Europe Construction: Business Services, Transport, Leisure and Infra & Building Materials Conference — Key Takeaways for SIKA, HEIG and KSP

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Europe Construction: Business Services, Transport, Leisure and Infra & Building Materials Conference — Key Takeaways for SIKA, HEIG and KSP

Equity Research

18 June 2026 | 5:56AM BST

Europe Construction: Business Services, Transport, Leisure and Infra &

Building Materials Conference — Key Takeaways for SIKA, HEIG and KSP

Ben Rada Martin

+44(20)7051-0800 |

ben.radamartin@gs.com

Goldman Sachs International

Natasha Phillips

+44(20)7051-4705 |

natasha.phillips@gs.com

Today we hosted Sika, Heidelberg Materials and Kingspan (June 17th) at our London

Patrick Creusetoffice, as part of our 2026 Goldman Sachs Business Services, Transport, Leisure and +33(1)4212-1380 |

Infra & Building Materials conference. patrick.creuset@gs.comGoldman Sachs Bank Europe SE - Paris

Branch

Sika: Presenters included Christine Kukan, Head Investor Relations. Key takeaways:

Overall, our discussions with Sika focused on 2026 organic growth commentary, raw

mats inflation + pricing pass-through, and margin expectations. We believe the tone

was confident despite the backdrop of energy inflation. We are Buy rated on SIKA:

n Pricing/cost into inflation: Sika is yet to see meaningful pricing elasticity as

pricing has become gradually realised. Looking forward greater pricing

realisation is expected to increase into 3Q as the company moves towards +5%

prior targets, with the scope for additional pricing increases if inflation is

sustained. Limited gross margin headwinds are expected in 1H’26 given the

lagged impact through the P&L and pre-emptive actions to offset through

pricing, with positive price/cost still targeted for the full year.

n Americas: Sika sees a continuation in Americas end-market growth drivers, with

(1) Infra support from the new bill particularly around bridge repair and refurb