GS EUROPEAN EXPRESS: Energy | Fortum | Adyen | Abivax | Greece Banks| Macro | Global | Corporate Access

Research evidence excerpt

Equity Research

10 September 2026 | 6:34AM BST

GS EUROPEAN EXPRESS: Energy | Fortum | Adyen | Abivax | Greece

Banks| Macro | Global | Corporate Access

We are hosting a ‘Europe: The Secret Outperformer: Macro to Micro’ Call TODAY

at 4:00 pm UKT, register here!

Sahar Islam

+44(20)7051-4935 |

Goldman Sachs International

Europe Energy: Lifting cash flow and distribution estimates to reflect stronger

EU gas and refining; Harbour to Buy - We lift our oil, gas and refining assumptions

for our EU Oils coverage ahead of Q3 reporting, aligning them with current forwards,

and highlight four implications: higher distributions for the EU Big Oils, with Repsol

and ENI offering the highest shareholder returns in 2026E; material gearing

reduction into 2026/27 supporting a resumption of buybacks for BP by 2H27; Var

Energi and Harbour Energy as the best picks to capture upside to TTF prices into

winter. We upgrade Harbour Energy to Buy from Neutral on upside risk to TTF into

winter and the 10% SH returns for the $250mn buyback currently announced.

(Michele Della Vigna)

Fortum OYJ (FORTUM.HE): New strategic partnership paints a stronger outlook;

Upgrade to Neutral - Fortum yesterday announced a strategic partnership with

Google in Finland, including a 22-year life extension PPA for 50% of its Loviisa

nuclear power plant capacity through to 2050, which we expect to increase group

comparable RONA by approximately 1.4pp and add c.30% to our EPS by 2030.

Alongside an MoU on new nuclear, renewables and flexibility, we see the balance

sheet to invest increasing by c.€2bn. We upgrade to Neutral from Sell and raise our

PT by 55%. Buy with 3% upside. (Ajay Patel). See also: Fortum OYJ (FORTUM.HE): New

strategic partnership with Google a positive

Adyen NV (ADYEN.AS): Communacopia + Technology 2026 — Key Takeaways Management discussed: 1) Confident in 2H26 growth underpinned by multiple

building blocks; 2) Strong growth across regions with room for expansion in geos; 3)

Broad based strength across pillars; 4) Adyen’s superior technology remains key

competitive advantage; 5) Capital allocation strategy focused on growth. Buy, on CL.

…