European Banks Daily

Research evidence excerpt

European Banks Daily

J P M O R G A N Europe Equity Research

16 June 2026

Daily Valuation Sheet | Banks Analyser & Global Banks and Fintech Valuation European Banks

ACWeekly sheet | European Banks 2026 Outlook - PODCAST Kian Abouhossein

(44-20) 7134-4575

Research kian.abouhossein@jpmorgan.com

J.P. Morgan Securities plc

EMEA

Specialist Sales contact details:

Gigi Sparling - Specialist Sales -

Investment Companies Daily:TRIG sale of Beatrice stake, SEQI NAV, LBOW European Financials

RoyaleLife Loan, NBPE name change, AERS withholding fees, CREI update on (44-20) 7134-0355

Scorpion portfolio, VIP Final results ghislaine.sparling@jpmorgan.com

Christopher Brown (44-20) 7134-4722

The Renewables Infrastructure Group (TRIG, Neutral) - Sale of Beatrice

offshore wind farm stake at 4% discount to NAV - TRIG today announced that it

has agreed a sale of its entire 17.5% equity interest in the 588MW Beatrice offshore

wind farm for £155m representing a 4% discount to TRIG’s 31/12/25 valuation. The

proceeds of the sale will be used to reduce the drawn revolving credit facility balance

from £240m as at 31/3/26 to a pro-forma c. £85m. The disposal will also reduce

TRIG’s underlying project level debt by c. £375m from £2.1bn as at 31/3/26 to £1.7bn

on a pro-forma basis, representing TRIG’s disposal of its share of the underlying

project level debt in the Beatrice project. Project debt across the portfolio following

this disposal will be 39% of GAV. The Beatrice offshore wind farm is located off the

north-east coast of Scotland and is a CFD subsidised asset. TRIG’s 17.5% stake in the

Beatrice project represented 5% of its portfolio as at 31/12/25 and assuming £161.5m

valuation based on grossing up the 4% discount, the project represented 6.5% of the

31/3/26 £2,470m/104.1pps NAV.