J.P. Morgan European Internet Guidebook

Research evidence excerpt

J.P. Morgan European Internet Guidebook

Europe Equity Research

09 June 2026

European Internet Guidebook - Key Developments and Standouts from the Week

Food Delivery - This week, newsflow was driven by further developments around Uber's potential acquisition of Delivery Hero. Prosus was granted a waiver from the European Commission to extend its deadline to reduce its stake

in Delivery Hero from August to October 2026. Reports allege that Prosus is considering increasing its stake to block a bid from Uber or to be in a better negotiating position. However, we noted (HERE) that buying back Delivery

Hero shares at a c.2x premium would be hard to digest for Prosus investors, in our view. At this stage, we await a voluntary offer from Uber. Delivery Hero traded up +6% this week.

Online Classifieds - Hemnet released its May listings data (HERE) this week with 16,409 new listings published in May, a -20% YoY decline vs May 2025 — an improvement on the -31% decline in Q1, but a setback from April’s -

11%. While there are some timing impacts in May, the deterioration vs April remains notable and we had expected clearer signs of sustained recovery, especially against an easier comp in May. BCG also announced a new £180m

buyback ending in August 2027. Overall, the subsector traded up +2% WoW driven by BCG (+8%) and Auto Trader (+6%).

UK SMID - In news this week, Parvus Asset Management disclosed a 5.04% position in Informa (OW), primarily via equity swaps (c.63.8m voting rights, crossing the disclosure threshold on 28 May 2026) - a stock we continue to

favour on multiple upside and execution that underscores confidence in FY26. For context, Parvus remains active across Europe in Flutter (c.6% stake) and Kering (c.5%), making it a holder to watch. More broadly, UK SMID was