European Infrastructure: Hochtief & ACS Q2'26 Previews

Research evidence excerpt

European Infrastructure: Hochtief & ACS Q2'26 Previews

Equity Research

15 July 2026

European Infrastructure

Hochtief & ACS Q2'26 Previews

Underlying trends should remain solid in Q2 - Turner the key

growth driver with the DC capex story intact (driving organic

growth and margin accretion). We now sit above FY26 European& InfrastructureConstruction, Building Materials

guidance ranges and expect to see both names tracking in- NEUTRAL

Unchanged

line/just above the top end for Q2. European Construction, Building

Materials & Infrastructure

Overall, we expect to see a broad continuation of the underlying trends observed in Q2; strong Katherine Hearne, CFA

growth in revenues and new orders, driven by Turner and specifically by growth in data centre +44 (0)20 7773 2041

katherine.hearne@barclays.comand other Advanced Tech segments. Similarly, we expect Turner to continue to drive margin

Barclays, UK

accretion thanks to the positive mix effect as higher-margin projects (i.e., DCs) account for an

increasingly larger share of earnings. We expect the focus for both ACS and Hochtief results to Pierre Rousseau

be on the FY26 guide given that sell-side consensus (& Barclays) estimates already sit above the +33 (0)1 4458 3377

pierre.rousseau@barclays.comtop of the guidance ranges for both companies*. While we do expect both groups to upgrade

BBI, Paris

guidance this year on the back of Turner's strong performance in DCs, as reflected in our

estimates (we are ~3ppts above top-end of guidance range for both companies), we do not rule

out the guidance being reiterated at Q2 results despite looking increasingly conservative - the

group has not historically upgraded at Q2, instead waiting until later in the year (last year they