Barclays European Morning Research Summary

Research evidence excerpt

Barclays European Morning Research Summary

Industry Research

EMEA Internet European Banks European Capital Goods

European Chemicals & Ingredients European Construction, Building Materials & European Consumer Staples

Infrastructure

European Diversified Financials European Energy Services European Food Retail

European General Retail European Integrated Energy European Leisure

European Medical Technology & Services European Metals & Mining European Pharmaceuticals, Biotechnology &

Life Sciences

European Real Estate European Transportation European Utilities & Clean Energy

U.S. Communications Infrastructure U.S. REITs UK Housebuilding & Construction

Thematic Investing

Strategic Autonomy (EU): Beyond the capex supercycle towards second-order effects

Publications Summary

Basic Industries

Anglo American plc: Steelmaking coal sale trades certainty for upside

Stock Rating Overweight Headline sale figure of up to $3.875bn is positive but $1.575bn price-linked component

& higher pricing thresholds leave the estimated deal NPV below expectations. The Industry View Neutral

focus now shifts to De Beers sale/spin and completion of Anglo Teck merger to deliver

Price Target GBP 40.00

further re-rating. Remain OW.

Price (18 May 2026) GBP 37.81

EPS FY1 (E) 1.53 View full report on Barclays Live Back to Top

EPS FY2 (E) 2.58

Market Cap (GBP bn) 44.5421

Ticker AAL LN / AAL.L

European Metals & Mining

Ian Rossouw, CFA

+44 (0)20 3555 2620

ian.rossouw@barclays.com

Barclays, UK

Amos Fletcher, CFA

+44 (0)20 7773 2225

amos.fletcher@barclays.com

Tom Zhang, CFA

+44 (0)20 3555 1395

tom.zhang1@barclays.com

18 May 2026