关键事件预览：2025年6月9日- 6月13日当周关键事件预览

A preview of key events A preview of key events for the week of 6/9/2025-6/13/2025 U.S. Equity Product ManagementGroup Highlights Terence Malone*+ 1 212 526 7578terence.malone@barclays.comBCI, US Core & Main Earnings:Following strong FERG results, MattBouley believes CNM's bar is higher and some upsidesurprise has been realized, but the stock remains well-positioned in this macro backdrop, and the quality U.S. Week Ahead Brandon Vessels*+1 212 526 8047brandon.vessels@barclays.comBCI, US compounder thesis should continue to progress. Specifically, FERG reported Waterworks growthof +12% y/y in the April quarter, a positive read-through to CNM's Waterworks business – notinghis model only assumes +6% growth y/y for CNM but that CNM has actually been outperformingFERG by several hundred bps in recent quarters (chart below). CNM has demonstrated stablegross margin performance throughout the last year, and FERG's strong beat included a surpriseincrease in gross margin (largely execution but potentially a small benefit from inflation), whichcould also suggest CNM could see improving trends in its own margin, or at least limit concernsthat FERG was being competitive with price. On the end markets, he expects CNM couldhighlight strength in municipal activity, similar to FERG, noting that municipal is over 40% ofCNM revenues. On commodities, CNM had made several price increase announcements for itsfire protection products, and he is looking for commentary regarding traction on its steel pipe/tube products given the fluid backdrop with steel pricing /tariffs.(Core & Main, Inc.: ThoughtsAhead of Earnings,06/04/2025) Analyst(s) Certification(s):Each research report excerpted herein was certified under SEC Regulation AC by the analyst primarily responsible for such report as follows: I hereby certify that: 1) the views expressed in this research report accurately reflect my personal views about any or all of the subject securities referred to inthis report and; 2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed inthis report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst. Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits. Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise. In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm. Materially Mentioned Stocks (Ticker, Date, Price) Core & Main, Inc.(CNM, 05-Jun-2025, USD 59.68), Overweight/Positive, CE/D/E/J/K/L/M/N Ferguson Enterprises Inc.(FERG, 05-Jun-2025, USD 214.69), Overweight/Positive, A/CD/D/E/FB/J/K/L/M/Q Unless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication. Disclosure Legend: A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in the B:An employee or non-executive director of Barclays PLC is a director of this issuer. CD:Barclays Bank PLC and/or anaffiliateis a market-maker in debt securities issued by this i