Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Global Commodities Outlook for Frankfurt Global Strategy Conference Ride the Power Race and Supply Waves January 2026 Daan Struyven Managing Director Co-Head of Global Commodities Research Goldman Sachs & Co. LLC +1 212-357-4172 Daan.Struyven@gs.com 0:53:95 172:212:241 165:165:165 115 ...