UK & European Research at a Glance - May 13, 2026

Research evidence excerpt

UK & European Research at a Glance - May 13, 2026

UK & EUROPEAN RESEARCH AT A GLANCE

£27 and our Sector Perform rating.

Anke Reingen (Analyst) KBC Group NV (BRU: KBC; 116.10)

+44 20 7029 0784; anke.reingen@rbccm.com Published May 12 2026 12:39:15 EDT

Susana Cruz (Associate)

+44 20 7029 0392; susana.cruz@rbccm.com Model update post Q1

Sherry Lin (Associate) Rating: Sector Perform+44 20 7653 4002; sherry.lin@rbccm.com Price Target: 123.00

Our view: The strong NII performance in NII did not translate into earnings

upgrades as our estimates were already above guidance and KBC did not provide

us with the confidence needed to move even further away. Loan losses and costs

moved higher but while within guidance, our estimates appeared now slightly too

optimistic. Our PT remains unchanged at EUR123.

Natalia Webster, CFA (Analyst) Koninklijke Philips N.V. (NXT AM: PHIA; 22.13; NYSE: PHG)

+44 20 7653 4064; natalia.webster@rbccm.com Published May 13 2026 00:45:00 EDT

Charles Weston, CFA (Analyst)

+44 20 7429 8425; charles.weston@rbccm.com Minor changes to FY estimates on Q1 beat, factoring in Q2 margin headwinds

Rating: Sector Perform

Price Target: 25.00

Our view: Following the stronger-than-expected Q1 performance (see our note),

we make minor changes to our FY and mid-term forecasts. We highlight various

margin headwinds for Q2 and the particularly tough comps for Personal Health

in H2 2026, making the elevated segmental sales growth difficult to sustain. We

reiterate our €25 PT and Sector Perform rating.

Ben Cohen (Analyst) Munich Reinsurance Co. (XETRA: MUV2; 471.80)

+44 20 7002 2456; ben.cohen@rbccm.com Published May 13 2026 00:45:00 EDT

Mandeep Jagpal (Analyst)

+44 20 7002 2817; mandeep.jagpal@rbccm.com ...Ask Questions Later