Multi-Industry Heatmap: 2Q26 so far & estimate updates for three stocks

研报英文原文证据摘录

Multi-Industry Heatmap: 2Q26 so far & estimate updates for three stocks

Equity Research

29 July 2026 | 3:47PM BST

EUROPE CAPITAL GOODS

Multi-Industry Heatmap: 2Q26 so far & estimate updates for three

stocks

Daniela Costa

+44(20)7774-8354 |

daniela.costa@gs.com

Goldman Sachs International

Christian Hinderaker, CFA

+44(20)7774-7366 |

christian.hinderaker@gs.com

So far, we have had 60% of our coverage reporting, and c.45% of our globally

Meihan Yangtracked peers have reported at least sales. What stands out this season is the +44(20)7051-6601 |

significant strength in demand despite emerging macro risks during the quarter, with meihan.x.yang@gs.comGoldman Sachs International

support strongly coming from (but not limited to) datacenter-related activity and Aayush Kandpal

even weak end markets like construction/autos seeing marginally better trends than +1(212)934-9821aayush.kandpal@gs.com|

we expected. The AI-related ecosystem (DCs, semis, utilities) now represents >40% Goldman Sachs India SPL

of our Capex Tracker vs <25% 3y ago, and this is now having clear repercussions for Ines Lefranc

+44(20)7051-8710 |

the level of organic order growth printed across capital goods (e.g., average 6% in ines.lefranc@gs.com

1Q26).

Hollie Cooper

+44(20)7051-0956 |

In 2Q26 so far, 73% of our coverage surprised to the upside on sales, with >70% hollie.cooper@gs.com

beating on EBITA (although FX and IEEPA tariff redemptions drove part of the

Susmita Saha

beats), >70% beating on margins, and 4/5 beating on orders (although the median +1(332)245-7701 |

susmita.saha@gs.com

beat at 11% is one of the highest on record in several years). The drawback so far has Goldman Sachs India SPL

been FCF, where most missed on continued elevated inventories (possibly as Aurelien Joubert