European Infrastructure: EU Data centre construction opportunity is starting to materialise

Research evidence excerpt

European Infrastructure: EU Data centre construction opportunity is starting to materialise

Global Research

30 July 2026ab

European Infrastructure Equities

Europe including UKEU Data centre construction opportunity is

starting to materialise Transportation Services

Cristian Nedelcu, CFA

Analyst

cristian.nedelcu@ubs.com

EU data centre opportunity for Multi Technical Engineers is starting to +44-20-7568 4375

materialise and we believe is heavily underappreciated by investors

Amal Patel

Q2 results today from the EU multi-technical engineers (Vinci, Spie, Equans) illustrates Analyst

the data centre opportunity for electrical and mechanical contractors is starting to amal.patel@ubs.com

materialise. Incremental commentary from specialist engineers and ACS points to +44-20-7568 3973

accelerating order intake, large pipelines ahead and improving multi-year visibility (full Rory McKenzie

comments in Fig 5). Vinci flags a EUR 900m order intake in data centres in 1H (which we Analyst

estimate ~75% in MEP) + an incremental order of EUR 500m recently negotiating rory.mckenzie@ubs.com

currently ~EUR 10bn of projects and intentions to bid for projects of ~EUR 30bn over the +44-20-7568 1977

next 6 months.

We see a twofold benefit for VINCI and Eiffage via direct exposure to providing the

mechanical/electrical scope on EU/Asia data centre construction and indirectly via

improving EBIT margins in the other Energy Systems verticals well ahead of market

expectations (Fig 6). We believe these benefits are under appreciated by the market with

Eiffage trading at ~10x 2027E P/E and VINCI at approximately ~12.5x 2027EP/E. We

expect further data centre awards and order-intake disclosures to support earnings

upgrades and act as a re-rating catalyst over the coming quarters. We highlight recent