JPM | Building Broadcast: CRH, SIKA, SGO, DG, TW/

Research evidence excerpt

JPM | Building Broadcast: CRH, SIKA, SGO, DG, TW/

Elodie Rall AC Europe Equity Research

(44-20) 7134-5911 27 July 2026 J P M O R G A N

elodie.rall@jpmorgan.com

monitored by investors. However, several factors could lower the market impact. The

launch of an EU Commission investigation into price fixing touches upon a financially

material issue for the Construction Materials sector (as per SASB), namely Competitive

Behaviour. However, the company in 2023 indicated that it sees no reason to believe that

there will be a financial impact for SGO. From a fundamental materiality standpoint, if

SGO’s subsidiary, Chryso, is found to be in breach of EU cartel rules, the company could

face fines of up to 10% of annual worldwide turnover, though a key watchpoint specific

to SGO is whether any fine would be calculated on Chryso's stand-alone turnover or Saint-

Gobain's group-level turnover. With Chryso being fully owned since Sep 2021, the team

believes it might apply to SGO global turnover. In practice, EU settlements tend to result

in penalties well below the stated ceiling, and the Commission's track record suggests a

more moderate outcome than equivalent US enforcement actions. Link to the team’s

report.

• Saint-Gobain pushes ahead with US expansion despite slow housing market. The FT

reports (link) that Saint-Gobain will push ahead with a major expansion of its American

business despite a US housing slump, transatlantic trade wars and a volatile political

climate.The company wants to double its North American footprint to almost 30 percent

of revenue as it pursues margins outside its traditional base.

• wienerberger welcomes European Commission ETS proposals to strengthen

industrial competitiveness and advance decarbonisation. EQS News reports (link) that