JPM | FTM | Today’s Research | CEEMEA

Research evidence excerpt

JPM | FTM | Today’s Research | CEEMEA

CEEMEA Equity Research

CEEMEA First to Market 27 May 2026

Today’s Morning Meeting | Key Strategy & Macro Publications | Also Published Today | Key Changes | JPM

Events | Upcoming Earnings

Today’s Morning Meeting

CEEMEA Retail (Elena Jouronova, CFA)

Feedback from investor meetings: Looking into 2H26 - Allegro and Polish Food Retail in the

spotlight

Following our UK investor meetings last week, we summarise the key debate points across our CEE and MENA retail

coverage. Investors remain selectively constructive on Polish Retail, but with a clearer bifurcation between self-help/turnaround

opportunities, where operational delivery and balance-sheet levers can still underpin upside - JMT (OW, AFL, covered by

Borja Olcese), Allegro (OW), Pepco (OW)- and names where near-term visibility is more contested, particularly around LFL

trajectories and margin resilience - LPP (N), Dino (UW). Across Polish retailers, technical overhang considerations remain one

of the key concerns. Into 2H, the focus is on relative winners from an inflation inflection. Within MENA, investor tone remains

cautious, with discussions most frequently centred on Talabat (N).

Key Strategy & Macro Publications

Europe, Middle East and Africa Emerging Markets Weekly (Nicolaie Alexandru-Chidesciuc)

This week’s calendar is packed with central bank decisions with potential for action, but the trajectory of policy is far from

homogeneous in the region, surprisingly so amidst an energy shock. The SARB has been a defender of a proactive response

to the energy supply shock, and we expect it to be unanimous in raising the repo rate by 25bps to 7%, with the inflation profile

probably lifted further to reflect a peak of 5%oya (from 4%).