JPM | Building Broadcast: CRH, AMRZ, HEI, DG, FGR JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: CRH, AMRZ, HEI, DG, FGR JPMC Construction Daily

J P M O R G A N Europe Equity Research

22 June 2026

JPM | Building Broadcast: CRH,

AMRZ, HEI, DG, FGR

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

• CRH nears biggest-ever deal to buy Arcosa. The FT reports (link) that CRH Elodie Rall AC

is nearing a deal to acquire its competitor Arcosa, in an acquisition that would (44-20) 7134-5911

elodie.rall@jpmorgan.com

be the company’s largest-ever takeover and an agreement could come as soon J.P. Morgan Securities plc

as next week. Arcosa currently has a market capitalization close to $7 billion,

Zaim Beekawa

and with its debt the company’s price could be more than $8 billion. Arcosa is (44-20) 7134-4175

a provider of infrastructure-related products and solutions with leading zaim.beekawa@jpmorgan.com

positions in construction materials and engineered structures. Within its J.P. Morgan Securities plc

construction products segment, it provides products used in various Jamie Smallbone

construction projects and applications, including infrastructure, residential, (44-20) 3493-7015

non-residential, and specialty/other end markets, such as aggregates (natural jamie.smallbone@jpmorgan.com

and recycled), specialty materials & asphalt; and within its engineered J.P. Morgan Securities plc

structures, it provides utility structures, pole products, telecom and traffic Manshi Sinha

structures and wind towers. In FY2025, the company generated revenues of (91-22) 6157 5111

manshi.sinha@jpmchase.com

$2.9bn with Adjusted EBITDA of $583m implying margins of ~20%. Arcosa J.P. Morgan India Private Limited

trades on ~31x 2026E P/E and 14x EV/EBITDA.

• Amrize to Modernize Montreal Area Cement Plant to be Most Advanced