JPM | Building Broadcast: AENA, DG, CRST JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: AENA, DG, CRST JPMC Construction Daily

Elodie Rall AC Europe Equity Research

(44-20) 7134-5911 08 June 2026 J P M O R G A N

elodie.rall@jpmorgan.com

Negative Catalyst Watch

European Building Materials Construction Pulse December Edition: Early 2026 look shows

price momentum and costs slightly up; volume indicators still more ‘green’ in Europe

European Cement: EU ETS V Edition Only the cleanest will thrive

European Building Materials Construction Pulse November Edition: Price Momentum very

slightly down though still seeing 2026 announcements; costs up m/m; volume indicators still

showing green shoots in Europe

European Building Materials 2026 Outlook: Sticking with a Heavy tilt

Global Cement Insights 2025 Edition - Outlook

First Principles - Datacentre Construction: Deep Dive into the Implications of Datacentre

Construction for European Building Materials and Infrastructure

Kingspan: Near term risk/reward more positive; placing on positive catalyst watch

European Building Materials Construction Pulse October Edition: Price Momentum still

slightly up with 2026 announcements starting; costs still down m/m; volume indicators still

European Cement EU announces €2.9bn Innovation Fund; closer look at cement projects

European Building Materials Prefer Heidelberg, Holcim and Travis Perkins into results; most

cautious on Sika and GeberitEuropean Building Materials Construction Pulse September

Edition: Price Momentum remains slightly up with costs down m/m; volume indicators still

showing green shoots in Europe with US seeing some improvement

Travis Perkins: Recovery trajectory expected to continue - Placing on positive catalyst watch

into Q3 results

European Building Materials: Still see merits to keeping a ‘Heavy’ tilt