CEEMEA Corporates Today: Damac, Sasol, OTP

Research evidence excerpt

CEEMEA Corporates Today: Damac, Sasol, OTP

J P M O R G A N CEEMEA Credit Research

21 July 2026

CEEMEA Corporates Today

Damac, Sasol, OTP

EM CEEMEA Corporate Research

Zafar Nazim, CFA AC

(44-20) 7134-7551

zafar.nazim@jpmorgan.com

J.P. Morgan Securities plc

Konstantin Rozantsev AC

News (44-20) 7742-0275

konstantin.rozantsev@jpmorgan.com

• DAMAC 2Q26 results: Solid print despite $1bn 1H payout; Remain OW J.P. Morgan Securities plc

• Sasol reports strong 4Q26/FY26 business metrics – Reiterate OW SASOL Nikhil Bhat, CFA

29s/31s/33s (44-20) 3493-8074

nikhil.x1.bhat@jpmorgan.com

• OTP to acquire Luminor J.P. Morgan Securities plc

• Performance charts - as of July 20th, 2026 Lorenzo(44-20) 3493-3150Parisi, CFA AC

New Research lorenzo.parisi@jpmorgan.comJ.P. Morgan Securities plc

Nandini Bommakanti

• Türkiye Revisited: Thoughts and recommendations after a week in Istanbul (44-20) 3493-3515

(Link) nandini.bommakanti@jpmorgan.com

Prices in this note are as of the time of writing on July 21st, 2026 Keshav Maheshwari

(91-22) 6157-3133

Middle East & Africa keshav.x.maheshwari@jpmchase.com

J.P. Morgan India Private Limited

DAMAC 2Q26 results: Solid print but $1bn dividend payout post conflict is

a concern; Remain OW

Our take: 2Q26 is the first set of results to capture a full quarter of the conflict

impact, and the read is reassuring rather than alarming. The quarter looks resilient,

with margins holding up and cash largely intact. Two items are worth watching: the

continued drawdown in customer advances and unrestricted cash. Neither are

portraying any stress but worth tracking into 2H. Could the extraction of another

$500mn dividend (total of $1bn since the conflict started) signal shareholders’

view on Dubai and its property market? Perhaps. Overall, such a material payout