UK & European Research at a Glance - July 1, 2026

Research evidence excerpt

UK & European Research at a Glance - July 1, 2026

UK & EUROPEAN RESEARCH AT A GLANCE

Company Comments

Benjamin Toms, ACA (Analyst) Banco Santander, S.A. (MADRID: SAN; 11.92)

+44 20 7002 2258; benjamin.toms@rbccm.com Published June 30 2026 07:25:40 EDT

Pablo de la Torre Cuevas (Analyst)

+44 20 7653 4553; pablo.delatorrecuevas@rbccm.com Model update

Rating: Outperform

Price Target: 12.75

Our view: We update our estimates ahead of SAN's Q2'26 results, maintaining our

EUR12.75 PT and reiterating our Outperform rating.

Oliver Dyson (Equity Author) Compagnie de Saint-Gobain (NXT PA: SGO; 77.54)

+44 20 7002 2645; oliver.dyson@rbccm.com Published June 30 2026 12:57:41 EDT

Anthony Codling (Analyst)

+44 20 7429 8145; anthony.codling@rbccm.com Pre-Q2 Model Update

Price Target: 95.00

Our view: We make minor adjustments to our estimates ahead of Saint-Gobain's

Q2'26 earnings (July 30th). The bulk of our estimate changes come from accelerated

divestment - we now forecast a FY26 scope impact on revenue of -1.2% (prev.

0.0%), given recent divestment announcements, and note that the proposed Dahl

divestment (4.5% of sales) is not yet in our estimates. We don't make material

adjustments to our organic growth estimates. Lower scope-driven revenues are

partially offset by a higher FX impact and slight margin upgrades - and our price

target remains unchanged at EUR95.

Industry Comments

Ben Davis (Analyst) European Miners Q2 26 preview

+44 20 7002 2065; ben.davis@rbccm.com Published July 1 2026 00:45:00 EDT

Digesting the impact of Middle East

Our view: The second quarter will be buffeted by FX and cost inflation, and

companies doing their best how to guide for the remainder of the year given the

uncertain environment. Most exposed are the big earth-movers (iron ore, coal and