UK & European Research at a Glance - May 11, 2026

Research evidence excerpt

UK & European Research at a Glance - May 11, 2026

UK & EUROPEAN RESEARCH AT A GLANCE

Rating Revisions

Biraj Borkhataria, CFA (Analyst) BP p.l.c. (LSE: BP.; 535.90; NYSE: BP)

+44 20 7029 7556; biraj.borkhataria@rbccm.com Published May 11 2026 00:45:00 EDT

Adnan Dhanani, CFA (Analyst)

+44 20 7029 7810; adnan.dhanani@rbccm.com A second chance at a first impression, Upgrading to Outperform

Matthew Russell (Associate) Rating: Outperform (prev: Sector Perform)+44 20 4557 7244; matthew.russell@rbccm.com Price Target: 700

Our view: Following a number of missteps, the current windfall presents a second

chance for BP to deleverage and restore financial health, while it should also

help put the company on firmer footing for the coming years. We see the

combination of strong commodity prices, recent exploration success and new

management providing an opportunity to restore investor confidence. We upgrade

to Outperform.

Company Comments

Alexander Wheeler (Analyst) Centrica plc (LSE: CNA; 198.70)

+44 20 7653 4481; alexander.wheeler@rbccm.com Published May 8 2026 12:22:18 EDT

Ziyad Jasimuddin (Associate)

+44 20 7653 4757; ziyad.jasimuddin@rbccm.com Model update post trading statement, adding Severn CCGT

Fernando Garcia (Analyst) Rating: Outperform+44 20 7029 0267; fernando.garcia@rbccm.com Price Target: 225

Charlotte Mettyear (Analyst)

+44 75 4786 7085; charlotte.mettyear@rbccm.com Our view: We update our numbers post the recent CNA trading statement, lowering

Joseph Pepper (Analyst) our 2026E numbers at the bottom line reflecting a 2026E drag from the acquisition

+44 20 4557 7410; joseph.pepper@rbccm.com of Severn CCGT, higher interest costs and higher tax in our numbers. We remain at

Outperform with an unchanged PT of 225p/sh.