EU Energy Sector Specialist Commentary: Oil - O‘G‘s - Utilities - Infrastructure

First-page research excerpt

Ian Mitchell - Specialist Sales - European Energy AC (44-20) 7134-1356

J.P. Morgan Securities plc

Europe Specialist Sales

JPMORGAN

31 July 2026

ENELx2, ENGI, VINCI, ADP, ENGI/EON, EDP, VIE, VINCI, ADP, ENG

Ian Mitchell

JPM Friday Movie Quote/Song Lyric Quiz - Last time’s Movie Quote was ”I like you Spaniard, and I shall cheer for

you”and was from Gladiator, but coming as it did straight after England’s World Cup semi-final loss to Argentina then words to

this effect were also being uttered by me and every other English football fan, and after the performance of the Argentinian team

in the Final no doubt by almost everyone else as well. Well done Spain and your victory for Football. Back to Song Lyrics this

week, and your lyric is “Stop, wait a minute / Fill my cup, put some liquor in it / Take a sip, sign the check / Julio, get the

stretch”. As usual there’s a glittering free day off for the first client or corporate to email me the name of the Artist and Song for

the first JPM employee to send me the right answer.

Key Newsflow

TODAY - ENGI H126 (pre-market)

ENGI - H126 results beat by c5%, raises FY26 guidance with new midpoint for net income 4% above cons. Strong set

of H126 numbers with in the mix gas generation, networks and energy management all outperforming to drive a 3% beat at

the EBIT (excl nuclear) level vs Streetaccount consensus and 6% vs Visible Alpha. This strong H1 performance leads Engie to

upgrade FY guidance for EBIT (ex Nuclear) to €9.2-10.2bn (previously €8.7-9.7bn) and NRIgs guidance to €4.9-5.5bn

(previously €4.6-5.2bn) with the new midpoint of the latter €5.2bn in line with JPMe €5.18bn and 4% above company

consensus €5.01bn. Shares have been weak recently and should outperform today

ENGI/EON - Euro Stoxx 50 - Sep-2026 Annual Review: Potential Component Changes Update: SocGen Now on

Inclusion Radar . STOXX will announce the results of the annual review of the EURO STOXX 50 Index (SX5E) after the

close of business on 1 September 2026, with changes effective Friday, 18 September 2026. ENGIE ranks 36th by free-float

market cap and therefore appears well positioned for inclusion at the September annual review.If Société Générale is added to

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