Europe Weekly Kickstart

Research evidence excerpt

Europe Weekly Kickstart

Goldman Sachs Europe Weekly Kickstart

Exhibit 1: NW European gas inventories remain very Exhibit 2: Energy, Renewables, FTSE 100, and Exhibit 3: The market has proven more impervious

low Defensives tend to suffer least as gas prices rise to this recent rise in gas prices than earlier in the

NW European storage, Bcm Correlation between TTF 1m forward settlement price and relative year

performance vs. STOXX 600 (monthly returns). Europe Quality = 12-month forward P/E and TTF gas price performance

GSSTQUAL basket

70 60%

40% Benefit from Gas

60 Capacity Price rises "$)!&'!

20%

50 0%

2024 -20%

5-year -40%

average Since 2022

30 2025 -60%

2026 -80% 2022-2023

10 Energy Quality 100 Utilities SMI 250 Small 40CAC Retailers MDAX Dis. MIB Cyclicals DAX FTSE FTSE Industrials competition Chemicals Renewables GRANOLAS Defensives 0 STOXX Consumer FTSE Europe

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec China ! & & %& * ($ ($ (#

Includes the UK, Belgium, France, Netherlands and Germany Source: Datastream, Bloomberg, Goldman Sachs Global Investment Grey dashed line represents 27th Feb 2026

Research

Source: Bloomberg, Goldman Sachs Global Investment Research Source: Datastream, Bloomberg, Goldman Sachs Global Investment

Exhibit 4: The market has also proved insensitive to Exhibit 5: The valuation of SXXP has been Exhibit 6: European earnings have generally been

oil price shifts recently remarkably resilient to the re-pricing in rates revised up since the conflict started

12-month forward P/E and Brent oil price performance 12-month forward P/E and Germany 2-year bond yield EPS revision since start of the conflict (27th Feb, 2026)

Energy Energy

Tech +61% 7.2%

)$'* %',$)*$# %+(")/ / ! &).%+,%$ Basic Resources 6.8%

STOXX 600 5.0%

Chemicals 3.7%

Financials 2.5%