JPM | Building Broadcast: CRST,BTRW,HOLN,DG,FER, ADP,AENA

Research evidence excerpt

JPM | Building Broadcast: CRST,BTRW,HOLN,DG,FER, ADP,AENA

Elodie Rall AC Europe Equity Research

(44-20) 7134-5911 16 July 2026 J P M O R G A N

elodie.rall@jpmorgan.com

Buzzi: Upgrading to OW; recent underperformance overdone

European Building Materials Construction Pulse February Edition: 2026 ytd shows price

momentum and costs up with more dramatic trends in March; volume indicators mixed in

both US and Europe

European Building Materials Sector attractive post YTD underperformance; reiterate

preference for Heavyside

European Cement: Presenting a ‘bear-case’ EU ETS scenario; still see market discipline with

price increases and the ‘decarbonizers’ still benefiting from favourable price/cost

European Cement: Taking stock of the last two weeks

European Building Materials: Construction Pulse January Edition : 2026 ytd shows price

momentum slightly down with costs slightly up; volume indicators continue to show more

optimism in Europe

First Principles - Building Materials 101 Sector Primer - 2026 Edition

First Principles - US Roofing Deep Dive

Americas Construction Materials 4Q Preview: Focus Turns to 2026 Amid Ongoing Demand

Headwinds; No Major Surprises Expected for 4Q

European Building Materials Remain more cautious on Lightside into results although

potential for some clearing events; Upgrading Rockwool to OW and placing Howdens on

Negative Catalyst Watch

European Building Materials Construction Pulse December Edition: Early 2026 look shows

price momentum and costs slightly up; volume indicators still more ‘green’ in Europe

European Cement: EU ETS V Edition Only the cleanest will thrive

European Building Materials Construction Pulse November Edition: Price Momentum very

slightly down though still seeing 2026 announcements; costs up m/m; volume indicators still