Cement Pricing In Europe Shows Signs Of Improving Momentum

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Cement Pricing In Europe Shows Signs Of Improving Momentum

EUROPE | Building, Construction &

Housebuilders EquityJulyResearch6, 2026

Cement Pricing In Europe Shows Signs Of

Improving Momentum

Despite continued robust momentum in E Europe, weaker trends in cement

volumes in June in UK, Germany and Benelux has driven down JEFe Europe

cement volumes in 2Q26 (HEI, HOLN). Cement pricing through the period

.in Europe has also proved more lacklustre than initially anticipated, albeit

RATING

last week's cement PPI shows show signs of pricing gaining momentum in UK HOUSEBUILDERS

France and Germany. Barratt Redrow Hold

Bellway Buy

Berkeley Group Buy

Exhibit 1 - Monthly index of producer prices for cement manufacturing (YoY change) Crest Nicholson Buy

8% UK Germany France Persimmon Buy

6% Taylor Wimpey Buy

Vistry Group Hold 4%

PAN EURO BUILDING PRODUCTS

2%

Amrize Hold

0% CRH Buy

-2% Forterra Buy

-4% Geberit Buy

-6% Genuit Buy

Holcim Hold May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Heidelberg Materials Buy Ibstock Buy

UK Germany France Italy Spain Kingspan Hold

. Saint-Gobain BuySource: Statistics Germany, Istat, INE, INSEE, ONS, FactSet, Jefferies

Exhibit 2 - Monthly index of producer prices for cement manufacturing (MoM change) Sika Buy

5% 7.0% Volution Buy

PAN EURO DISTRIBUTORS

4% 6.0% Howden Joinery Hold

3%

5.0% SIG Hold

Travis Perkins Unpf

1% 4.0%

UK PROPERTY SERVICES

0% 3.0% LSL Buy

-1%

2.0% IRISH HOUSEBUILDERS -2%

. Glenveagh Buy -3% 1.0%

0.0% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26