Americas Investment Banks Investment Banking Monitor Announced July activity fell, as strategic large cap M&A and DCM moder...

Equity Research 11 August 2026 | 1:13AM EDT

Investment Banking Monitor: Announced July activity fell, as strategic/large-cap M&A and DCM moderated

July announced investment banking (IBanking) activity end-July (+39%/80%/10% across M&A/ECM/DCM), 5pp James Yaro | was muted, falling 11% YoY, driven by weaker M&A and lower vs. end-June (+50%/+80%/+15% across Goldman Sachs & Co. LLC DCM YoY, while ECM rose. Announced monthly M&A M&A/ECM/DCM). YTD M&A announcements are up 39% Richard Ramsden volumes were down 9%/38% YoY/MoM, DCM volumes fell YoY, with growth mostly driven by large-cap, strategics, | 17%/36% YoY/MoM, while ECM volumes changed by Europe, and the US. We remain optimistic on the Goldman Sachs & Co. LLC

+82%/-49% YoY/MoM. IBanking cycle continuing, based on our proprietary Divyam Harlalka | leading indicator model. We forecast 19% next twelve Goldman Sachs India SPL YTD investment banking volumes are now up 20% YoY at

Goldman Sachs & Co and/or one of its affiliates is acting as financial advisor to Zurich Insurance Group AG in relation to its offer for Beazley PLC. As such, Goldman Sachs is a connected advisor of Zurich Insurance Group AG for the purpose of the UK Takeover Code published by the UK Panel on Takeovers and Mergers. Goldman Sachs & Co and/or one of its affiliates is acting as financial advisor to H.B. Fuller Company in relation to its offer for Advanced Medical Solutions Group plc. As such, Goldman Sachs is a connected advisor of H.B. Fuller Company for the purpose of the UK Takeover Code published by the UK Panel on Takeovers and Mergers. Goldman Sachs & Co and/or one of its affiliates is acting as financial advisor to Intertek Group plc in relation to the offer by ISOTOPE BIDCO LIMITED (a newly formed company to be indirectly owned by EQT X EUR SCSp and EQT X USD SCSp, each represented by its manager EQT Fund Management S.a.r.l., together with certain indirect minority shareholders including, among others, Luxinva and Mubadala) As such, Goldman Sachs is a connected advisor of Intertek Group plc for the purpose of the UK Takeover Code published by the UK Panel on Takeovers and Mergers. Goldman Sachs & Co and/or one of its affiliates is acting as Corporate Broker to Mitie Group Plc and as such is a connected advisor for the purpose of the UK Takeover Code published by the UK Panel on Takeovers and Mergers in relation to the offer by OCS Group International Limited (an indirect wholly-owned subsidiary of OCS Group Topco Limited). Goldman Sachs & Co and/or one of its affiliates is acting as financial advisor to SEGRO plc in relation to the offer by Prologis Inc. As such, Goldman Sachs is a connected advisor of SEGRO plc for the purpose of the UK Takeover Code published by the UK Panel on Takeovers and Mergers. Goldman Sachs & Co and/or one of its affiliates is acting as financial advisor to Bodycote Plc in relation to the offer by CVC Advisers Limited & Veritas Capital Fund IX, L.P., As such, Goldman Sachs is a connected advisor of Bodycote Plc for the purpose of the UK Takeover Code published by the UK Panel on Takeovers and Mergers.

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Goldman Sachs Americas Investment Banks

Mergers & acquisitions (M&A) 6

Equity capital markets (ECM) 14

Industry M&A backlog tracker 20

Appendix: Global M&A leading indicators 30