Sabadell - Initiate at UW; US IBs - Expectations; First glances - DNB, Avanza, Ashmore

Research evidence excerpt

Sabadell - Initiate at UW; US IBs - Expectations; First glances - DNB, Avanza, Ashmore

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 14 July 2026

Sabadell - Initiate at UW; US IBs - Expectations; First glances - DNB,

Avanza, Ashmore

Gigi Sparling

+44 207 134 0355

ghislaine.sparling@jpmorgan.com

Today: US CPI (1.30pm)

5 Key Highlights Today:

1. Banco Sabadell - A simpler bank, a tougher road – Marta initiates at Underweight.

2. US IBs: Expectations for Lunchtime.

3. DNB: First Glance is mixed - a bit low quality but the company have announced another share buyback.

4. Avanza: First Glance - look relatively good.

5. Ashmore: First Glance - In line AUM, better flows

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The Detailed Highlights

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Banco Sabadell - A simpler bank, a tougher road – Marta initiates at Underweight. A detailed note from Marta this morning

where Sabadell’s P&L has trailed its peer group for three quarters, ending the bounce seen during the 18 months that BBVA’s bid

hung over the stock. The gap widened in 1Q26. We expect the underperformance to continue as SAB is pressured on several

fronts— risk-on incumbents (CABK and BBVA), mortgage hungry former savings banks and deep-pocketed new entrants.

Marta’s 2027-28E EPS sits -11% below BBG consensus. Profitability has improved sharply, but at a JPMe ~15% average over

2027-28, it stands 25% below the domestic names we cover. Closing the gap will be hard, in our view.