Constr., Infra & Materials (AO) | Q1 round-up: Accelerating demand into Q2 explains unchanged guidance

Research evidence excerpt

Constr., Infra & Materials (AO) | Q1 round-up: Accelerating demand into Q2 explains unchanged guidance

Connecting the dots

Release date: 21 May 2026

Luis Prieto

Head of Constr., Infra & Materials

+34 914 36 5111

lprieto@keplercheuvreux.comConstr., Infra & Materials

Europe

Q1 round-up: Accelerating demand into Q2 explains unchanged guidance

Key points:

Q1 2026 showed resilient earnings despite weak January/February volumes in heavy-side materials, with a strong recovery in

March/April leading companies to reiterate full-year guidance.

Light-side materials’ structural demand drivers (renovation, insulation, electrification, data centres) remained supportive, but

high interest rates and, therefore, weak residential markets continued to pressure volumes, particularly in Europe and North

America.

In infrastructure, results were broadly solid, supported by strong infrastructure pipelines, energy-transition projects and booming

US data-centre construction, leading companies to maintain FY2026 guidance.

Heavy-side materials: Significant volume catch-up in March/April

Q1 2026 results across the heavy-side materials universe showed a resilient operational backdrop despite adverse weather

conditions and continued macro uncertainty. Most companies reported softer volumes during January and February, but trends

improved significantly in March/April, and management teams generally confirmed full-year guidance. Pricing discipline

remained the main driver of profitability, while infrastructure-related demand continued to offset weakness in residential

construction.

CRH and Holcim delivered noticeably stronger-than-expected Q1 2026 operating earnings performance. CRH's heavy-side