Wolfe Industrial Weekly #955

Research evidence excerpt

Wolfe Industrial Weekly #955

Electrical Equipment & Multi-Industry

Distributors - Market Underweight

Industrial Technology - Market Weight

Multi-Industry - Market Weight

Wolfe Industrial Weekly #955 May 18, 2026

Global Gas Turbine Demand Surges to a New Quarterly Exhibit 1 - EE/MI

Record Performance for Week

Ended May 15

ZBRA 14.7%

FPS 11.5%

VRT 9.1%

JCI 2.6%The Wolfe Byte MMM 2.0%

GEV 0.9%

S&P 500 0.1%

TT 0.1%This week's leader dives into the global gas turbine market, where demand surged HON 0.1%

ETN -0.5%

NVT -0.6%

SPXC -0.9%

-1.1%to >29GW in 1Q26, driven by the US data center segment. Good news, but we are ROKPH -1.8%

AME -1.9%

VLTO -2.3%

GGG -2.4%seeing smaller suppliers gaining share. See below for a view on VRT's i-day and MAIR -2.4%

EE/MI Median -2.6%

HUBB -2.6%

ITW -2.8%a link to our Conference Prep Pack. FTV -2.8%

NDSN -3.1%

CARR -3.2%

LII -4.1%

DOV -4.1%

XYL -4.9%

OTIS -5.1%

PNR -5.4%

ITT -5.6%

EMR -5.8%

GTES -6.5%Our EE/MI & Distributor coverage ended the week down 2%, underperforming the HAYW -6.6%

VNT -6.8%

IR -7.1%

-7.3%+0.1% gain for the S&P 500. Last week brought the tail end of earnings: ZBRA's SWKRRX -8.0%

-10% -5% 0% 5% 10% 15% 20%

unexpectedly strong quarter and raised outlook sent its shares up +14.7%, but we

Exhibit 2 - US Cap Goodssee further upside potential (LINK). FPS (+11.5%) also outperformed following its Subsector Performance

significant 3QFY26 beat on sales and stronger backlog momentum, putting a material for Week Ended May 15

upward bias to FY27e (LINK). Transports 1.4%

Distributors -2.1%Last week, we launched coverage of Madison Air Solutions (MAIR) - the leading

manufacturer of Indoor Air Quality (IAQ) products in North America - with a Peer MachineryEE/MI -3.5% -2.6%

Diversified Manufacturing -3.9%