JPM | EMEA Spec Sits Daily: SGRO LN/PLD US, SUBC NO/ SPM IM: EMEA Special Situations Specialist Commentary Merger/Arbitrage • Pre-Announced • Spin-off Event Driven

Research evidence excerpt

JPM | EMEA Spec Sits Daily: SGRO LN/PLD US, SUBC NO/ SPM IM: EMEA Special Situations Specialist Commentary Merger/Arbitrage • Pre-Announced • Spin-off Event Driven

Specialist Sales J P M O R G A N

24 June 2026

• Pro-forma - On our estimates and conservatively assuming only guided synergies, we calculate the market is currently

assigning a ~5x multiple to the combined company on forward 2027E EBITDA. A re-rating to ~6x, firmly within

Saipem’s long-term historical range (Figure 1), would imply ~40% upside from current levels for Saipem.

Additionally, we have seen growing interest from generalists and LOs in offshore OFS in client conversations, supported

by a still-growing subsea space and expected limited newbuild supply.

• Brown-Forman Corp - Takeaways from Roundtable with New CFO- Drew Levine here

• We attended a sell-side roundtable discussion with recently appointed BF CFO Jim Peters in New York. The underlying

message was largely consistent with recent commentary from F4Q26 earnings results ~three weeks ago — the operating

environment in Developed Markets remains challenging with no expectation for material improvement/inflection in the

near-term, so BF will continue to invest more resources into areas that are growing, such as Emerging Markets and

innovation. CFO Peters also sounded focused on driving cost efficiencies and instilling a culture of continuous

improvement (probably less of a focus historically when industry was growing and company was generating >60% GM)

with a goal of driving margin improvement subsequent to high-cost inventory working through the P&L, but also

acknowledged the pricing environment in the U.S. may not be supportive in the near-term.