Hard Rocks & Heavy Metals: European Basic Resources & Industrials

Research evidence excerpt

Hard Rocks & Heavy Metals: European Basic Resources & Industrials

J P M O R G A N Europe Credit Research

10 July 2026

Hard Rocks & Heavy Metals

European Basic Resources & Industrials

Europe Corporate Credit - Basic

Materials and Industrials

Benjamin Defay AC

(33-1) 4015 5047

ben.defay@jpmorgan.com

In this note, we highlight recent publications and newsflow in the European Basic Guillaume Jouandin

Materials and Industrials sectors. (44-20) 7134-1538

guillaume.jouandin@jpmorgan.com

Hard pressed? Use the links to quickly navigate this note: Samuel Gosling

(44-20) 7134-0456

• Recent Publications samuel.gosling@jpmorgan.com

J.P. Morgan Securities plc

• Sector Newsflow

• Recent Credit Rating Changes

• Recent Issuance

• Recent M&A

• Materials Snapshot

• Sector Trading Performance and Relative Value

Recent Publications

• European IG Metals & Mining: As good as copper. Commodity prices

continue to stand at attractive levels for the European Metals & Mining sector,

notably with copper prices near record high levels. The improving geopolitical

backdrop should help increase visibility on demand and we believe the long-

term outlook for metals related to the electrification of the economy,

particularly copper, but also aluminium, is strong. As a result, we expect the

sector to continue to record healthy cash generation this year, and we believe

balance sheets will remain solid despite the return of large-scale M&A. We

recognize spreads are close to multi-year lows, but we see value in NHYNO

(OW), VKFP (OW) and AALLN (upgrade to OW from Neutral).

• Polynt: Resin to believe. Polynt (PLYIM, B1/BB-) reported soft Q1 2026

results, with adjusted EBITDA down -34% YoY and net leverage rising to

~4.2x, from 2.7x, driven primarily by a large dividend. Management guided for