Europe Specialist Sales: JPMI | SMIN - Downgrades on slower organic growth & deeper disposal dilution leave shares on x24 pe

Research evidence excerpt

Europe Specialist Sales: JPMI | SMIN - Downgrades on slower organic growth & deeper disposal dilution leave shares on x24 pe

Ben Watson - UK Specialist Sales AC (44-20) 7134-1308 Europe Specialist Sales J P M O R G A N

ben.watson@jpmorgan.com JPM | SMIN - Downgrades on

J.P. Morgan Securities plc slower organic growth & deeper

disposal dilution leave shares on

x24 pe

28 July 2026

Publishing Analysts:

CONSUMER:

Beverages, Food Producers, HPC & Tobacco Research

Celine Pannuti celine.pannuti@jpmorgan.com

Edward Hockin edward.hockin@jpmorgan.com

Philip Spain philip.spain@jpmorgan.com

Food Retail

Borja Olcese franciscodeborja.olcese@jpmorgan.com

General Retail

Georgina Johanan georgina.s.johanan@jpmorgan.com

Leisure & Hotels

Estelle Weingrod estelle.weingrod@jpmorgan.com

Karan Puri karan.puri@jpmorgan.com

Luxury & Sporting Goods

Chiara Battistini chiara.x.battistini@jpmorgan.com

ENERGY:

Euro Oil & Gas

Integrateds: Matt Lofting matthew.lofting@jpmorgan.com

Commodities

Oil Commodity Research: Natasha Kaneva natasha.kaneva@jpmorgan.com

Gas Commodity Research: Shikha Chaturvedi shikha.chaturvedi@jpmorgan.com

Utilities

UK: Pavan Mahbubani: pavan.mahbubani@jpmorgan.com

FINANCIALS:

Banks:

Kian Abouhossein kian.abouhossein@jpmorgan.com

Sheel.shah@jpmorgan.com

Delphine Lee delphine.x.lee@jpmorgan.com

Insurance:

Farooq Hanif farooq.hanif@jpmorgan.com

Kamran Hossain kamran.hossain@jpmorgan.com

Div Fins

Angeliki Bairaktari Angeliki.bairaktari@jpmorgan.com

Enrico Bolzoni enrico.bolzoni@jpmorgan.com

Investment Trusts

Christopher Brown christopher.brown@jpmorgan.com

Adam Kelly adam.kelly@jpmorgan.com

Property

Neil Green neil.d.green@jpmorgan.com

Vanessa Guy vanessa.guy@jpmorgan.com

HEALTHCARE:

Pharma & BioTech

Richard Vosser richard.vosser@jpmorgan.com