GS EUROPEAN EXPRESS: Data Centers | Fragrance | Argenx | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: Data Centers | Fragrance | Argenx | Macro | Global | Corporate Access

Equity Research

17 June 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: Data Centers | Fragrance | Argenx | Macro |

Global | Corporate Access

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Powering up Europe: Booming Datacenter pipeline and AI spending boom - the

pivotal role of energy - Alberto Gandolfi’s European data center pipeline estimate

increases significantly again to nearly 500 GW, 1.5x the current European power

demand and up c70% from his estimate 6 months ago. This estimate is based on the

connection requests received by grid operators so will have a speculative element

but the direction of travel is upwards. The European Datacenter association expects

20GW by 2031, nearly tripling the existing capacity. Both these datapoints support

Alberto’s view of c1.5% power consumption growth pa (after a long period of

decline) and by 2031E datacenters should be c10% of Europe’s power consumption.

Alberto also reminds us of the need for Europe to embrace AI for both productivity

and national security.

Europe Consumer Products: Fragrance’s next growth wave: back to blockbusters

- Aron Adamski highlights that as fragrance growth normalizes to 3.5% in 1Q and

competition intensifies (c6k launches in 2025 vs 2.5k in 2019), demand is

disproportionately shaped by new offers (e.g., new formats, scents) and particularly

blockbusters which can become new pillars. These blockbusters have been durable

growth engines even before the recent fragrance supercycle (he maps historic