EU Energy Sector Specialist Commentary: Oil - OFS - Utilities - Infrastructure

Research evidence excerpt

EU Energy Sector Specialist Commentary: Oil - OFS - Utilities - Infrastructure

mption that share-based payments and financial costs are flat y/y.

- We assume no change in the effective tax rate y/y, reflecting that the impact of France’s surtax will be largely recognized in H1

(as it was in 2025).

- We expect a key area of focus at results to be commentary on toll road traffic, and whether management are yet seeing the

declining oil price translate into improved traffic trends.

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JPM | EU Insights – July 2026: Must-Reads and Highlights from Equity Research (research available)

Post-Makerfield Matters. Our analysts set out sector and stock implicationsof possible policy changes under a Burnham

premiership, alongside a detailed breakdown of UK Housebuilders.

Credit Check VI: Rates reset, risks refreshed. Our sector teams updated their annual analysis of company-level rate

sensitivityand debt expiries in the short- and medium-term, with further detail on the Property sector.

Conviction into events: With 80 companies in our coverage reporting over the next 2 weeks, our analysts have placed 18 ideas

on Catalyst Watch. For the full list, and our analysts’ published views into upcoming earnings, see the latest Forward Focus.

Industrials Conference Feedback. Following the 24th EU Industrials Conference, our teams summarised key takeaways across

Building Materials, Paper & Packaging, and Capital Goods. Akash Gupta placed Vestas (OW) on +CW as conference insights

confirmed an attractive near-term setup.

Back in the game. Wendy Liu reinstated coverage on Sporting Goods, with a preference for adidas (OW) and On (OW) vs. Puma

(N) and JD Sports (N).

Hack to the future. Kian Abouhossein cautions on AI-driven cybersecurity risk to Global Banks, favouring higher-spending and