JPM | Building Broadcast: HOLN,GET,DG,BWY,BTRW, TW, BKG, PSN: JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: HOLN,GET,DG,BWY,BTRW, TW, BKG, PSN: JPMC Construction Daily

J P M O R G A N Europe Equity Research

01 July 2026

JPM | Building Broadcast:

HOLN,GET,DG,BWY,BTRW,

TW/,BKG,PSN

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

• Holcim Ltd: Expect 9% LFL EBIT growth for Q2-2026E; FY expectations Elodie Rall AC

remain easily achievable. Holcim will report Q2-2026 results on 31 July and, (44-20) 7134-5911

elodie.rall@jpmorgan.com

based on our recent discussion with the company, we expect Holcim to report J.P. Morgan Securities plc

9% LFL growth in EBIT to CHF972m. From a top-line perspective, we expect

Zaim Beekawa

5.6% LFL growth to CHF4,345m, with volumes of ~1.3% and pricing up (44-20) 7134-4175

~4.3%. On margins, we expect margins of 22.4% vs. last year at 22.9%, though zaim.beekawa@jpmorgan.com

this is a lower dilution than the 90bps seen in Q1, with the drivers being the J.P. Morgan Securities plc

Nigeria divestment as well as acquisition-related integration costs and pricing Jamie Smallbone

actions to offset cost inflation. Furthermore, an improvement in margins (44-20) 3493-7015

should be seen in H2. In terms of regional commentary, from our discussions, jamie.smallbone@jpmorgan.com

we understand the following: 1) In Europe, trends were robust in April and J.P. Morgan Securities plc

May; and June was particularly positive for the first two weeks, though the final Manshi Sinha

part of the month was impacted by the hot weather. Specifically by region, the (91-22) 6157 5111

manshi.sinha@jpmchase.com

company noted that Germany has been better than expected with good volume J.P. Morgan India Private Limited

growth in Eastern Europe; however, the UK has been quite sluggish; 2) In Latin