JPM | Building Broadcast: HEI, ADP, DG, AENA, FER, FRA

Research evidence excerpt

JPM | Building Broadcast: HEI, ADP, DG, AENA, FER, FRA

d Amrize. Link to the team’s report.

• GCC: 2Q26 Conference Call Highlights. The JPMorgan US Construction Materials

Research team note that management reinforced that end-market demand remains healthy

across GCC’s U.S. footprint, supporting robust cement (+11%) and concrete (+29%)

volume growth in the quarter. Infrastructure continues to be the largest demand driver,

particularly highway paving and interstate projects across Texas, while the policy

backdrop remains supportive as discussions around the next U.S. transportation bill are

increasingly focused on roads and bridges, a project mix viewed as favorable for cement

demand. Renewable energy also remains a meaningful contributor, with one wind farm

completed during the quarter and three additional projects expected to start in 3Q26 across

Texas and North Dakota. Importantly, data center demand is becoming increasingly

tangible, with previously delayed projects resuming construction activity and GCC

actively supplying projects while bidding on additional opportunities. Management

highlighted the Meta data center in El Paso (>$10bn investment), as an example of the scale

of opportunities emerging across its footprint. Meanwhile, oil well cement demand

improved materially during May and June as customer confidence recovered alongside

better oil prices, with management noting that GCC is currently selling all the oil well

cement it can produce. Link to the team’s report.

• Titan America Upgrades Guidance.Titan America raised its full-year 2026 revenue

outlook to high single-digit growth, up from low single-digit growth previously.

Management said the revision reflects the Keystone acquisition and confidence in demand