RBC UK & EUROPEAN RESEARCH AT A GLANCE

EQUITY RESEARCH UK & EUROPEAN RESEARCH AT A GLANCE July 31, 2026 For Full Comments and Required Non-U.S. Analyst and Conflicts Disclosures, please click on the links below.

Premium Research ING Groep N.V. Summary RBC Elements™: Top-Line Momentum at Low Marginal Cost and Capital Consumption

Rating Revisions Greggs PLC Summary Downgrade to Sector Perform

Company Comments Brunello Cucinelli S.p.A. Summary Model update post 1H26 results Bucher Industries AG Summary Delayed Ag recovery a drag on volume and margin; We trim estimates and P/T Ferrari Summary Beat and Raise; Maintain €430 PT Heidelberg Materials AG Summary Model Update Lloyds Banking Group plc Summary Model update London Stock Exchange Group plc Summary Key takeaways from RBC sales presentation Rentokil Initial plc Summary Model update: The good, the bad and the new CEO Rolls-Royce Holdings plc Summary Beat and raise continues - Updated EBITA lifted 19% SCOR SE Summary Raised PT as delivery continues, LSD EPS upgrades Schneider Electric Summary More forecast upside in H2 and longer term - Reiterate Outperform Snam S.p.A. Summary Consultation clouds the 2028 outlook Subsea 7 S.A. Summary Model and PT update adidas AG Summary Share price correction looks overdone; would buy on weakness

Industry Comments Engineering read-through: Arcadis's Q2 Summary results Global Financials Research Group – Summary Weekly Valuation Overview Leonard's LabNotes: Bioprocessing Trends Summary Positive Even if Not Inflecting; Conference Feedback

Investment Strategy Research The Pulse of the Market Summary Valuation Opportunities Unlocking, Fed Transitions Can Be Tough For Stocks

Global Commodity Strategy and MENA Commodity Comment: Heat on All Fronts Summary Geopolitics, Oil, Natural Gas, Gold, Clean Energy and MENA Research

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

UK & EUROPEAN RESEARCH AT A GLANCE

Premium Research Anke Reingen (Analyst) ING Groep N.V. (NXT AM: INGA; 30.22; NYSE: ING) ; Published July 31 2026 00:59:08 EDT Susana Cruz (Associate) ; RBC Elements™: Top-Line Momentum at Low Marginal Cost and Capital Sherry Lin (Associate) Consumption ; Rating: Sector Perform Price Target: 32.00 ↑ 28.00 Our view: Top line growth coming with good operating leverage and little capital consumption drives our earnings and capital distribution forecasts higher. Consistent performance and high levels of capital generation lower the discount factor in our valuation. Our PT moves up to EUR32 from EUR28.

Rating Revisions Ross Broadfoot (Analyst) Greggs PLC (LSE: GRG; 2,032.00) ; Published July 31 2026 00:45:00 EDT Downgrade to Sector Perform Rating: Sector Perform (prev: Outperform) Price Target: 1,960 ↑ 1,830 Our view: We downgrade to Sector Perform post the H1 results. The group has reassured at the profit line for FY26 through strong cost management, a less inflationary environment and growth in grocery. Looking ahead though, we believe further cost savings could be harder to come by, inflation will likely necessitate further price increases, leading to continued volume weakness. Meanwhile, a slowing rollout, which may represent greater discipline, is ultimately not a good sign. We make small tweaks to our estimates, with our price target increasing to 1960p, justifying a downgrade to Sector Perform.

Company Comments Nikolaos Lafioniatis (Analyst) Brunello Cucinelli S.p.A. (MILAN: BC; 85.40) ; Published July 31 2026 00:45:00 EDT Piral Dadhania (Analyst) ; Model update post 1H26 results Richard Chamberlain (Analyst) Rating: Sector Perform ; Price Target: 100.00 Our view: Brunello Cucinelli delivered solid 2Q26 revenue results, with DTC +19% y/y and a 2% beat, though softer operating leverage did not allow for meaningful EPS uplift. The FY26E guidance raise is largely in line with consensus with implied decelerating top-line trends into 2H, driven primarily by space, creating a less compelling near-term set-up. Nonetheless, consistent execution remains a compelling attribute for longer term investors. Estimates move 0-1% and PT of €100 (unchanged).

Sebastian Kuenne, CFA (Analyst) Bucher Industries AG (SWX: BUCN; 317.50) ; Published July 31 2026 00:45:00 EDT Nick Housden, CFA…