GS EUROPEAN EXPRESS: Siemens Energy | Multi-Industry China Trade Tracker | Talanx Initiation | Essity Downgrade | Philips | AstraZeneca | BE

Research evidence excerpt

GS EUROPEAN EXPRESS: Siemens Energy | Multi-Industry China Trade Tracker | Talanx Initiation | Essity Downgrade | Philips | AstraZeneca | BE

Equity Research

28 July 2026 | 6:29AM BST

GS EUROPEAN EXPRESS: Siemens Energy | Multi-Industry China Trade

Tracker | Talanx Initiation | Essity Downgrade | Philips | AstraZeneca | BE

Siemens Energy (ENR1n.DE): New Gas Service targets should provide further Sahar Islam

+44(20)7051-4935 |

growth visibility - We deep dive into Gas Service ahead of FY results, where Siemens sahar.islam@gs.com

Goldman Sachs International

Energy plans to present new targets to FY 2030. Gas Service (~1/3 of revenues) is

benefiting from a power sector capex super-cycle fueled by surging data center

demand, coal retirements, and grid intermittency. We continue to see a positive

pricing and volume environment to FY 2030 despite capacity additions, with OEM

volumes rising from 19 GW to 32 GW and ~50% of FY 2030E revenue from Service.

Our €6.2bn FY 2030E Gas Service EBITA reflects a 14% revenue CAGR and 26%

margin — ahead of guidance (mid-teens growth, 18–20% margin). The stock trades

at ~6x 2030E EV/EBITDA with our estimates 6% ahead of consensus. Buy (on

Conviction List) with 43% upside. (Ajay Patel)

Europe Multi-Industry: China Trade Tracker and what it foretells for European

Capital Goods - We report on our China Import/Export Tracker, examining 43

capital goods product categories relevant to our coverage. Europe still leads in

exports at 43% of global volumes, but its share has decreased from 54% in 2005,

while China has gained 16pp to 24% in 2025. June 2026 granular data shows

accelerating momentum, with aggregate export growth at +15.4% yoy (vs +9.6% in

May). For our 43 product categories, we have seen better exports and imports