Chart of the Week II: Permits For Commercial Roofing in US

Research evidence excerpt

Chart of the Week II: Permits For Commercial Roofing in US

EUROPE | Building, Construction &

Housebuilders EquityJuneResearch26, 2026

Chart of the Week II: Permits For Commercial

Roofing in US

Jefferies proprietary data on US construction permits show mixed trends

for April (resi new build -0.8%, cml new build -5.6%). While a moderation

from March, permits for commercial roofing shows the most sizable drop

-19%, still suggesting a constrained outlook for commercial roofing market . RATING

at a time when price rises are being sought to cover increased costs of UK HOUSEBUILDERS

materials. Relevant: Amrize, Sika & Kingspan. BarrattBellwayRedrow HoldBuy

Berkeley Group Buy

Exhibit 1 - US Seasonally Adjusted Commercial Roofing Permits Crest Nicholson Buy

Persimmon Buy

60%

Taylor Wimpey Buy

50%

Vistry Group Hold

40%

PAN EURO BUILDING PRODUCTS

30%

Amrize Hold

20% CRH Buy

10% Forterra Buy

0% Geberit Buy

-10% Genuit Buy

-20% Heidelberg Materials Buy

-30% Holcim Hold

-40% Ibstock Buy

Kingspan Hold Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20 Apr-21 Aug-21 Dec-21 Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 Dec-23 Apr-24 Aug-24 Dec-24 Apr-25 Aug-25 Dec-25 Apr-26 Saint-Gobain Buy

. Sika BuySource: Jefferies, BuildFax

Volution BuyPlease see this link for the full report

PAN EURO DISTRIBUTORS

Howden Joinery Hold

Proprietary Permit Tracker. Our suite of building permit trackers adjusts and parses BuildFax

SIG Hold

data to compensate for volatility in the reporting of permit data. The data tracks residential Travis Perkins Unpf

and commercial end markets in the US, with further visibility into specialty end markets such UK PROPERTY SERVICES

as HVAC, Electrical, Swimming Pools, Roofing, etc. Our permit data is lagged 45 days but LSL Buy