European Infrastructure "AI Data centre construction. Quantifying the op..."

研报英文原文证据摘录

European Infrastructure "AI Data centre construction. Quantifying the op..."

Global Research

22 June 2026ab

European Infrastructure Equities

Europe including UKAI Data centre construction. Quantifying the

opportunity for Vinci Energies & Eiffage Energie Transportation Services

Systems Cristian Nedelcu,AnalystCFA

cristian.nedelcu@ubs.com

+44-20-7568 4375

An acceleration in planned Data centre projects in Europe/France - a potential Amal Patel

Analysttailwind mid-term

amal.patel@ubs.com

In our view the acceleration in the European AI Data centre construction could bring +44-20-7568 3973

meaningful opportunities for mid-term profit growth for Vinci Energies/Eiffage Energie

Julian Radlinger, CFA

Systems. While the current exposure to AI data centre construction is low, France's

Analyst

ambition to become a large hub in Europe could be an important pillar of growth mid- julian.radlinger@ubs.com

term. Over recent weeks, among others , we note Softbank plan to build +44-20-7901 6558

5GW incremental capacity in France (of which 3.1 GW by 2031 (link)), Ardian/Verne 500

MW plan (link), Brookfield/Data4 have plans to build 1.5GW by 2030 (Link Feb 2026).

We estimate Vinci Energies/Eiffage have ~15%/5% market share in the fragmented

French multi-technical solutions market. In this note we have a closer look at the

addressable market for electrical/mechanical solutions providers for data centre

construction.

Quantifying the potential incremental EBIT and impact on valuation

Looking at the forecasts for the EU data centre market and US peers revenue growth in

the space over recent years, we believe mid-term the leading electrical/mechanical

solutions providers for AI data centre construction could provide solutions for at least

~400 MW of capacity per annum.