EUROPE MULTI-INDUSTRY Barometers - 2Q26 preview

Research evidence excerpt

EUROPE MULTI-INDUSTRY Barometers - 2Q26 preview

Equity Research

7 July 2026 | 11:19PM BST

EUROPE MULTI-INDUSTRY

Barometers - 2Q26 preview

Daniela Costa

+44(20)7774-8354 |

daniela.costa@gs.com

Goldman Sachs International

Christian Hinderaker, CFA

+44(20)7774-7366 |

christian.hinderaker@gs.com

The 2Q26 reporting season for Capital Goods is starting. We preview our

Aditya Agarwalestimates for the quarter and show them in Exhibit 5 to Exhibit 7. Overall, our +1(212)934-7448 |

Global Barometers point towards improvement in 2Q26. aditya.a.agarwal@gs.comGoldman Sachs India SPL

Meihan YangWe revisit our end-market and company Organic Sales/Order Growth +44(20)7051-6601 |

Barometers as part of our Multi-industry Toolkit. We also update these meihan.x.yang@gs.comGoldman Sachs International

barometers in Marquee, where we keep them dynamically updated intra quarter. Our Susmita Saha

OSG/OOG Barometers leverage our datamap of 1000+ high-frequency data points +1(332)245-7701susmita.saha@gs.com|

and can function as leading indicators. We also highlight one metric in our datamap Goldman Sachs India SPL

that correlates best with each company’s organic sales/order growth as a reference. Aayush Kandpal

+1(212)934-9821 |

We only include Barometers where we find a R2 > 65% historically as well as have > 5 aayush.kandpal@gs.com

Goldman Sachs India SPL

years of data as a listed company with the current portfolio of assets/divisions. In

Hollie Cooper

this note, we also introduce divisional barometers where we find reliable ones. +44(20)7051-0956 |

hollie.cooper@gs.com

We highlight the following 2Q trends: (1) Our global Barometer has seen sequential

Ines Lefranc

improvement, driven by a steady improvement in China to above-trend growth, while +44(20)7051-8710 |

ines.lefranc@gs.com