RBC UK & EUROPEAN RESEARCH AT A GLANCE

EQUITY RESEARCH UK & EUROPEAN RESEARCH AT A GLANCE July 29, 2026 For Full Comments and Required Non-U.S. Analyst and Conflicts Disclosures, please click on the links below.

Premium Research Q2/26 Ad-tech preview Summary Q2/26 preview for on-quarter ad/mar-tech players

Initiations SBM Offshore NV Summary Riding the deepwater wave, initiating at Outperform

Earnings Preview CVX, XOM Summary Key thoughts ahead of 2Q results this week

Company Comments Aviva PLC Summary Model update: Minor refinements to SII ratio forecasts Barclays PLC Summary Model update Bodycote Summary Solid H1 sees limited forecast changes, though potential for future self-help upside Essentra PLC Summary Model update post H1s Forterra PLC Summary Model update post H1 Galderma Group AG Summary Delivering against high expectations Greencore Summary Model update Kering Summary Model update - modest EPS upgrades for FY26E Legal & General Group Plc Summary Model update: Minor refinements to SII ratio forecasts Metso Oyj Summary Post-Q2 model update Safran Summary Services again drive upside; maintain Outperform, price target to €400 Sika AG Summary Model Update Unilever PLC Summary Model update VAT Group AG Summary A major earnings upgrade that won't conceal risk of demand correction XPS Pensions Group PLC Summary APR acquisition: doubling TAM at a sensible price

Industry Comments US Autos: Forecast July 2026 SAAR at Summary The Streak Continues 16.5M

Global Commodity Strategy and MENA Iran Quick Take: “Over Soon” Optimism Summary Prices Fall as US Pauses Strikes and Emphasizes Diplomatic Efforts Bias

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

UK & EUROPEAN RESEARCH AT A GLANCE

Premium Research Matthew Swanson (Analyst) Q2/26 Ad-tech preview ( ; Published July 29 2026 00:15:00 EDT Matthew Hedberg (Analyst) ( ; Q2/26 preview for on-quarter ad/mar-tech players Dan Bergstrom (Analyst) Our view: As we head into the heart of ad-tech and mar-tech earnings, we've heard ( ; Simran Biswal (Associate) general optimism coming out of Cannes with a significant focus on AI and the future ( ; of the industry. Our private company survey showed healthy demand trends overall Michael Richards (Associate) with CTV being particularly positive and Display continuing to see challenges. While ( ; the environment feels far from perfect, it does feel stable to improved from the time guidance was issued for Q2. Looking at the setup into Q2 prints across our coverage, names we are most positive on include recent IPO LFTO, which combines a conservative model with exposure to both performance and mobile trends as well as ZETA who has had a busy quarter in ramping Athena as well as new and expanded partnerships with PLTR and OpenAI. While we like the long-term entry point, TTD upside is likely more limited as we think it will take time for the Publicis relationship to ramp back up.

Initiations Victoria McCulloch, CA (Analyst) SBM Offshore NV (NXT AM: SBMO; 32.32) ; Published July 28 2026 11:30:00 EDT Biraj Borkhataria, CFA (Analyst) ; Riding the deepwater wave, initiating at Outperform Adnan Dhanani, CFA (Analyst) Rating: Outperform ; Price Target: 45.00 Matthew Russell (Associate) ; Our view: Continued demand for offshore energy and sub-$40/boe breakevens for offshore oil and gas projects continue to drive a multi-year $30bn+ deepwater FPSO tender pipeline. Having underperformed the wider OFS peer group by ~14% ytd, with strong FCF yields of 18%/12% in FY27/28 and sector-leading 7% TSR (FY27e), we are initiating coverage of SBM Offshore (SBMO) with an Outperform rating and €45 PT.

Earnings Preview Biraj Borkhataria, CFA (Analyst) CVX, XOM ; Published July 28 2026 08:27:13 EDT Key thoughts ahead of 2Q results this week With Chevron and ExxonMobil reporting 2Q26 results on Friday, we frame below our key expectations for reporting.

Company Comments Ben Cohen (Analyst) Aviva PLC (LSE: AV.; 687.60) ; Published July 28 2026 11:30:08 EDT Dawid Pych (Analyst) + ; Model update: Minor refinements to SII ratio forecasts Sarah Chong (Associate) Rating: Outperform ; Price Target: 780 Our view: Ahead of H1 results on August 14th, we slightly refine our SII ratio