JPM | EMEA Spec Sits Daily: BESI NA, cap goods conf feedback, WTB LN

Research evidence excerpt

JPM | EMEA Spec Sits Daily: BESI NA, cap goods conf feedback, WTB LN

ng when we see signs of a residential recovery, which may be less likely in 2026.

• Rexel - The overall message was upbeat, reassuring and consistent with the commentary from other electrical players at

the conference. We believe the message is supportive of consensus estimates that are towards the upper end of the

guidance range on revenue growth, with further upside not being ruled out. The company is benefitting from higher price

increases than originally expected, some of which are being implemented in Q2 already. The demand from data center is

robust and running above the 20% growth expected by management at the start of the year. There is also increased

momentum in categories like heat pumps, rooftop solar and EV charging.

• Prosus & Naspers - KPI Radar - Discounts broadly stable over the past week, listed assets NAV increase- Marcus Diebel

here

• Prosus’ discount to NAV has remained stable from last week at 37%, while Naspers’ discount to NAV has remained stable

from last week at 39%. Separately, Naspers’ discount relative to Prosus has widened to 4% now vs. 3% last week and 24%

at the time of the Prosus listing.

• Global Index Mail - Jun 17, 2026- Min Moon here

Spec Sits Calendar - June

Date Ticker Event

18/06/26 ITRK LN PUSU deadline

18/06/26 TIT IM/ PST IM PST IM EGM

18/06/26 AMS LN PUSU deadline

18/06/26 BESI NA Investor Day

20/06/26 CBK GY/UCG IM Additional offer period starts

22/06/26 TIT IM/ PST IM PST IM ex-dvd €0.85

25/06/26 AAL LN Last day trading on SIX Swiss Exchange

25/06/26 SPI LN PUSU deadline

26/06/26 EZJ LN PUSE deadline

29/06/26 INPST NA InPost EGM

29/06/26 SUBC NO/ SPM IM EU FSR expiry

30/06/26 INPST NA EU FSR expiry

6/7/2026 SUBC NO/ SPM IM ACCC expiry (Australia)