French Construction: Pessimism Shows Signs of Abating

Research evidence excerpt

French Construction: Pessimism Shows Signs of Abating

France | Building, Construction &

Housebuilders EquityMayResearch22, 2026

Exhibit 6 - % sales in France (2026E)French Construction: Pessimism Shows Signs

of Abating 25%

20%

The French INSEE business climate index improved in May, with 15%

tradesmen's expectations of activity less negative and past activity views

10%

showing similar. Order book opinions were at their least negative point of

2026. By end-market, RMI expectations turned positive again after a brief 5%

stint in negative territory last month; resi new build expectations remaining 0% SIG CRH Sika

constrained. Price expectations meanwhile have ticked up again after a Saint-Gobain Kingspan Holcim Heidelberg Geberit Joinerysharp jump in April. Howden

.

Source: Jefferies, Company data

Exhibit 1 - French business climate composite index

. May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

Source: INSEE, Jefferies

Exhibit 2 - French tradesmen view of expected and past activity

-5

-10

-15

-20

May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

. Past activity Expected activity

Exhibit 3 - French expected activity in new dwelling and maintenance and improvement

-30

-40

-50

New dwelling Maintenance and improvement Other new buildings

Exhibit 4 - French tradesmen order books Devon Guffick * | Equity Associate

9 10 +44 (0)20 7548 4288 | dguffick@jefferies.com

8 0 Glynis Johnson * | Equity Analyst -10

7 44 (0) 20 7029 8677 | glynis.johnson@jefferies.com

6 -30 Priyal Woolf * | Equity Analyst