Europe’s energy sector is expected to be the main driver of second-quarter corporate earnings, helping to offset weaker performance across the broader market as underlying business activity slows.

According to LSEG IBES forecasts released on Thursday, companies listed on the STOXX 600 index are projected to record overall earnings growth of 15.3% in the second quarter. Excluding energy companies, however, earnings growth is expected to slow significantly to 6.0%.

A similar trend is reflected in revenue forecasts. Overall second-quarter sales are projected to rise by 10.5%, but excluding the energy sector, revenue growth is expected to be just 3.9%.

Analysts expect Europe’s major energy companies to post a sharp increase in profits, driven by higher crude oil prices resulting from tensions in the Middle East. In contrast, earnings expectations for companies outside the energy sector have been revised slightly downward, highlighting weaker underlying corporate growth.

Despite the softer outlook beyond energy, the earnings recovery is becoming more widespread. Eight of the STOXX 600’s ten sectors are now expected to report year-on-year profit growth, compared with five sectors in the first quarter.

Even so, the energy sector is forecast to remain the strongest performer, with profits expected to more than double and outpace every other industry, reinforcing its position as the primary driver of European corporate earnings growth in the second quarter.