Forward Focus | Europe: Key Metrics into Earnings

Research evidence excerpt

Forward Focus | Europe: Key Metrics into Earnings

EMEA Equity Research AC Europe Equity Research

(44-20) 7134-9899 15 May 2026 J P M O R G A N

EER_publications@jpmorgan.com

CW Company, Analyst, Sector Event Key Metrics JPMe Preview Analyst Commentary

Marks & Spencer (OW) FY26 FY 26 PBT (£m) 655.00 We expect a focus on FH&B current trading wrt: (1) tangible

demonstration of the business returning to BAU and market share

Georgina Johanan, ACA FY 27 PBT guidance (£m) 952.00

trends that were being achieved prior to the cyber attack; and (2) UK

General Retail consumer sentiment. Most recent Worldpanel Clothing data

suggested that M&S remains in marginally negative territory in the

category, which was somewhat disappointing - an inflection into

positive growth would be considered very reassuring. FY 27 PBT

guidance will of course also be in focus, particularly on the outlook

for the Food gross margin, and whether management plans any

reinvestment over and above that expected in sell-side estimates to

further drive market share growth. We note that recent Worldpanel

Food data has suggested a Q4 26 sales performance broadly in line

with our forecast for +7%, and share gains of +20bps.

RS GROUP PLC (OW) FY FY Organic (%) -0.60 Link For FY 2026, we forecast organic revenue growth of -0.6% driven by

-0.7% in EMEA, -1.4% in Americas and +3.8% in Asia Pacific. For

Jane L Sparrow FY EBITA (£ m) 262.20

the period we forecast underlying operating profit of £262m with

Business Services 9.1% margin.

Severn Trent (N) FY Adj. EBIT (£mn) 846.00 Link We expect SVT to meet its full-year guidance and expect the

conference call to focus mainly on the quantum of reopeners SVT

Pavan Mahbubani, CFA Adj. EPS (p) 178.10

has filed for and any upside to its AMP8 capex plan, alongside the