EUROPE CAPITAL GOODS Multi-Industry Heatmap: 2Q26 so far

Research evidence excerpt

EUROPE CAPITAL GOODS Multi-Industry Heatmap: 2Q26 so far

Equity Research

20 July 2026 | 3:42AM BST

EUROPE CAPITAL GOODS

Multi-Industry Heatmap: 2Q26 so far

Daniela Costa

+44(20)7774-8354 |

daniela.costa@gs.com

Goldman Sachs International

Christian Hinderaker, CFA

+44(20)7774-7366 |

christian.hinderaker@gs.com

We closed week 1 of the 2Q26 reporting season with c.25% of our coverage and

Meihan Yangc.10% of our globally tracked peers having reported at least sales. What stands out +44(20)7051-6601 |

this season is the significant strength in demand despite emerging macro risks during meihan.x.yang@gs.comGoldman Sachs International

the quarter, with support strongly coming from (but not limited to) Aayush Kandpal

datacenter-related activity and even weak end markets like construction/autos +1(212)934-9821aayush.kandpal@gs.com|

seeing marginally better trends than we expected. The AI-related ecosystem (DCs, Goldman Sachs India SPL

semis, utilities) now represents >40% of our Capex Tracker vs <25% 3y ago and this is Aditya Agarwal

+1(212)934-7448 |

now having clear repercussions on the level of organic order growth printed across aditya.a.agarwal@gs.com

Goldman Sachs India SPL

capital goods (e.g., average 6% in 1Q26).

Ines Lefranc

+44(20)7051-8710 |

In 2Q26 so far, 100% of our coverage surprised to the upside on sales, with >90% ines.lefranc@gs.com

beating on EBITA (although FX and IEEPA tariff redemptions drove most of the

Hollie Cooper

beats), >80% beating on margins (on median by 30bps), and 2/3 beating on orders +44(20)7051-0956 |

hollie.cooper@gs.com

(although the median beat at 10% is one of the highest on record in several years). Goldman Sachs International

The drawback so far has been FCF, where most missed on continued elevated Susmita Saha