UK & European Research at a Glance - May 14, 2026

Research evidence excerpt

UK & European Research at a Glance - May 14, 2026

UK & EUROPEAN RESEARCH AT A GLANCE

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Anke Reingen (Analyst) ABN AMRO Bank N.V. (NXT AM: ABN; 31.77)

+44 20 7029 0784; anke.reingen@rbccm.com Published May 14 2026 00:45:00 EDT

Susana Cruz (Associate)

+44 20 7029 0392; susana.cruz@rbccm.com Pulling the Right Levers

Sherry Lin (Associate) Rating: Outperform+44 20 7653 4002; sherry.lin@rbccm.com Price Target: 37.00 ↑ 36.00

Our view: Consistency in the execution of the strategy, improving profitability and

an attractive yield should support a further re-rating of ABN’s shares. Reiterate OP

(PT raised to EUR37).

Wassachon (Fon) Udomsilpa (Analyst) RBC Imagine™: European consumer staples

+44 20 7029 0783; fon.udomsilpa@rbccm.com Published May 14 2026 00:45:00 EDT

The great recalibration - showing some (digital) backbone

Our view: Technological sophistication - a product of management teams' focus,

sustained investment and superior data - is becoming a key differentiator in the

European Consumer Staples space, rather than merely a productivity tool. Yet it

is not something the market has been paying close attention to. As a part of the

RBC Imagine series, this note takes a closer look at the technology and digital

infrastructure of industry leaders that will help position these companies - AB InBev

(Outperform, PT €85), L'Oréal (Outperform, PT €430) and Nestlé (Sector Perform,

PT CHF84) - as long-term winners, based on trends laid out in The great recalibration

- drilling down.

Company Comments

Andrew Brooke (Analyst) Adecco Group AG (SWX: ADEN; 18.30)

+44 20 7002 2262; andrew.brooke@rbccm.com Published May 13 2026 08:01:23 EDT

Karl Green (Analyst)

+44 20 7429 8837; karl.green@rbccm.com Model update post Q1s

Rating: Outperform

Price Target: 25.00 ↓ 30.00