GS SUSTAIN: RELIABILITY & ADAPTATION: Heat waves could further amplify HVAC demand

Research evidence excerpt

GS SUSTAIN: RELIABILITY & ADAPTATION: Heat waves could further amplify HVAC demand

Equity Research

29 June 2026 | 5:54PM EDT

GS SUSTAIN: RELIABILITY & ADAPTATION

Heat waves could further amplify HVAC demand

The combination of heat waves and expectations for a “super” El Niño are increasing Brian Singer, CFA

+1(212)902-8259 | brian.singer@gs.com

discussions on the necessity of greater deployment of global cooling solutions and Goldman Sachs & Co. LLC

the broader debate on proactive vs. reactive investment towards Adaptation Xavier Zhang

verticals to mitigate impact of extreme temperatures and physical risk. We continue +852-2978-6681Goldman Sachs (Asia)| xavier.zhang@gs.comL.L.C.

to believe that among various physical risks, heat and drought are more likely to be Brendan Corbett

perceived as persistent vs. transient, which could lead to increased investment by +1(415)249-7440brendan.corbett@gs.com|

households, corporate and governments that have available capital and agree on Goldman Sachs & Co. LLC

Tylenda, CFAmitigation plan. HVAC — along with Power/Grid Infrastructure, Building Products Evan | +44(20)7774-1153

and GPS/Mapping are among the key verticals we expect could see Adaptation evan.tylenda@gs.com Goldman Sachs International

investment tailwinds.

Dan Duggan, Ph.D.

+1(212)902-4726 | dan.duggan@gs.com

In this report, we look at HVAC demand per capita across regions/countries and Goldman Sachs & Co. LLC

potential implications to power demand if HVAC demand intensity were to increase. Jaswanthi Masada

+1(212)934-8739 |

We highlight 42 global Buy-rated stocks exposed to HVAC and power reliability jaswanthi.masada@gs.com

Goldman Sachs India SPL

verticals that are positioned to benefit from rising cooling demand. We highlight

Laura Cyr