GS European Express: Big Oils, Sponsor Activity, and Capital Goods Update

The Goldman Sachs European Express highlights strong Q1 performance in the Oil and Capital Goods sectors, alongside a recovery in private equity activity and key FDA approval for Argenx.

Key Takeaways

• 1.European Big Oil companies reported a strong 1Q26 with sector Free Cash Flow 14% above expectations and potential for LNG/Upstream upside in 2Q.
• 2.Private market deal activity is showing broad-based improvement, with April 2026 readings reaching the highest levels of the year, driven by a 66% yoy growth in sponsor-led exits.
• 3.Capital Goods demand remains resilient, particularly in AI-related ecosystems (datacenters, semis) which now represent >40% of the analyst's Capex Tracker.

Table of Contents

• Big Oils: 1Q26 wrap-up
• Sponsor Activity Barometer: Issue #53
• Capital Goods: Messages from the tail-end of 1Q26
• Auto1 Group (AG1G.DE)
• Argenx SE (ARGX.BR)
• Elia Group (ELI.BR)
• Europe Rating Changes
• Europe PT Changes
• Other notable research
• Macro / markets
• Upcoming Webinars
• Corporate Access over the next 3 months

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