Chart of the Week: FY26 Consensus versus Guidance into 2Q Reporting

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Chart of the Week: FY26 Consensus versus Guidance into 2Q Reporting

EUROPE | Building, Construction &

Housebuilders EquityJuneResearch22, 2026

Chart of the Week: FY26 Consensus versus

Guidance into 2Q Reporting

Given the constantly evolving macro and geopolitical backdrop, updated

FY26 guidance is likely to be a key driver of share prices through 2Q26

reporting. While most stocks show consensus sitting within the guidance

.range, Sika is a clear anomaly with consensus margin below the lower

RATING

end of guidance. We see this as offering downside protection as well as UK HOUSEBUILDERS

asymmetric upside risk to the share price if guidance remains unchanged. Barratt Redrow Hold

Bellway Buy

Berkeley Group Buy

Exhibit 1 - While most stocks which have provided profit guidance have consensus within the gudiance Crest Nicholson Buy

range, Sika appears an anomaly with consensus margin sitting below guidance and so already carrying Persimmon Buy

some downside protection Taylor Wimpey Buy

6% Vistry Group Hold

PAN EURO BUILDING PRODUCTS

4% Amrize Hold

2% CRH Buy

FY26 guidance/ Forterra Buy

mid-point of 0% Geberit Buy

guidance range Genuit Buy -2%

Heidelberg Materials Buy

-4% Holcim Hold

Ibstock Buy

-6% Kingspan Hold

Amrize CRH Heidelberg Holcim Kingspan* Sika^ Saint-Gobain Buy

Sika Buy

Volution Buy

Upper end of guidance versus mid-point of guidance PAN EURO DISTRIBUTORS

Howden Joinery Hold

Lower end of guidance versus mid-point of guidance SIG Hold

Consensus vs guidance/ guidance range mid-point Travis Perkins Unpf

. UK PROPERTY SERVICES

Source: Jefferies, Visible Alpha. *Guidance is for an absolute level of trading profit. ^Margin guidance range applied to consensus 2026 LSL Buysales.

IRISH HOUSEBUILDERS

. Glenveagh Buy

Priyal Woolf * | Equity Analyst