French Construction: Current Business Ebbs However Expectations Tick Up in June

Research evidence excerpt

French Construction: Current Business Ebbs However Expectations Tick Up in June

France | Building, Construction &

Housebuilders EquityJuneResearch23, 2026

Exhibit 6 - % sales in France (2026E)French Construction: Current Business Ebbs

However Expectations Tick Up in June 25%

20%

The French INSEE business climate index softened in June reflecting a 15%

moderate drop in past construction activity, along with a drop in order

10%

book opinions. Despite this, activity expectations improved and within this

expected activity in RMI remained positive, and the negative expectations 5%

for resi new build abated a touch. Price expectations moderated after the 0% SIG CRH Sika

sharp jump seen in the past 2 months albeit still remaining near 2-year Saint-Gobain Kingspan Holcim Heidelberg Geberit Joineryhighs. Howden

.

Source: Jefferies, Company data

Exhibit 1 - French business climate composite index

Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26.

Source: INSEE, Jefferies

Exhibit 2 - French tradesmen view of expected and past activity

-5

-10

-15

-20

Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26

. Past activity Expected activity

Exhibit 3 - French expected activity in new dwelling and maintenance and improvement

-30

-40

-50

New dwelling Maintenance and improvement Other new buildings

Exhibit 4 - French tradesmen order books Devon Guffick * | Equity Associate

9 10 +44 (0)20 7548 4288 | dguffick@jefferies.com

8 0 Glynis Johnson * | Equity Analyst

7 44 (0) 20 7029 8677 | glynis.johnson@jefferies.com