EUROPE LIGHTSIDE BUILDING MATERIALS: 2Q’26 Previews: Most upside for ROCK, Advnsys driving KSP growth, and SGO inline with consensus

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EUROPE LIGHTSIDE BUILDING MATERIALS: 2Q’26 Previews: Most upside for ROCK, Advnsys driving KSP growth, and SGO inline with consensus

Equity Research

7 July 2026 | 11:07PM BST

EUROPE LIGHTSIDE BUILDING MATERIALS

2Q’26 Previews: Most upside for ROCK, Advnsys driving KSP growth,

and SGO inline with consensus

Ahead of 2Q’26, we update our Rockwool, Kingspan and Saint Gobain forecasts: Ben Rada Martin

+44(20)7051-0800 |

ben.radamartin@gs.com

Rockwool upside to 2Q EBIT (Buy): We see upside to consensus estimates (GSe +3% Goldman Sachs International

vs VA Cons. EBIT of €133mn) with strong volume gains in 2Q as we expect Rockwool Natasha Phillips

+44(20)7051-4705 |

to take share from foam board peers (which have put through significant 2Q pricing, natasha.phillips@gs.com

Goldman Sachs International

e.g. +20-40%, vs. ROCK’s +6-8% pricing effective 3Q). We expect this strong 2Q

Patrick Creusettopline result to drive an upgrade to 2026 revenues at the top end of the guidance +33(1)4212-1380 |

range (GSe +5.4% organic vs. cFX growth guidance of +3-6%, consensus +4%). For patrick.creuset@gs.comGoldman Sachs Bank Europe SE - Paris

2027, we lower our volume growth assumptions (now -1% excl. new capacity), Branch

assuming a reversal of some share gains, given we expect that chemicals deflation

for foam peers will likely normalise faster than energy inputs for ROCK (EU Gas/Met

coke). Our FY26/27/28E EPS are revised +4%/+1%/+1%, reflecting stronger 2026

volume growth and lower inflation, while our 12m TP moves +4% to DKK240.

Kingspan ADVNSYS strength offsetting modest IBE (Neutral): We sit slightly below

consensus on group Trading Profit in 1H26 (-2%) largely given ADVNSYS’ strength is

offset by softer 1Q IBE volumes and the slight -ve price/cost from IBE’s cost inflation.