Industrials/Multi-Industry: Day 2 takeaways from BofA’s Industrials, Transportation, & Airlines Conference

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Industrials/Multi-Industry: Day 2 takeaways from BofA’s Industrials, Transportation, & Airlines Conference

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Industrials/Multi-Industry

Day 2 takeaways from BofA’s Industrials,

Transportation, & Airlines Conference

Industry Overview

A few early conclusions from the conference 13 May 2026

April and early May order trends have remained strong, weakening the bear case of pull- Equity

forward/pre-buy. Several companies left the door open for mid-year price increases. Americas

However, management teams pointed to general inflation versus tariffs. Interestingly, Industrials/Multi-Industry

not one of the 12 companies we met with mentioned weakness in Europe. Andrew Obin

Research Analyst

3M: Momentum continued in April BofAS+1 646 855 1817

We hosted a fireside with Anurag Maheshwari, CFO & Executive Vice President. Order andrew.obin@bofa.com

momentum continued into April and was “better than expected.” Management is more David Ridley-Lane, CFA

confident in organic growth than it was a few weeks ago as industrial momentum ResearchBofAS Analyst

continues. Data centers and semiconductors are areas of demand strength. +1 646 855 2907

david.ridleylane@bofa.com

SPX Technologies: both segments growing DevinResearchLeonardAnalyst

We hosted a fireside with CEO Gene Lowe and CFO & Treasurer Mark Carano. Data BofAS

+1 646 855 3698

center demand is “extremely strong.” SPX Technologies is investing to add ~$700mn of devin.leonard@bofa.com

of capacity for heating, ventilation, and air conditioning (HVAC). The radio detection

business (GDP proxy) has healthy global demand and steady US growth. The company is

well positioned for nuclear development, including small modular reactors.

Ametek: order inflection is real