GS Ioannis Blekos Marketcolour

## Marketcolour + EPS Season / Siemens / Rheinmetall / SwissRE / NN / DT ##

6 August 2026 | 2:31 AM Eastern Daylight Time

Back from holidays. US equities end Thursday lower, closing near worst levels in a mostly sideways session at the index level: SPX -17bps to 7723 (S&P ex-Mag7 +215bps, 6/11 sectors +ve, VIX at 15.8, Materials +154bps, Healthcare +134bps, Comm Services - 239bps), NDX -83bps to 29,487 (SOX -1.4%), RTY -59bps to 3019. The S&P ex-Mag7 outperformed, rising +215bps. High Beta Momo (GSPRHIMO, -294bps) fell, with Data Centers (GSTMTDAT, -193bps) falling.

Flow: Asset Mgrs finished net buyers driven by demand in macro and tech vs supply in staples. HFs finished modest net buyers driven by macro products and financials.

Tech – after hours: SNDK -4%... just "in line" FQ1 Rev/EPS guidance // WDC -8%... beat street on qtr and guide, however lower than high buyside bar // APP -22%... Missed on Rev/EBTIDA for qtr, guiding Q3 Revs below at midpoint // HUBS -9%... lowered FY guide // DASH flat... In line Revs/GOV, EBITDA better // EXPE +10%... beat & raise print.

EPS Season: SPX EPS growth in Q2 is tracking above both consensus estimates and realized growth in Q1. S&P 500 EPS growth is tracking at 26% year/year excluding the "other income" from mega-cap tech's appreciating equity investments. Including those gains, the headline growth rate is 45%. AI infrastructure stocks account for roughly a third of S&P 500 EPS growth in Q2. The median S&P 500 company is on pace to grow EPS by 12% in Q2, above the consensus estimate of 9% coming into the season. Link

SIEMENS Q3 first take - Shape of the print a bit messy, electrification is strong (as expected) but automation is light vs whispers. SI and EPS guidance raised, but limited upward pressure to consensus. Q3 orders are a 13% beat, thanks to SI +42% organic vs consensus +24%. DI orders (a key watch item) were weak, missing consensus by -1% and a long way short of GSe (-10% or so). Sales growth was in-line with consensus with SI strong (+13% vs cons +10%) and DI similar to ROK at +10% (cons +9%, but again I think whispers were higher for DI). At profit level, margins were strong in both DI (18.7% vs cons 18.3%) and SI (19.9% with +50bps net help from tariff refunds, vs cons 18.9%). FCF is very strong (50% beat). Guidance: SI guidance is upgraded for growth and margins. EPS pre PPA guidance goes to €11.35 mid-point from €10.90 previously, a 4% upgrade, and is in-line with consensus €~11.30. Link

Rheinmetall: Q2 full details and guidance cut - RHM cutting fy sales guide formally today to reflect lost F126 sales (in-line with earlier disclosed "up to 300m" impact). In the Q2 detail, beat was driven by strength in key divisions Weapons & Ammo (13% beat) and Vehicle Systems (34% beat). In the slides, focus will be on "outlook" which now shows

">100bn" backlog at year end vs the "€~135bn" shown on same slide post 1Q. the ~12bn F126 order has since been lost, but it is unclear where the other missing ~23bn has gone.

SWISS RE: Overall 10% net income driven all driven by L&H. Insurance revenue are 1% miss. Looking at P&C, Insurance revenue is 2% miss. P&C COR is 74%, big headline beat driven by lower Cat which is a 7pp delta between cat benefit and provisions, ie exact difference vs consensus at 81%. Corso revenue in line. Life and Health strong net income beat driven By 107m of positive experience variances in Q2.

NN GROUP: 6% OCG beat., o.w 30m one off. Taking that out, 3% OCG beat. 5pp Solvency beat. They have updated the methodology for the bank which gives them +10pp offset by model and assumption changes + market so solvency beat is all bank related.

DT: Solid set of numbers with Germany inline and decent mobile KPI while fixed net adds light. Guidance – raised to reflect higher TMUS guide, DT ex-US outlook unchanged. It reiterated EBITDA and raised FCF to E20bn from >19.8bn vs street at prior guide. Announcing up to €3bn additional share buyback facility, on top of existing up to €2bn plan. Street has 2bn modeled in for 2026 and 2.75bn for 2027.