Market Pulse Check Flows, valuations, sentiment and risk are driving a tale of two markets: select capital-project winners collecting multi‑year contracts and data‑center related orders, while other subsectors face analyst pushback and geopolitical risk. Short-term, investors are rerating names tied to defense and large public works. Long-term, structural demand for electrification, grid upgrades and data‑center power is reshaping revenue mixes in the sector globally — from U.S. utilities to European

AECOM (NYSE: ACM) has been named a preferred bidder and one of two Primary Designers for Scottish Water’s multi-billion-dollar Enterprise Alliance, a program running from 2027 to 2033 with contracted work beginning in 2026 and a potential six-year extension. That award gives AECOM a central role over at least seven years in upgrading Scotland’s water and wastewater systems. In the near term it delivers revenue visibility and backlog support. Over