European Capital Goods: Feedback from J.P. Morgan European Industrials Conference

Research evidence excerpt

European Capital Goods: Feedback from J.P. Morgan European Industrials Conference

J P M O R G A N Europe Equity Research

18 June 2026

European Capital Goods

Feedback from J.P. Morgan European Industrials

Conference

We hosted 23 Capital Goods companies at our European Industrials Conference on European Capital Goods

ACthe 16th and 17th June and share our headline takeaways and detailed company Phil Buller

feedback in this note. We came away even more bullish on the electricals subgroup, (44-20) 3493-9403

where end markets are still strong if not accelerating, energy resilience/security/ phil.buller@jpmorgan.com

efficiency is of increasing importance to customers, and China factory automation J.P. Morgan Securities plc

is also better than expected (as discussed in our feedback from Asia marketing + Akash Gupta AC

JPM China summit note here). More broadly, price/cost appears to be well (44-20) 7742-7978

akash.z.gupta@jpmorgan.com

managed, demand commentary was reassuringly unchanged versus Q1 despite the J.P. Morgan Securities plc

onset of the conflict in the Middle East, with data centers and mining equipment AC Chitrita C Sinha

the standout positives. A discrete automation recovery is now underway, and there (44-20) 7742-7176

is little evidence of an inflection in non-DC construction end markets, for now. chitrita.sinha@jpmorgan.com

J.P. Morgan Securities plc

• Capital Goods – Key discussion points: 1) Demand commentary was Jeremy Caspar

largely unchanged vs Q1, suggesting that neither short-cycle activity nor (44-20) 3493-5188

customer decision-making has deteriorated, even against the backdrop of the jeremy.caspar@jpmorgan.com

war in the Middle East and heightened macro uncertainty; 2) So far the conflict J.P. Morgan Securities plc