JPMC Utilities Daily: 29 July: ELE, EDP R, RWE, Spanish Utilities, IBE

Research evidence excerpt

JPMC Utilities Daily: 29 July: ELE, EDP R, RWE, Spanish Utilities, IBE

J P M O R G A N Europe Equity Research

29 July 2026

JPMC Utilities Daily

29 July: ELE, EDPR, RWE, Spanish Utilities, IBE

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• Endesa: Guidance upgrade … and probably more to come. H1 26 first take Pavan Mahbubani, CFA

(Research Available) (44-20) 7134-3056

pavan.mahbubani@jpmorgan.com

• EDP Renovaveis: Not outstanding, but still fine. H1 26 first take (Research J.P. Morgan Securities plc

Available)

Alejandra Botbol

• RWE: Upgrades earnings for FY26 and FY27, with upside risks to guidance (44-20) 3493-8711

– remain OW (Research Available) alejandra.botbol@jpmorgan.com

• Spanish Utilities: The government accelerates electrification by increasing Samanvitha Theegela

investment in electricity networks (91-22) 6157-5846

• Iberdrola: New York State Electric & Gas $650m debt offering in two parts samanvitha.theegela@jpmchase.comJ.P. Morgan India Private Limited

Mukund Verma

(44-20) 7742-4181

mukund.verma@jpmorgan.com

J.P. Morgan Securities plcSector News

Specialist Sales contact details:

Ian Mitchell - Specialist Sales -

European Energy

Endesa: Guidance upgrade … and probably more to (44-20) 7134-1356

ian.e.mitchell@jpmorgan.com

come. H1 26 first take (Research Available)

Calling on Endesa share price reaction today is tougher than it looks, as the shares

have done very well in the past few months on the back of earnings upgrades and

the buyside's expectation of further upgrades to come. The company has responded

with a strong H1 print and a relatively moderate guidance upgrade for FY26.

However, our view is that the upgraded guidance is still conservative, particularly