RBC UK & EUROPEAN RESEARCH AT A GLANCE

EQUITY RESEARCH UK & EUROPEAN RESEARCH AT A GLANCE July 30, 2026 For Full Comments and Required Non-U.S. Analyst and Conflicts Disclosures, please click on the links below.

Earnings Preview Glencore PLC Summary H1 preview: copper progress and costs

Company Comments Airbus SE Summary Confidence in 2H26 improving, mid-term focus supports Outperform rating, €250 price target Alfa Laval AB Summary Slight raise in estimate and P/T reflects accelerating demand momentum Danone Summary Model update Deutsche Bank AG Summary Progress where it matters ENI SpA Summary Model update Greencoat Renewables PLC Summary NAV 97.2c H1, expected dividend cover improves to 1.5x Ibstock PLC Summary Model update Intesa Sanpaolo S.p.A. Summary Model update Koninklijke Philips N.V. Summary Cautious on implied Q4 margin uplift; reiterate Sector Perform Lancashire Holdings Limited Summary HSD out year EPS cuts as cycle rolls on Paragon Banking Group PLC Summary Model update Reckitt Summary Model update Rio Tinto PLC Summary Model Update - Clean set of numbers Saipem S.P.A. Summary Update for lower EBITDA guidance

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

UK & EUROPEAN RESEARCH AT A GLANCE

Earnings Preview Ben Davis (Analyst) Glencore PLC (LSE: GLEN; 520.70) ; Published July 29 2026 14:07:36 EDT Laura Chan (Analyst) ; H1 preview: copper progress and costs Marina Calero (Analyst) Rating: Outperform ; Price Target: 610 ↑ 600 Our view: We update our estimates for Q2 production results and lift our H2 energy marketing EBIT run-rate to $1.9bn (prior $1.5bn). This causes our 2026e-28e EBITDA and EPS to increase by 1% and 4%, respectively, moving our PT up to 610p. Glencore is reporting H1 financials on 5th August where focus is likely to be on copper project pipeline (Corrocohuayco FID possibly), capital returns (net debt to be impacted by non-RMI build) and cost control (African copper most at risk). Still our top pick in our European Diversified Mining coverage.

Company Comments Ken Herbert (Analyst) Airbus SE (NXT PA: AIR; ; Published July 29 2026 20:02:00 EDT Stephen Strackhouse (Associate) ( ; Confidence in 2H26 improving, mid-term focus supports Outperform rating, Kevin Liu (Associate) €250 price target ( ; Rating: Outperform Sanika Merchant (Associate) Price Target: 250.00 ↑ ; Our view: Airbus reported a strong 2Q26, with total adj EBIT of €2,427M (11.8% margin) and total sales growth of ~28%, led by the Airbus Commercial business. The company has not changed its 2026 guidance, but confidence in the full-year outlook is improving, and the recent Investor Briefing has provided much needed mid-term (2029) targets. We now model ~875 2026 deliveries, and we are largely maintaining our estimates. We believe the commercial aerospace cycle strength will support positive sentiment on Airbus, and we are maintaining our Outperform rating and increasing our price target to €250.

Sebastian Kuenne, CFA (Analyst) Alfa Laval AB (STO: ALFA; 547.40) ; Published July 30 2026 00:45:00 EDT Nick Housden, CFA (Analyst) ; Slight raise in estimate and P/T reflects accelerating demand momentum Mark Fielding (Analyst) Rating: Outperform ; Price Target: 630.00 ↑ 620.00 Colin Moody, CFA (Analyst) ; Our view: We update our earnings estimates, following Alfa's Q2 results and also reflecting the latest demand data from the global Marine sector. We slightly cut FY2026 estimates (lower Energy margin during HX ramp), but raise FY27/28 by 4%/5%, respectively, boosted by excellent demand trajectory in Q1 and Q2 and an incrementally positive outlook for Alfa's Energy and F&P businesses. Our P/T rises to SEK630 (old: SEK620) and we remain an O/P rating.

James Edwardes Jones (Analyst) Danone (NXT PA: BN; 72.24) ; Published July 29 2026 10:18:34 EDT Model update