JPM | Building Broadcast: SIKA, ADP, FHZN, AENA, FRA, DG: JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: SIKA, ADP, FHZN, AENA, FRA, DG: JPMC Construction Daily

J P M O R G A N Europe Equity Research

16 June 2026

JPM | Building Broadcast: SIKA,

ADP, FHZN, AENA, FRA, DG

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

• Sika achieves record employee engagement score of 88, surpassing Elodie Rall AC

strategic target. Sika announced outstanding results from its 2026 Global (44-20) 7134-5911

elodie.rall@jpmorgan.com

Employee Survey, with an engagement score of 88 index points. This marks an J.P. Morgan Securities plc

increase of two points compared to 2024. The result exceeds Sika’s Strategy

Zaim Beekawa

2028 engagement target, underscoring the company’s strong culture and (44-20) 7134-4175

commitment to its people. Link to the press release. zaim.beekawa@jpmorgan.com

• US Homebuilding: June NAHB Builder Survey Fell 2 Pts to 35, Below the J.P. Morgan Securities plc

Street’s Flat Outlook. The JPMorgan US Housebuilding Research team notes Jamie Smallbone

that June’s NAHB Builder Survey fell 2 points to 35, below the Street’s (44-20) 3493-7015

jamie.smallbone@jpmorgan.com

expectation for a flat performance at 37. By component, Present Sales fell 2 J.P. Morgan Securities plc

points to 38, Future Sales were flat at 45 and Buyer Traffic was flat at 25. In Manshi Sinha

addition, the June NAHB Survey rose 9% YOY, following a 9% YOY rise last (91-22) 6157 5111

month. The team notes that this follows other recent housing data points, manshi.sinha@jpmchase.com

including May existing home sales up 3% sequentially and YOY, April new J.P. Morgan India Private Limited

home sales down 6% sequentially and 11% YOY and April housing starts down

3% seq. and up 5% YOY. Link to the team’s report.