JPM | Building Broadcast: AMRZ, AENA JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: AMRZ, AENA JPMC Construction Daily

J P M O R G A N Europe Equity Research

22 May 2026

JPM | Building Broadcast: AMRZ,

AENA

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

• Amrize to upgrade Midlothian plant. Global Cement reports (link) that Elodie Rall AC

Amrize has announced that it will upgrade its Midlothian cement plant in (44-20) 7134-5911

elodie.rall@jpmorgan.com

Texas, modernise surrounding logistics and improve operational efficiency for J.P. Morgan Securities plc

its customers. The project is part of US$900m of investments being made by

Zaim Beekawa

the company during 2026. The Midlothian expansion project, expected to be (44-20) 7134-4175

completed in 2027, will include the addition of 0.1Mt/yr through upgrades zaim.beekawa@jpmorgan.com

across the plant, upgrading it from 2.0Mt/yr to 2.1Mr/yr. J.P. Morgan Securities plc

• US Construction Data Points: Apr Starts Pulled Back -2.8% m/m on SF Jamie Smallbone

Weakness Despite MF Strength; Permits Rebounded. The JPMorgan US (44-20) 3493-7015

jamie.smallbone@jpmorgan.com

Construction Materials Research team note that Housing starts declined in Apr J.P. Morgan Securities plc

-2.8% m/m (1,465k units SAAR), following a strong +12.0% m/m increase in Manshi Sinha

Mar. The pullback was driven by single-family, which fell -9.0% m/m (930k), (91-22) 6157 5111

reversing most of March’s +10.7% rebound, while multifamily remained manshi.sinha@jpmchase.com

resilient, rising +10.3% m/m (535k) after a +14.7% gain in the prior month. In J.P. Morgan India Private Limited

contrast to the more volatile monthly trends, YTD total starts are up +2.0% y/y,

supported by multifamily strength (+20.7% y/y), while single-family remains

a drag (-5.5% y/y).