GS EUROPEAN EXPRESS Rheinmetall Medtech Conference Nestle Macro Global Corporate Access

Equity Research 8 September 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: Rheinmetall | Medtech Conference | Nestle | Macro | Global | Corporate Access

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Rheinmetall (RHMG.DE): Even in an ammunition bear case, a SOTP still points to meaningful upside - The most common valuation concern we hear on Rheinmetall is that 2030 ammunition earnings may prove unsustainable once European restocking normalises. We agree that peak earnings should not simply be capitalised in perpetuity. However, we think this uncertainty has created an overly broad discount, with ammunition-cycle risk influencing the valuation of a group whose growth increasingly spans vehicles, digitalisation, air defence and naval systems. Our illustrative SOTP stress-tests what Rheinmetall would be worth if ammunition earnings fell sharply after 2030 and even that conservative scenario implies c40% upside. We consider this scenario unlikely which is why our DCF-based valuation remains meaningfully higher but the sensitivity analysis does highlight that the investment case does not depend on ammunition earnings. Buy (on Conviction List) with 125% upside. (Sam Burgess) See also: Airbus (AIR.PA): August deliveries - 57 aircraft

Europe Healthcare Medical Technology: Reflecting on sector performance and key debates ahead of the 23rd European Medtech and Healthcare Services Conference - On the 9/10th September, we will host management teams and IROs across a range of European Medtech and Healthcare Services companies, with discussions complemented by input from industry consultants and policy experts. We believe the conference will provide access at an interesting juncture for many companies in the sector, noting that Medtech has materially underperformed broader European equities YTD and relative valuations have compressed to multi-decade lows. Whilst we can partly understand the reasons for the de-rating, we believe fundamentals remain supportive and depressed valuations warrant a revisit. Key themes outlined in the note including China, input cost inflation, innovation and product cycles and Section 232 commentary. (Richard Felton)

Nestle (NESN.S): Compelling investment case supported by coffee and Nespresso; Reiterate Buy - Nestlé’s turnaround is on track, driven by accelerating growth in the buoyant petcare category (22% of group sales) and an improvement in coffee (27% of group), with both categories able to reach mid-single-digit sales growth, in our view. We spotlight coffee in this note with analysis suggesting that Nestlé has been more price disciplined vs peers on packaged coffee and that

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Goldman Sachs GS EUROPEAN EXPRESS

Nespresso could reach 4% RIG (c2.5%) volumes driven by growing pod consumption and increasing machine penetration. COGs remain supportive driven by coffee, cocoa and sugar deflation in 2H26 and 1H27. We do not see the recent coffee moves as a concern into FY 27, while cocoa inflation is likely to have a bigger impact. Nestlé trades on 16.3x CY27 P/E (14.8x ex L’Oréal) and 5% FCF yield. GSe 2% ahead of FY26-28 Visible Alpha Cons. EPS. Buy with 21% upside. (Olivier Nicolaï)

Europe Rating Changes - None Europe PT Changes (10% or more) - None Europe EPS Changes (10% or more) - None As of 6 AM UKT

Source: Goldman Sachs Global Investment Research

Rheinmetall (RHMG.DE): Even in an ammunition bear case, a SOTP still points to meaningful upside

Airbus (AIR.PA): August deliveries - 57 aircraft

European A&D…