JPMC Utilities Daily: 16 October: NTGY, ELE x2, CNA

Research evidence excerpt

Naturgy: Well on track to deliver upgraded 2026 guidance and to a strong 2027. 9M 26 results preview (Research Available) Endesa: 9M 26 preview: Solid underlying performance thanks to gas Centrica: Union urges support for Rough gas storage facility Endesa: Breaks ground on 23.95 MW solar project in Mallorca Naturgy: Well on track to deliver upgraded 2026 guidance and to a strong 2027. 9M 26 results preview (Research Naturgy will report 9M results on 29 October before market opening. We expect the company to report solid numbers across the board, plus a relatively conservative approach to accounting given the underlying strength of the commodity-related businesses and the solidity and positive tailwind of forex in networks. The 9M print should leave Naturgy in a comfortable position to deliver the (upgraded in H1) €2.1bn net income target in 2026 and provide a positive view into 2027 due to the duration of the strong momentum in energy commodity prices (which should allow Naturgy to benefit from the roll off of some hedges and the repricing of power contracts in Spain). We expect the shares to be well supported by the results while investors wait for news flow on the M&A arena. (Read full Specialist Sales contact details:

Ian Mitchell - Specialist Sales European Energy (44-20) 7134-1356 Endesa: 9M 26 preview: Solid underlying performance thanks to gas (Research Available) Endesa will report 9M results on 28 October before market opening. While the reported EBITDA should be depressed by the booking of a €0.2bn restructuring costs, we expect a robust underlying performance as the pressure on supply