EMEA Banks Dashboard

Research evidence excerpt

EMEA Banks Dashboard

EUROPE | Banks EquityJulyResearch4, 2026

Exhibit 1 - Performance this week - TotalEMEA Banks Dashboard

return (%)

SX7P was up 3% this week, outperforming the SXXP (+3%). Top 5 ALPHADBK 6% 7%

BBVA 6%

EUROB 5%performers were DBK, ALPHA, BBVA, EUROB and ABN. Worst performers ABN 5%

SXXP 3%were GLE, CASA, OSB, PAG and SHB. SHBASX7P 3% 1%

PAG 1%

OSB 1%

Euro Banks - Volumes improving in May: Euro Area-adjusted loan growth improved in May ACAGLE 0% 1%

moving up to 4.0% (from +3.7% in Apri). Household lending remained stable at +3.1% YoY . 0% 1% 2% 3% 4% 5% 6% 7% 8%

while corporates continued to improve and increased to +4.0% in May (from +3.1% and +3.4% Source: Bloomberg, Jefferies

respectively in April). Across the geographies: Greece continues to see strength in corporate

lending (+11% YoY in April) with the Netherlands seeing an improvement in corporate volumes

(+7.9% YoY vs +6.8% in April). Household lending remains the strongest in Portugal and

Netherlands (+10% and 5% respectively).

Macro Musings: A bullish setup for July: Market is shaping up for a positive performance in

July. Positive seasonality, ample cash (still) in the system, less need for central banks to hike

rates with oil prices lower and not so crowded positioning all argue for a positive performance

for risky assets in July. We are entering the month of July with a bullish bias for equities, credit

and front end rates.

Italy Political Outlook: Road to 2027 Elections | Expert Call. We invite you to an investor call

with Roberto D’Alimonte, a leading Italian political scientist and expert on electoral systems.

We will discuss recent developments in Italian politics, including the constitutional referendum,

which exposed cracks within the ruling coalition and reshaped the narrative.