J.P. Morgan European Internet Guidebook

Research evidence excerpt

J.P. Morgan European Internet Guidebook

Europe Equity Research

06 July 2026

European Internet Guidebook - Key Developments and Standouts from the Week

Food Delivery - Newsflow in Food Delivery last week remained muted as we continue to await a voluntary offer for Delivery Hero from Uber, though we note a narrowing in the total shorts disclosed (BBG) from -3.54% to -

2.74%. Delivery Hero finished the week up 3%.

Online Classifieds - Hemnet released its June listings data with 11,483 new published listings, a -9% YoY decline (vs. -20% YoY in May) on easier comps (HERE). With Statistics Sweden's data release on home

transactions, (HERE) Hemnet estimates that 82% of homes sold in 2025 were advertised on Hemnet (vs 89% in 2024). BCG reported its FY26 results (HERE), with a modest revenue miss, while EBITDA was broadly in line.

Importantly, managemnet provided a softer FY27 outlook which implied c.4% downgrade to consensus EBITDA expectations. Overall, the subsector traded up 6% last week driven by Hemnet increasing by 25% and SMG

trading up 12% while BCG fell -7%.

UK SMID - Last week's newsflow for Ocado revolved around reported disagreements on CEO succession with some shareholders reportedly pushing to replace CEO and Co-founder Tim Steiner while other shareholders

continue to support him as CEO (HERE) and according to reports have suggesting replacing Chairman Adam Warby instead (HERE). Overall, the UK SMID subsector traded up +4% as intelligence data and services

providers saw some revival with both YouGov and Global Data up +11% and +5% respectively.

eCommerce & Others - Prosus released a solid set of FY26 results (HERE), with EBITDA ahead of market expectations on strong revenue and cost execution. Following the results, management hosted a reassuring