Jun'26Q Preview: more of the same

研报英文原文证据摘录

Jun'26Q Preview: more of the same

Industrials | Electrical Equipment & Multi-Industry

July 7, 2026

Alexander Virgo Jun'26Q Preview: more of the same

44 20 7847 3520 We expect the JunQ to show similar patterns to MarQ… short cycle

Alexander.Virgo@evercoreisi.com automation demand is strong (org growth 8%), but electrical

Gustavo Gonzalez infrastructure demand in all its forms is stronger (org growth 13-14%).

212-653-8998 Power Gen, Power Grid, D/C all remain strong in order intake (>>DD%

Gustavo.Gonzalez@evercoreisi.com

YoY). P&L prints likely still catching up: organic revenue growth strong

Kriti Vardineni

(coverage avg: c8%), but price/cost still playing catch up to raw mats 212-801-3882

Kriti.Vardineni@evercoreisi.com inflation & tariffs (coverage avg EvrISI margin 18.7% vs cons 18.6%).

ME conflict direct impact less than feared, though longer-term

implications are less clear. We stick to our preference for power

EvrISI Multi-industrials coverage earnings calendar: infrastructure (ENR, GEV) with overweight US exposure where we can

get it (NVT, HUBB, TT, RAL). By Report Date Alphabetical

Ticker Date Ticker Date Macro spotlight: US activity dipped in June with S&P Mfg PMI down

ABB Thu, 16-Jul ABB Thu, 16-Jul to 53.9 (from 55.1) after rising monthly since March, and our ISI

ASSA Fri, 17-Jul ALLE Thu, 23-Jul Industrials diffusion index fell to flat from c20%. US ISM Mfg PMI also

GEV Wed, 22-Jul ASSA Fri, 17-Jul fell to 53.3 in June (vs 54 in May’26). Europe is slightly weakening (Mfg

PMI -0.2pts to 51.4 in Jun’26; ISI EU diffusion stable c0%) & China is KNEBV Wed, 22-Jul CARR Tue, 4-Aug

slowly improving (ISI sales survey c31 to c33.5). Pricing picked up into

OTIS Wed, 22-Jul EMR Wed, 5-Aug

quarter-end (+2.2pts to 49.7) as companies push tariffs & raw material