US Electrical Equipment & Multi-Industry "EE/MI Morning Note - GWW..."

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US Electrical Equipment & Multi-Industry "EE/MI Morning Note - GWW..."

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US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note - GWW pricing, Macro

Industrial, Diversified

Amit Mehrotra

GWW pricing showing stabilization- Our US MRO Distributor price monitor shows Analyst

GWW price stabilizing in 2Q, at a rate similar rate to the first quarter (> Access Dataset). amit.mehrotra@ubs.com

This would indicate price contribution in 2Q'26 trending similar to 5% in 1Q. In our +1-201-352 1410

view, this implies price changes have been largely net neutral in the second quarter, in- Neal Burk

line with management's prior expectations. Looking ahead, we expect price Analyst

contribution to decline gradually in the second half of the year on tougher comps, with neal.burk@ubs.com

4%-5% for the full year 2026. We note that while our price monitor has been +1-212-713 4066

directionally in line with actual pricing for Grainger, it has deviated in magnitude due to Pratap Singh

mix impact. We think this deviation in magnitude is likely to continue in the near future. Analyst

pratap-za.singh@ubs.com

Dallas Fed- Yesterday, the Federal Reserve Bank of Dallas released their manufacturing +1-212-821 3112

outlook survey which saw Texas factory output growth decelerate in June. The Zachary Walljasper

production index fell 5 points to +4.1 in June, while the general business activity index Associate Analyst

was flat compared to May. The index for prices paid for raw materials in June was in line zachary.walljasper@ubs.com

+1-212-713 9829with May. Lastly, the future general business conditions outlook improved in June, up 12

points compared to May.