RBC UK & EUROPEAN RESEARCH AT A GLANCE

EQUITY RESEARCH UK & EUROPEAN RESEARCH AT A GLANCE July 23, 2026 For Full Comments and Required Non-U.S. Analyst and Conflicts Disclosures, please click on the links below.

Rating Revisions Equinor ASA Summary The reliable supplier, Upgrading to Sector Perform Var Energi ASA Summary Feeling Blue post-deal, downgrading to Sector Perform

Earnings Preview Moncler S.p.A. Summary Model update post 1H26 results

Company Comments Atalaya Mining Copper SA Summary Model update Airbus SE Summary Farnborough business update hits the right note; maintain Outperform and €225 price target Boliden AB Summary Model update Enagas, S.A. Summary Model update on latest regulatory proposal Epiroc AB Summary Post-Q2 model update Fresnillo plc Summary Sinda IPO and the next leg of growth Lonza Group AG Summary Move overdone; lifting PT Randstad NV Summary Model update post Q2s

Industry Comments Global Gas & LNG Strategy Summary Winter Is Coming - Solving for EU storage amid Iran war start-stop

Global Commodity Strategy and MENA Iran Flashpoints: Water Wars Summary War Enters Dangerous Phase with Red Sea and Critical Infrastructure at Risk

Priced as of prior day's market close, EST (unless otherwise noted).

UK & EUROPEAN RESEARCH AT A GLANCE

Rating Revisions Biraj Borkhataria, CFA (Analyst) Equinor ASA (OSLO: EQNR; 379.60; NYSE: EQNR) ; Published July 23 2026 00:45:00 EDT Adnan Dhanani, CFA (Analyst) ; The reliable supplier, Upgrading to Sector Perform Matthew Russell (Associate) Rating: Sector Perform (prev: Underperform) ; Price Target: 420.00 ↑ 360.00 Our view: Disruptions in oil and gas markets provide a material tailwind for the sector, and Equinor looks set to benefit from a boom in commodity prices, while medium term capital allocation following the CMD is clearer than in the past. We support Equinor’s approach for a slightly broader international strategy and see the current windfall providing increased optionality for future inorganic activity. We upgrade to Sector Perform.

Victoria McCulloch, CA (Analyst) Var Energi ASA (OSLO: VAR; 48.75) ; Published July 23 2026 00:45:00 EDT Biraj Borkhataria, CFA (Analyst) ; Feeling Blue post-deal, downgrading to Sector Perform Adnan Dhanani, CFA (Analyst) Rating: Sector Perform (prev: Outperform) ; Price Target: 55.00 ↓ 60.00 Matthew Russell (Associate) ; Our view: Vår's $1.3bn acquisition of BlueNord diversifies its portfolio into the Danish Continental Shelf (DCS) and offers financial synergies. While the increased $350m/quarter dividend maintains the payout for existing shareholders, we see greater pressure on the balance sheet into FY27 and FY28 to sustain this and new risk exposure to the wider business. We downgrade Vår to Sector Perform from Outperform with a NOK55 Price Target.

Earnings Preview Piral Dadhania (Analyst) Moncler S.p.A. (MILAN: MONC; 51.40) ; Published July 22 2026 15:25:06 EDT Nikolaos Lafioniatis (Analyst) ; Model update post 1H26 results Richard Chamberlain (Analyst) Rating: Sector Perform ; Price Target: 59.00 Manjari Dhar (Analyst) ; Our view: Moncler has delivered a satisfactory 1H26 print, with in-line revenues and a 3% EBIT beat. Investors may focus on softer June exit rate however this is a seasonally low point for the brand and Spring/Summer '26 appears to be setup fairly conservatively. All eyes will be on 2H26E and product/brand activations from September '26 following NY flagship opening. Negligible changes to estimates, retain €59 price target and Sector Perform rating.

Company Comments Laura Chan (Analyst) Atalaya Mining Copper SA (LSE: ATYM; 881.00) ; Published July 22 2026 08:15:38 EDT Ben Davis (Analyst) ; Model update Marina Calero (Analyst) Rating: Outperform ; Price Target: 1,100 Our view: We update our estimates following Atalaya's restatement of its Q2 net