1H/2Q26 Earnings Tracker: Early Beats Remain Concentrated

Research evidence excerpt

1H/2Q26 Earnings Tracker: Early Beats Remain Concentrated

Portfolio Strategy Research

24 July 2026 | 1:05PM BST

EUROPE WEEKLY KICKSTART

Roughly 20% of the companies that we expect to include in Beats have been driven by a few sectors. Technology has Peter Oppenheimer

+44(20)7552-5782 |

our earnings tracker have reported 2Q results. This delivered one of the strongest earnings surprises so far, peter.oppenheimer@gs.com

Goldman Sachs International

represents c.30% of the STOXX 600 market cap. Reporting with EPS exceeding expectations by 7% on average, largely

Sharon Bell

activity will accelerate sharply next week, with the final week driven by semiconductor names. However, the sector’s +44(20)7552-1341 | sharon.bell@gs.com

of July expected to be the busiest period of the earnings strength remains highly concentrated, with ASML Goldman Sachs International

season. accounting for most of the aggregate upside surprise, while Guillaume Jaisson +44(20)7552-3000 |

STMicroelectronics reported below expectations and guillaume.jaisson@gs.comGoldman Sachs InternationalH1 2026 is on track to deliver the strongest EPS growth in

provided weak Q3 guidance, falling -18% following results. Giovanni Ferranninithe past 3 years, for both the broad STOXX 600 index (12%) +44(20)7051-2589 | Healthcare and Financial Services have also exceeded giovanni.ferrannini@gs.com

and the median stock (7%). This is driven primarily by Goldman Sachs International expectations, with average earnings surprises of c.8% and

Commodities. Excluding Commodities, earnings growth falls Elena Porfidia 7%, respectively. +44(20)7051-5240 |

to 6%, still a reasonably strong pace (Exhibit 1). elena.porfidia@gs.com

Early reporters in the Commodities space have