UK & EUROPEAN RESEARCH AT A GLANCE

EQUITY RESEARCH UK & EUROPEAN RESEARCH AT A GLANCE September 22, 2026 For Full Comments and Required Non-U.S. Analyst and Conflicts Disclosures, please click on the links below.

Rating Revisions Burberry Group plc Summary Downgrade to Sector Perform LVMH Moet Hennessy Louis Vuitton Summary Growth outlook muted; downgrade to SP

Earnings Preview Burberry Group plc Summary Downgrade to Sector Perform EssilorLuxottica Summary 3Q26 preview - Moderating the SmartGlasses contribution Hermes International Summary 3Q26E preview - stable + steady growth expected Kering Summary 3Q26E preview - all eyes on exit rate for 4Q Gucci Core collection LVMH Moet Hennessy Louis Vuitton Summary Growth outlook muted; downgrade to SP Moncler S.p.A. Summary 3Q26E preview - Balanced set-up

Company Comments Siemens Healthineers AG Summary Varian's next-gen launch at ASTRO: revenue opportunity not appreciated by the market Societe Generale SA Summary CMD - Eyes remain on costs The Swatch Group AG Summary Model update ahead of 2H26E

Industry Comments ESMO 2026: Top 20 Abstract Titles Summary All Eyes on MRK with Sac-TMT and INT data RBC Luxury Datawatch Summary Assessing the FY27E luxury outlook through a more cautious lens

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

UK & EUROPEAN RESEARCH AT A GLANCE

Rating Revisions Piral Dadhania (Analyst) Burberry Group plc (LSE: BRBY; 1,025.50) ; Published September 22 2026 00:45:00 EDT Nikolaos Lafioniatis (Analyst) ; Downgrade to Sector Perform Richard Chamberlain (Analyst) Rating: Sector Perform (prev: Outperform) ; Price Target: 1,200 ↓ 1,400 Manjari Dhar (Analyst) ; Our view: We downgrade Burberry to Sector Perform with a revised 1,200 GBp PT. Burberry has sufficient self-help to support healthy retail LFL growth trend, despite lower than peer price contribution. However, the macro and luxury demand environment appears to have sequentially softened in cal-3Q26E, which we expect to continue from here (link). Consensus estimates anticipate continuation of +5-6% revenue growth and +200bps EBIT margin expansion in FY29E which we believe is too optimistic in the absence of additional cost reduction actions (e.g. store closures). We reduce FY28E-29E EPS by 6-8% and sit 7-11% below consensus.

Piral Dadhania (Analyst) LVMH Moet Hennessy Louis Vuitton (NXT PA: MC; 405.50) ; Published September 22 2026 00:45:00 EDT Nikolaos Lafioniatis (Analyst) ; Growth outlook muted; downgrade to SP Richard Chamberlain (Analyst) Rating: Sector Perform (prev: Outperform) ; Price Target: 475.00 ↓ 575.00 Our view: We reluctantly downgrade LVMH to Sector Perform with revised €475 PT. Our previous thesis anticipating growth acceleration in 2H26E supported by creative renewal at Dior is offset by an incrementally softening macro + luxury demand environment in 3Q26E (Middle East conflict, impact on Asian travel flows, higher oil prices pressuring disposable incomes, equity market volatility, and central banks rate tightening cycle). We expect these conditions to persist into FY27E. As a result, we are cutting FY27E EPS estimate by 10% to €23.03 (9% below consensus at €25.20). LVMH trades at 17.5x RBC FY27E P/E, not as cheap looking as consensus- based valuations suggest (16.0x). We await mid-term consensus expectations to rebase + tangible signs of luxury improvement.

Earnings Preview Piral Dadhania (Analyst) Burberry Group plc (LSE: BRBY; 1,025.50) ; Published September 22 2026 00:45:00 EDT Nikolaos Lafioniatis (Analyst) ; Downgrade to Sector Perform Richard Chamberlain (Analyst) Rating: Sector Perform (prev: Outperform) ; Price Target: 1,200 ↓ 1,400 Manjari Dhar (Analyst) ; Our view: We downgrade Burberry to Sector Perform with a revised 1,200 GBp PT. Burberry has sufficient self-help to support healthy retail LFL growth trend, despite lower than peer price contribution. However, the macro and luxury demand environment appears to have sequentially softened in cal-3Q26E, which we expect to continue from here (link). Consensus estimates anticipate continuation of +5-6% revenue growth and +200bps EBIT margin expansion in FY29E which we believe is too optimistic in the absence of additional cost reduction actions (e.g. store…