JPMC Utilities Daily 20 May: SVT, EDPR, ENGI, ENEL

Research evidence excerpt

JPMC Utilities Daily 20 May: SVT, EDPR, ENGI, ENEL

J P M O R G A N Europe Equity Research

20 May 2026

JPMC Utilities Daily

20 May: SVT, EDPR, ENGI, ENEL

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc• Severn Trent: ODIs & Efficiency driving earnings upgrades (FY26 First

Take) (Research Available) Pavan Mahbubani, CFA AC

• EDPR: sells operations in Brazil to parent company EDP, reinforcing focus on (44-20)pavan.mahbubani@jpmorgan.com7134-3056

A-rated growth markets J.P. Morgan Securities plc

• Engie Chile: Expands storage push with new wind-linked battery project in Samanvitha Theegela

Antofagasta (91-22) 6157-5846

samanvitha.theegela@jpmchase.com

• Enel: €2.5bn debt offering in 2 parts J.P. Morgan India Private Limited

Mukund Verma

(44-20) 7742-4181Sector News

mukund.verma@jpmorgan.com

J.P. Morgan Securities plc

Severn Trent: ODIs & Efficiency driving earnings

Specialist Sales contact details:

upgrades (FY26 First Take) (Research Available)

Ian Mitchell - Specialist Sales -

We see this as a strong set of results with underlying EPS ~4% of expectations for European Energy

FY26 and a guidance upgrade to FY28 driven by a mix of stronger Outcome (44-20) 7134-1356

Delivery Incentive (ODI) outperformance in FY26 (which will be recognised as ian.e.mitchell@jpmorgan.com

revenue in FY28) as well as higher visibility on operational efficiency. We expect

the focus of the conference call today to be the drivers of the ODI outperformance/

opex efficiency vs guidance a year ago, as well as a discussion around the quantum

of reopeners. (Read full Research here)

EDPR: sells operations in Brazil to parent company EDP,

reinforcing focus on A-rated growth markets