JPM | Building Broadcast: CRST,BTRW,HOLN,DG,FER, ADP,AENA JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: CRST,BTRW,HOLN,DG,FER, ADP,AENA JPMC Construction Daily

J P M O R G A N Europe Equity Research

16 July 2026

JPM | Building Broadcast:

CRST,BTRW,HOLN,DG,FER,

ADP,AENA

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

• EU Set to Slow Carbon Cuts to Give Industry Time to Adapt. Bloomberg Elodie Rall AC

reports (link) that The European Union is set to slow cuts to emission limits in (44-20) 7134-5911

elodie.rall@jpmorgan.com

its flagship carbon market over the next decade, giving heavy industry more time J.P. Morgan Securities plc

to roll out clean technologies while keeping the bloc on track for climate

Zaim Beekawa

neutrality by 2050. In a planned overhaul of its Emissions Trading System due (44-20) 7134-4175

to be published later this week, the EU is seeking to strike a balance between zaim.beekawa@jpmorgan.com

lowering the burden of the transition for industry and encouraging those who J.P. Morgan Securities plc

decarbonize faster to keep investing in Europe. The European Commission is Jamie Smallbone

considering lowering the rate at which the emissions cap shrinks every year to (44-20) 3493-7015

a yet-to-be-determined number within the 3.5%-3.9% range in 2031-2035, jamie.smallbone@jpmorgan.com

according to people familiar with the matter. In the next step, the so-called J.P. Morgan Securities plc

Linear Reduction Factor would fall further to somewhere between 2% and 2.4% Manshi Sinha

from 2036, said the people, who asked not to be identified commenting on (91-22) 6157 5111

manshi.sinha@jpmchase.com

internal talks. We would like to remind of our carbon report (link) published J.P. Morgan India Private Limited

earlier this week and highlight that it aligns with the recent news.