Atlas Copco (ATCOa.ST) Barometer and thoughts into 3Q26

Equity Research 22 September 2026 | 11:49AM BST

Atlas Copco (ATCOa.ST) Barometer and thoughts into 3Q26

ATCOa.ST 12m Price Target: Skr236.00 Price: Skr202.00 Upside: 16.8% BUY Daniela Costa | Goldman Sachs International

Meihan Yang | Goldman Sachs International

We increase our adj. EBIT FY26/27 estimates for Atlas Copco by Ines Lefranc | 1%/4% to reflect the latest upgrades in our Semiconductor Goldman Sachs International

Capex Tracker (+5.8pp since our last update to 29% FY25-29E CAGR, Exhibit 7). We also note that our GS Semis team recently Key Data _____________________________________ Market cap: Skr1.1tr / $107.0bn raised their WFE estimates for FY26/27/28 (see here). Specifically, Enterprise value: Skr1.1tr / $109.9bn we increase Vacuum Technique sales by 4%/10% in 2026/27E, and 3m ADTV: Skr780.7mn / $81.0mn Sweden with operating leverage driving margin expansion, we accordingly Europe Multi-Industry M&A Rank: 3 increase the division’s adj. EBIT by 6%/13%. For Compressor Leases incl. in net debt & EV?: Yes Technique, we continue to see the likelihood of higher orders from GS Forecast __________________________________ large gas compressors due to further regional diversification in O&G 12/25 12/26E 12/27E 12/28E Revenue (Skr mn) New 168,343.0 181,167.5 223,456.7 248,632.7 capex and longer LNG routes as a consequence of the US-Iran Revenue (Skr mn) Old 168,343.0 179,289.8 216,976.1 244,447.8

conflict stressing the concentration of assets in the region. However, EBIT (Skr mn) EPS (Skr) New 34,914.0 38, , ,131.9 9.03 we remain more cautious on Industrial Technique and Power EPS (Skr) Old P/E (X) Technique due to higher inflation and rising interest rates delaying a Dividend yield (%) 1.8 1.6 2.0 2.2 recovery in construction. Overall, we increase our 2026/27E sales CROCI (%) N debt/EBITDA (ex lease,X) 0.5 0.6 0.5 0.3 by 1%/3%, putting Atlas above the sector median on 25-29E OSG CAGR (Exhibit 5), and we increase our adj. EBIT by 1%/4%, 6/26 9/26E 12/26E 3/27E EPS (Skr) which is in line with Visible Alpha Consensus Data for 2026 and GS Factor Profile ______________________________ 9% above for 2027. We expect 3Q orders to beat consensus by Growth 2% despite a more in-line P&L evolution. Financial Returns

We remain Buy rated. Our 12-month price target increases to Multiple SEK236 (from SEK229), reflecting the increased estimates. Our price target remains based on our sector-relative EV/IC vs. Integrated

ROIC/WACC valuation methodology using 6m27/6m28 estimates. Percentile 20th 40th 60th 80th 100th

Atlas is trading at a 37% EV/EBIT premium vs Multis (vs 5-year ATCOa.ST relative to Europe Coverage median of 47%, Exhibit 13) and below direct end market peers on ATCOa.ST relative to Europe Multi-Industry

EV/IC to ROIC/WACC (Exhibit 15). Source: Company data, Goldman Sachs Research estimates. See disclosures for details. Key downside risks: (1) Downward revisions to global growth

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Atlas Copco (ATCOa.ST)

Atlas Copco (ATCOa.ST) Balance Sheet (Skr mn) _____________________________________ BUY Rating since Jul 22, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 15,523.0 7,587.2 7,855.5 13,012.3 Accounts receivable 44,042.0 48,009.4 59,216.0 65,887.7 Inventory 26,659.0 28,986.8 35,753.1 39,781.2 Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets 87,018.0 85,377.4 103,618.6 119,475.2 EV/sales (X) 4.8 5.6 4.5 4.0 Net PP&E 26,160.0 29,248.5 33,326.6 38,196.1 EV/EBITDAR (X) Net intangibles 77,078.0 81,698.7 85,961.1 92,110.1 EV/EBITDA (excl. leases) (X) Total investments 3,291.0 3,291.0 3,291.0 3,291.0 EV/EBIT (X) Other…