Building Materials: dbAccess European Champions Conference feedback

Research evidence excerpt

Building Materials: dbAccess European Champions Conference feedback

Deutsche Bank

Research

Europe Industry Date

Germany 28 May 2026

Ireland Building Materials

Switzerland Industry Update

Building & Construction

Building Materials

dbAccess European Champions

Conference feedback

Jon Bell

Strong turn out from the European Building Materials sector Research Analyst

+44-20-754-58575

Four companies from our coverage attended the dbAccess European Champions

Conference in Frankfurt - marking a record turnout for the team, with C-suite Isabella Baxter

Research Analyst

executives attending all sessions and representing a combined market cap of

+44-20-754-11737

around USD 150bn.

Dheeraj Singh

For company-specific takeaways, please see the following pages. All comments Research Associate

reflect our interpretation of topics discussed.

Broad themes outlined

n Faced with a renewed wave of cost inflation (triggered by the Iran conflict),

companies rapidly dusted off the 2022 playbook, moving swiftly to push

through fresh price rises.

n Surprisingly, trading across Europe has remained resilient since the onset

of the war. As reported, March and April delivered a strong rebound,

although two key questions remain: the degree of catch up from the

January/February washout; and the impact of pre-buying in anticipation of

price rises. Both are visible, although neither seems excessive - May/June

data will be the ultimate arbiter.

n Evidence of any German Infrastructure Plan impact remains elusive (even

for Heidelberg, the cement market leader), though medium-term optimism

continues. The UK is the laggard, with companies echoing the view

expressed by Holcim at Q1 that the market is 'softer'. Momentum in Eastern

Europe is strong, fortified by higher spending on defence.