European Construction & Infrastructure: Status quo post Q1

Research evidence excerpt

European Construction & Infrastructure: Status quo post Q1

Equity Research

13 May 2026

European Construction & Infrastructure

Status quo post Q1

Relative preferences unchanged among French names -

Eiffage (OW) on the value angle / highest upside potential and

Getlink (OW) tactically in the current macro environment European& InfrastructureConstruction, Building Materials

(earnings momentum better oriented). Very limited revisions NEUTRAL

Unchanged

post Q1-26; our price targets are unchanged. European Construction, Building

Materials & Infrastructure

Eiffage: no surprises overall; estimates unchanged. Q1-26 revenues were 2% below our Pierre Rousseau

estimate (no consensus available), at €5,649m (-0.8% organically), due to Contracting and +33 (0)1 4458 3377

pierre.rousseau@barclays.comInfrastructure in particular (Energy Systems in line and Construction above organically). The

BBI, Paris

main factor is the end of some large export projects outside of Europe (planned and included in

FY guidance). Concessions were slightly better with APRR having already reported. Overall, the Tom Zhang, CFA

earnings impact is very limited and the order book continues to grow (+5% YoY to €31.1bn). With +44 (0)20 3555 1395

tom.zhang1@barclays.comthe guidance reiterated, we keep our estimates almost unchanged post Q1-26, as well as our

Barclays, UK

€180 price target. We continue to find Eiffage's positioning and valuation attractive for the

medium term – rating and relative preference within our infra coverage reiterated. Katherine Hearne, CFA

+44 (0)20 7773 2041

Getlink: still some good news ahead. We update our estimates post Q1-26 – Shuttle pricing katherine.hearne@barclays.com

and ElecLink were slightly better than in our previous estimates, and we believe further positive Barclays, UK