JPM | Building Broadcast: ROCKB,GEBN,SIKA,HEI,FER, AENA,DG: JPMC Construction Daily

Research evidence excerpt

J P M O R G A N

Europe Equity Research

20 August 2026

JPM | Building Broadcast:

ROCKB,GEBN,SIKA,HEI,FER,

AENA,DG

JPMC Construction Daily

Building Materials

European Building & Construction

and Infrastructure

• Geberit: Model update post Q2 results. Following Geberit’s Q2 results, we

Elodie Rall AC

update our model. As a reminder, management issued FY guidance during the

results looking for growth in net sales in local currencies of 5% to 6% and an

EBITDA margin around the prior-year level of 29.4%. Furthermore on the

conference call hosted post results (feedback below), the company stated that

the on pricing, the sales price impact in H2 will be higher vs. H1 and FY impact

will be ~2.5% and on volumes, the company expects a deceleration in volume

growth in H2 driven by a base-effect. Overall, we increase our estimates by ~2%

on the top line as we assume LFL growth of +6% (top-end of guidance range)

vs. our previous expectations of 4.6% and also we would flag that this does imply

~3% volume growth in H2 and whilst we acknowledge management comments,

we see this as conservative and see scope for the top line to come in better than

guidance. On earnings, we increase our EBITDA by ~1% to CHF966m as we

now also look for margins of 29.4% vs. our previous expectation of 29.6%. Link

to our report.

(44-20) 7134-5911

J.P. Morgan Securities plc

Zaim Beekawa

(44-20) 7134-4175

J.P. Morgan Securities plc

Jamie Smallbone

(44-20) 3493-7015

J.P. Morgan Securities plc

Manshi Sinha

(91-22) 6157 5111

J.P. Morgan India Private Limited

• Geberit: Feedback from Q2 conference call. Following Geberit’s Q2 results,

management hosted a conference call from which our key takeaways are: 1) July

trends. LFL trends in July were above the previous year’s level and grew in line

with FY topline guidance expectations; 2) FY expectations. On pricing, the

sales price impact in H2 will increase vs. H1 and FY impact will be ~2.5%. On

volumes, the company expects a deceleration in volume growth in H2 driven by

a base-effect; 3) Pre-buying. There was very limited pre-buying in Q2 and only

plastic (drainage pipes) products saw elements of pre-buying; 4) Nordics.

…