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Click “here” to listen to the Europe Morning Call. GS Conference TODAY Utilities and Clean Energy Conference | 20 May | London | Utilities European Real Estate remains volatile but M&A on the rise; Kojamo to Sell Coverage trades at a significant 36% discount to NTA (vs. 16% LT avg). More interest in the sector as macro provides more headroom for European central banks to cut rates. Given such discounts, YTD European RE M&A volumes are up 28% yoy, with recent media reports highlighting companies including Assura, Warehouse REIT, Urban Logistics REIT and Cofinimmo as seeing potential takeover proposals. The team downgrades Kojamo to Sell given weak operating trends and high valuation. Insurance downgrades Allianz to Neutral, prefer AXA in multi-lines Allianz shares are up 22% since September 2024 (vs. +7% FTSE World Europe) and is now trading at top end of historical valuation range (12.3x 1 year forward consensus P/E vs. 10x average). There has been improvement in its P&C margin and new combined ratio target introduced at December CMD but there have been more negative drags from weakening USD and market volatility. Earnings estimate for 2025 cut by 8% and by 3% 2026-2029E which reduces our PT to leave more balanced risk reward (6% upside). Buy rated AXA is our preferred multi-line play as outlined in our recent upgrade note (undemanding valuation, buyback and upside risks to targets as only multi-line not in first year of strategic plan). What are investors saying on European Chemicals? Feedback from marketing Georgina Fraser met investors in Europe. High quality Buy rated names are in focus: Givaudan, Air Liquide and Novonesis (also on CL). Investors are cautious on Symrise (Neutral) and Croda, and there is lower participation in the quality ingredients space due to destocking and downtrading risks. Ryanair – Reiterate Buy post strong outlook at FY25 results Patrick sees scope for consensus to continue to move higher for FY26 and has increased his FY26 net profit estimate by 3% and is now 8% ahead of consensus Sahar Islam +44(20)7051-4935 | sahar.islam@gs.com Goldman Sachs International Trinity Ford +44(20)7051-0626 | trinity.ford@gs.com Goldman Sachs International Ayushi Mishra +1(212)934-7751 | ayushi.mishra@gs.com Goldman Sachs India SPLGS EUROPEAN EXPRESS: Real Estate | Insurance | Chemicals | Ryanair | Macro | Global | Corporate Access20 May 2025 | 6:45AM BST Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. (higher fare growth, part-offset by