European Leisure and Travel "Leisure and Travel weekly. Key investor..."

Research evidence excerpt

European Leisure and Travel "Leisure and Travel weekly. Key investor..."

Global Research

17 July 2026ab

European Leisure and Travel Equities

Europe including UKLeisure and Travel weekly. Key investor questions

and newsflow Leisure Goods & Services

Artem Prokopets

Analyst

artem.prokopets@ubs.com

Highlights of the week: Lottomatica, Evolution, Sodexo, Jet2, Pandox, Scandic, +44-20-7901 5625

Ryanair, Wizz Air, easyJet, Lufthansa, Air France-KLM, IAG

Ben Shelley, ACA

Lottomatica (Buy). With the shares down c.9% over the past month, we view the ben.shelley@ubs.com

recent weakness as a further attractive opportunity to own one of the few credible +44-20-7568 3957

compounders in the European gaming sector. We expect the upcoming Q2 results to Jarrod Castle, CFA

reinforce this view, providing further evidence of LTMC's ability to translate structural Analyst

online growth, ongoing market share gains and favourable mix trends into higher jarrod.castle@ubs.com

margins and stronger cash generation (link). +44-20-7568 8883

Ivar Billfalk-Kelly

Evolution (Sell). EVO "has agreed a £4.75m settlement with the UK Gambling Analyst

Commission" (link). EVO said the Dec-24 licence review is now complete (link). The ivar.billfalk-kelly@ubs.com

+44-20-7568 3240

settlement relates to content on six unlicensed UK-facing sites via two operators. An 18-

month review found no wider UK issue. We think the settlement appears below investor Robin M. Farley

expectations. Evolution reported 2Q26 results on 17 July (link). Overall, the results were Analyst

below street expectations on revenue but in line on EBITDA helped by margins. The print robin.farley@ubs.com

+1-212-713 2060

was in line with our expectations, albeit the contribution from Europe vs Asia was

different to our forecasts.