GS EUROPEAN EXPRESS: Multi-Industry: Utilities: Lancashire Holdings: Dassault Systemes: Rightmove: Macro: Global: Corporate Access

Europe Multi-Industry: Thoughts on European datacenter exposed names post US Midterm elections. Sentiment regarding datacenters had turned increasingly more mixed since late summer and these worries have taken an even more concrete shape over the last week since the US mid term election. We reflect on what this might mean for datacenter capex (which as of end of 3Q was expected to be the fastest end market in our Capex Tracker with a CAGR25-29E at >40%) as well as our European Multis coverage including: 1) US Moratoria likely but our economists don't expect them to last long and tighter rules might favour behind-the-meter solutions (e.g., Wartsila) 2) Moratoriums are not bans and they have a side impact of increasing other areas of related capex such as T&D 3) Capacity already under construction is low-risk even though Texas is a big share of it. European Utilities: Bold strategic pivots can pay off - We have analysed the long-term evolution in valuation multiples (P/E) for a sample of