GS EUROPEAN EXPRESS: Software & the Agentic Era | RWE | Heavyside | Banks | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: Software & the Agentic Era | RWE | Heavyside | Banks | Macro | Global | Corporate Access

Equity Research

20 July 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: Software & the Agentic Era | RWE | Heavyside |

Banks | Macro | Global | Corporate Access

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webcasts and corporate access filtered through a generalist lens.

European Software: Assessing Moats, Business Models, and Valuations in the

Agentic Era - We assess European software moats, business models and valuations

as Agentic AI reshapes the enterprise stack. Our coverage share prices are down

c.37% from 52‑week highs as investors reassess incumbent value propositions

against US AI challengers. We expect AI to redistribute value rather than cause full

displacement — incumbents retain control of base applications and mission‑critical

systems of record, but incremental value accrues to the orchestration, agentic and

contextual layers above. Business models are transitioning from seat‑based to hybrid

structures incorporating consumption‑ and outcome‑based pricing, with near‑term

gross margin pressure (60‑80% vs 75‑85% in SaaS era). Within our coverage, we see

SAP (Buy) as best positioned given its mission‑critical workflows and contextual data

moat, with Nemetschek (Buy) and Dassault (Neutral) relatively well positioned on

deep domain expertise. (Mohammed Moawalla)

RWE (RWEG.DE): Three Major Sources of Upside - We present three sources of

earnings upside vs current company guidance and consensus: 1) Amprion’s implied