2Q26 Results Due on 27th July

Research evidence excerpt

2Q26 Results Due on 27th July

EUROPE | Infrastructure

HOCHTIEF EquityJulyResearch14, 2026

TARGET | ESTIMATE CHANGE2Q26 Results Due on 27th July

Q2 should be another standout print for HOT, led by Turner, which we expect RATING HOLD

will continue to see strong demand from hyperscalers who have raised PRICE €464.00^

capital and announced material data centre expansions in June/July. HOT PRICE TARGET | % TO PT €508.00 (€494.00) | +9%

has pulled back ~15% since Q1, in line with peers, but Q2 should serve as 52W HIGH-LOW €554.00 - €173.50

a reminder of a growth trajectory for 2026 which puts FY earnings above FLOAT (%) | ADV MM (USD) 19.9% | 31.91

current guidance, and a backlog which increasingly provides visibility on MARKET CAP €34.9B | $39.8B

longer-term profit growth. TICKER HOT GR

^Prior trading day's closing price unless otherwise

noted.

Data center wave to continue. We expect Turner to continue riding the wave of data center

demand in Q2, with sales on track to almost double in 2026. Recent capital raising activity by

the hyperscalers, alongside significant announcements of new data center capacity, continues FY (Dec) CHANGE TO JEFe JEF vs CONS

to paint a very strong demand picture for Turner, despite growing noise around political 2026 2027 2026 2027

pushback more broadly in the market. We maintain our FY26 forecasts for the Group, just REV -2% <-1% NA NA

above the top end of the 20-30% net profit guidance range for 2026. We note consensus EPS NA NA NA NA

effectively assumes the same, anticipating a guidance upgrade at some point during the year.

We expect Q2 to look a lot like Q1, helped by a weaker USD headwind, continued strong FCF

generation and order intake, and a slightly tougher sales comparison for Turner. Overall, we