JPM | Building Broadcast: SIKA,SGO,AENA,FER, FGR,GET,DG,BKG: JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: SIKA,SGO,AENA,FER, FGR,GET,DG,BKG: JPMC Construction Daily

J P M O R G A N Europe Equity Research

29 July 2026

JPM | Building Broadcast:

SIKA,SGO,AENA,FER,

FGR,GET,DG,BKG

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

• Sika: ‘Show-me’ story executing well; upgrade to OW. We upgrade Sika to Elodie Rall AC

OW as we see improving execution with a strong Q2 building on a better-than- (44-20) 7134-5911

elodie.rall@jpmorgan.com

expected Q1 and an end to the downgrade cycle, which we had seen in recent J.P. Morgan Securities plc

years. We also think an improving H2 outlook leaves scope for earnings

Zaim Beekawa

upgrades later this year and though the company confirmed it was happy with (44-20) 7134-4175

current absolute consensus EBITDA expectations, should the company meet the zaim.beekawa@jpmorgan.com

upper-end of top-line (which we see as quite conservative given it implies an J.P. Morgan Securities plc

undemanding H2 against an easier comparative base) and margin guidance, this Jamie Smallbone

would imply EBITDA of ~CHF2,240m, which is ~4% above consensus. (44-20) 3493-7015

Furthermore, the group has pro-actively managed to mitigate cost inflation with jamie.smallbone@jpmorgan.com

good price increases and in a scenario of deflationary trends, Sika should benefit J.P. Morgan Securities plc

from favorable price/cost trends as it will likely keep some pricing (we explored Manshi Sinha

this in a recent note here). Whilst some of the above has been reflected in the (91-22) 6157 5111

manshi.sinha@jpmchase.com

recent share price move (+10% yesterday) this is in the context of the shares J.P. Morgan India Private Limited

underperforming the lightside sector by ~30ppt since 2024 and de-rating from