Europe Multi-Industry: Food for Thought: Global data points, end-market commentary and latest research

Research evidence excerpt

Europe Multi-Industry: Food for Thought: Global data points, end-market commentary and latest research

Equity Research

17 July 2026 | 8:09PM BST

Europe Multi-Industry: Food for Thought: Global data points,

end-market commentary and latest research

n What’s worked in Multi-Industry recently: Machinery outperformed Electricals Daniela Costa

+44(20)7774-8354 |

stocks by 345bps this week. daniela.costa@gs.com

Goldman Sachs International

n Key Multi-Industry notes: Multi-Industry Truck OEMs Barometer: GS EU Trucks Christian Hinderaker, CFA

Pricing Tracker - Volvo Buy/ De’ Longhi SpA: Premium Coffee Platform Mispriced +44(20)7774-7366christian.hinderaker@gs.com|

as Appliance Maker; initiate at Buy/Volvo Group: Consensus to move upwards

Meihan Yang

LSD on 2Q26 beat/ Epiroc: Strong momentum but margins and orders miss +44(20)7051-6601 |

meihan.x.yang@gs.com

expectations/ Addtech AB: Q1 results: Flat organic growth vs hard comparables Goldman Sachs International

offset by strong margins/ Ariston Holding: Growth potential remains Aditya Agarwal

+1(212)934-7448 |

undervalued, reiterate Buy/ Sandvik: Consensus likely to be unchanged post aditya.a.agarwal@gs.com

Goldman Sachs India SPL

2Q26 orders miss/margin beat/ SKF: Consensus to see LSD upgrades on small

Susmita Saha

2Q26 beat/ Indutrade AB: Strong Q2 beat, with organic growth and orders led by +1(332)245-7701 |

susmita.saha@gs.com

Life Sciences/ Traton: 2Q26 unit sales beat/ ABB Ltd.: Strong 2Q26 orders, to Goldman Sachs India SPL

acquire Rotork/ Atlas Copco: 2Q26 strong orders across all divisions, weak FCF/ Aayush Kandpal

+1(212)934-9821 |

Assa Abloy: Consensus likely up small LSD on 2Q26 margin beat/ Lifco AB: Strong aayush.kandpal@gs.com Goldman Sachs India SPL