高盛-多行业资本支出追踪：中长期资本支出预期持续改善-Multi-Industry Capex Tracker Medium Term Capex Expectations Continue to Improve-20260612

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EQUITYRESEARCH|June12,2026|4:00PMBST

Multi-IndustryCapexTracker

MediumTermCapexExpectationsContinuetoImprove

WerefiectonthelatesttrendsinacorepieceofourMultistoolkit–theCapexTracker–wherewe

conductabottom-upanalysisofcapexexpectations,capturing€3.4tnofcapexandc.4kcompaniesacross34di仟erentendandsub-endmarkets.

DanielaCosta

ChristianHinderaker,CFA

OpeOtaniyi

SusmitaSaha

+44207774-8354

+44207774-7366

+442070516955

+1332245-7701

daniela.costa@

christian.hinderaker@

ope.otaniyi@

susmita.saha@

GoldmanSachsInternational

GoldmanSachsInternational

GoldmanSachsInternational

GoldmanSachsIndiaSPL

AdityaAgarwal

MeihanYang

HollieCooper

AayushKandpal

+1212934-7448

+44207051-6601

+44207051-0956

+1332245-6142

aditya.a.agarwal@

meihan.x.yang@

er@

aayush.kandpal@

GoldmanSachsIndiaSPL

GoldmanSachsInternational

GoldmanSachsInternational

GoldmanSachsIndiaSPL

InesLefranc

+44207051-8710

ines.lefranc@

GoldmanSachsInternational

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconfiictofinterestthatcoulda仟ecttheobjectivityofthisreport.Investorsshould

considerthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandother

importantdisclosures,seetheDisclosureAppendix,

orgoto/research/hedge.html.Analystsemployed

bynon-USaffiliatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.

TheGoldmanSachsGroup,Inc.

GoldmanSachsMulti-Ind

rsC:a/

tp/racker

TableofContents

Medium-termcapexforecastsrevisedhigheragain,drivenbytechandutilities6

GSCapexTrackerbyEndMarket

13

Appendix:StockOSGvsWeightedCapex(>50%RSQ)

59

DisclosureAppendix

61

12June20262

GoldmanSachsMulti-Ind

rsC:a/

tp/acker

12June20263

OurCapexTrackerhasseensizableupgradesinmedium-termforecasts(2026Ecapexforecastsc.2ppupsinceourlastupdateinMarch),pointingtoarobust

investmentenvironmentdrivenprimarilybythetechnologyandutilitiessectors.

Throughourbottom-upanalysiscapturing€3.4tnofcapexacrossapproximately4,000companiesand34di仟erentendandsub-endmarkets,weexpect2026capextoend

wellabovehistoricaltrendgrowth(c.13%vshistoricalmedianofc.2%),while2027

figuresarealsoincreasing(nowat12%vs8%atthestartoftheyear).WecontinuetoseeahighlyfavorablecapexenvironmentinthemediumterminTech,particularlyinDatacenters(BuyonSchneider(onCL))andSemiconductors(BuyVAT),aswellasUtilities,specificallyinpowergrids(BuyonPrysmianandNexans).

Inthisupdate,weobserverobustandpositivemoveswhereinCapexCAGRgrowthacross2025-29Eatc.9%,ledbyDatacentersatc.35%(a6.5ppincreaseinMay-26vs.Mar-26),Semiconductorsat23%(a+6.8ppdelta),andOilandGasatc.4%

(a+3.5ppdelta).Conversely,themostsignificantdowngradesandcutsinmedium-termcapexexpectationshaveoccurredinsectorssuchasChemicals,whichsawadeclineof-4.1pp,andConstructionEquipment,whichfellby-4.0pp.Inabsoluteterms,AirportsisprojectedtoexperienceanegativeabsoluteCAGRof-4%overthe2025–29Eperiod.

Wealsohighlightanincreasingconcentrationofgrowthinafewstructuralareas

relatedtoDatacenters,SemisandUtilities,whichrepresentc.39%oftotalcapexin2026E,comparedtoonly22%justfouryearsagoin2022.Whilethesestructural

growthareascontinuetoanchortheaggregateoutlook,weremainmindfulofcyclicalvariationsacrossotherendmarkets.Specifically,insectorslikeTelecomandConsumer,keyinvestmentindicators(suchascapex-to-salesandcapacityutilization)arecurrentlyrunningbelowtheirhistoricalmedians,signalingpotentialcyclicalheadwindscomparedtothestructuralstrengthseenintechandutilities.

GoldmanSachsMulti-IndustryCapexTracker

12June20264

Source:GoldmanSachsGlobalInvestmentResearch

GoldmanSachsMulti-Ind

rsC:a/

tp/acker

12June20265

Source:GoldmanSachsGlobalInvestmentResearch

12June20266

Medium-termcapexforecastsrevisedhigheragain,drivenbytechandutilities

FormoredetailsonourCompanyProfiles,pleaseseethebelownote:

Mappingourcoverage-Companyprofiles

nInthisreport,weprovidecompanyprofilesforthe38companiescoveredbytheEuropean

Multi-Industryresearchteam.Weprovideanoverviewofeachcompany,includingbusinessordivisionaldescriptions,thecompany’scompetitivelandscape,geographicalsalesexposureandend-marketsalesexposure.

Competitivelandscapecompendium

nInthisreport,weanalyseourEuropeanMulti-Industrycoverage’smainend-marketandproduct

competitivelandscapes.Weprovideoverallend-market/productcategoryexposureforourcoverage,globalmarketshares(thisyearenhancedtorefiecttrendsovertime)andmarketsizeofeachcategory,aswellasanin-depthanalysisofkeyglobalplayersforeach.

12June20267

Exhibit1:WeseerobustandpositivesequentialCapexCAGRgrowthinDatacenters,Semiconductors,Renewables,ConventionalPowerGen.andTransmission

EndMarketSummary

2026Capex

Growth

(Unadjusted)

CapexGrowthCAGR

Capex2026E/PriorPeak%

2026CapexGrowth

Delta

May-26vsMar-26

9.0pp

11.1pp8.3pp0.3pp4.7pp1.2pp

-2.6pp

1.8pp

5.4pp

-6.5pp

8.8pp0.0pp0.0pp0.0pp5.8pp3.4pp5.4pp2.3pp2.2pp

-0.7pp0.7pp

-12.4pp

2.8pp1.2pp

-1.4pp

0.0pp

0.0pp

0.0pp

-2.9pp

-1.4pp

-0.3pp

-0.4pp

6.5pp

-2.1pp

-5.4pp

CapexGrowthCAGR2025-29Delta

2026CapexGrowth

EndMarket

2025-29E

CapexGrowthCAGR2025-29E(Adjusted)

(Unadjusted)

May-26vsMar-26

29.4%

34.5%

23.1%

17.0%

15.8%

15.0%

9.6%

8.9%

7.9%

7.2%

6.3%

13.2%

7.7%

1.6%

6.1%

5.6%

5.5%

9.2%

5.3%

4.7%

4.6%

4.6%

3.8%

3.7%

3.7%

4.5%

3.1%

2.3%

3.6%

3.2%

2.8%

2.1%

1.8%

1.6%

-4.0%

61.9%

78.8%

41.1%

22.1%

20.6%

21.9%

3.7%

12.9%

2.7%

2.7%

2.4%

10.2%

3.1%

-0.2%11.7%6.4%11.7%13.5%8.3%11.6%6.5%-6.6%3.8%5.4%2.0%3.4% 1.0%-0.9% 1.4%-2.7%-1.4% 1.6%4.4%-0.5%

-16.7%

22.7%

27.7%

16.5%

9.3%

8.1%

7.4%

2.9%

4.3%

0.7%

-1.3%0.0%2.6%1.4%-4.0%-0.8%-1.6%-4.4%-0.6%3.8%2.7%0.0%-1.9%-2.7%2.2%-0.6%0.2%-1.2%-1.9%-0.7%-0.5%4.5%-0.9%-5.0%-5.7%

-1.4%

57.1%

74.0%

36.3%

16.6%

15.1%

16.4%

-1.2% 9.6% -2.5% -3.5% -2.2% 2.5% -1.5% -4.8% 6.8% 1.2% 4.6% 3.0% 7.3%10.2% 3.1%-11.3% -1.0% 4.3% -1.1% 0.3% -2.1% -4.0% -1.8% -5.4% -0.1% -0.5% -0.5% -5.7%

-14.8%

162%

179%

141%

122%

121%

122%

104%

113%

71%

5%

97%

44%

103%

100%

10%

104%

89%

107%

108%

88%

100%

55%

104%

105%

97%

95%

93%

91%

100%

97%

70%

94%

104%

76%

11%

5.7pp

6.5pp

6.8pp1.2pp2.4pp1.6pp0.0pp0.9pp1.5pp

-2.2pp

2.8pp0.0pp0.0pp0.0pp0.2pp0.3pp

-0.6pp

3.0pp0.2pp0.8pp

-0.6pp

-4.0pp

3.5pp0.0pp

-0.7pp

0.0pp

0.0pp

0.0pp

-1.1pp

2.2pp

-0.2pp

-0.3pp

0.9pp

-4.1pp

2.7pp

Technology

Datacenters

Semiconductors

RenewablesandT&D

Transmission

Conv.generationHealthcare

GeneralIndustrial

Ports

REIT

Marine

LNG/Offshore

Merchant

Cruise

Biotech

Pulp&PaperMining

Copper*

Retail

Airlines

GeneralIndustrial(ex-Datacenter)Constr.eqpmt

OilandGas

Consumer

FoodandBeverage

Beverage

Food

Dairy

Vehicles

Rail

TruckingTelecom

Pharma

ChemicalsAirports

*CoppercapexcomparisonisbasedonMay-26vs.Dec-251.LNG/O仟shore,Merchant,Cruise,Food,BeverageandDairycapexsubsectorshavebeenincludedforthefirsttimeinthisupdate;thereforenocomparisonwithpriorupdatesispresented.2.Adjustedcapexrefiectssector-specificcycleadjustments(upcycle,

downcycleorthroughcycleassumptions).UnadjustedcapexrefiectsYoYcapexchangewithoutanycyclicaladjustments.

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

12June20268

Exhibit2:Trucks,O&G,TelecomandConsumer/F&Bshowfavorablecapexenvironment,althoughsomehaveovercapacityconstraints

End.MarketsCapex/SalesCapex/DepreciationEquipmentAgeCapacityUtilization

2026E2026E20242Q26

OilandGas

Consumer

Telecom

Trucking

FoodandBeverage

Biotech

REIT

Pulp&PaperRail

Chemicals

Airports

Vehicles

Constr.eqpmtHealthcare

Ports

Retail

GeneralIndustrialSemiconductors

Mining

Conv.generation

RenewablesandT&DAirlines

Datacenters

Pharma

Marine

vs.historicalmedian

Below

Below

Above

Above

vs.historicalmedian

Inline

Inline

Inline

Inline

vs.historicalmedian

Above

Above

Below

Below

Rankingbasedonsumofthemetrics(Green=3;Orange=2;Red=1);EquipmentagedataissourcedfromtheUSBureauofEconomicAnalysis(BEA)andisavailablethrough2024

Source:GoldmanSachsGlobalInvestmentResearch,USBureauofEconomicAnalysis(BEA)

12June20269

Exhibit3:WeseeRenewables,Transmission,DatacentersandSemiconductorsasstructuralgrowthareas

GSCapexTrackerbyendmarket

SpendingDelta2026vs.2019(%)

StructuralGrowthAreas

Datacenters&Semis

Transmission

RenewablesandT&D

sizeofbubble=%salesexposuretoendmarket

Mining

Conv.generation

GeneralIndustrialPulp&Paper

Telecom

Vehicles

Trucking

Airports

Chemicals

Healthcare

FoodandBeverage

Pharma20%

CyclicalDownturnAreas

-130%

-5%-3%-1%

CyclicalGrowthAreas

15%17%19%

Airlines

Constr.eqpmt

REIT

220%

170%

120%

70%

-30%

-80%

ConsumerOilandGas

NormalizedAreas

CAGR2025-29E

13%

11%

Biotech

Marine

9%

5%

3%

7%

1%

Retail

Ports

Rail

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

12June202610

Exhibit4:WeseeafavorablecapexenvironmentinthemediumterminTech(Datacenters–BuySchneider)andUtilities(Powergrids–BuyPrysmian,Nexans)

EuropeMulti-IndustryCapexexposure

EuropeanMulti-Industry-Capexexposure

WeassesstheEuropeanMulti-Industrycoverageforhoweachcompanyfitsintoourcapextracker.Werankthecompaniesbytheir%

ofsalestoeachendmarketandtheCAGRoftherespectivecapextracker

AssaAbloy(100%),Geberit

(100%),Kone(100%),Schindler

(100%),Legrand(80%),Signify

(88%),Nexans(34%)

Accelleron(57%),Wartsila(47%),

Alfalaval(33%)

AlfaLaval(3%)

Konecranes(4%)

>8%CAGR

Datacenters(34.5%)

Schneider(24%),Legrand(20%),

Carel(18%),Halma(15%),ABB

(6%),Prysmian(6%)

Semiconductors(23.1%)

VAT(67%),AtlasCopco(16%),

SmithsGroup(4%),SiemensAG

(3%),NIBE(3%)

RenewablesandT&D(17%)

Nexans(41%),NKT(84%),

Prysmian(43%),SchneiderElectric

(13%)

Conv.Generation(15%)

Accelleron(30%),Wartsilla(29%),

IMI(8%),Halma(7%),Konecranes

(4%)

Healthcare(9.6%)

GVS(67%),Siemens(33%),

Halma(25%)

GeneralIndustrial(8.9%)

SKF(47%),AtlasCopco(39%),IMI

(31%),Sandvik(30%),Schneider

Electric(23%)

<3%CAGR

Trucking(2.8%)

DaimlerTruck(100%),Traton(99%),Volvo(73%),Knorr(45%)

Telecom(2.1%)

Prysmian(9%),Rexel(4%),NKT

(2%)

Pharma(1.8%)

Siemens(5%),AlfaLaval(4%),

ABB(2%)

Chemicals(1.6%)

AtlasCopco(8%),ABB(6%),Alfa

Laval(6%)

Airports(-4%)

ConstructionEquipment(4.6%)

Volvo(17%),CNHI(16%)

Oil&Gas(3.8%)

SmithsGroup(21%),IMI(16%),

Accelleron(10%),AlfaLaval(7%),

SchneiderElectric(7%)

Consumer(3.7%),F&B(3.7%)

Ariston(85%),NIBE(78%),Alfa

Laval(39%),Carel(29%)

Vehicles(3.6%)

SKF(20%),GVS(15%),Atlas

(10%),Sandvik(6%),Siemens

(6%),ABB(4%)

Rail(3.2%)

3-5%CAGR5-8%CAGR

Endmaketandtop5exposednames(asa%ofsales(CAGR2025-29E)

Airlines(4.7%)Ports(7.9%)

SKF(6%),Sandvik(3%)Konecranes(28%)

FLSmidth(100%),Epiroc(78%),

Weir(77%),Metso(75%),Sandvik

(51%)

Retail(5.3%)

Ariston(85%),NIBE(78%),Carel

(29%)

Alstom(100%),Knorr(55%),

Siemens(13%),SKF(6%),

Accelleron(3%)

Pulp&Paper(5.6%)

Biotech(6.1%)

Marine(6.3%)

Mining(5.5%)

REIT(7.2%)

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

12June202611

Exhibit5:Weexpect2026capextobewellabovethehistoricaltrendgrowth

GSGeneralIndustrialCapexTracker(4kcompanies,€3.1tnworthofcapex)

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

2027E

2028E

2029E

20%

15%

10%

5%

0%

-5%

-10%

-15%

GeneralIndustrialcapextrackerHistoricalmedian(2001-25)Gen.IndustrialCapexTracker(adjusted,May-26)

Multi-IndustryOSG

RealGDP%yoy(RHS)

8%

6%

4%

2%

0%

-2%

-4%

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

Exhibit6:USutilisationtrendsstronger,whileEuropestaysfiatandChinadeclines

Q22002

Q12003

Q42003

Q32004

Q22005

Q12006

Q42006

Q32007

Q22008

Q12009

Q42009

Q32010

Q22011

Q12012

Q42012

Q32013

Q22014

Q12015

Q42015

Q32016

Q22017

Q12018

Q42018

Q32019

Q22020

Q12021

Q42021

Q32022

Q22023

Q12024

Q42024

Q32025

Q22026

90

85

80

75

70

65

60

USIndustrialCapacityUtilisation(%)EUIndustrialCapacityUtilisation(%)

USmedian

ChinaIndustrialCapacityUtilization(%)

EUMedian

ChinaMedian

Source:USFederalReserveBank,Eurostat,ChinaNBS

Exhibit7:Oureconomistsforecastbetterindustrialproductionlevelsin2026/27than2025

GDPandIPforecasts

RealGDP(yoy%chg)

2021

2022

2023

2024

2025

2026E

2027E

2028E

2029E

Europe

6.3%

3.7%

0.5%

0.9%

1.5%

0.3%

0.9%

1.3%

0.9%

US

6.2%

2.5%

2.9%

2.8%

2.1%

2.0%

2.0%

2.2%

2.3%

Japan

3.6%

1.3%

0.7%

-0.2%

1.1%

0.5%

1.0%

1.1%

1.0%

Asia

7.1%

3.4%

4.4%

4.4%

4.6%

4.4%

4.2%

4.2%

4.0%

World

6.6%

3.4%

2.8%

2.8%

2.8%

2.3%

2.7%

2.8%

2.7%

DevelopedMarkets

6.1%

3.0%

1.8%

1.9%

1.8%

1.3%

1.6%

1.9%

1.7%

EmergingMarkets

7.5%

3.8%

4.2%

4.2%

4.2%

3.7%

4.0%

4.0%

4.0%

BRICS

8.2%

3.2%

5.2%

5.0%

4.7%

4.3%

4.4%

4.4%

4.3%

Brazil

4.8%

3.0%

3.2%

3.4%

2.3%

2.2%

1.8%

2.3%

2.5%

India

9.4%

7.0%

6.8%

7.2%

7.5%

6.5%

7.1%

6.9%

6.8%

China

8.6%

3.1%

5.4%

5.0%

4.7%

4.3%

4.4%

4.4%

4.3%

IndustrialProduction(yoy%chg)

2021

2022

2023

2024

2025

2026E

2027E

2028E

2029E

Europe

10.7%

6.4%

-2.2%

-0.6%

1.0%

2.1%

3.9%

4.3%

4.3%

US

4.4%

1.7%

-0.2%

-0.6%

1.1%

3.2%

3.7%

3.2%

3.1%

Japan

5.8%

-0.1%

-1.2%

-2.6%

-0.3%

0.3%

0.9%

2.3%

2.8%

Asia

9.6%

2.9%

2.6%

4.3%

5.0%

4.5%

4.3%

4.0%

3.7%

World

7.5%

2.5%

1.1%

1.8%

3.1%

3.8%

4.0%

3.7%

3.5%

DevelopedMarkets

4.8%

1.5%

-0.4%

-0.9%

1.1%

3.2%

3.4%

3.1%

3.0%

EmergingMarkets

10.4%

3.7%

2.9%

4.7%

5.2%

4.4%

4.6%

4.2%

3.9%

BRICS

10.3%

3.7%

4.6%

5.4%

5.4%

4.9%

4.9%

4.6%

4.1%

India

12.7%

4.6%

5.8%

4.4%

3.9%

4.3%

5.1%

5.2%

5.3%

China

9.6%

3.6%

4.6%

5.8%

5.9%

5.1%

5.2%

4.7%

4.0%

Source:GoldmanSachsGlobalInvestmentResearch

12June202612

Exhibit8:Weseeaconcentrationofgrowthinasmallnumberofareasallrelatedtodatacenters,semisandutilities,nowrepresentingc.39%oftotalcapex...

End-marketsizeimpliedbyourCapexTracker,2026

Source:Companydata,GoldmanSachsGlobalInvestmentResearch,Bloomberg

Exhibit9:versusonly22%just4yearsago

End-MarketSizeimpliedbyourCapexTracker,2022

Source:Companydata,GoldmanSachsGlobalInvestmentResearch,Bloomberg

12June202613

GSCapexTrackerbyEndMarket

AreminderofwhatourCapexTrackeroffers...

CAPEXTRACKER(forfulldetails,pleaseseeourdeepdiveinGSCapexTracker:Lightattheendofthecapextunnel,October30,2017).

nWeconductbottom-upanalysisofcapexexpectationsforc.4kcompaniesacross34endmarkets(includingsubsectors)-c.60%ofourmulti-industrycoveragetopline(ex-constructiontracker).

nOuranalysiscovers€3.4tnofcapexin2026E.

nWelookatthefundamentalsofinvestmentbyendmarket:Physicalneed(capacityutilization,ageofequipment,replacementdemand);availabilityoffundstofinanceinvestmentinternallyandexternally(leverage,cashgeneration).

nWeconductin-depthanalysisofthenuancesineachendmarket(e.g.,technologyshifts,regionaltrends,regulatorydrivers),near-termdevelopmentsandcompanyread-across(includingtop-linecorrelation).

nWeadjustthecapextrackersbyaccountingforthebiasesincapexestimatesbyconsensusobserved

overthepastc.20years.Weachievethisbylookingathowestimateschangedwithrespecttotheactualreportednumbersthroughouttheyearinup,downandthroughcycles.Wethenapplytheadjustmentfactortothecurrentcapexestimatestoarriveattheadjustedcapextracker.

12June202614

Exhibit10:Wecontinuetoseecapexgrowthin2026/27athistoricalhighs

GSGeneralIndustrialCapexTracker(c.4kcompanies,€3.4tnofcapexin2026)(adjustedThroughcycle)*

15%

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

2027E

2028E

2029E

CAGR2025-29E:8.9%,ex-DC4.6%

Unadjusted:4.3%,ex-DC0%

10%

5%

0%

-5%

-10%

-15%

GeneralIndustrialCapexTracker(May-26)

GeneralIndustrialForecast(Throughcycle)

GeneralIndustrialForecasts(unadjusted)

Previousupdate(Feb-26,adjusted)

GeneralIndustrialCapexTracker(excl.DC)(Adjusted;May-26)

*O&G/Mining/LNGadjustment:Upcycle

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

Exhibit12:GeneralIndustrialCapex/Depreciationremainsabovemedianlevelsin2026

GeneralIndustrialCapex/Depreciation

2.5x2.0x1.5x1.0x0.5x0.0x

GeneralIndustrialCapex/Depreciation10yrmedian

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

Exhibit11:GeneralIndustrialCapex/Salesremainsslightlyabovemedianlevelsin2026

GeneralIndustrialCapex/Sales

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

0.5x0.4x

0.3x0.2x

0.1x0.0x

GeneralIndustrialCapex/Sales10yrmedian

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

Exhibit13:Weexpect2026toend13%abovethehistoricalpeak(2025)

GSGeneralIndustrialCapexTracker(indexed)

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

GSGeneralIndustrialCapexTracker(Indexed)

180.0

160.0

140.0

120.0

100.0

80.0

60.0

40.0

20.0

0.0

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

12June202615

Exhibit14:ManufacturingcapacityutilizationslightlybelowhistoryinEUandChina

AverageCapacityUtilization(EU,China)

Q32005

Q22006

Q12007

Q42007

Q32008

Q22009

Q12010

Q42010

Q32011

Q22012

Q12013

Q42013

Q32014

Q22015

Q12016

Q42016

Q32017

Q22018

Q12019

Q42019

Q32020

Q22021

Q12022

Q42022

Q32023

Q22024

Q12025

Q42025

85%

80%

75%

70%

65%

60%

EUManufacturingEUMedianChinaManufacturingChinaMedian

Chinadatatill3Q25

Source:DGECFIN,NBS

Oil&Gas

Exhibit15:Wenowexpect+4%O&Gcapexgrowthfromfiatpreviously

GSOil&GasCapexTracker(255companies,€450bnofcapexin2026)

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

2027E

2028E

2029E

Forecasts(unadjusted)

Previousupdate(Feb-26,adjusted)

O&GCapexTracker(May-26)Forecast(adjusted-Upcycle)

30%

20%

10%

0%

-10%-20%

-30%

CAGR2025-29E:3.8%

Unadjusted:-2.7%

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

Exhibit16:O&GCapex/Salesisexpectedtostabilizein2026,butlevelsremainbelowthehistoricalmedian

O&GCapex/Sales

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

40%

35%

30%

25%

20%

15%

10%

5%

0%

O&GCapex/Sales10yrMedian

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

12June202616

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

Exhibit17:O&GCapex/Depreciationislikelytoremainwellbelowmedianlevelsin2026

O&GCapex/Depreciation

3.0x2.5x2.0x1.5x1.0x0.5x0.0x

O&GCapex/Depreciation10yrMedian

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

Exhibit19:O&Gequipmentageisatpeaklevels

AverageAgeofO&GEquipment(US)

Averageageofequipment

1949

1952

1955

1958

1961

1964

1967

1970

1973

1976

1979

1982

1985

1988

1991

1994

1997

2000

2003

2006

2009

2012

2015

2018

2021

2024

11

10

9

8

7

6

5

4

3

OilandGasHistoricalMedian

Source:USBureauofEconomicAnalysis

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

Exhibit18:Weexpect2026toend4%abovethehistoricalpeak(2025)

GSO&GCapexTracker(indexed)

600.0

500.0

400.0

300.0

200.0

100.0

0.0

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

Q12006

Q42006

Q32007

Q22008

Q12009

Q42009

Q32010

Q22011

Q12012

Q42012

Q32013

Q22014

Q12015

Q42015

Q32016

Q22017

Q12018

Q42018

Q32019

Q22020

Q12021

Q42021

Q32022

Q22023

Q12024

Q42024

Q32025

Q22026

Exhibit20:O&GcapacityutilizationisslightlyhigherthanmedianlevelsinUS/EUandChina

AverageCapacityUtilization(US,EU,China)

US/EUOil&GasUS/EUMedianChinaOil&GasChinaMedian

95%

90%

85%

80%

75%

70%

65%

Chinadatatill1Q26

Source:FederalReserve,DGECFIN,NBS

12June202617

Technology

Exhibit21:Weseestrongtechnologycapexupgradesinto2026andouteryears

GSTechCapexTracker(177companies,€984bnofcapexin2026)

CAGR2025-29E:29.4%

Unadjusted:22.7%

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

2027E

2028E

70%

60%

50%

40%

30%

20%

10%

0%

-10%-20%-30%

-40%

TechCapexTracker(May-26)Forecasts(unadjusted)

Forecast(Throughcycle)Previousupdate(Feb-26,adjusted)

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

Exhibit23:TechCapex/Depreciationislikelytoremainabovemedianlevelsin2026

TechCapex/Depreciation

3.5x3.0x2.5x2.0x1.5x1.0x0.5x0.0x

TechCapex/Depreciation10yrMedian

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

Exhibit22:TechCapex/Salesremainswellabovemedianlevels

TechCapex/Sales

50%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

TechCapex/Sales10yrMedian

Source:Companydata,Bloomberg,GoldmanSachsGlobalInvestmentResearch

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

Exhibit24:Weexpect2026toend62%highervsthehistoricalpeak(2025)

GSTechCapexTracker(indexed)

1600.0

1400.0

1200.0

1000.0

800.0

600.0

400.0

200.0

0.0

Source:Companydata