RWE, FER, FGR, ELE, RED, AENA, EDPR, SPAIN, IBE: EU Energy Sector Specialist Commentary

Research evidence excerpt

RWE, FER, FGR, ELE, RED, AENA, EDPR, SPAIN, IBE: 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 N

ian.e.mitchell@jpmorgan.com JPM | EU Utilities & Infra Daily Wire:

J.P. Morgan Securities plc RWE, FER, FGR, ELE, RED, AENA,

EDPR, SPAIN, IBE

29 July 2026

€140m is small above consensus €138m and company is likely tracking slightly ahead of FY guidance of EBITDA >€1.25bn,

Net Profit €510m, though note consensus already cons EBITDA already above at €1.29bn, small upside to cons NI €508m .

We do not expect a guidance change with the presentation EDPR: Not outstanding, but still fine. H1 26 first take (research

available). While we expected a slightly better underlying performance, in the end EDPR has delivered a small operating beat

vs consensus and we expect the shares to be small up ahead of the conference call.

• AENA: EBITDA 1% below consensus; FY26 traffic guide raised but in line with consensus (research available).Aena’s

Q2 revenues came in at c.€1.8bn, up 7.5% y/y, 1.4% below consensus, and EBITDA came in at €1,138m, up 8.5% y/y and

also 1% below consensus. The slight miss on revenues was driven by International, although this could reflect IFRIC 12

revenues. At the EBITDA level, Aviation and Commercial came in 3%/3.8% below JPMe, driven by weaker revenues than we

forecast in Commercial and weaker margins in Aviation. Aena provided an update on FY26 traffic guidance, and now looks

for 3% traffic growth in 2026, implying 331m pax (consensus and JPMe: 331m), which is in line with consensus traffic

forecasts. Overall, we view the results as underwhelming, which could put the shares under pressure today in light of the

strong performance recently.