European Cement: Q2'26 previews

Research evidence excerpt

European Cement: Q2'26 previews

Equity Research

1 July 2026

European Cement

Q2'26 previews

We see limited volume recovery in the quarter, although

some catch-up at the start of Q2 is likely. Pricing should

remain supportive but slower to phase, while Iran-driven cost European& InfrastructureConstruction, Building Materials

inflation pressures margins near term. Against this backdrop, NEUTRAL

Unchanged

we trim near-term earnings (LSD down for FY26 on average). European Construction, Building

Materials & Infrastructure

UPDATE This publication is an update to 'European Cement: Q2'26 previews', originally Katherine Hearne, CFA

published on 01 Jul 2026 at 16:53 BST. We have included the Pre-tax profit and Net profit line +44 (0)20 7773 2041

katherine.hearne@barclays.com items from Figure 22 in Amrize's "Company Data" summary as they had been missing in the

Barclays, UK

original publication.

Pierre Rousseau

HOLN (OW, PT CHF86): For Europe, we expect to see some volume catch-up in April (following +33 (0)1 4458 3377

adverse weather impacts in Q1) before normalising for the remainder of the quarter. We expect pierre.rousseau@barclays.com

the company to reassert their previous expectations for MSD pricing for cement over the full BBI, Paris

year, although we expect this to continue to fully phase in over the second half. We do not

expect to see a major change in the dynamics observed in Latam, which has been a strong

contributor in recent quarters (we still expect to see EBIT margins close to 30%). Finally,

in AMEA we expect North Africa and Australia to remain strong although the group will likely

continue to face margin pressure yoy given the divestment of Nigeria. For the group overall, we