European Machinery: Key Debates Post our 2Q26 Previews

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European Machinery: Key Debates Post our 2Q26 Previews

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14 Jul 2026 09:59:45 ET │ 11 pages

European Machinery

Key Debates Post our 2Q26 Previews

CITI'S TAKE

Atlas and Trelleborg kick off the 2Q26 results season on Thursday. We

highlight key debates post our previews published last couple of weeks

and compare our forecasts vs recent fresh cons (Infront/Vara). We prefer

Atlas over Alfa, DTG over Volvo although we would caution being too Klas BergelindAC

cautious Volvo into results. We see SKF’s results likely lower-quality +44-20-7986-4018

(overproduction/IEEPA refunds) with our Humanoid base-case priced in. klas.bergelind@citi.com

We expect a big EBITA beat at Sandvik and not only backward looking but

Vivek Midha, CFAAC against a much more bullish crowding score. We see relatively uneventful

results at Epiroc but like it into 2H. We like Kone over Schindler into results +44-20-7500-0732

vivek.midha@citi.com on likely better order growth. With mid/downstream momentum now

visible in our Mining Survey we prefer Weir over Metso into results on Siron Ng

better risk/reward in Weir. Looking to trucks post Volvo, we like DTG and +44-20-7986-4393

KB over Traton. We see Street EBIT too high in WRT. siron.ng@citi.com

Martin Wilkie

Atlas Copco – Reports: July 16. Street orders higher mom but still beatable, Street +44-207-986-4077

+10.6% organic growth vs +8.1% at the time of our preview. Citi organic growth martin.wilkie@citi.com

+13.8%. Likely pre-ordering in VT and easy comp/LNG momentum in CT provide Avinash Mundhra

support. LO positioning still light. LINK. +44-20-7986-6230

avinash.mundhra@citi.com

Trelleborg – Reports: July 16. We see LSD downside to consensus EBITA, driven by

slightly softer margins. LINK.

Volvo – Reports: July 17.