RBC UK & EUROPEAN RESEARCH AT A GLANCE

EQUITY RESEARCH UK & EUROPEAN RESEARCH AT A GLANCE July 28, 2026 For Full Comments and Required Non-U.S. Analyst and Conflicts Disclosures, please click on the links below.

Rating Revisions PensionBee Group Plc Summary More reasons to Bee positive; upgrade to Outperform

Company Comments Banco Santander, S.A. Summary Model update Galp Energia SGPS, S.A. Summary The Good, the Bad, the Ugly LVMH Moet Hennessy Louis Vuitton Summary Model update post 2Q/1H26 results Schindler Holding AG Summary Post-Q2 model update Watches of Switzerland Group PLC Summary Model update post FY26

Industry Comments Industrial Metals Weekly Summary Copper physical market remains tight

Investment Strategy Research RBC’s Markets in Motion Podcast Summary Muddy Waters

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

UK & EUROPEAN RESEARCH AT A GLANCE

Rating Revisions Jude Neanor (Analyst) PensionBee Group Plc (LSE: PBEE; 125.00; OTCQX: PBNYF) ; Published July 28 2026 00:45:00 EDT Ben Bathurst (Analyst) ; More reasons to Bee positive; upgrade to Outperform Rating: Outperform (prev: Sector Perform) Price Target: 175 Our view: Having taken a cautious stance on PBEE at initiation, we see a more exciting near-term investment case. With shares down 23% YTD and at 2+ year lows, PBEE trades at a discount to wealth platform peers. While an unclear US trajectory is likely weighing on sentiment, the UK business continues to collect well and the group boasts sector-leading revenue and organic growth. Marketing investments are depressing EBITDA today, but we show the group is far from unprofitable, and also see a number of near-term opportunities to further boost operational momentum. Upgrade to Outperform; PT unchanged at GBp 175.

Company Comments Benjamin Toms, ACA (Analyst) Banco Santander, S.A. (MADRID: SAN; 12.26) ; Published July 28 2026 00:45:00 EDT Pablo de la Torre Cuevas (Analyst) ; Model update Rating: Outperform Price Target: 13.50 ↑ 12.75 Our view: We update our estimates following SAN's Q2'26 results, increasing our PT to EUR13.50 (prev EUR12.75) and reiterating our Outperform rating.

Biraj Borkhataria, CFA (Analyst) Galp Energia SGPS, S.A. (LIS: GALP; 20.45) ; Published July 27 2026 10:59:59 EDT Adnan Dhanani, CFA (Analyst) ; The Good, the Bad, the Ugly Matthew Russell (Associate) Rating: Outperform ; Price Target: 22.00 Our view: We update our estimates for Galp's 2Q results and latest guidance, also incorporating the recent update to RBC's price deck. Given a macro environment materially stronger than Galp's base case, optionality from the Mozambique contingent payment, and a downstream JV to be announced with a potential special distribution, we maintain our Outperform rating and €22.00 price target.

Piral Dadhania (Analyst) LVMH Moet Hennessy Louis Vuitton (NXT PA: MC; 466.80) ; Published July 27 2026 16:05:42 EDT Nikolaos Lafioniatis (Analyst) ; Model update post 2Q/1H26 results Richard Chamberlain (Analyst) Rating: Outperform ; Price Target: 575.00 ↓ 600.00 Our view: LVMH has delivered a reassuring print with 2Q26 revenue growth slightly ahead of consensus (Wines & Spirits + Watches & Jewellery) and 1H26 EBIT is 3% ahead and net income is 9% ahead of consensus. No major surprises on the earnings call, so the remaining question is whether Fashion & Leather can lap the tougher 3Q comparatives to deliver on consensus estimates which requires an underlying acceleration and is necessary for the stock to start working in our view.