JPMC Utilities Daily: 23 July: CNA x2, RWE, ENGI

Research evidence excerpt

JPMC Utilities Daily: 23 July: CNA x2, RWE, ENGI

J P M O R G A N Europe Equity Research

23 July 2026

JPMC Utilities Daily

23 July: CNA x2, RWE, ENGI

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• Centrica: Results signal the end of the downgrade cycle - we remain positive Pavan Mahbubani, CFA

and stay OW (1H26 First Take) (Research Available) (44-20) 7134-3056

pavan.mahbubani@jpmorgan.com

• Centrica: Further life extensions for nuclear power stations J.P. Morgan Securities plc

• RWE: First electricity fed into grid from Nordseecluster A offshore wind farm Alejandra Botbol

off German coast (44-20) 3493-8711

alejandra.botbol@jpmorgan.com

• Engie: powers up two 50MW/100MWh BESS installations in Scotland J.P. Morgan Securities plc

Samanvitha Theegela

(91-22) 6157-5846Sector News

samanvitha.theegela@jpmchase.com

J.P. Morgan India Private Limited

Mukund Verma

(44-20) 7742-4181

Centrica: Results signal the end of the downgrade cycle - mukund.verma@jpmorgan.com

we remain positive and stay OW (1H26 First Take)

(Research Available) Specialist Sales contact details:

Interim results have come in line with our expectations and we remain comfortable Ian Mitchell - Specialist Sales - European Energy

with our FY26 EPS of ~11p. While this set of results is unlikely to drive consensus (44-20) 7134-1356

earnings upgrades for 2026, we think the absence of further downgrades for this ian.e.mitchell@jpmorgan.com

year should be enough to support the shares given the de-rating in recent months.

While a lower outlook for Optimisation in 2027 is disappointing, it is not entirely

unexpected given the market backdrop and helpfully removes a source of

downside risk heading into FY26 next February.