3i 30/6/26 NAV of 3131pps 0.5% below JPMe 3148pps for 3% TR in the quarter, with Action run rate EBITDA 1% below JPMe due to fewer openings but strong H1 LFL of 3.6% vs JPMe 3.0%

Research evidence excerpt

3i 30/6/26 NAV of 3131pps 0.5% below JPMe 3148pps for 3% TR in the quarter, with Action run rate EBITDA 1% below JPMe due to fewer openings but strong H1 LFL of 3.6% vs JPMe 3.0%

form or underperform the sector* by 5% or more over the next six months. Underweight - the total return on the security is expected to

underperform the sector* by 5% or more over the next six months. Not Rated (NR): J.P. Morgan has removed the rating and, if applicable, the

price target, for this stock because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating

and, if applicable, the price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. *the sector

comprises those securities covered by the analyst(s) where those securities would be included within the relevant AIC, Datastream or

Morningstar sub-sectors. For hedge funds the following stock recommendation definitions apply: Overweight - the risk-adjusted total return on

the security is expected to outperform the sector over the next six months. Neutral - the risk adjusted total return on the security is not expected

to outperform or underperform the sector over the next six months. Underweight – the risk-adjusted total return on the security is expected to

underperform the sector over the next six months. Not Rated (NR): J.P. Morgan has removed the rating and, if applicable, the price target, for

this stock because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating and, if

applicable, the price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. *the sector comprises those

securities covered by analyst(s) within the relevant J.P.