U.S. SMID FIRST TO MARKET

Research evidence excerpt

U.S. SMID FIRST TO MARKET

North America Equity Research

U.S. SMID First to Market 26 June 2026

Top Stories

North American Utilities (Jeremy Tonet, CFA/Aidan C Kelly/Eli Jossen, CFA)

Takeaways from Our J.P. Morgan Natural Resources Conference

The 11th annual J.P. Morgan Natural Resources Conference included ~141 corporate participants (23 utilities) that presented

and/or conducted investor meetings, where total equity investor attendance grew 7% YoY. Across all corporate attendees, NEE

received the tenth most investor requests, with ETR, AEP, PPL and XEL rounding out the top five requested utilities.

IPPs/Nuclear (Jeremy Tonet, CFA)

The 11th annual J.P. Morgan Natural Resources Conference included ~141 corporate participants that presented and/or

conducted investor meetings. Total equity investors grew 7% YoY and total scheduled meetings increased 14% YoY. VST (first

overall), TLN and CEG represented three of the top eight requested names at the conference, confirming stout power interest.

Meetings across the board highlighted robust power demand fundamentals and notably positive regulatory developments,

finally improving clarity to enable deal formation.

| H.B. Fuller (Jeffrey J. Zekauskas) (FUL, OW, PT $67.00)

We Upgrade to Overweight from Neutral

Fuller is growing its adjusted EBITDA through higher prices and positive currency effects in a flat to lower volume environment.

Price increases of 3% and positive currency effects of 3% lifted adjusted EBITDA by 9% for 2Q:F26 and by 4% for 1H:26. Fuller

expects its volume to decrease at a (4%-6%) rate for 2H:F26. We think that rate of decrease is probably too sharp as a base

case given that the company claims that volumes quarter to date are more flat, and comparable to the second quarter y/y rate.

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