Accessible version Capital Goods Compelling opportunities into H2 Industry Overview We identify four most interesting sub-sectors into 2H26 Cap Goods Q2 earnings were almost universally strong, making it hard for investors to choose between sub-sectors. We review sector EPS revisions & re/de-rating so far this year, and conclude there are four especially compelling sub-sectors for H2: (1) Electricals incl. cables (second best sub-sector YTD, but further positive revisions ahead); (2) Power (highest YTD EPS ...

Recent industry datapoints/events: Equities Europe including UK Industrial Equipment Hemal Bhundia, CFA Analyst hemal.bhundia@ubs.com +44-20-7901 6515 Global Research ab 17 August 2026 European Trucks 2Q26 Trucks Tracker Wk #3-5: 2027 NA pricing expectations to drive near term debate Concerns over a 1H27 NA orders drop have eased, but focus on 2027 pricing Key Q: How to play the Trucks space after a moderation from the sharp pickup? Sven Weier Analyst sven.weier@ubs.com +49-69-1369 8278 Patrick Hummel, CFA ...

ab 17 August 2026 Global Research LatAm Transport and Capital Goods Daily Take-Off: RENT, MOVI, VLRS, ASUR, GAP, OMA, TUPY, MYPK, POMO, RAPT Car rentals: 2Q26 update: increasing depreciation partly offset by daily prices We remain cautious on the Brazilian car rental industry. In our March note, we highlighted the risk of increasing depreciation; as of August, this is no longer merely a risk, as higher depreciation for an extended period has become a reality and we expect the second wave of Chinese OEMs, to ...