Chart of the Week: Permits For Commercial Roofing in US: EUROPE | Building, Construction & Housebuilders

Research evidence excerpt

Chart of the Week: Permits For Commercial Roofing in US: EUROPE | Building, Construction & Housebuilders

EUROPE | Building, Construction &

Housebuilders EquityJulyResearch20, 2026

Chart of the Week: Permits For Commercial

Roofing in US

Jefferies proprietary data on US construction permits continues to show

mixed trends through May (resi new build +5%, cml new build -13%). Within

this, permits for commercial roofing continue to show the largest drop

(-15.3%). And while the pace of decline is moderating from the trough in . RATING

March, it raises questions as to whether demand levels are sufficient to UK HOUSEBUILDERS

facilitate the price increases sought by producers. Relevant: Amrize, Sika & BarrattBellwayRedrow HoldBuy

Kingspan. Berkeley Group Buy

Crest Nicholson Buy

Persimmon Buy

Exhibit 1 - US Seasonality Adjusted Commercial Roofing Permits Taylor Wimpey Buy

60% Vistry Group Hold

50% PAN EURO BUILDING PRODUCTS

40% Amrize Hold

30% Buzzi Hold

CRH Buy 20%

Forterra Buy 10%

Geberit Buy 0%

Genuit Buy

-10%

Heidelberg Materials Buy

-20%

Holcim Hold

-30% Ibstock Buy

-40% Kingspan Hold

Saint-Gobain Buy May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-26 May-26 Sika Buy

. Volution Buy

Source: Jefferies, BuildFax

PAN EURO DISTRIBUTORS

Please see this link for the full report Howden Joinery Hold

SIG Hold

Proprietary Permit Tracker. Our suite of building permit trackers adjusts and parses BuildFax Travis Perkins Unpf

data to compensate for volatility in the reporting of permit data. The data tracks residential UK PROPERTY SERVICES

and commercial end markets in the US, with further visibility into specialty end markets such LSL Buy