Capital Goods: 2Q26 playbook: can a healthy quarter meet high expectations?

研报英文原文证据摘录

Capital Goods: 2Q26 playbook: can a healthy quarter meet high expectations?

Equity Research

14 July 2026

Capital Goods

2Q26 playbook: can a healthy

quarter meet high expectations?

CapGoods heading into a healthy 2Q season (>50% to beat European Capital Goods

orders/sales/EBIT). Room for beats (& upgrades) across NEUTRAL Unchanged

Electricals/HVAC/Semis & Mining/Marine. Softness in interest European Capital Goods

Vlad Sergievskiirate-sensitive & consumer-facing verticals. ALFA, LR, SAND

best-placed for '+ve' surprise; KONE, METSO, NIBE could +44vlad.sergievskii@barclays.com(0)20 7116 1117

disappoint. Barclays, UK

George Featherstone, CFA

+44 (0)20 3555 8585Can generally solid 2Q results season meet/beat high expectations? Overall, the macro

george.featherstone@barclays.com

backdrop remains mixed, with continuing strength in the US and sluggishness in Europe/ Barclays, UK

China. We expect a healthy, but still polarised CapGoods results season, with AI-exposed

industrials (Electrical, Semis, PoWer, HVAC) together with small number of other end markets Timothy Lee, CFA

+44 (0)20 7773 6879(Mining, Marine, A&D) continuing to show sound growth. Among short-cycle verticals, we expect

timothy.lee@barclays.com

Trucks and Cutting Tools to show positive momentum. On the flip side, interest-rate-sensitive Barclays, UK

and consumer-facing end markets remain weak. At the stock level, we see room for growth

target upgrades across DC-exposed electricals (LR, SU) and solid DD order growth in upstream Rajesh Patki

+44 (0)20 3555 5193Mining (SAND, EPIA) and Marine (ALFA). The three companies we view as best-placed to surprise

rajesh.patki@barclays.com

this results season are ALFA, LR and SAND, while we think KONE, METSO and NIBE are more at Barclays, UK