European Food Retail: Buyback Tracker

Research evidence excerpt

European Food Retail: Buyback Tracker

J P M O R G A N Europe Equity Research

15 July 2026

European Food Retail

Buyback Tracker

Four of the nine 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. We also include: (i) the average daily traded volume and average daily Palak Garg

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

palak.x2.garg@jpmorgan.com

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

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 – e.g. TSCO has concluded 70% of the European Consumer

buyback already with c9 months still left; (ii) both companies have the firepower (44-20) 3493-3709

to top up their buybacks whilst staying within the guided leverage target ranges olivia.b.petronilho@jpmorgan.com

(2.3-2.8x for TSCO, FY26: 2.1x; 2.4-3.0x for SBRY, FY26: 2.6x). We see an

upgrade as most likely for Tesco in the context of its apparent CE operations review

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

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

seven years.