1H26 Supports FY Guide Reiteration In Line with Consensus

研报英文原文证据摘录

1H26 Supports FY Guide Reiteration In Line with Consensus

Update

July 30, 2026 06:54 AM GMT

Morgan Stanley & Co. International plc+MDrax Group Plc | Europe Sarah E Lester, CFA

Equity Analyst

1H26 Supports FY Guide Sarah.Lester@morganstanley.comRobert Pulleyn +44 20 7425-0551

Equity Analyst and Commodity Strategist

Robert.Pulleyn@morganstanley.com +44 20 7425-4388

Reiteration In Line with Morgan Stanley Europe S.E., Paris Branch+

Arthur Sitbon, CFA

Equity AnalystConsensus Arthur.Sitbon@morganstanley.com +33 1 42 90 71-03

Morgan Stanley & Co. International plc+

AlphaSignals Earnings Reaction Marina Fuentes Juan

Research Associate

Unchanged Modest upside Largely unchanged

Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Arthur Descazeaud

Source: Company data, Morgan Stanley Research Research Associate

Arthur.Descazeaud1@morganstanley.com +44 20 7677-1282

Key Takeaways Drax Group Plc (DRX.L, DRX LN)

Utilities | United Kingdom

We expect a broadly neutral reaction in Drax shares post 1H result

Stock Rating Equal-weight

The 1H result itself supports Drax reiterating FY guide in line with "company Industry View Attractive

Price target 900p

collected" consensus (ie adjusted to ensure consistency among estimates re BSIF) Shr price, close (Jul 28, 2026) 750p

52-Week Range 938-614p

Small upside on anticipated FY DPS a small positive; now guiding to 32.2p/sh, Mkt cap, curr (mn) £2,524

+1.5% vs consensus EV, curr (mn)* £3,300

* = GAAP or approximated based on GAAP

And progress continues on planning application for first phase 100MW data

centre plan, expected in 2H

But with investors awaiting comprehensive CMD event and no formal date