J.P. Morgan European Internet Guidebook

Research evidence excerpt

J.P. Morgan European Internet Guidebook

Europe Equity Research

29 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 7%.

Online Classifieds - Hemnet announced that CFO Anders Örnulf will be stepping down and Peter Messner, the former Group CFO of Storytel, will take on the role of CFO as of July 20th (HERE). Prior to his position at

Storytel, Messner also served in the corresponding role at Catena Media and has held leading financial roles with the Modern Times Group (MTG), including as CFO for MTGx. Overall, the subsector traded down 5% last week

driven by SMG falling 10% and Hemnet down 7%.

UK SMID - GlobalData announced the launch of a new £5m share buyback programme, which follows the completion of the £10m share buyback programme launched at the end of March 2026 (HERE). Trainline announced

the appointment of Ian Brown as its next Chief Executive Officer, with effect from 28 September 2026, succeeding CEO Jody Ford who announced his intention to step down in February (HERE). THG released a strong Q2/H1

trading update (HERE), pointing to continued operational momentum in H1 with management reiterating FY26 guidance, underpinned by a strong first half with H1 free cash flow expected to be the strongest since 2021,

supported by disciplined cost management and gross margin maintenance.In broader UK SMID performance, the sector was down ~5% last week, driven by Ocado falling 8% and GlobalData down 6%. On the positive side,

Informa finished the week up 7%.