Europe Multi-Industry

Research evidence excerpt

Europe Multi-Industry

Equity Research

7 July 2026 | 6:01AM BST

EUROPE MULTI-INDUSTRY

Mining Equipment 2Q26 preview: Pumps and dewatering in focus;

remain positioned for an OE up-cycle

In this note, we provide our latest thoughts on our Mining Equipment coverage ahead Christian Hinderaker, CFA

+44(20)7774-7366 |

of 2Q26. While large order announcements have slowed QoQ, we expect another christian.hinderaker@gs.com

Goldman Sachs International

quarter of strong demand for aftermarket and base OE orders. Following the

Daniela Costacommentary from GS Copper Week, we see potential for a number of projects to +44(20)7774-8354 |

advance mid-term and remain positioned for an OE up-cycle. daniela.costa@gs.comGoldman Sachs International

Hollie CooperPositioned for an OE up-cycle. Sector stock selection remains unchanged. We +44(20)7051-0956 |

update estimates for our latest Capex Tracker forecasts, and the latest FX. We hollie.cooper@gs.comGoldman Sachs International

reiterate our Buy ratings on FLSmidth and Metso with +26%/19% upside, which we

view as best positioned to benefit from an OE up-cycle, given full-flowsheet product

offerings, as set out in our outlook. We are also Buy rated on Epiroc (+19% upside),

expecting sector-leading order growth and a more consistent period of margin

delivery as recent cost savings prove structural. We remain Neutral rated on Weir

(+12% upside), where our 1H26 adj. EBIT forecasts are c.4% below Visible Alpha

Consensus. Weir’s portfolio is less well positioned for an OE up-cycle and is facing

increased competitive pressures in its core pumps business. We remain Sell rated on

Sandvik, which we expect to deliver the slowest 5Y earnings CAGR in the sub-sector.

We also view the tailwinds from tungsten pricing as largely reflected in the current