European Construction, Building Materials & Infrastructure: European Leadership Conference Preview

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European Construction, Building Materials & Infrastructure: European Leadership Conference Preview

Equity Research

European Construction, Building Materials & Infrastructure

19 May 2026

European Leadership Conference

Preview

We are hosting the management/IR teams of ACS, Vinci, European Construction, Building Materials

Eiffage, Holcim and Sika at our European Leadership & Infrastructure NEUTRAL

Conference on Thursday 21 May. We include key debates and European Construction, Building

questions for management below. Materials & Infrastructure

Katherine Hearne, CFA

+44 (0)20 7773 2041

Please register here for the conference. katherine.hearne@barclays.com

Barclays, UK

Middle East fall-out: Energy headwinds, low visibility, potential inflation and rates implications

on the one hand; mega trends on the other – while the direct impact to our coverage has been Pierre Rousseau

more limited, the Iran conflict has created a new macro setup. Our infrastructure names +33 (0)1 4458 3377

pierre.rousseau@barclays.com

provide some defensive features; we expect numerous questions on this front, in particular for

BBI, Paris

the names more exposed to global air travel. Meanwhile for the rest of the coverage the

question of energy surcharges and expectations around price/cost for the rest of the year will Tom Zhang, CFA

likely be a focus. +44 (0)20 3555 1395

tom.zhang1@barclays.com

AI risks and opportunities: Topical YTD and certainly a differentiating factor across business Barclays, UK

models. The theme has broad implications – from infrastructure to competition and current

business practices. We see value in our infrastructure coverage in that regard – for the latest,

please see European Infrastructure: Building AI - assessing the impacts of DC construction. We