JPM | EMEA Spec Sits Daily: MB IM/BMPS IM, EZJ LN

Research evidence excerpt

JPM | EMEA Spec Sits Daily: MB IM/BMPS IM, EZJ LN

Specialist Sales J P M O R G A N

23 June 2026

+44 207 134 6029

zara.patel@jpmorgan.com

Special Sits Today

• News/ press: MB IM/BMPS IM demerger and partial demerger plans approved, EZJ LN rejection of Third Proposal

(PR from yesterday), FT reports EZJ LN shareholders seeking at least £7 per share

• Research: EZJ LN views on Castlelake going public, WISE LN FY26 preview, chemicals sector note, metals & mining

copper note, updated numbers for MFEA IM and PSM GY

• Tomorrow: Pernod Ricard CEO call at 2.30pm UKT on 24/6 (hosted by JPM). Please let me know if you want to join.

News & Press

M&A

• MB IM/BMPS IM: The Board of BMPS, MB Premier and Banca Widiba have unanimously approved the demerger plan by

way of a spin-off of BMPS in favour of MB Premier and partial demerger plan of MB Premier in favour of Banca Widiba.

The integration of Mediobanca into BMPS moves forward and, as previously announced, the completion of the corporate

reorganization transactions is expected by the fourth quarter of this year. link

Soft Catalyst

• EZJ LN: Yesterday, the Board of easyJet said the Third Proposal from Castlelake “is highly opportunistic, delivered against

the backdrop of easyJet’s temporarily depressed share price, and still fundamentally undervalues easyJet and its prospects”.

EasyJet also believes the envisaged ownership structure is opaque and does not present any basis for assessing the

deliverability of the Third Proposal. The Board has considerable reservations about the elevated leverage and overall

conditionality of the Third Proposal. link

• EZJ LN: The FT reports easyJet and investors are holding out for at least £600m more from Castlelake. One large investor

thinks easyJet will engage if the offer is at least £7 per share.