ACM – Quick Take – Live from the Truist Securities Industrials & Services Conference

研报英文原文证据摘录

ACM – Quick Take – Live from the Truist Securities Industrials & Services Conference

Truist Securities

Equity Research Report June 17, 2026

INDUSTRIALS: Infrastructure AECOM (ACM)

Consulting Firms

ACM – Quick Take – Live from the Truist Securities Industrials &

Jamie Cook, CFA Services Conference

212-303-4116

Jamie.Cook@truist.com

Data center project demand growth is robust but remains a small part of NSR: Data

Kevin Wilson, CFA centers remain a small portion of revenue (~1–1.5%), but the business is scaling rapidly.

212-590-0996 ACM noted that it has built a strong international data center business. In addition, the

Kevin.S.Wilson@truist.com company is positioning itself as a strategic partner, focusing on early-stage services such

as planning, campus due diligence, core engineering/design, and environmental permitting

Stephen Farkouh rather than EPC or construction management. Additionally, growth is being driven by the

212-401-4459 overall velocity of the market, with no real sense of displacement dynamics given demand

Stephen.Farkouh@truist.com strength.

Middle East has returned to a more stable environment with potential rebuild projects

in consideration: Middle East exposure remains relatively modest (~5–6% of revenue, ~3%

Current Price (Jun. 16, $71.07 of profit), with current expectations centered on stabilization and a return to a more normal

2026) operating environment. While there are potential opportunities tied to defense facility rebuilds

Stock Rating BUY and broader infrastructure expansion near strategic regions like the Strait of Hormuz, these remain as potential opportunities without firm contracts in place. Importantly, prior Unchanged

headwinds, particularly in the UAE tied to slowdowns and shutdowns, are no longer expected