基石：欧洲建筑、建筑材料及基础设施

European Construction, Building Materials& InfrastructureNEUTRALEuropean TransportationNEUTRALEuropean Construction, BuildingMaterials & InfrastructurePierre Rousseau+33 (0)1 4458 3377pierre.rousseau@barclays.comBBI, ParisTom Zhang, CFA+44 (0)20 3555 1395tom.zhang1@barclays.comBarclays, UKKatherine Hearne+44 (0)20 7773 2041katherine.hearne@barclays.comBarclays, UKVijay Phani Sekhar Naraharisetty+91 (0)22 6175 2384vijayphanisekhar.naraharisetty@barclays.comBarclays, UKEuropean TransportationAndrew Lobbenberg+44 (0)20 3555 0639andrew.lobbenberg@barclays.comBarclays, UKMarco Limite+39 (0)2 6372 2582marco.limite@barclays.comBBI, Milan Company newsHeavysideHeidelberg Materials: Reassuring financials; CCUS pipeline in focus (CMDTakeaways)A reassuring set of 2030 financial targets with upside still on the table, in our view. We seecontinued asset restructuring in Europe, attractive economics around evoZero Brevik and>€10bn of excess cash as further supports to the medium-term case. Pushback of the CCUSpipeline is our main concern. Source: Heidelberg Materials: Reassuring financials; CCUS pipelinein focus (CMD Takeaways), 29 May 2025.Holcim breaks ground on Olympus project for near-zero cementHolcim has announced that it has broken ground on its Olympus project at its Milaki plant inGreece. The project, which has a planned investment of €400m (of which €125m is grant moneyfrom the EU Innovation Fund), aims to produce 2mt of near-zero cement per annum from2029. Source: Holcim, 30 May 2025.Holcim plans Amrize spin for 23 JuneHolcim has announced that thespin-offof its North American business to be named Amrize, willstart trading on NYSE and SIX on 23 June 2025 under the ticker symbol 'AMRZ'. Amrize hassuccessfully secured debt financing of $3.4bn in bonds, a $2bn committed credit facility and a$2bn commercial paper program. Additionally, Amrize has a bridge loan available in the amountof $1.7bn. Source: Holcim, 30 May 2025.Martin Marietta: Management Meeting TakeawaysPositive price-cost views for FY’25+. Above-average pricing (HSD+ FY’25, MSD+ FY’26) and betterutilisation of cost base than years past. Volumes in Q2 challenging. Q3 easier volume comp (SEstorms in FY’24). Supplying Stargate & warehouse projects (TX, NC, and FL wins). FY’25profitability on track. Source: Martin Marietta: Management Meeting Takeaways, 29 May 2025.LightsideFerguson Enterprises Inc.: Thoughts Ahead of EarningsFavorably positioned in a choppy macro, with volume stability, a return to inflation benefits,and renewed margin discipline supporting the quarter and outlook. Source: FergusonEnterprises Inc.: Thoughts Ahead of Earnings, 29 May 2025. 2 Corporate access / Barclays eventsBarclays Global Infrastructure Conference 2025Barclays invites you to save the date for our Global Infrastructure Conference in London onTuesday 17 June 2025, covering multiple infrastructure verticals and geographies, includingcompanies from the Energy, Construction, Infrastructure and Transport sectors within Europe,the US, Latin America and Australia.Date: Tuesday 17 June 2025.Registration:Barclays GlobalInfrastructure Conference 2025. 3 Valuation multiples for our coverageFIGURE 1. Snapshot of our coverage multiplesNotes: Stocks in this table comprise our European Construction, Building Materials & Infrastructure coverage (industry view Neutral). Pricing and multiples as of 30/05/2025at market close. Stock ratings: OW: Overweight; EW: Equal Weight; UW: Underweight. For full disclosures on each covered company, including details of our company-specificvaluation methodology and risks, please refer to http://publicresearch.barcap.com.Source: Barclays Research, Bloomberg2 June 2025 FIGURE 3. Top 5 crowded long/short SXOP namesNote: updated as of 02/06/2025. Arrow indicates week-on-week change in position.(*) indicates shares within the top 50 crowded stocks within SXXP.Source: Hazeltree Data Insights, S&P Global, BloombergSource: Hazeltree Data Insights, S&P Global, BloombergEquity positioningPositioning and flow data are derived fromHazeltree’s Data Insightsdataset, representing over150 managers and US$600-700bn of gross balances across ~12,000 equities globally. With themajority of their client base classified as Equity Long/Short, their datasetoffersmeaningfulinsight into fundamental hedge fund positioning within the wider market. SXOPRank1DG FP+2GF SW2BEAN SWNIBEB SS3FGR FP+1GEBN SW4BBY LN-3ANA SM5KSP IDNewSGO FPNewCrowdedCrowdedLongShort FIGURE 2. SXOP Long/Short ratioNote: updated as of 02/06/20252 June 2025 Recent research•Heidelberg Materials: Reassuring financials; CCUS pipeline in focus (CMD Takeaways), 29 May2025•European Construction & Building Materials: Capital Allocation: Buyback Tracker, 28 May2025•Global Infrastructure: Weekly Valuation Sheet, 28 May 2025•European Construction, Building Materials & Infrastructure: Building Blocks, 27 May 2025•Wienerberger: European Resi option; initiating with OW, 23 May 2025•European Construction & Building M