European Building Materials: Is SIKA a read to other lightside earnings?

研报英文原文证据摘录

European Building Materials: Is SIKA a read to other lightside earnings?

Global Research

29 July 2026ab

European Building Materials Equities

Europe including UKIs SIKA a read to other lightside earnings?

Building Materials

Julian Radlinger, CFA

SIKA's Q2 volume beat (and other peer reports) implies upside elsewhere ... Analyst

Following a strong Q2 top line beat at SIKA yesterday, with volumes 200-300bps ahead julian.radlinger@ubs.com

of expectations, investors have asked us whether this implies upside to other lightside +44-20-7901 6558

reports still to come, namely KSP, ROCKB, SGO and GEBN. We think likely yes, but not Patrick Rafaisz, CFA, FRM

uniformly. Q2 volume growth at SIKA, RPM, FUL, RXL, WIE and AKZA suggests Analyst

volumes accelerated in Q2, particularly in infra and non-res segments (EU and US alike) patrick.rafaisz@ubs.com

and in resi in parts of Europe, especially Eastern/Southern, while US and parts of +41-44-239 90 66

Western European resi (especially the UK) have remained weak (see table below). Based

on exposures and sell side modelling, we think this makes potential Q2 volume beats at

ROCKB and SGO's European segments most likely, followed by KSP, while

GEBN remains less clear-cut in our view.

… but we think stock reactions will depend on more than just Q2

However, we think the +10% share price reaction at SIKA was not just driven by the

volume strength in Q2, but (1) equally stronger than expected pricing, (2) better

margins, (3) strong current trading commentary, (4) upgraded guidance that feels

conservatively set, and (5) negative investor positioning into the print. We think ROCKB

is likely the one that most resembles this setup: here we expect meaningfully better

volumes, combined with an earnings beat and positive H2 commentary, as well as