GS EUROPEAN EXPRESS: Oil capex | UK Homebuilders | Zegna | Adyen | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: Oil capex | UK Homebuilders | Zegna | Adyen | Macro | Global | Corporate Access

Equity Research

18 June 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: Oil capex | UK Homebuilders | Zegna | Adyen |

Macro | Global | Corporate Access

We are hosting a ‘Clean Energy: Re-pricing the US Renewable industry’ call today Sahar Islam

+44(20)7051-4935 |

at 2:30pm UKT, register here! sahar.islam@gs.com

Goldman Sachs International

Energy: Oil Services: Key takeaways from call with Viridien post EAGE

conference: “Frontier Exploration is back” - Michele Della Vigna shares takeaways

from his call with Viridien’s (ex-CGG) CFO yesterday which was supportive of his

thesis that exploration is going back to the 2000s, ie this is the start of a new upcycle.

EAGE 2026 – a large seismic / exploration industry conference held last week – was

the strongest signal in years with record attendance, higher C-suite engagement and

reserve replacement firmly back on the agenda. The dominant theme was the return

of frontier exploration with rising client interest across a range of basins.

UK Home Builders: Post deep-dive feedback: Investors on Sidelines, Focus Shifts

to Execution - Rebecca Parker revisits the homebuilders after her recent deep dive,

sharing feedback that suggests that sentiment is subdued and the sector is largely

being seen as a homogenous group under pressure and without a catalyst. While she

acknowledges the broader market weakness, she thinks there will be divergent

near-term performance driven by operational delivery and regional dispersion

underpinned by her work on affordability. Stocks: She prefers names with outlet

growth programs and less exposure to the challenged Southern and London markets.

Buy: Persimmon and Barratt Redrow and Sell: Taylor Wimpey and Berkeley.