GS EUROPEAN EXPRESS: Around the World in 80 charts | Wise | Umicore | Hospital Capex | Telenor | Barratt Redrow | Macro | Global | Corporate

Research evidence excerpt

GS EUROPEAN EXPRESS: Around the World in 80 charts | Wise | Umicore | Hospital Capex | Telenor | Barratt Redrow | Macro | Global | Corporate

Goldman Sachs GS EUROPEAN EXPRESS

de-risking of Battery Materials against a backdrop of deepening EU/China industrial

cooperation; and (3) scope for a gradual dividend rebuild from FY26 results (Feb-2027).

(Georgina Fraser)

HEALTHCARE: MEDICAL TECHNOLOGY: Hospital Capex Q2 26 update; underlying

trends intact - Buy Philips, Neutral Siemens Healthineers - We update our Hospital

Capex Q2 26 analysis across Europe, China and the US, seeing a continuation of the solid

backdrop from Q1. Our proprietary EU tender tracker shows strong MRI/CT activity in

Q2 (+110% yoy), with Philips growing ahead of peers and reaching a decade‑high

market share. In China, bidding values improved sequentially, declining just ‑5% yoy in

Q2 with June turning positive (+18% yoy) for the first time since December 2025. US

hospital due diligence points to stable Q2 capex trends, though hospital P&L pressures

may intensify going forward. We continue to prefer Buy‑rated Philips, where we see

margin/capital allocation upside and supportive tender momentum. Neutral Siemens

Healthineers. (Richard Felton)

Telenor (TEL.OL): Second guidance cut in two quarters likely to weigh on investor

confidence - We report on Telenor’s 2Q26 results, which modestly missed consensus

(service revenue ‑0.9%, EBITDA ‑3.4% vs expectations), with the key focus on the

second consecutive quarter of 2026 guidance cuts. Management lowered Nordic growth

expectations mainly due to Norway — where value‑added services have been less

successful than in prior years and the market has turned more promotional — and

Finland, where improved market pricing is filtering into ARPUs even slower than