JPM | Building Broadcast: FER, ADP, GET, DG, FRA, AENA, TWI: JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: FER, ADP, GET, DG, FRA, AENA, TWI: JPMC Construction Daily

Elodie Rall AC Europe Equity Research

(44-20) 7134-5911 10 July 2026 J P M O R G A N

elodie.rall@jpmorgan.com

transport sector and the ‘constant deterioration’ of the price-quality ratio offered to the

Swiss cement industry.

• Oficemen cuts Spain cement demand forecast amid import concerns. Cemnet reports

(link) that Spain's cement consumption is expected to grow by two per cent to 17Mt in

2026, according to the Spanish cement association Oficemen, which has revised its

forecast down by one percentage point from its previous estimate. Oficemen attributed the

lower outlook to a slowdown in housing permits and continued political and economic

uncertainty, although cement consumption in the first five months of 2026 remained 7.1

per cent higher year-on-year at 6.78Mt.

• French construction alliance forms to tackle cement carbon emissions. Cemnet

reports (link) that four major companies in the construction sector, including Bouygues

Construction, CB Green, Ecocem France, and POINT.P, have formed the Action Beton and

Ciment Durables Alliance in France. This collaborative effort focuses on accelerating the

decarbonisation of cement and concrete by promoting existing low-carbon technologies.

• Shree Cement warns of higher input costs in FY2026-27. Cemnet reports (link) that

Shree Cement expects rising raw material costs to place greater pressure on production

costs in the 2026-27 financial year following supply chain disruptions linked to

geopolitical tensions in the Middle East. In its latest annual report, the Indian cement

producer said input costs remained largely stable during the first half of FY2025-26 but