RBC UK & EUROPEAN RESEARCH AT A GLANCE

EQUITY RESEARCH UK & EUROPEAN RESEARCH AT A GLANCE August 10, 2026 For Full Comments and Required Non-U.S. Analyst and Conflicts Disclosures, please click on the links below.

Rating Revisions Amrize Ltd Summary Working harder for less: downgrade to Underperform as margins disappoint despite volume beats

Company Comments Allianz SE Summary Further EPS estimate upgrades a positive vs peers Banco Bilbao Vizcaya Argentaria SA Summary Model update Chemring Group PLC Summary Model update KBC Group NV Summary Model update post Q2 Kingspan Group PLC Summary Pedal to the Metal; Reiterate Outperform OXB Summary Guidance downgrades driving model cuts, but still a believer QinetiQ Group PLC Summary Model update Siemens Healthineers AG Summary Model update Wizz Air Holdings Plc Summary Model Update: Cutting estimates post 1Q

Industry Comments European Retailing Summary Tesco (~): Not worried, but wary The Gold Standard: Market Review – Summary August 7 WuXi AppTec wins preliminary injunction; Summary designation suspended

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

UK & EUROPEAN RESEARCH AT A GLANCE

Rating Revisions Anthony Codling (Analyst) Amrize Ltd (NYSE: AMRZ; 46.64; SWX: AMRZ) ; Published August 10 2026 00:45:00 EDT Oliver Dyson (Equity Author) ; Working harder for less: downgrade to Underperform as margins disappoint Mike Dahl (Analyst) despite volume beats ( ; Rating: Underperform (prev: Sector Perform) Price Target: 48.00 ↓ 60.00 Our view: We are downgrading Amrize from SP to UP with a PT of $48 (from $60). We reduce our EPS estimates by -12%/-14%/-15% for FY26E/FY27E/FY28E, respectively, and cut EBITDA by -4%/-6%/-7%. AMRZ is the only major heavyside name to miss Q2 consensus AND cut FY guidance — CRH, MLM, and VMC all beat and held. We believe it can succeed, but now it’s competing with the big kids, not just its divisional siblings. Tough love we know, but we think it needs to raise its game to stand out and shine. Our rating moves to Underperform whilst Amrize enrols in boot camp.

Company Comments Ben Cohen (Analyst) Allianz SE (XETRA: ALV; 435.40) ; Published August 10 2026 00:45:00 EDT Sarah Chong (Associate) ; Further EPS estimate upgrades a positive vs peers Dawid Pych (Analyst) Rating: Sector Perform + ; Price Target: 450.00 ↑ 440.00 Our view: The 2% share price decline on Friday after what we would characterise as stronger results than peers strikes us as somewhat churlish, albeit follows a recent period of marked outperformance. We have been conservative in not taking the full benefit of the 20% return on restructuring set out with the Q2 results, but still raise core EPS estimates 2-4%, primarily for the Q2 beat in L&H and AM and recently announced bolt-on M&A.

Benjamin Toms, ACA (Analyst) Banco Bilbao Vizcaya Argentaria SA (MADRID: BBVA; 24.60) ; Published August 10 2026 00:45:00 EDT Pablo de la Torre Cuevas (Analyst) ; Model update Rating: Sector Perform Price Target: 24.00 ↑ 20.50 Our view: We update our estimates following BBVA's Q2'26 results, increasing our PT to EUR24.0 (previously EUR20.5) and reiterating our Sector Perform rating.

Ben Pfannes-Varrow (Analyst) Chemring Group PLC (LSE: CHG; 627.00) ; Published August 10 2026 00:45:00 EDT Model update Rating: Outperform Price Target: 680 ↑ 580 Our view: The Energetics growth story is strengthening amid depleted missile stockpiles, with Chemring one of few NATO-qualified suppliers of high-grade military explosives — underpinning multi-year demand, pricing tailwinds and structural scarcity value. We raise our PT to 680p and reiterate Outperform. FY26's