European Food Retail: Buyback Tracker – Execution pace above linear run-rate

Research evidence excerpt

European Food Retail: Buyback Tracker – Execution pace above linear run-rate

J P M O R G A N Europe Equity Research

17 June 2026

European Food Retail

Buyback Tracker – Execution pace above linear run-

rate

Four of the eight stocks within our European Food Retail coverage currently have European Food Retail

ACshare buybacks underway, with progress towards completion generally a point of Borja Olcese

focus for investors. With this simple tracker, we aim to highlight the differences in (34-91) 516-1511

the pace of execution (in order to flag any material share price movements driven borja.olcese@jpmorgan.com

by major buybacks) and the pending quantums vis à vis the guidance given by the J.P. Morgan Securities plc

companies. With this edition, we add: (i) the average daily traded volume and Palak Garg

average daily shares repurchased to arrive at an implied end date for the buyback, (91-22) 6157-5102

palak.x2.garg@jpmorgan.com

assuming it is executed at the current pace, and (ii) the company’s headroom to J.P. Morgan India Private Limited

upgrade buybacks given leverage positions.

Specialist Sales contact details:

Highlights: (i) Tesco’s and Sainsbury’s buybacks for FY27 are underway, with Olivia Petronilho - Specialist Sales -

both executing well above a linear pace; (ii) both companies have the firepower to European Consumer

top up their buybacks whilst staying within the guided leverage target ranges (2.3x- (44-20) 3493-3709

2.8x for TSCO, FY26: 2.1x; 2.4x-3.0x for SBRY, FY26: 2.6x) we see as most likely olivia.b.petronilho@jpmorgan.com

for Tesco given £750m for FY27 sits below the £1bn core buyback in the past two

years; (iii) in contrast, Ahold’s leverage is at recent highs (c2.1x vs 1.8x-2x prior)

and the company has consistently undertaken a €1bn buyback p.a.