EU Industrials Sector Specialist Commentary

J.P. Morgan shifts its preference to downstream Mining OEMs like FLSmidth and Weir following Q1 results, while noting strong EBITA beats for CSG and cost control measures at Airbus.

Key Takeaways

• 1.Shift in preference within Mining OEMs toward downstream players (FLSmidth, Weir) over upstream (Epiroc, Sandvik) as 2026 expectations are re-based post-Q1.
• 2.CSG delivered a significant Q1 EBITA beat of over 50% vs JPMe, though faces scrutiny regarding its Indonesia business following short seller reports.
• 3.Airbus is implementing 10% cost reduction measures to enhance supply chain security and durability amid Middle East conflict risks.

Table of Contents

• In Focus Today
• Pan European Industrials Research
• Industrials Overnight
• Global Industrials Research
• Global Macro Research
• Save the Date: J.P. Morgan Events
• J.P. Morgan Industrials Contacts

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