JPMC Utilities Daily 14 May: NG/, EOAN, RWE

Research evidence excerpt

JPMC Utilities Daily 14 May: NG/, EOAN, RWE

J P M O R G A N Europe Equity Research

14 May 2026

JPMC Utilities Daily

14 May: NG/, EOAN, RWE

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

• National Grid: In-line results & outlook confirmed - FY26 First Take Pavan Mahbubani, CFA

(Research Available) (44-20) 7134-3056

pavan.mahbubani@jpmorgan.com

• E.ON: 1Q26 Conference Call Feedback (Research Available) J.P. Morgan Securities plc

• RWE: unveils 273.6MW Emily Solar plant in Illinois Samanvitha Theegela

(91-22) 6157-5846

Sector News samanvitha.theegela@jpmchase.comJ.P. Morgan India Private Limited

Mukund Verma

(44-20) 7742-4181

mukund.verma@jpmorgan.com

National Grid: In-line results & outlook confirmed - FY26

First Take (Research Available) Specialist Sales contact details:

Ian Mitchell - Specialist Sales -We see today’s results as broadly in line at the adj. operating profit and net income European Energy

levels, noting higher net debt from increased investment this year. National Grid (44-20) 7134-1356

has confirmed FY27 guidance in the range of 13-15% EPS growth reflecting higher ian.e.mitchell@jpmorgan.com

allowed revenue from the transition to RIIO-T3, and reiterated their medium term

guidance to FY31. We expect the conference call to focus on the political &

regulatory backdrop in both the UK and the US. Capex up by 18% yoy to

£11.6bn, with UK Electricity Transmission up 46% in FY26. UK ET achieved

100bps outperformance (same as in FY25) and UK ED 50bps outperformance (vs

20bps in FY25). (Read full Research here)

E.ON: 1Q26 Conference Call Feedback (Research

Available)

E.ON conference call focused on the economics & rationale for the Ovo customer