2Q26 Earnings Heat Map: High Yield Metals & Mining, Paper & Packaging, and Housing - Week 1

Research evidence excerpt

2Q26 Earnings Heat Map: High Yield Metals & Mining, Paper & Packaging, and Housing - Week 1

J P M O R G A N North America Credit Research

24 July 2026

2Q26 Earnings Heat Map

High Yield Metals & Mining, Paper & Packaging, and

Housing - Week 1

North America Corporate Credit –

Basics (IG), Metals & Mining,

Building and Paper & Packaging

(HY)

Arjun Chandar AC

(1-212) 834-4047

Over the second quarter earnings season, we will keep a running list of HY earnings arjun.c.chandar@jpmorgan.com

across our coverage. We are ~20% through our HY public corporate reporting J.P. Morgan Securities LLC

season and have seen earnings thus far come in ahead of expectations. In the tables

below, revenues and Earnings percentages represent the magnitude of a beat or

miss vs consensus estimates.

HY Metals/Mining Earnings Recap and Report Links

In Metals/Mining we’ve seen more beats than misses with higher realized

commodity pricing, better than expected costs and resilient end market demand

driving solid performance. Steel prices have been elevated over the last several

months thanks to tariff protection and a more favorable domestic operating

environment. Global aluminum prices have been lifted by tight supply as a result

of the Middle East conflict. Downstream aluminum companies like KALU have

benefited from a sizeable metal price lag in the first half of the year and while we’d

expect ultimate normalization, we are encouraged by follow through in conversion

revenue reflective of improved mix and strong end market demand.

• CMC

• AA

• KALU

• CLF

Table 1: 2Q26 HY Metals/Mining Earnings Tracker

Company Ticker Recommendation Report Date Print Guidance Revenues Earnings

Commercial Metals CMC Overweight 25-Jun-26 In Line Positive 4.2% 0.1%

Alcoa AA Overweight 16-Jul-26 Miss Neutral -1.5% -2.1%