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Recognition in the 2025 Extel’s Developed Europe Survey is a valuable endorsement for us. We greatly appreciate your support for our analysts and specialist sales teams in this year’s survey.

What We Are Known For

Ahmed Farman joined Jefferies in July 2015 as Head of the European Utilities team, bringing with him 8 years of sector experience. Prior to joining Jefferies, Ahmed worked as an equity analyst covering the Utility sector at Redburn and Liberum Capital. Before that he advised utilities regulators and
infrastructure projects whilst working for PricewaterhouseCoopers. Zach Ho joined Jefferies in 2021 to help cover the utilities sector and has now gathered four years of sector expertise. Prior to joining Jefferies, he completed an internship on the buy-side in APAC. Arturo Murua joined Jefferies in 2024, having completed a Masters in Finance at LBS in 2023, and has seven years of experience in buyside/sell-side research in LATAM. Alejandra Botbol joined the team as a graduate in 2023.

Unique industry experience afforded by broad regional (18 utility and renewable developers across Europe) and sub-sector coverage (renewables, networks, water and waste management and energy supply).

Differentiated offerings: Our team provides deep-dive thematic work, supported by proprietary databases, with a focus on earnings risk and self-help potential not appreciated by consensus. In addition, we have strong industry knowledge, with a wide network of industry contacts augmented by hosting regular expert events on topical issues as well as detailed/user-friendly models. We regularly provide unique access to management teams of companies by hosting them for investor lunches.

Where We Are Different

Data Centers: The rise of AI has brought about plenty of debate on the impact on power demand and how utilities/integrated generators would be involved. We led a firm-wide research note on data centers & AI, putting together contributions from >20 JEF analysts around the world, highlighting
opportunities across the value chain. We have also hosted follow-up expert calls on the subject, bringing in experts from industry to shine more light on the subject.

Investor Lunch Series – Furthering the Debates: Throughout 2024, we have hosted management and executive teams across our sector for a series of investor lunches, where we enter into colorful debate on various topics within the sector. To date, we have hosted Drax/SSE/UU/Ofwat management,
as well as executives from RWE/E.ON/Macquarie GIG, and have received constructive feedback from clients on the series.

Initiating on Engie/EDP/EDPR/Endesa: We have also initiated on a number of important stocks in our sector across the integrated/renewables space, which has broadened the perspective, outreach and knowledge base of our team.

Our monthly Renewables Energy Drop-In (REDI): is a monthly webinar which ties together JEF clean energy research, where analysts discuss their latest clean energy research & insights with investors, keeping them up to date on the latest happenings in the space.

Monthly Barometer/JEF Data: A unique product, in which we track wind, solar and country-level generation data across >25 geographies to estimate company output trends. We highlight the winners & losers each month.

Key Research Highlights

Alex
Coffey

Head of EMEA Research

Jeremy Kilpatrick

Co-Head of EMEA Sales

Timothy
Olivier

Co-Head of EMEA Sales

Mark
Howden

Head of Specialist Sales

Lindsay
Arnold

Head of EMEA Corporate Access