Eagle Materials: 2Q26 Preview: Expect EBITDA -13% y/y (-1% vs Cons) Driven by Ongoing Weakness in Wallboard

研报英文原文证据摘录

Eagle Materials: 2Q26 Preview: Expect EBITDA -13% y/y (-1% vs Cons) Driven by Ongoing Weakness in Wallboard

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

27 July 2026

Eagle Materials Neutral

EXP, EXP US

2Q26 Preview: Expect EBITDA -13% y/y (-1% vs Cons) Price (24 Jul 26):$213.55

Driven by Ongoing Weakness in Wallboard

Americas Construction Materials

EXP reports 2Q results on Wednesday, July 29 BMO. For 2Q, we are expecting Adrian E Huerta AC

EBITDA -13% at $189 mn (-1% vs cons) with margin -4.2pp to 28.6% on rev (52-81) 8152-8720

flat y/y (+1% vs cons). We expect CY2Q to witness cement vols +4% y/y (vs adrian.huerta@jpmorgan.com

+15% in 1Q) given headwinds from unfavorable Texas weather with pricing (flat J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

y/y) to be pressured by challenging market conditions, particularly in Texas. Garrett Greenblatt

Meanwhile, we see wallboard remaining pressured from weak residential demand (1-212) 622-0424

and facing tougher compares after outperforming the industry in 2Q last year. That garrett.greenblatt@jpmorgan.com

said, we think wallboard demand trends have started to stabilize and forecast vols J.P. Morgan Securities LLC

-8% with pricing -5.5%. While the company’s tight control over wallboard input

costs, particularly its gypsum supply, provides some support to margins, we expect

margins to be down more than in 1Q due to vols down high-SD% and as pricing

remains under pressure (price increases didn’t go into effect until June 1 and were

primarily to offset transportation and freight costs). The conference call will be at

8:30am ET on Wednesday, July 29; Dial-in details: +1 (833) 630-0590; Entry

code: Eagle Materials. Note that we already published our 2Q previews on July