JPM | Building Broadcast: SIKA, HOLN, CRH, DG, FHZN,FGR,BTRW: JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: SIKA, HOLN, CRH, DG, FHZN,FGR,BTRW: JPMC Construction Daily

headroom to the 2026E EBIT guidance. Some capacity has likely structurally

exited the industry; however, management remains conservative on H2 given unknowns

around fuel and the the capacity response from the industry. (3) Management reiterated

its confidence in achieving 8-10% EBIT margins mid-term, with fleet renewal the biggest

driver and on track. However, labour relations remain the most challenging component

of the group transformation. Read-across for Fraport. Link to the team’s report.

UK Housebuilders

• Barratt Redrow: Appointment of Chief Financial Officer. Barratt Redrow announced

this morning the appointment of Rebecca Napier as Chief Financial Officer and

Executive Director of the Group. Rebecca will join Barratt Redrow with effect from 3

August 2026. The company said Rebecca is an experienced business leader with a strong

track record across finance, strategy, investor relations, transformation and performance.

Most recently CFO of Britvic plc until its acquisition by Carlsberg Group in 2025, she

previously spent 17 years at IAG plc, including as CFO of British Airways. Rebecca

began her career at Deloitte, having qualified as a Chartered Accountant. Link to the RNS

release.

• BoE: Patience for now, but risks skewed towards tightening. Regarding yesterday’s

MPC meeting, the JPMorgan UK Economics Research team highlights: 1) The BoE on

hold in a tighter 7-2 vote, but is taking comfort from recent downside inflation surprises

and lower energy prices; 2) The MPC is indicating little urgency for a near-term hike, but

retains a tightening bias… with 3) ...an inclination to act only after risks of second-round