Controversy Watch Sika - EU Commission launches an investigation into possible price fixing

Research evidence excerpt

Controversy Watch Sika - EU Commission launches an investigation into possible price fixing

J P M O R G A N Europe Equity Research

27 July 2026

Controversy Watch

Sika - EU Commission launches an investigation into

possible price fixing

About J.P. Morgan Controversy Watch: JPM CW is a publication designed

to address negative news related to environmental, social, or governance

(ESG) issues impacting companies. The product follows a structured

pathway, beginning with the facts and (if any) related company statements.

Our commentary leverages a robust playbook, grounded in our

comprehensive Controversy Watch Primer, to ensure a consistent, EMEA Sustainable Investing

Research

research-driven approach to ESG controversy management, with the aim

of highlighting whether the controversy is likely to result in a significant Jean-Xavier Hecker AC

market impact. (33-1) 4015 4472

jean-xavier.hecker@jpmorgan.com

J.P. Morgan Securities plc

Key Conclusion Hugo Dubourg

(33-1) 4015 4471

This event represents a financially material event whose developments will hugo.dubourg@jpmchase.com

need to be monitored by investors going forward. The launch of an J.P. Morgan Securities plc

investigation by the EU Commission on price fixing touches upon a material Noemie de la Gorce, CFA

financial issue for the Construction Materials sector (as per SASB), i.e. (44-20) 7134-4229

Competitive Behavior. From a fundamental materiality standpoint, if the noemie.delagorce@jpmorgan.com

company is found in the breach of EU cartel rules, it could face fines of up to J.P. Morgan Securities plc

10% of the global annual turnover; however, in practice, EU settlements tend Ojasvee Shah

to result in penalties well below that ceiling, and the Commission’s track (91-22) 6157-3757

ojasvee.shah@jpmchase.com