JPMC Utilities Daily 10 June: PNN, FORTUM, ANE, EOAN, EDPR, ENGI, UK Water, CNA

Research evidence excerpt

JPMC Utilities Daily 10 June: PNN, FORTUM, ANE, EOAN, EDPR, ENGI, UK Water, CNA

J P M O R G A N Europe Equity Research

10 June 2026

JPMC Utilities Daily

10 June: PNN, FORTUM, ANE, EOAN, EDPR, ENGI,

UK Water, CNA

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc• Pennon: FY26 broadly in line, FY27 earnings guidance below expectations

(FY26 First Take) (Research Available) Pavan Mahbubani, CFA AC

• Fortum: Lower volumes to drive a weak quarter (2Q26 Preview) (Research (44-20)pavan.mahbubani@jpmorgan.com7134-3056

Available) J.P. Morgan Securities plc

• Acciona Energia: to add 980-MWh BESS at Chilean solar farm Alejandra Botbol

• E:ON: Ovo merger under CMA scrutiny alejandra.botbol@jpmorgan.comJ.P. Morgan Securities plc

• EDP Renewables: and SRP Celebrate Completion of 800 MWh Flatland Samanvitha Theegela

Energy Storage in Arizona (91-22) 6157-5846

• Engie: joins European Energy in 150MW Danish green hydrogen project samanvitha.theegela@jpmchase.comJ.P. Morgan India Private Limited

• UK Water: Thames Water may pay £749m under Creditor Takeover Proposal Mukund Verma

• Centrica: signs for additional LNG Supply with Delfin (44-20)mukund.verma@jpmorgan.com7742-4181

J.P. Morgan Securities plc

Specialist Sales contact details:

Ian Mitchell - Specialist Sales -

Sector News European(44-20) 7134-1356Energy

ian.e.mitchell@jpmorgan.com

Pennon: FY26 broadly in line, FY27 earnings guidance

below expectations (FY26 First Take) (Research Available)

We see FY26 results as broadly in line with expectations, with adj. EBITDA in line

with guidance of a 55% increase y/y. EPS came ahead of expectations driven by

lower net finance costs. While the company continues to make progress on