GET, EDPR, GLOBAL LNG, SNAM, SSE: EU Energy Sector Specialist Commentary

Research evidence excerpt

GET, EDPR, GLOBAL LNG, SNAM, SSE: EU Energy Sector Specialist Commentary

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 28 July 2026

GET, EDPR, GLOBAL LNG, SNAM, SSE

Ian Mitchell

+44 207 134 1356

ian.e.mitchell@jpmorgan.com

Key Newsflow

• TODAY - FER H126 (after market)

• TOMORROW - EDPR, ELE, SNAM, TRN, RED, ADP, AENA, Vinci H126

• GET: 2026E EBITDA broadly unchanged; raising 2027/28E on higher Eleclink estimates (research

available).Following H1 results our 2026E EBITDA is largely unchanged as our upgrades at Eleclink are offset by higher

Opex assumptions for Eurotunnel. Our 2027/28E EBITDA estimates increase as we upgrade our Eleclink assumptions on the

strong spreads achieved in auctions in recent months. Our Dec-27 PT increases to €19 from €18, to reflect that we see limited

downside risk to the current market valuation, which is supported by the ~4.5% dividend yield (and speculation regarding a

potential takeover down the line). We expect focus now to be on the performance of shuttle traffic in the coming months

• EDPR - to sell 80% stake in 384 MW portfolio for €450m. Bloomberg reported that EDP Renewables signed an agreement

to sell an 80% stake in a 384 MW solar portfolio in the US to a fund managed by Ares Infrastructure Equity for about €450m.

Looks like a good deal, selling an 80% stake in a solar and battery portfolio in California for a 40% asset rotation gain over

invested capital, so close to €180m. Shows that EDPR is creating attractive value from the newer investments in the US, given

this one only reached FID in August 2025. Should be taken positively, and as a positive read