RBC UK & EUROPEAN RESEARCH AT A GLANCE

EQUITY RESEARCH UK & EUROPEAN RESEARCH AT A GLANCE August 14, 2026 For Full Comments and Required Non-U.S. Analyst and Conflicts Disclosures, please click on the links below.

Premium Research RBC Elements™: Big Data Behind Big Summary Spec Pricing Step-Down Pressures July Trends Builders

Company Comments IG Group Holdings plc Summary Oversold on Underdog: Reiterate Outperform OC Oerlikon Corporation AG Summary Yttrium out of China: enjoy it while it lasts Vestas Wind Systems Summary Management roadshow highlights continuing margin and growth trajectory

Industry Comments EU Autos: Post Q2/26 Review Summary Weathering China Headwinds Global Financials Research Group – Summary Weekly Valuation Overview Global Majors & E&P Comparative Summary Valuation Post-Q Playbook: Progressive Recovery Summary Q2 Life Science Tools & Dx Post Quarter View Underway, but Selectivity Remains Key RBC Luxury Datawatch Summary What we have learnt through 2Q26 earnings season

Global Commodity Strategy and MENA Natural Gas Strategy: Demand Loading? Summary

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

UK & EUROPEAN RESEARCH AT A GLANCE

Premium Research Mike Dahl (Analyst) RBC Elements™: Big Data Behind Big Builders ( ; Published August 13 2026 17:16:30 EDT Spec Pricing Step-Down Pressures July Trends Pricing trends weakened sequentially in July, primarily driven by sharper spec pricing declines with base prices still ticking gradually lower similar to C2Q. This month’s -0.9% m/m magnitude spec decline is the sharpest YTD (and since Oct ’25) with builders broadly seeing worse spec declines. Inventory continues to move higher, with specs & specs/CC +2%/+2% m/m (+7%/+2% y/y) and July representing a YTD high on specs/CC at 5.5. Net, we believe our data remains consistent with persistent sluggishness in demand and eroding prices, which remain clear EPS risks across the group especially as builders face the prospect of renewed cost inflation after recent margins have been at least somewhat buffered by direct cost reductions. We remain cautious on the stocks but expect continued volatility given the dynamic macro/rates backdrop.

Company Comments Ben Bathurst (Analyst) IG Group Holdings plc (LSE: IGG; 1,332.00) ; Published August 14 2026 00:45:00 EDT Jude Neanor (Analyst) ; Oversold on Underdog: Reiterate Outperform Rating: Outperform Price Target: 1,850 Our view: As the dust settles on the Underdog deal we introduce pro forma estimates, incorporating a bottom up revenue model to better contextualise drivers for growth across both prediction markets and daily fantasy products. The deal has left the market with a lot to digest, but in light of investors' broad acceptance of the strategic logic, we believe the negative reaction has been disproportionate. We see a clear valuation case and attractive risk/reward, and reiterate our Outperform rating.

Sebastian Kuenne, CFA (Analyst) OC Oerlikon Corporation AG (SWX: OERL; 5.06) ; Published August 14 2026 00:45:00 EDT Nick Housden, CFA (Analyst) ; Yttrium out of China: enjoy it while it lasts Mark Fielding (Analyst) Rating: Sector Perform ; Price Target: 4.75 ↑ 4.00 Colin Moody, CFA (Analyst) ; Our view: We take another detailed look at Oerlikon's earnings opportunity in the global Yttrium market. China gradually shuts the door for exports, resulting in European prices being 70 times (yes, 70x) above the Chinese price. Oerlikon can still source in China, but the door could close anytime as seen over the past 8 weeks for importers in the US & EU. We run a separate Yttrium-DCF to capture Oerlikon's windfall gains under various assumptions. We conclude that the bulk of opportunities are priced in; retain SP, raise PT to CHF4.75 (old: CHF4.00).

Colin Moody, CFA (Analyst) Vestas Wind Systems (CSE: VWS; 208.00) ; Published August 14 2026 00:45:00 EDT Mark Fielding (Analyst) ; Management roadshow highlights continuing margin and growth trajectory