FERx2, ADP, ENG, ENGI, NTGY/IG: EU Energy Sector Specialist Commentary Oil - Gas - Utilities - Infrastructure

Research evidence excerpt

FERx2, ADP, ENG, ENGI, NTGY/IG: EU Energy Sector Specialist Commentary Oil - Gas - 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 10 July 2026

FERx2, ADP, ENG, ENGI, NTGY/IG

Ian Mitchell

+44 207 134 1356

ian.e.mitchell@jpmorgan.com

JPM Friday Movie Quote/Song Lyric Quiz - Last time’s Movie Quote was “Rosebud” and was of course Citizen Kane,

which was at the time very topical. Not sure how I’m going to fit Bellingham into this quiz if need be, but will cross that bridge

when we come to it. Back to Song Lyrics this week, and continuing the theme of “songs by Bands I’ve seen live recently”, which

bizarrely since last Thursday’s quiz could be any of Basement Jaxx, Kaiser Chiefs, The Charlatans or Vulfpeck, but will instead

be from a fifth, “Sleep with one eye open / Gripping your pillow tight”. As usual there’s a glittering free day off for the first

client or corporate to email me the name of the Song and Artist and Everlasting Glory for the first JPM employee to send me

the right answer.

Key Newsflow

• TODAY - Nothing

• MONDAY - Nothing

• FER: Expect group underlying EBITDA up ~6% y/y (research available).We expect Q2 consolidated group revenues to

be up 1.6% y/y at c.€2.4bn and EBITDA to rise 12.4% y/y to €390m (+5.7% y/y excluding EBITDA from others, which was

affected by a €35m provision in Q2 25), driven by the toll roads, with 407-ETR flat traffic but sequentially stronger pricing.

We expect the focus into results to be on whether the elevated oil price has impacted traffic, commentary regarding the

company’s prospects in the bidding for the I-285 East and I-24 projects and on updates regarding the NTO where the start of