RBC UK & EUROPEAN RESEARCH AT A GLANCE

EQUITY RESEARCH UK & EUROPEAN RESEARCH AT A GLANCE August 3, 2026 For Full Comments and Required Non-U.S. Analyst and Conflicts Disclosures, please click on the links below.

Premium Research Societe Generale SA Summary Next stop CMD

Rating Revisions Elis Summary Good entry point; Raise to Outperform JD Sports Fashion plc Summary Sector outlook remains challenging; d/g to Sector Perform Legrand SA Summary De-rating creates attractive buying opportunity; upgrade to Outperform

Company Comments AXA SA Summary Greater L&H contribution balances P&C post H1 Bachem Holding AG Summary Model update Chevron Corporation Summary Model update Compagnie de Saint-Gobain Summary Model Update Conduit Holdings Limited Summary Returns declining, more capital to return? ConvaTec Group PLC Summary Model update into H1 Drax Group plc Summary Diversifying the business, attractive entry point EssilorLuxottica Summary Model update ExxonMobil Holdings Corp Summary Model update Hermes International Summary Model update post 2Q26 results Holcim AG Summary Growth momentum continues IMI Summary Another solid update with some incremental FY confidence - Minor forecast changes Lonza Group AG Summary On the road with Lonza's CFO; key takeaways Melrose Summary Solid H1 with some quantification around Garden Grove and 2029 FCF target reiterated Natwest Group PLC Summary Model update OMV AG Summary Resilient opening session but the wicket remains tricky Puma SE Summary Model update post 2Q26 Sylvania Platinum Ltd Summary Model update Taylor Wimpey Summary Controlling what it can TechnipFMC plc Summary Model update - Outlook unchanged

Industry Comments European Retailing Summary Home is where the heart is: +ve KGF, BME, NXT Life Sciences: Expert Bullish on Cell Summary Therapy Market

Investment Strategy Research RBC’s Markets in Motion Podcast Summary Valuation Opportunities Unlocking, Fed Transitions Can Be Tough For Stocks

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