European Construction & Building Materials: Capital Allocation: Buyback Tracker

Research evidence excerpt

European Construction & Building Materials: Capital Allocation: Buyback Tracker

Equity Research

27 May 2026

European Construction & Building Materials

Capital Allocation: Buyback

Tracker

Cash flow looks healthy across most of our Construction and European Construction, Building Materials

BMAT coverage, underpinned by strong earnings and & Infrastructure NEUTRAL

relatively disciplined capex. Buybacks remain an ongoing European Construction, Building

trend among our coverage. We track the pace of spend in this Materials & Infrastructure

monitor. Tom Zhang, CFA +44 (0)20 3555 1395

tom.zhang1@barclays.com

Barclays, UKFIGURE 1. Buyback programmes

Pierre Rousseau Buyback programme

+33 (0)1 4458 3377

As per the terms of its annual buyback programmes of prior years, Vinci intends to

pierre.rousseau@barclays.com Vinci repurchase up to a maximum of 10% of the number of shares making up its share capital (at

a maximum value of €5bn) between 17 April 2025 and 16 October 2026. BBI, Paris

Geberit intends to buy back a maximum of CHF300m shares over a period of two years, Katherine Hearne, CFA Geberit starting 2 September 2024. The shares are being repurchased for the purpose of a capital

reduction. +44 (0)20 7773 2041

Saint-Gobain has authorisation to repurchase up to 10% of the total share capital as of 29 katherine.hearne@barclays.com

April 2025 at a maximum purchase price of €150 per share, which implies a theoretical Barclays, UK

Saint- maximum of just under €7.5bn under the current programme. In reality, the group has

Gobain announced targets to buy back €400m in 2025 on this programme, and has set a medium-

term target to buyback €2bn between 2026 and 2030, meaning we assume the actual spend

rate to be well below the theoretical maximum authorisation.