A Week Ahead: Companies reporting – 22nd June to 26th June

Research evidence excerpt

A Week Ahead: Companies reporting – 22nd June to 26th June

Summary of last week’s European rating changes

Opinion Changes

REINSTATEMENTS / INITIATION

BofA

Company Symbol From/To Opinion Analyst Industry Title Price Date

Qatar Islamic XQATF C-2-7 Initiation Rahul Rajan Banks- Cash returns could surprise positively, even QAR22.06 17-Jun-26

Bank Initiation with Neutral Multinational/Universal as earnings disappoint

Source: Bloomberg, BofA Global Research

BofA GLOBAL RESEARCH

UPGRADES

Nedbank Group NDBKF B-3-7 to B-2-7 Upgrade Harry Botha Banks-Multinational/Universal Sector undervalued with positive pre- ZAR272.90 18-Jun-26

Ltd Underperform to Neutral close update potential

Absa Group AGRPF B-3-7 To B-2-7 Upgrade Harry Botha Banks-Multinational/Universal Sector undervalued with positive pre- ZAR246.29 18-Jun-26

Underperform to Neutral close update potential

OTP Bank OTPBF B-3-7 to B-2-7 Upgrade David Taranto Banks-Multinational/Universal Diversification: both a strength and a HUF44990.00 12-Jun-26

Underperform to Neutral constraint

JCDecaux JCDXF B-2-7 to B-1-7 Upgrade Adrien de Saint Hilaire Advertising & Marketing Services Clearer skies for outdoor – Upgrade to EUR18.80 16-Jun-26

Neutral to Buy Buy, PO €23

DOWNGRADES

Rathbones Group RTBBF B-1-7 to B-2-7 Downgrade Christiane Holstein Other Financials Downgrade to Neutral with regulatory review GBP1630.00 17-Jun-26

Buy to Neutral softening growth

Mondi PLC MNODF B-1-7 to B-2-8 Downgrade Reinhardt van der Packaging EU Containerboard: Destocking risks ahead, EUR729.20 16-Jun-26

Buy to Neutral Walt Downgrade MNDI

MOVE TO NO RATING

Edenred SE EDEN No Rating No Rating Kate Xiao Leisure Company approached by investment funds. EUR20.68 18-Jun-26

We move to no rating

A Week Ahead | 18 June 2026 9

CR