Cement Consensus Chaser

Research evidence excerpt

Cement Consensus Chaser

EUROPE | Building, Construction &

Housebuilders EquityJulyResearch17, 2026

Exhibit 1 - Jefferies Global Building &Cement Consensus Chaser

Construction Team

Movements in earnings consensus for local cement companies around the Jefferies Global Team

Europe Glynis Johnson

world can bring valuable insight to the forecasting of global cement stocks. Priyal Woolf

In this report, we track consensus changes across nearly 70 companies, Devon Guffick

Graham Hunt

looking to capture read-across in profit expectations and local industry Kiara Asinobi

dynamics, which may provide lead indicators for forecasts of Holcim, US Philip Ng

Jesse Barone

Heidelberg, Amrize, CRH, and Buzzi. Maggie Grady Miller

Fiona Shang

Heidelberg Materials: FY26 Consensus weakens. With 2Q26 previews published in the past Australia Ramoun Lazar

Anthony Moulder

month, FY26 consensus for Heidelberg has tracked back -1.1%, dropping the most among China Shuhang Jiang

heavyside peers. Consensus EBIT (RCO) of €3,497m for FY26 now sits closer to the lower Colombia Pedro Baptista

bound of €3.4-3.75bn guidance. Across Heidelberg's listed holdings, Indocement (Indonesia) India Prateek Kumar

saw -1.1% downside in FY26 EBITDA consensus, with smaller downgrades elsewhere. Despite Raghav Malik

this slippage, valuation in Heidelberg's holdings rose 3.8% to €13.8/share, driven primarily by Indonesia * Robin Sutanto

Malaysia* Mak Hoy Ken

Indocement and Ciments du Maroc. Next update: 1H26 Results: 30 July (preview). Recent Philippines * Klyne Resullar

research: Building Materials Returning To The Fore, Feedback From Meetings With CFO, Taiwan* Anny Hsu

Thailand * Sansanee (Lek) Srijamjuree

Holcim: One of the few showing consensus upgrades.