BERNSTEIN Utilities Daily – July 31st

Research evidence excerpt

BERNSTEIN Utilities Daily – July 31st

NSTEIN FLASHMAIL

31 July 2026

European Utilities & Clean Energy

Jorge Alonso Suils +34 915 893 913 jorge.alonso@bernsteinsg.com

Bartlomiej Kubicki +49 69 717 4418 bartlomiej.kubicki@bernsteinsg.com

Thibault Dujardin, CFA +33 1 58 98 59 16 thibault.dujardin@bernsteinsg.com

Rory Graham-Watson +44 20 7676 7093 rory.graham-watson@bernsteinsg.com

Ken-Ree Choong +44 20 7676 8243 ken-ree.choong@bernsteinsg.com

Specialist Sales

Gareth Williams +44 20 7762 5256 gareth.b.williams@bernsteinsg.com

BERNSTEIN Utilities Daily — July 31st

FEATURED RECENT RESEARCH

Blackbook - European Utilities & Clean Energy 101 Primer

2026 Outlook - Utilities & Clean Energy: Look no further for defensive growth

Top Picks - European Utilities & Clean Energy: Why there is still room to run in this defensive growth sector

31 Jul 2026 - Endesa: Positive earnings drivers, but largely priced-in

28 Jul 2026 - Iberdrola: Digesting expensive acquisition and high capex

27 Jul 2026 - Electric Revolution 2026: Resilience - EV charging infrastructure and the durability of the e-mobility transition

23 Jul 2026 - EDP: Best Idea 3Q26 - multiple ways to win, Outperform

20 Jul 2026 - European Utilities & Clean Energy: Carbon Derby - EU ETS reform focuses on industrial competitiveness with more

gradual decarbonization

16 Jul 2026 - UK Waters: AMP8 delivering - growth up, fundamentals strong

8 Jul 2026 - European Utilities & Clean Energy: 2Q26 power production - lower hydro production across the board except in Sweden

6 Jul 2026 - Iberdrola: Mind the (ROE) gap - A deep dive into its US networks

HEADLINES

FRANCE

• Engie releases 1H26 results (Engie). EBIT ex. nuclear up +3% yoy to €5.26bn, +2% vs limited BBG cons, +2% vs BERN, EBIT

down -4% yoy to €5.38bn, +1% vs BERN, EBITDA ex.