European Cement: Q2'26 weather tracker

研报英文原文证据摘录

European Cement: Q2'26 weather tracker

Equity Research

8 July 2026

European Cement

Q2'26 weather tracker

Q2'26 saw weather-related disruption largely in-line with the

prior year, with rainfall the main source of implied capacity

impacts. HEI, HOLN, AMRZ, CRH all screen largely neutral European& InfrastructureConstruction, Building Materials

from a weather perspective; VCT & BZU most impacted NEUTRAL

European Construction, Building(implied production -1.8% and +0.5% yoy, respectively).

Materials & Infrastructure

Katherine Hearne, CFA

In conjunction with our Data Science & Applied AI team, we update our regular weather +44 (0)20 7773 2041

disruption tracker for our European heavy-side coverage. Our model aggregates daily katherine.hearne@barclays.com

temperature, precipitation and wind speed data around the vicinity of the 364 cement Barclays, UK

assets in our coverage, searching for extreme weather days that are likely to hamper Pierre Rousseau

construction activity (and hence cement demand). +33 (0)1 4458 3377

pierre.rousseau@barclays.com

Overall, we do not expect to see significant weather-related impacts to yoy production BBI, Paris

across our coverage. Wetter conditions in parts of Europe were largely offset by improved

conditions elsewhere, leaving group-level production implications broadly neutral. Buzzi and Data Science & Applied AI

Vicat screen as the most impacted by weather in Q2: small positive for Buzzi (+0.5%), and Milan Mrazek(iii)

+44 (0)20 7773 1695moderately headwind for Vicat (-1.8%).

milan.x.mrazek@barclays.com

Heidelberg Materials screens broadly neutral from a weather perspective in Q2, with overall Barclays, UK

disruption days across its footprint largely in line with the prior year. Wetter conditions in Vincenzo Pota(iii)