J.P. Morgan European Internet Guidebook

Research evidence excerpt

J.P. Morgan European Internet Guidebook

Europe Equity Research

22 June 2026

European Internet Guidebook - Key Developments and Standouts from the Week

Food Delivery - News flow in Food Delivery last week remained muted as we continue to await a voluntary offer for Delivery Hero from Uber. Delivery Hero finished the week down 2%.

Online Classifieds - We published the 10th edition of our Global Online Classifieds report (HERE), revisiting the latest trends in the AI debate in Online Classifieds, where we conclude further investment for most players. For

Scout24 (our only OW in Classifieds), we highlight that the company has already invested >€400m in its tech since 2021, developing an impressive, AI-ready product pipeline and widening the investment gap versus peers. As

such, we argue the name should re-rate by at least ~20% versus the sector on growth-adjusted multiples, reflecting its superior product quality and resilience characteristics. In the report, we also downgrade SMG to N, as we

see risk of additional investment that caps meaningful margin expansion despite material cost-savings potential. Overall, the subsector traded flat WoW with Hemnet down 6% while BCG is up 4%.

UK SMID - Informa released its AGM Trading Update pointing to underlying revenue growth of 6.4% in the five months to 31 May (ex-non-recurring data access contracts), with management signalling momentum across both

B2B Live Events and Academic Services, underpinning a reconfirmation of the full-year earnings guidance (HERE). In broader UK SMID performance, the sector was down ~2% last week, driven by Ocado falling 8% and

GlobalData down 6%. On the positive side, Informa finished the week up 7%.