June 10, 2026 06:15 AM GMT Pennon Group | Europe M Update FY26 Beat, Upside Risk to Asset Base Growth but FY27 Guide Disappoints Reaction to earnings Unchanged Modest upside Meaningful revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Key catalyst by end September: The company intends to present a Strategic Update by the end of September. We expect this to be a key positive catalyst for ...