European Building Materials and UK Housebuilders: J.P. Morgan European Industrials Conference Feedback

研报英文原文证据摘录

European Building Materials and UK Housebuilders: J.P. Morgan European Industrials Conference Feedback

J P M O R G A N Europe Equity Research

19 June 2026

European Building Materials and

UK Housebuilders

J.P. Morgan European Industrials Conference

Feedback

We hosted our 24th European Industrials CEO Conference on 16th and 17th June and European Building & Construction

from the Building Materials sector, we hosted the CEO/CFOs from Buzzi, Holcim, and Infrastructure

Saint-Gobain and Sika. From the UK Housebuilders, we hosted the CEO of Barratt Elodie Rall AC

Redrow. We present our key takeaways below, with more detailed feedback on a (44-20) 7134-5911

company basis within the note. elodie.rall@jpmorgan.com

J.P. Morgan Securities plc

• Building Materials sector takeaways. Overall, we came away reassured from Zaim Beekawa AC

the conference with no incremental bad news. Price/Cost developments seem (44-20) 7134-4175

to be as expected with the corporates continuing to expect that they will be able zaim.beekawa@jpmorgan.com

to offset higher cost inflation; and reassuringly, there has not been any evidence

Jamie Smallbone of demand destruction as a result of price hikes. Within Heavyside, pricing

(44-20) 3493-7015

commentary was positive in all regions except the US where Buzzi highlighted jamie.smallbone@jpmorgan.com

that cement pricing is still down y/y but up slightly from December 2025. J.P. Morgan Securities plc

Volume trends in Q2 seem to be progressing well in most markets (albeit Sika Manshi Sinha

did flag that China conditions remain similar to Q1 and Buzzi pointed out (91-22) 6157 5111

negative development in Russia). Also specifically on European Cement, there manshi.sinha@jpmchase.com

was no ‘new’ news on the ETS scheme with Holcim continuing to expect no J.P.