GCC: 2Q26 Conference Call Highlights

研报英文原文证据摘录

GCC: 2Q26 Conference Call Highlights

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

29 July 2026

GCC Overweight

GCC.MX, GCC* MM

2Q26 Conference Call Highlights Price (28 Jul 26):Ps208.63

Americas Construction Materials

• Demand Remains Broad-Based, With Infrastructure, Wind Farms, Data Adrian E Huerta AC

Centers and Oil Well Cement Driving U.S. Growth. Management (52-81) 8152-8720

reinforced that end-market demand remains healthy across GCC’s U.S. adrian.huerta@jpmorgan.com

footprint, supporting robust cement (+11%) and concrete (+29%) volume J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

growth in the quarter. Infrastructure continues to be the largest demand driver, Garrett Greenblatt

particularly highway paving and interstate projects across Texas, while the (1-212) 622-0424

policy backdrop remains supportive as discussions around the next U.S. garrett.greenblatt@jpmorgan.com

transportation bill are increasingly focused on roads and bridges, a project mix J.P. Morgan Securities LLC

viewed as favorable for cement demand. Renewable energy also remains a

meaningful contributor, with one wind farm completed during the quarter and

three additional projects expected to start in 3Q26 across Texas and North

Dakota. Importantly, data center demand is becoming increasingly tangible,

with previously delayed projects resuming construction activity and GCC

actively supplying projects while bidding on additional opportunities.

Management highlighted the Meta data center in El Paso (>$10bn investment),

as an example of the scale of opportunities emerging across its footprint.

Meanwhile, oil well cement demand improved materially during May and June

as customer confidence recovered alongside better oil prices, with