Engineering & Construction "E&C Q2 preview: Can company specific..."

研报英文原文证据摘录

Engineering & Construction "E&C Q2 preview: Can company specific..."

Global Research

13 July 2026ab

Engineering & Construction Equities

AmericasE&C Q2 preview: Can company specific

opportunities mitigate AI volatility Heavy Machinery

Steven Fisher, CFA

Analyst

steven.fisher@ubs.com

Overall message: Generally positive trends but very company specific debates +1-212-713 8634

The bigger picture debate in the economy about the outlook for AI infrastructure Avinatan Jaroslawicz

investment holds deep relevance for the E&C sector, and we think it is weighing on the Analyst

specialty contractor stocks, in particular. However, we don't think this debate will be avinatan.jaroslawicz@ubs.com

resolved in Q2 or Q3. Rather, it will add to some ongoing volatility in the stocks. We +1-212-713 1405

expect management teams to continue to be very positive on the AI data center outlook. Judah Aronovitz

In the near to medium term, we think the overall end market outlook for E&C Associate Analyst

judah.aronovitz@ubs.com

broadly continues to be supportive, with varying degrees of strength depending

+1-212-713-4881

on the specific subcategory (e.g. electric transmission vs. transportation infra vs.

telecom, etc). Lauren Sullivan

Associate Analyst

Despite the overall positive direction, we think this quarter it's harder to draw lauren.sullivan@ubs.com

broad conclusions about backlog growth/shape of the bookings curve, except +1-212-713 8230

where already called out (i.e. PRIM, CTRI).

This quarter, we think there are mostly company specific debates, the updates

around which will determine stock outcomes.

The most general debates include when is the next bookings catalyst (in particular,

timing of big grid projects or big EPCm assignments), growth rate in data center