GS EUROPEAN EXPRESS SAP DSV Farnborough Airshow Building Mats Repsol Macro Global Corporate Access

Equity Research 24 July 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: SAP | DSV | Farnborough Airshow | Building Mats | Repsol | Macro | Global | Corporate Access

SAP (SAPG.DE): 2Q26: CCB stronger while EBIT below; FY26 EBIT guidance Sahar Islam | trimmed to reflect acquisition dilution; Buy - We see scope for slight negative Goldman Sachs International revisions to consensus operating profit forecasts following SAP’s updated FY26 operating profit guidance, now €11.8–12.2bn (from €11.9–12.3bn), reflecting the dilutive impact of the Dremio and Prior Labs acquisitions. However, we expect a broadly neutral share price reaction given the CCB beat — current cloud backlog grew 26% yoy ex-fx, ahead of GSe/consensus at 25%/24%. Overall, we believe the market will continue to weigh the top-line strength against operating profit headwinds and await evidence of AI product traction and monetisation over the coming quarters. Buy with 79% upside. (Mohammed Moawalla) See also: Wise Group (WSE): US OCC denies Wise trust bank charter application (Buy, on Conviction List)

DSV A/S (DSV.CO): Q2 recap, and what’s required in H2 to restore confidence - Stepping back there was a positive inflection in DSV’s earnings trajectory which was broadly in line with our expectations despite the temporarily lower Road profitability (compensated by stronger momentum in both A&S and CL). The shares were down 14% on the day driven by investors extrapolating the depressed Road profitability. While Road is only 15% of 2026E Group EBIT, its successful integration contributes c.40% of our forecast EBIT growth 2030. While we believe the bearish scenario is unrealistic, the company now needs to show tangible progress in line with guidance for the operational issues to be fixed by Sep and once operations and on time performance are normalized, we believe the associated extra costs need to visibly flow out in Q4. There needs to be tangible progress on cash flow in Q3 and Q4 as guided this week, which in turn will enable the company to restart buybacks. Buy (on Conviction List) with 60% upside. (Patrick Creuset) See also: Kuehne & Nagel (KNIN.S): Q2 beat and raise, guide for 2027 AI productivity gains

Aerospace & Defense: 2026 Farnborough Air Show takeaways - We hosted meetings at the 2026 Farnborough Air Show. New aircraft demand is strong, and the ecosystem is consistent that Boeing & Airbus are improving their ability to sustain a production ramp-up. Suppliers with exposure to aftermarket note continued strength in units and pricing, and that airlines are not making changes to activity levels despite volatility in the fuel price. We met with 16 companies across Global Aerospace & Defense, and highlight takeaways from the show and our meetings in this note. (Noah Poponak and Sam Burgess)

Europe: Building Materials: US residential roofing: Supply/demand to loosen over coming years, remain below consensus for SGO - We introduce a

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supply/demand model for US residential roofing shingles, which suggests industry supply is likely to outpace demand over the coming years. We estimate >10% net capacity growth across 2024–29 — equivalent to the previous two decades combined — while demand is broadly flat over the period. We sit below consensus for Saint-Gobain’s Americas EBIT (-4%/-3% in 2026/27), expecting less operating leverage in 2H as volume trends improve on weaker comps. June Roofing PPI accelerated to +2% yoy, but the pricing response remains modest vs prior inflationary cycles, and we see spot price/cost skewing to the downside. Neutral on Saint-Gobain. (Ben Rada Martin)

Repsol (REP.MC): Higher for longer refining…