US Electrical Equipment & Multi-Industry: EE/MI Morning Note – Capex Tracker, MMM Incoming, Non-Res construction

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US Electrical Equipment & Multi-Industry: EE/MI Morning Note – Capex Tracker, MMM Incoming, Non-Res construction

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US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note – Capex Tracker, MMM

Incoming, Non-Res construction Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

Capex tracker update- We are refreshing our Capex Tracker heading into 2Q EPS +1-201-352 1410

results and updated company outlooks. Our tracker aggregates UBS analyst forecasts on

Neal Burk

over 1,000 companies and represents over $1 trillion in annual spending across various

sectors. Relative to our previous update in late May (link), expectations for growth in neal.burk@ubs.com

capex have been revised higher again. Capex is forecasted to increase 35% in 2026 and +1-212-713 4066

25% in 2027 year over year, up from 31% and 12%, respectively. The meaningful

Pratap Singh

positive revision to 2027 is due to higher expected spending among the hyperscalers

and SpaceX. On a quarterly basis, our tracker shows that 2Q26 will likely be the peak pratap-za.singh@ubs.com

from a year-over-year % perspective at 52%, and the year-over-year growth over the +1-212-821 3112

next 4 quarters (Q3 onwards) is expected to be in the 30%+ range.

Zachary Walljasper

Associate Analyst

3M incoming- We will have quarterly earnings release from MMM shortly. We think the zachary.walljasper@ubs.com

company is due for a catch up in performance with shares actually down a bit year to +1-212-713 9829

date while the broader market and industrial group are up 9% and 16%, respectively.

The company already positively soft-preannounced earlier in the quarter, so we think it's