JPM | Building Broadcast: HEI: JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: HEI: JPMC Construction Daily

J P M O R G A N Europe Equity Research

03 July 2026

JPM | Building Broadcast: HEI

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

• Heidelberg Materials: Cimtogo launches low-carbon Ecocim cement. Elodie Rall AC

Global Cement reports (link) that Cimtogo, the Togo-based subsidiary of the (44-20) 7134-5911

elodie.rall@jpmorgan.com

Heidelberg Materials, has launched Ecocim, an ‘environmentally-friendly J.P. Morgan Securities plc

cement’ that replaces its Super Rapide product while boasting a reduced

Zaim Beekawa

CO2 footprint. The low-clinker blend emits 467kg of CO2/t, down by 4% from (44-20) 7134-4175

485kg/t, with similar strength and technical performance. The company says zaim.beekawa@jpmorgan.com

that this reduction will represent a significant reduction in emissions if the J.P. Morgan Securities plc

product is used at scale. Jamie Smallbone

• Indonesians fight Heidelberg Materials over a mine and factory project. (44-20)jamie.smallbone@jpmorgan.com3493-7015

AP News reports (link) that Indonesians are trying to stop Heidelberg Materials J.P. Morgan Securities plc

from building a mine and factory under a unique supply chain law that adds to Manshi Sinha

a growing number of cases legal experts say may influence European (91-22) 6157 5111

businesses in Asia. Critics say Heidelberg Materials failed to properly assess manshi.sinha@jpmchase.com

and mitigate the potential harms of its plans to create a limestone mine and J.P. Morgan India Private Limited

cement factory in Central Java’s Kendeng Mountains. They say the project

may damage a rare karst ecosystem and harm the livelihoods of Indigenous

people in the area.

• German reform momentum gathers pace.