UK & EUROPEAN RESEARCH AT A GLANCE

EQUITY RESEARCH UK & EUROPEAN RESEARCH AT A GLANCE September 16, 2026 For Full Comments and Required Non-U.S. Analyst and Conflicts Disclosures, please click on the links below.

Premium Research Metal Moves: Global Mining Commodity Summary Update – 3Q26

Rating Revisions Norsk Hydro ASA Summary Metal Moves: Estimate Changes – European Mining – 3Q26

Company Comments Porsche AG Summary Challenging China Environment; Lower PT to €40 Gleeson Summary A heavy note of caution Norsk Hydro ASA Summary Transferring coverage and downgrading to Sector Perform

Industry Comments Metal Moves: Estimate Changes – Base Summary Metals – 3Q26 Metal Moves: Estimate Changes – Summary Favour precious on 2027 outlook European Mining – 3Q26 Metal Moves: Estimate Changes – Summary Precious Metals – 3Q26

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UK & EUROPEAN RESEARCH AT A GLANCE

Premium Research Research RBCCM Global Mining () Metal Moves: Global Mining Commodity Update – 3Q ; Published September 15 2026 18:54:31 EDT

RBC Global Mining Equities updates its commodity price forecasts—key changes include a decrease in our near-term gold, and silver price forecasts. Gold decreases by an average -5% over 2026/27 and our long-term price remains unchanged at $4,000/oz. Silver decreases by an average -8% over 2026/27 and long-term price remains unchanged at $55.00/oz. Copper forecasts were maintained with a price of $6.00/lb from 2027-2029, and $5.00/lb thereafter.

Rating Revisions Ben Davis (Analyst) Metal Moves: Estimate Changes – European Mining – 3Q26 ; Published September 15 2026 16:31:21 EDT Laura Chan (Analyst) ; Favour precious on 2027 outlook

Norsk Hydro ASA (OSLO: NHY; 84.50) Rating: Sector Perform (prev: Outperform) Price Target: 100.00 ↓ 120.00 Our view: This note contains estimate changes for the European Miners. Our revised estimates reflect updated commodity price assumptions. For our detailed commodity outlook and investment views across our global coverage, refer to: Metal Moves: Global Mining Commodity Update – 3Q26.

Company Comments Tom Narayan (Analyst) Porsche AG (XETRA: P911; ; Published September 15 2026 16:05:00 EDT Thomas Ito, CFA (Associate) ( ; Challenging China Environment; Lower PT to €40 Rating: Sector Perform Price Target: 40.00 ↓ 45.00 Our view: Porsche is approaching the trough of its product cycle, with 2027 EBIT set to be pressured by the persistent China weakness, ICE Macan run-out, and ongoing strategic realignment costs. We are meaningfully below consensus at €2.1B versus €2.6B, as we believe the street has not fully incorporated these concurrent headwinds. We look to the CMD as the next key potential catalyst, where we think mgmt could give conservative but achievable targets. We lower our PT to €40 from €45 and maintain our Sector Perform rating.

Anthony Codling (Analyst) Gleeson (LSE: GLE; 246.50) ; Published September 15 2026 08:41:08 EDT Oliver Dyson (Equity Author) ; A heavy note of caution Rating: Underperform Price Target: 200 Our view: Gleeson surprised us today when they said they expect to deliver 'FY2027 in line with current market expectations'. We admire Gleeson's determination and can-do attitude, and to their credit, there was no specific call for demand support. However, we see, and they acknowledge, significant headwinds in the year ahead: