Retail Detail (AD/JMT/DNP previews, French grocery market share, Inditex CEO interview)

Research evidence excerpt

Retail Detail (AD/JMT/DNP previews, French grocery market share, Inditex CEO interview)

cies. Our EPS estimates fall by

-6% for FY26 and -4% for the following two years. On our numbers, Jerónimo Martins is trading

on a next twelve month PE of c. 13x (vs two-year historical of 16x). Reiterate OW, PT €22.

**BARCLAYS RESEARCH: Dino Polska - Cutting estimates for deflation** Dino will report

2Q26 results on 20 August. We cut our LFL forecasts to reflect the latest market inflation and

volume data which points to further deflation and subdued volumes. We lower our 2Q EBITDA

margin forecast to reflect deleverage, with continued pressure from higher wage costs

(minimum wage uplift plus additional Dino pay increase) and price investments. Overall, our

EPS estimates fall by -8% for FY26 and -7% for the following two years. We retain a preference

for OW Jeronimo Martins and remain EW on Dino, primarily due to the former's stronger market

positioning, although recognise sentiment on both remains suppressed by sustained

deflationary pressure. We lower our PT to PLN 31.00 (from PLN 35.00).

**BARCLAYS RESEARCH: French Food Retail Market Share - Carrefour continues to lose

share as market slows** French market FMCG sales growth slowed to +0.7% in June (vs +1.8%

in May). Carrefour's market share down -0.2ppts YoY (vs -0.3ppts in the period prior). French

hypers continue to be impacted by store closures in Spring.

Inditex CEO highlights reputation as a strategic asset in the Global fashion market.

Speaking at the ICEX 2026 Forum, Inditex CEO Óscar García Maceiras said "customers are

becoming increasingly experience-driven and more demanding; they're looking for more than

just a specific product - they're also seeking an experience and a reputation", reported Modaes

yesterday.