REAL-TIME GLOBAL RESEARCH
JPM | Building Broadcast:HOLN,HEI,ADP,FER,FH ZN, FRA,GET,AENA: JPMC Construction Daily
Key takeaways
- Holcim: Consensus EBITDA 0.4% above JPMe for Q3. Holcim released consensus yesterday ahead of results, with Q3 revenues of CHF4,587m (in line with JPMe) and Q3 Recurring EBIT of CHF949m (0.4% above JPMe). For FY26, conse
- Heidelberg Materials expands Manchester recycling site. Cemnet reports (link) that Heidelberg Materials UK has expanded its Agecroft recycling operation in Swinton, Manchester, with a new wash plant and rail siding. The
- US Construction Data Points: Cement Prices Flat m/m in Sep (Miss vs.
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Research evidence excerpt
- Holcim: Consensus EBITDA 0.4% above JPMe for Q3. Holcim released consensus yesterday ahead of results, with Q3 revenues of CHF4,587m (in line with JPMe) and Q3 Recurring EBIT of CHF949m (0.4% above JPMe). For FY26, consensus is looking for revenues of CHF16,982m (in line with JPMe) and Recurring EBIT of CHF3,142m (broadly in line with JPMe).
- Heidelberg Materials expands Manchester recycling site. Cemnet reports (link) that Heidelberg Materials UK has expanded its Agecroft recycling operation in Swinton, Manchester, with a new wash plant and rail siding. The wash plant can process up to 450,000tpa of excavated waste, primarily soils from construction, demolition and industrial sites, to produce recycled aggregates. A drainage and water recovery system captures and recirculates almost 100 per cent of the water used.
- US Construction Data Points: Cement Prices Flat m/m in Sep (Miss vs.
+0.1% est.); Aggs Remain Resilient, RM Stable. The J.P. Morgan US Construction Materials Research team note that cement prices were flat m/m (-1.2% y/y) in Sep, below the team’s expectation of +0.1% m/m. The September data close out another weak quarter for cement pricing, with prices down -0.5% q/q in 3Q and remaining firmly negative on a y/y basis. YTD, cement prices are down -0.7%, underscoring the continued lack of pricing traction despite gradually improving underlying demand conditions. Ahead of 3Q results, the team continue to see healthy activity across infrastructure, data centers, energy and other heavy non-residential projects, but residential remains weak and competitive pressures as well as cement imports continue to weigh on pricing in certain markets. The team’s latest sector work points to subdued cement pricing in the US, with limited realization likely to combine with higher energy costs to pressure margins through 2H26. Looking ahead, the team continue to expect only modest improvement in cement pricing, with a more meaningful
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