JPM | Building Broadcast: BKG, HOLN, SGO, ADP, FER, BTRW: JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: BKG, HOLN, SGO, ADP, FER, BTRW: JPMC Construction Daily

J P M O R G A N Europe Equity Research

25 June 2026

JPM | Building Broadcast: BKG,

HOLN, SGO, ADP, FER, BTRW

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

• Holcim CEO Sees Europe Residential Building Recovery in 2H. Elodie Rall AC

Bloomberg reports that Holcim expects Europe’s residential building (44-20) 7134-5911

elodie.rall@jpmorgan.com

construction sector to recover as soon as the second half of this year, J.P. Morgan Securities plc

CEO Miljan Gutovic said in an interview with Bloomberg Television. He

Zaim Beekawa

mentioned seeing positive signs after difficult years, with the number of (44-20) 7134-4175

building permits in Germany increasing significantly in the last couple of zaim.beekawa@jpmorgan.com

months. J.P. Morgan Securities plc

• Saint-Gobain CEO Says Labor Shortages Limit Data Center Build. Jamie Smallbone

Bloomberg reports that Saint-Gobain CEO Benoit Bazin said in an interview (44-20) 3493-7015

jamie.smallbone@jpmorgan.com

with Bloomberg Television that labor bottlenecks are limiting data center J.P. Morgan Securities plc

build-out in North America, a development that’s coming to Europe and one Manshi Sinha

way to deal with that is to add more workers, train them and speed up the pace (91-22) 6157 5111

of building data centers. He also mentioned seeing residential buildings sector manshi.sinha@jpmchase.com

recovery, in line with Holcim CEO, citing growth in France and Germany. J.P. Morgan India Private Limited

• Saint-Gobain: VOLTA: One year demonstrating hybrid melting at

industrial scale. The VOLTA pilot furnace has now completed one full year

of continuous operation, marking a decisive milestone in the demonstration of