UK & EUROPEAN RESEARCH AT A GLANCE

EQUITY RESEARCH UK & EUROPEAN RESEARCH AT A GLANCE September 15, 2026 For Full Comments and Required Non-U.S. Analyst and Conflicts Disclosures, please click on the links below.

Initiations UniCredit S.p.A. Summary Waiting for the fog to lift; initiate at Sector Perform

Industry Comments European Retailing Summary Travel Retail: Some turbulence ahead

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

UK & EUROPEAN RESEARCH AT A GLANCE

Initiations Pablo de la Torre Cuevas (Analyst) UniCredit S.p.A. (MILAN: UCG; 84.47) ; Published September 15 2026 00:45:33 EDT Anke Reingen (Analyst) ; Waiting for the fog to lift; initiate at Sector Perform Benjamin Toms, ACA (Analyst) Rating: Sector Perform ; Price Target: 90.00 Sherry Lin (Associate) ; Our view: We initiate coverage of UniCredit (UCG) with a Sector Perform rating Susana Cruz (Associate) and EUR90 PT. In our view, UCG's c.1x P/E discount to the SX7E is justified given ; plausible risks to its short-term capital trajectory and lower earnings visibility as it consolidates CBK. Limited scope for material upward EPS revisions and value creation converging towards the European banking average hinder the re-rating of the shares in the near future.

Industry Comments Manjari Dhar (Analyst) European Retailing ; Published September 15 2026 00:45:00 EDT Travel Retail: Some turbulence ahead We have noted softer demand in key global travel markets, e.g. the US, over the peak summer season, and we are conscious that airlines' unhedged exposure to higher jet fuel prices may lead to capacity constraints and/or higher airfares later this year and into 2027. As such we think the outlook for the travel retail names looks relatively challenging. We prefer AVOL to SSPG and SMWH, given its geographic and format diversity, which should mean it is best placed to weather softer traffic.

Quick Takes Marina Calero (Analyst) Fresnillo plc (LSE: FRES; 3,014.00) ; Published September 14 2026 12:44:57 EDT Taps ex-Grupo Gigante's Rodrigo Sandoval as next CFO; Arreguín to retire

James Redfern (Analyst) South32 Limited (ASX: S32; 4.93; LSE: S32) ; Published September 14 2026 17:39:08 EDT Tales from the road in Tucson, Arizona