JPM | Building Broadcast: KSP, AMRZ, VTY: JPMC Construction Daily

研报英文原文证据摘录

J P M O R G A N

Europe Equity Research

10 August 2026

JPM | Building Broadcast: KSP,

AMRZ, VTY

JPMC Construction Daily

Building Materials

European Building & Construction

and Infrastructure

• Kingspan: Feedback from H1 conference call. Following Kingspan’s HY

Elodie Rall AC

results, management hosted a conference call, from which our key takeaways

are: 1) Guidance. Guidance implies H2 growth of 25% in trading profit.

Margins in H2 should be around 12% with FY margins at ~11%. Capex guidance

for the FY is €360m with a similar number expected for 2027. Both divisions

have contributed to earnings upgrades for this year and next year. The company

is gearing up for a solid H2 in the UK; 2) Leverage/M&A. The group is

committed to maintaining its investment grade rating, which implies leverage of

up to 2x. The company will look at sizable deals but nothing that stretches the

balance sheet beyond 2x and current firepower is about €1bn. The company has

no intention of using equity for a deal in the near term. Residential roofing

acquisitions are not a priority at the moment; 3) Margin

Progression. Management continue to see incremental ongoing improvement

in margins as it moves through the years; 4) Insulated Panels. Management

expect similar momentum in H2 compared to H1 and have seen good

performance in Europe. North America continues to be strong for the company

as has Latin America; 5) Advnsys. EBITDA in 2026 is expected to be around

€400m now (vs. previous expectations of €300m) and management think the

company will now achieve €600m EBITDA way ahead of its target of achieving

this by 2030. The company has an order bank of around one year, which gives

the group strong visibility. The portion related to Data will exceed 50% in the

near future; 6) Commercial Roofing. This is progressing according to plan and

revenues should be around $200m next year with a positive earnings

contribution; 7) Inflation. Expectations in H2 are quite volatile, but

management believe that the company has taken on the majority of costinflation expected in Q2. Steel is expected to tick up a bit higher whilst chemicals

may remain a bit more stable; and 8) Pre-buying.…