JPM | Building Broadcast:SGO,KSP,HOLN,GET,FGR,DG,AENA,BTRW: JPMC Construction Daily

研报英文原文证据摘录

JPM | Building Broadcast:SGO,KSP,HOLN,GET,FGR,DG,AENA,BTRW: JPMC Construction Daily

J P M O R G A N Europe Equity Research

07 July 2026

JPM | Building

Broadcast:SGO,KSP, HOLN,GET,

FGR,DG,AENA,BTRW

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

• European Building Materials: Easing inflation supportive of improving Elodie Rall AC

earnings momentum; warming up to Lightside. In this note, we explore the (44-20) 7134-5911

elodie.rall@jpmorgan.com

implications for price/cost should we see a permanent end to the Middle East J.P. Morgan Securities plc

conflict and a subsequent normalization of input costs to pre-conflict levels.

Zaim Beekawa

Overall, we find that should the sector succeed in maintaining its recent price (44-20) 7134-4175

increases despite cost inputs falling, then on average margins would be higher zaim.beekawa@jpmorgan.com

by ~125bps; we would however, note that pricing may see some erosion J.P. Morgan Securities plc

particularly in relation to fuel surcharges as well as companies historically Jamie Smallbone

passing back and maintaining a margin (i.e Kingspan). Overall, from a sector (44-20) 3493-7015

point of view, we think given the ytd underperformance (13% vs. SXXP), we jamie.smallbone@jpmorgan.com

see scope to be more positive given (i) Q2 trends should show an inflection J.P. Morgan Securities plc

point on LFL trends and lead indicators in Europe continue to screen positively Manshi Sinha

(excluding the UK) and (ii) potential tailwinds on price/cost (and margins) (91-22) 6157 5111

manshi.sinha@jpmchase.com

should continue to see a softening of input costs. Furthermore, whilst we have J.P. Morgan India Private Limited

long held a preference for the Heavyside sub-sector (which has been a strong