JPM | Building Broadcast: SGO, HOLN, FHZN, AENA, VTY, PSN JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: SGO, HOLN, FHZN, AENA, VTY, PSN JPMC Construction Daily

J P M O R G A N Europe Equity Research

15 June 2026

JPM | Building Broadcast: SGO,

HOLN, FHZN, AENA, VTY, PSN

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

• Saint-Gobain Has Signed A €1.5 Billion Agreement for the Sale of its Dahl Elodie Rall AC

Specialist Distribution Business in Sweden, Norway And Denmark. Saint- (44-20) 7134-5911

elodie.rall@jpmorgan.com

Gobain has signed a binding agreement for the sale of its specialist distribution J.P. Morgan Securities plc

business in Sweden, Norway and Denmark under the main brand Dahl to

Zaim Beekawa

Kesko – a leading Northern European trading sector company. With sales of (44-20) 7134-4175

around €2 billion in 2025, 2,700 employees and 190 outlets, the business being zaim.beekawa@jpmorgan.com

divested is a leader in plumbing, sanitary and heating distribution in Sweden, J.P. Morgan Securities plc

Norway and Denmark. The divestment is based on an enterprise value of Jamie Smallbone

€1,518 million which represents 10.4x 2025 EBITDA including lease (44-20) 3493-7015

commitments (IFRS 16) or 14.6x 2025 EBITDA excluding lease jamie.smallbone@jpmorgan.com

commitments. Link to the press release. In our view, this is a sizeable disposal J.P. Morgan Securities plc

at a decent multiple and thus accretive to Saint-Gobain’s margins. Manshi Sinha

(91-22) 6157 5111

• Holcim wins conditional EU antitrust nod for €1.85 billion Xella manshi.sinha@jpmchase.com

acquisition. Reuters reports (link) that Holcim has secured ‌EU antitrust J.P. Morgan India Private Limited

approval for its €1.85 billion acquisition of German walling systems maker

Xella after pledging to sell a ⁠Romanian business, the European Commission