GS EUROPEAN EXPRESS: SAP | DSV | Farnborough Airshow | Building Mats | Repsol | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: SAP | DSV | Farnborough Airshow | Building Mats | Repsol | Macro | Global | Corporate Access

Equity Research

24 July 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: SAP | DSV | Farnborough Airshow | Building

Mats | Repsol | Macro | Global | Corporate Access

SAP (SAPG.DE): 2Q26: CCB stronger while EBIT below; FY26 EBIT guidance Sahar Islam

+44(20)7051-4935 |

trimmed to reflect acquisition dilution; Buy - We see scope for slight negative sahar.islam@gs.com

Goldman Sachs International

revisions to consensus operating profit forecasts following SAP’s updated FY26

operating profit guidance, now €11.8–12.2bn (from €11.9–12.3bn), reflecting the

dilutive impact of the Dremio and Prior Labs acquisitions. However, we expect a

broadly neutral share price reaction given the CCB beat — current cloud backlog

grew 26% yoy ex-fx, ahead of GSe/consensus at 25%/24%. Overall, we believe the

market will continue to weigh the top-line strength against operating profit

headwinds and await evidence of AI product traction and monetisation over the

coming quarters. Buy with 79% upside. (Mohammed Moawalla) See also: Wise Group

(WSE): US OCC denies Wise trust bank charter application (Buy, on Conviction List)

DSV A/S (DSV.CO): Q2 recap, and what’s required in H2 to restore confidence -

Stepping back there was a positive inflection in DSV’s earnings trajectory which was

broadly in line with our expectations despite the temporarily lower Road profitability

(compensated by stronger momentum in both A&S and CL). The shares were down

14% on the day driven by investors extrapolating the depressed Road profitability.

While Road is only 15% of 2026E Group EBIT, its successful integration contributes

c.40% of our forecast EBIT growth 2030. While we believe the bearish scenario is