European Capital Goods: Q2 2026 Preview Pack: Solid quarter ahead

研报英文原文证据摘录

European Capital Goods: Q2 2026 Preview Pack: Solid quarter ahead

Global Research

6 July 2026ab

European Capital Goods Equities

Europe including UKQ2 2026 Preview Pack: Solid quarter ahead

Industrial

Andre Kukhnin

Bottom line Analyst

We expect a solid quarter ahead with virtually all channel checks continuing to point to strong trends in Electrification and Data Centre, andre.kukhnin@ubs.com

supplemented by gradually building short cycle and discrete industrial automation recovery, while Buildings-related end markets remain muted. +44-20-7567 2162

We expect guidance statements to remain at least intact, with scope for select increases, e.g., Siemens DI and SI. In terms of stock-picking, we Sven Weier

focus on the following three areas: 1/ We continue to look for attractive ways to play electrification and Data Centre secular growth theme, where Analyst

our top conviction Buy ideas are Schneider, Munters, Prysmian, Siemens and Halma; 2/ Increasingly favour short-cycle recovery exposure with sven.weier@ubs.com

focus on value and self-help, where our top conviction Buy ideas are Siemens, Volvo, KION and Renishaw; 3/ Idiosyncratic ideas across the +49-69-1369 8278

sector, where our top conviction Buy ideas are Kone and GEA. Christopher Leonard

Analyst

Key trends - Thematics remain intact chris.leonard@ubs.com

+44-20-7568 3958

Short-cycle: We expect sequentially flattish development in Q2; however, we see that the gradual improvement thesis remains intact, with

the UBS Short-Cycle Indicator remaining in growth territory. We continue to prefer discrete industrial automation within this segment Ed Hussey

Construction: We expect a continuation of challenging trends in new construction globally, albeit with moderating rates of decline, while edward.hussey@ubs.com