: It opens, it opens not, it opens…, 08 May +44 (0)20 3555 1395

2026. tom.zhang1@barclays.com

Barclays, UK

European Equity Strategy: Crunch time - May Chart Pack

Katherine Hearne, CFA

AI boom alongside supportive liquidity and earnings conditions keep the bull market on track.

+44 (0)20 7773 2041

But the global economy is facing crunch time, as the cost of the war is rising fast. Further melt- katherine.hearne@barclays.com

up is hard to justify without energy risks easing meaningfully. Stay OW US vs EU and capex vs Barclays, UK

consumer. Source: European Equity Strategy: Crunch time - May Chart Pack, 06 May 2026.

Vijay Phani Sekhar Naraharisetty

U.S. Machinery & Construction: Fifteen Highly Watched Charts: Q1’26 +91 (0)22 6175 2384