UK & European Research at a Glance - June 22, 2026

Research evidence excerpt

UK & European Research at a Glance - June 22, 2026

UK & EUROPEAN RESEARCH AT A GLANCE

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Sara Mahaffy, CFA (Analyst) Sara's Scoop

(212) 618-7507; sara.mahaffy@rbccm.com Published June 22 2026 00:15:00 EDT

State Of Exclusions Policies + Update On Defense

About This Report: This report updates our research on exclusionary screening —

one of the many ways investors incorporate sustainability considerations into their

investment process — covering key trends in 2026, with a spotlight on defense.

Company Comments

Anthony Codling (Analyst) Holcim AG (SWX: HOLN; 77.44)

+44 20 7429 8145; anthony.codling@rbccm.com Published June 19 2026 11:30:49 EDT

Oliver Dyson (Equity Author)

+44 20 7002 2645; oliver.dyson@rbccm.com Model Update

Rating: Sector Perform

Price Target: 73.00 ↓ 74.00

Our view: Following the completion of the acquisition of Xella we are updating our

model ahead of the Q2 results on 31 July. We lower our PT to CHF73 (previously

CHF74).

Piral Dadhania (Analyst) Kering (NXT PA: KER; 271.95)

+44 20 7429 8644; piral.dadhania@rbccm.com Published June 22 2026 00:45:00 EDT

Nikolaos Lafioniatis (Analyst)

+44 20 7429 8437; nikolaos.lafioniatis@rbccm.com Notes from the road - Constructive tones

Richard Chamberlain (Analyst) Rating: Sector Perform+44 20 7429 8092; richard.chamberlain@rbccm.com Price Target: 340.00

Our view: The building blocks are largely in place for Kering to execute its

turnaround including the strategic direction shared at its Capital Markets Day, the

timing and the willpower under Luca Deo Meo's leadership. The overall tone was

constructive with a focus on controllables, and reconfirming ambition to deliver

FY26E revenue growth and margin expansion. There is a lot of change within the

business, but we walk away incrementally more positive.