Summary of Changes

Research evidence excerpt

Summary of Changes

s are Exhibit 2 - Results calendar

also continuing to rise, with Infineon especially seen to be benefitting from double-digit price CompanyEricsson ERIC.B-SETicker Reporting14-Juldate

increases on non-automotive MOSFETs. The weakening of the Euro is also expected to provide ASML ASML-NL 15-Jul

VAT VACN-CH 22-Jul

a tailwind. We, therefore, expect earnings estimates for IFX and STM to rise once again after Nokia NOKIA-FI 23-Jul

CYQ2 results, with further upgrades expected over the next 4-6 quarters, as the analog upcycle STMicroASMI STMPA-FRASM-NL 23-Jul28-Julest

gains momentum. We, therefore, expect these stocks to continue to outperform in H2-26. Melexis MELE-BE 29-Jul

Soitec SOI-FR 29-Jul

Aixtron AIXA-DE 30-Jul

Semicap demand continues to strengthen: ASML, ASM, VAT are expected to see further ams OSRAM AMS-CH 4-Aug

upgrades to estimates as DRAM manufacturers and TSMC further optimise clean room space InfineonNordic NOD-NOIFX-DE 5-Aug6-Aug

to expand capacity on the available footprint. However, the extent of upgrades is expected to .Source: FactsetSUSS SMHN-GR 6-Aug

be lower than post Q4-25 and Q1-26 results. Investor focus for ASML will be mainly on the

company's comments on low-NA EUV capacity and potential shipments in 2027 and 2028,

where market expectations have been rising. For ASM the extent of H2 strength would partially

depend on whether there is a renewed strengthening in its China business in H2.

Nokia orders expected to stay strong: We expect Nokia to report a jump in Q2 orders, as the

first Switch orders from the hyperscaler customer adds to optical strength. We also expect

a material revenue acceleration and margin expansion in 2027, as Nokia starts to convert its

growing backlog faster.