ABB (AO) | Hold | Q2 1st take: Order beat (EL), guidance raise + USD5.5bn Rotork deal

Research evidence excerpt

ABB (AO) | Hold | Q2 1st take: Order beat (EL), guidance raise + USD5.5bn Rotork deal

yees of KEPLER CHEUVREUX, which is a non-US affiliate

and parent company of Kepler Capital Markets, Inc. a SEC registered and FINRA member broker-dealer. Equity/Credit Research Analysts employed by KEPLER CHEUVREUX, are

not registered/qualified as research analysts under FINRA/NYSE rules, may not be associated persons of Kepler Capital Markets, Inc. and may not be subject to NASD Rule 2711

and NYSE Rule 472 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account.

Research ratings

Kepler Cheuvreux rating split as of 16 July 2026

Rating Breakdown A B

Buy 56% 65%

Hold 34% 29%

Reduce 9% 5%

Not Rated/Under Review/Accept Offer 1% 1%

Total 100% 100%

Source: Kepler Cheuvreux

A: % of all research recommendations

B: % of issuers to which material services of investment firms are supplied

12 months rating history

The below table shows the history of recommendations and target prices changes issued by KEPLER CHEUVREUX research department (Equity and Credit) over a 12 months

period.

Company Name Date BusinessLine Rating Target Price Close Price

ABB (CHF) 18/07/2025 07:29 Equity Research Hold 51 52.1

13/10/2025 06:26 Equity Research Hold 56.5 58.3

20/10/2025 07:20 Equity Research Hold 57 58.4

12/01/2026 08:49 Equity Research Hold 56 60.16

27/01/2026 08:19 Equity Research Buy 70 60.4

03/02/2026 08:15 Equity Research Buy 75 67.6

27/04/2026 06:25 Equity Research Hold 80 77.9

Credit research does not issue target prices. Left intentionally blank.

Please refer to the following link https://research.keplercheuvreux.com/disclosure/stock/ for a full list of investment recommendations issued over the last 12 months