EU ETS: WHAT TO EXPECT NEXT, AND WHAT ARE THE IMPLICATIONS FOR CEMENT

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EU ETS: WHAT TO EXPECT NEXT, AND WHAT ARE THE IMPLICATIONS FOR CEMENT

EUROPE | Building, Construction &

Housebuilders EquityJuneResearch24, 2026

*STARTING IN 60 MINS* EU ETS: What To

Expect Next

Ahead of the comprehensive EU ETS review anticipated mid-July, we invite

you to join our webinar with carbon market expert Jan Ahrens, CEO and

Founder of Transition Metrics, to discuss what to expect in the next round

of policy updates, and how it may impact both EUA prices and ETS-exposed

corporates. We will then deep dive into the implications for the European

cement sector and companies.

**ANY QUESTIONS YOU WOULD LIKE US TO ASK JAN, PLEASE SEND THEM TO EITHER

BILLAL or GLYNIS **

INSTITUTIONAL INVESTORS ONLY

Time and date: Wednesday, 24 June 2026, at 4:00PM GMT / 5:00PM CEST / 11:00AM EDT

Speaker: Jan Ahrens, CEO Transition Metrics. Carbon trader turned analyst and founder, with

20 years of experience in compliance carbon markets in the EU, US and Asia.

Jefferies Hosts: Billal Ismail (Industrials Specialist Sales), Glynis Johnson (Head of Building

& Construction)

To register: Please click HERE. No replay will be provided.

Discussion Topics:

What to expect from the EU ETS Policy updates

Ambition: The post 2030 framework of a cap and offsets•

Distribution: Free allocation <> Auctions?•

Scope: The effect of international aviation inclusion on price•

Funding: Additional instruments to finance decarbonisation•

The implications

Carbon price and costs for firms•

What comes next?•

Where are the risks from here?• Glynis Johnson * | Equity Analyst

44 (0) 20 7029 8677 | glynis.johnson@jefferies.com

Impact for European Cement

Priyal Woolf * | Equity Analyst

Free allocation: 2026 allowances, timeline and potential adjustments later on 44 (0) 20 7029 8183 | pwoolf@jefferies.com•