JPM | Building Broadcast: ROCKB, FRA: JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: ROCKB, FRA: JPMC Construction Daily

J P M O R G A N Europe Equity Research

13 July 2026

JPM | Building Broadcast:

ROCKB, FRA

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

• Carbon Counts 2026: What to Expect from the EU ETS Reform Proposal Elodie Rall AC

on July 17? Flagging Stock Sensitivities. The JPMorgan EMEA Sustainable (44-20) 7134-5911

elodie.rall@jpmorgan.com

Investing research team note thatThe European Commission's comprehensive J.P. Morgan Securities plc

review of the EU Emissions Trading System (ETS) — pushed back from 15 July

Zaim Beekawa

to 17 July 2026 — will mark a significant political milestone in the quest to (44-20) 7134-4175

balance climate ambition with competitiveness concerns. The proposal will, zaim.beekawa@jpmorgan.com

among other things, shape Phase V of the EU ETS (2031–40) and will aim to J.P. Morgan Securities plc

align the system with the EU's 2040 climate target. After six months of "policy Jamie Smallbone

volatility" and competing pressures, the tone has turned more constructive (44-20) 3493-7015

versus Q1 2026. Ahead of the reform, the team flag the key issues to watch, jamie.smallbone@jpmorgan.com

potential EUA price implications based on forecasters' expectations, sector J.P. Morgan Securities plc

reads for Cement, Chemicals and Pulp & Paper from our analysts, and introduce Manshi Sinha

their simplified “carbon pricing” stock screener. Link to the team’s report. (91-22) 6157 5111

manshi.sinha@jpmchase.com

• Croatia's Rockwool investing 13 mln euro in own stone briquetter. SeeNews J.P. Morgan India Private Limited

reports (link) that Rockwool Adriatic said it is investing 13 million euro ($15