UK & EUROPEAN RESEARCH AT A GLANCE

EQUITY RESEARCH UK & EUROPEAN RESEARCH AT A GLANCE September 9, 2026 For Full Comments and Required Non-U.S. Analyst and Conflicts Disclosures, please click on the links below.

Premium Research The Sustainability Stat Pack Summary September 2026 Edition

Initiations AstraZeneca PLC Summary Initiating at Outperform and 14,500p Price Target GSK PLC Summary Initiating at Sector Perform and 1,975p Price Target Novartis AG Summary Initiating at Sector Perform and CHF120 Price Target Roche Holding AG Summary Initiating at Outperform and CHF400 Price Target Sanofi Summary Initiating at Sector Perform and €80 Price Target

Company Comments Johnson Service Group PLC Summary Model update post H1s

Industry Comments RBC hydro tracker - Austria & Germany Summary Persistent weakness continues into August RBC hydro tracker - Finland & Sweden Summary Sweden weakness persists; better August for Finland

Investment Strategy Research The Pulse of the Market Summary The Fall Feels The Sustainability Stat Pack Summary September 2026 Edition

Global Commodity Strategy and MENA Commodity Surveyor: Summer Shift Summary Commodity Investor AUM and Flows Analysis

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UK & EUROPEAN RESEARCH AT A GLANCE

Premium Research Sara Mahaffy, CFA (Analyst) The Sustainability Stat Pack ( ; Published September 8 2026 05:51:00 EDT September 2026 Edition The Sustainability Stat Pack is your one-stop shop for RBC’s Sustainability Strategy research. It includes all of our latest research covering the sustainable investment landscape, recent performance trends, our thematic scorecard, themes in focus during reporting season, 2026 proxy season (with a spotlight on executive compensation), and the state of exclusions policies.

Initiations Trung Huynh (Analyst) AstraZeneca PLC (LSE: AZN; 11,876.00; NYSE: AZN) ( ; Published September 8 2026 16:05:00 EDT Justin Burns, CFA (Associate) ( ; Initiating at Outperform and 14,500p Price Target Nicholas Esposito (Associate) Rating: Outperform ( ; Price Target: 14,500 Harry Sephton (Analyst) ; Our view: We initiate at Outperform with a 14,500p PT. AZN offers the most compelling risk/reward in our EU Pharma coverage. We believe the stock has been overly punished by recent concerns, Wainua's ATTR-failure, the BMY pursuit raising growth questions, and looming SERENA-4/AVANZAR (2H26) uncertainty, driving the multiple to 14x P/E, a 10-year low. While SERENA-4/AVANZAR will likely keep risk- averse investors sidelined, the setup is favorable: low expectations, modest NPV risk, and unnecessary for AZN's $80bn target. We expect a swift re-rating once resolved, with the market refocusing on fundamentals with leading growth among EU peers and significant pipeline optionality.

Trung Huynh (Analyst) GSK PLC (LSE: GSK; 1,796.50; NYSE: GSK) ( ; Published September 8 2026 16:05:00 EDT Justin Burns, CFA (Associate) ( ; Initiating at Sector Perform and 1,975p Price Target Nicholas Esposito (Associate) Rating: Sector Perform ( ; Price Target: 1,975 Harry Sephton (Analyst) ; Our view: We initiate coverage of GSK at Sector Perform with 1,975p PT. The stock has appreciated ~30% over the past year, reflecting improved fundamentals and market reception to new CEO Luke Miels' focus on accelerating pipeline execution. However, we think current levels factor in these improvements, with further upside contingent on demonstrating what comes next. Projected 2025-30 sales growth trails peers, with visibility unclear given HIV's rising competition and looming patent cliff. Flawless execution through its 2031 ambition is required to bridge the pipeline, while promising, remains a delivery story. Current valuation captures these risks; we favor other opportunities.

Trung Huynh (Analyst) Novartis AG (SWX: NOVN; 111.80; NYSE: NVS) ( ; Published September 8 2026 16:05:00 EDT Justin Burns, CFA (Associate) ( ; Initiating at Sector Perform and CHF120 Price Target Nicholas Esposito (Associate) Rating: Sector Perform ( ; Price Target: 120.00 Harry Sephton (Analyst)