Constr., Infra & Materials (AO) | The Week in Infrastructure: Busy week for ACS

Research evidence excerpt

Constr., Infra & Materials (AO) | The Week in Infrastructure: Busy week for ACS

posted an earnings beat driven by strong contributions from concessions

and construction activities. Getlink beat consensus for Q1 revenues, benefiting from strong performance at Eleclink and resilient

shuttle services. Vinci reported a slight revenue miss, mainly because of weaker construction activity in Europe, but management

remained constructive on medium-term infrastructure trends. Energy Solutions continued to grow organically, supported by the

energy transition and digitalisation megatrends. Eiffage delivered in-line results with particularly strong growth in its Energy

Systems division and continued expansion in contracting order books. As in the case of Vinci, management reiterated guidance

despite the geopolitical uncertainty.

Airport’s Q1 2026 reporting season takeaways. European airport operators posted a resilient operational performance in Q1

despite a more uncertain macroeconomic and geopolitical backdrop. Passenger traffic trends remained broadly supportive

across major European hubs, underpinning revenue growth, but profitability was impacted by higher operating costs in the case

of the sector’s largest operator, Aena. While management teams reiterated guidance and remain generally constructive on

medium-term growth prospects, the market’s attention continues to be focused on fuel availability and increased general

volatility due to geopolitical pressures. Aena’s Q1 top line beat consensus, but EBITDA missed expectations because operating

expenses per passenger increased significantly. Management maintained what we consider an excessively conservative traffic

guidance for 2026.