Building & Construction: Charting the Way

研报英文原文证据摘录

Building & Construction: Charting the Way

EUROPE | Building, Construction &

Housebuilders EquityMayResearch12, 2026

Building & Construction: Charting the Way RATING

UK HOUSEBUILDERS

This report seeks to provide a comprehensive summary of construction Barratt Redrow Hold Bellway Buy

demand drivers across the range of end markets for the 20 most important Berkeley Group Buy

countries across our coverage universe. Published monthly, it shows recent Crest Nicholson Buy Persimmon Buy

trends and across-the-cycle context to provide insight into future earnings Taylor Wimpey Buy

releases but also longer-term cyclical and structural positioning. Vistry Group Hold PAN EURO BUILDING PRODUCTS

Amrize Hold

France - Sentiment still tricky but resi data increasingly positive. Both the INSEE CRH Buy• Forterra Buy

business climate index and construction PMI deteriorated further in April with Geberit Buy

expectations of future activity looking particularly difficult. Despite this, resi permits on Genuit Buy

March data saw continued positive momentum up 45% YoY, while housing starts were up Heidelberg Materials Buy

almost 60% YoY. Construction pricing expectations meanwhile jumped sharply in April. Holcim Hold

Germany - Expectations weaken in April. Construction PMI and Ifo weakened in April, Kingspan Hold• Ibstock Buy

with both data sets showing a worsening in activity expectations for the next 12 months. Saint-Gobain Buy

Pricing expectations saw another sharp uptick in April, and on March data PPI of most Sika Buy

building materials remained up YoY (albeit cement remains down YoY). Volution Buy

UK - Deteriorating activity, but outlook still positive. April PMI saw a sharp downtick Howden Joinery Hold• PAN EURO DISTRIBUTORS