US Building: 2Q26 earnings preview; results likely subdued, but signs of stabilization emerging

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US Building: 2Q26 earnings preview; results likely subdued, but signs of stabilization emerging

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US Building Equities

Americas2Q26 earnings preview; results likely subdued,

but signs of stabilization emerging Home Construction

John Lovallo, CFA

Analyst

john.lovallo@ubs.com

Housing intentions (from 5/25-6/5) continue to hold firm +1-212-713 9150

We believe underlying housing demand remains resilient. Results from the latest Matthew Johnson

iteration (5/25-6/5) of the UBS Evidence Lab US Housing Intentions Consumer Analyst

Survey (> Access Dataset) indicated that 34% of respondents plan to purchase a resi matthew-h.johnson@ubs.com

property within the next 12 months (30% historical avg), while 61% intend to pursue a +1-212-713 2576

repair & remodel project (59% historical avg). We view these results as encouraging and Nifemi Oduntan

supportive of industry stabilization with potential for positive inflection. Associate Analyst

nifemi.oduntan@ubs.com

Homebuilders: 2Q results likely subdued, but signs of stabilization emerging +1-212-713 1246

2Q financial results for the builders continued to face headwinds, with consumer

confidence declining to an all-time low in May. Mortgage rates also rose ~30bps during

the first 19 days of May, potentially challenging orders & gross margins. However, entry-

level builder LGIH (not covered) reported a +19.7% YoY increase in May closings

(+13.9% ex single-family rental homes) and an +8.5% YoY increase in June closings

(+2.2% ex single-family rental homes), demonstrating underlying demand remains

healthy. KBH also cited resilient buyer trends through May into mid-June, reinforcing a

steadying demand environment. Notwithstanding, 2026 financial outlooks could be