EUROPE CAPITAL GOODS Multis earnings week 1 – updating estimates for 4 stocks

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EUROPE CAPITAL GOODS Multis earnings week 1 – updating estimates for 4 stocks

Equity Research

22 July 2026 | 5:06PM BST

EUROPE CAPITAL GOODS

Multis earnings week 1 - updating estimates for 4 stocks

Daniela Costa

+44(20)7774-8354 |

daniela.costa@gs.com

Goldman Sachs International

Meihan Yang

+44(20)7051-6601 |

meihan.x.yang@gs.com

Nearly 35% of European Multi-Industry companies have reported 2Q26 results

Ines Lefrancso far. What stands out to us this season is the significant strength in demand +44(20)7051-8710 |

despite emerging macro risks during the quarter, with strong support coming ines.lefranc@gs.comGoldman Sachs International

from (but not limited to) datacenter-related activity, and even weak

end-markets like construction/autos seeing marginally better trends than we

had expected. The AI-related ecosystem (DCs, semis, utilities) now represents

>40% of our Capex Tracker vs <25% 3y ago and this is now having clear

repercussions on the level of organic order growth printed across capital goods

(e.g., average 6% in 1Q26). In 2Q26 so far, 100% of our coverage has surprised to

the upside on sales, with >90% beating on EBITA (although FX and IEEPA tariff

redemptions drove most of the beats), >80% beating on margins (on median by

30bps), and 2/3 beating on orders (although the median beat at 10% is one of

the highest on record in several years). The drawback so far has been FCF, where

most have missed on continued elevated inventories (possibly as companies

stock up in the face of macro uncertainty). We are also seeing further indications

of strengthening short-cycle demand, including in Europe, with an increasing

number of companies providing cautiously optimistic guidance.

With this note, we change estimates and price targets for 4 stocks in our