EU Energy Sector Specialist Commentary: Oil - O&G - Utilities - Infrastructure

Research evidence excerpt

EU Energy Sector Specialist Commentary: Oil - O&G - Utilities - Infrastructure

Ian Mitchell - Specialist Sales - European Energy AC (44-20) 7134-1356 Europe Specialist Sales J P M O R G A Nian.e.mitchell@jpmorgan.com

J.P. Morgan Securities plc 29 June 2026

FORTUM, NTGY/ENG

Ian Mitchell

+44 207 134 1356

ian.e.mitchell@jpmorgan.com

Key Newsflow

• TODAY - RED ex-Div

• TOMORROW - ENG ex-Div

• FORTUM – recommended voluntary cash tender offer to the shareholders of Elmera Group for NOK47. Elmera is an

established retail electricity provider with a large and diversified customer base across the Nordics, acquisition would support

Fortum’s strategy to grow its Consumer Solutions offering and customer base. Offer Price represents a premium of 59%

compared to the undisturbed closing trading price of NOK 29.6 and values Elmera at NOK 5.1bn (€450m), Looks like a

strategically sound acquisition, though small on a group scale at <3% of Fortum’s market cap.

• NTGY / ENG : Final draft of new regulation: Small positive for Naturgy, small negative for Enagas (Research

Available). Today the CNMC submitted final drafts of the gas regulation for 2027-32 to the Council of State, they are likely

to be a good proxy of the final determinations. Initial view small positive for NTGY (higher revenues in the lower demand

scenario), +1% EPS 2027-32 vs Drafts. Small negative for ENG (reduction of incentives) and -1/-2% EPS 2027-32 vs Drafts

Access – let us know if you’d like details of any of the below. Available to High Touch clients

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• REGISTRATION NOW OPEN - J.P. Morgan Global Energy Conference, Nov 30th-Dec 1st, in-person, London. The

event will consist of a two-day panel agenda addressing key macro, corporate and thematic topics across the energy value