UBS European Utilities Comps Comps Sheet: 24 July 2026

Research evidence excerpt

UBS European Utilities Comps Comps Sheet: 24 July 2026

Global Research

24 July 2026ab

UBS European Utilities Comps Equities

Europe including UKComps Sheet: 24 July 2026

Utilities

Gonzalo Sanchez-Bordona

In this report, you can find our most recent estimated company multiples for the sector, Analyst

and a summary of our ratings and the most recent reports we have published on gonzalo.sanchez-bordona@ubs.com

European Utilities, including takeaways and slides from expert calls. +34-91-745 4147

Mark Freshney

Key Research Analyst

**NEW** Sector primer: Back to Basics - 2026 edition mark.freshney@ubs.com

Most recent sector view: Our case for remaining positive on the sector +44-20-7568 3989

Our views into data centre impact: Data Centres and power demand growth Wanda Serwinowska, CFA

Primer on largest integrated utilities: Enel, Engie and Iberdrola - are they really so similar? Analyst

wanda.serwinowska@ubs.com

Sector View +44-20-7568 3980

We remain on balance positive, with Buy ratings on 53% of the market cap. The sector is Christabel Kelly

up 15% YTD, on top of +28% in 2025 (+60% TSR in 19 months). On an absolute basis, Analyst

multiples are high. But European utilities still trade c17% cheap versus US utilities on christabel.kelly@ubs.com

+44-20-7568 2358

HOLT P/B. There is c6.9-7.4% EPS growth on consensus (UBSe 7.6%), whereas we think

only 1.4-3.6% is priced in. Earnings momentum remains positive (over half the sector Anna Webb

upgraded at full year results in February). We continue to prefer Renewables > Analyst

Integrated > Networks > Generators. We prefer continental Europe to the UK. anna.webb@ubs.com

+44-20-7568 8293

We anticipate selected inorganic activity. Most companies have a large greenfield

opportunity set.