Americas Construction Materials: 2Q26 Preview: Expect Margins to Trough, Vols Remain Subdued, and Cement Pricing Still Weak; CX Best Positioned

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Americas Construction Materials: 2Q26 Preview: Expect Margins to Trough, Vols Remain Subdued, and Cement Pricing Still Weak; CX Best Positioned

J P M O R G A N North America Equity Research

07 July 2026

Americas Construction Materials

2Q26 Preview: Expect Margins to Trough, Vols Remain

Subdued, and Cement Pricing Still Weak; CX Best

Positioned

Ahead of 2Q26 earnings results, which kick off towards the end of the month, and Americas Construction Materials

ACfollowing recent conversations with our companies, we are updating our 2Q26 Adrian E Huerta

estimates. To this end, we broadly expect to see margin headwinds related to (52-81) 8152-8720

elevated energy prices, particularly for aggs producers given the increase in diesel adrian.huerta@jpmorgan.com

fuel costs, but view 2Q as the trough of margin pressures for the year with mid-year J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

price increases, improvement in underlying demand, and fading energy prices

Garrett Greenblatt

driving 2H improvement. While cement operations are more insulated from energy (1-212) 622-0424

cost headwinds, limited pricing realization and subdued demand are likely to garrett.greenblatt@jpmorgan.com

weigh on margins for these names as well. Notably, despite most January cement J.P. Morgan Securities LLC

price increases being pushed out to April, we saw limited price realization in April European Building & Infrastructure

cement pricing data (here) across the industry and little flow through into May data, and Construction

with most companies we spoke to indicating trends in line with the industry data, Elodie Rall AC

keeping us cautious on reported pricing into 2Q results. Meanwhile, we believe (44-20) 7134-5911