Forward Focus | CEEMEA: Key Metrics into Earnings

Research evidence excerpt

Forward Focus | CEEMEA: Key Metrics into Earnings

EMEA Equity Research AC CEEMEA Equity Research

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

EER_publications@jpmorgan.com

Upcoming Earnings Events, Key Metrics & JPMe

Thursday 21 May

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

Investec Plc (N) FY26 Adjusted EPS +5% Ahead of its FY26 results Investec released a trading

update on 19th March which was better than consensus

Baron Nkomo ROE (%) 13.70

expectations. Adjusted earnings per share were expected

Financials to be up 3% to 6% YoY, versus Bloomberg consensus

looking for +1% at that time (JPMe +5%).

LPP (N) Preliminary 1Q Revenue (PLN mn) 5,652.22 Link At its Investor Day, LPP is expected to share preliminary

'26 & Investor 1Q26 results ahead of the formal release on 11 June.

Day While we expect revenues to undershoot full-year guidance

amidst softer trading in February with LFL trends still under

Elena Jouronova, CFA EBITDA (PLN mn) 1,232.59

pressure, margins should remain strong. We model 14%

Consumer revenue growth, driven by 16% y/y growth in offline sales,

and we forecast 19% y/y growth overall in the Sinsay

format. On margins, we forecast a 200bp improvement in

gross margin on lower freight costs, a weaker US dollar

and reduced discounting, and a 238bp expansion in EBIT

margin, reflecting lower distribution-centre costs following

the automation implemented in 2H25.

Pepco Group (OW) S1 Revenue (EUR mn) 2,448.89 Link We expect 1H26 results to be strong, continuing the trend

of 2H25. For Pepco in 1H26, we model 4% revenue growth

Elena Jouronova, CFA EBITDA (EUR mn) 498.33

in constant currency in line with the reported trading

Consumer update, 285bps GM uplift on mix (discontinuing the FMCG