Euro STOXX 50 Dividend Weekly For the week ended 19 May 2026

Research evidence excerpt

Euro STOXX 50 Dividend Weekly For the week ended 19 May 2026

J P M O R G A N Global Markets Strategy

21 May 2026

Euro STOXX 50 Dividend Weekly

For the week ended 19 May 2026

Click here for this week’s Global Dividend Weekly Monitor Global Quantitative and Derivatives

Strategy

AC• Impact of potential index changes on dividend estimates: We recently Davide Silvestrini

published a detailed note assessing how potential upcoming changes to Euro (44-20) 7134-4082

STOXX 50 constituents could affect dividend estimates. There could be up to davide.silvestrini@jpmorgan.com

five constituent changes, depending on the evolution of stock prices between J.P. Morgan Securities plc

now and the index selection cut-off date. Esmail Afsah AC

• New base-case estimates: Two changes—the addition of Nokia and ENGIE, (44-20)esmail.afsah@jpmorgan.com7742-9231

and the deletion of Wolters Kluwer and Volkswagen—appear highly likely and J.P. Morgan Securities plc

will be incorporated into our base-case estimates from this week. Other Yangyang Hou

potential changes include the addition of Société Générale, Prysmian, and (44-20) 3493-1012

E.ON, and the deletion of Adidas, BMW, and Adyen. We estimate the yangyang.hou@jpmorgan.com

probability of these outcomes at well below 40% (see the note for details). J.P. Morgan Securities plc

Bram Kaplan, CFA

• Changes in estimates: The impact of index changes is generally negative for (1-212) 272-1215

2027 and 2028 dividend estimates, reflecting the dividend characteristics of bram.kaplan@jpmorgan.com

potential additions and the dilutive impact of the divisor increase on the rest of J.P. Morgan Securities LLC

the index. The impact on 2026 dividend estimates is modestly positive in Tony SK Lee