Silver Sunrise Euro TMT Daily

Research evidence excerpt

Silver Sunrise Euro TMT Daily

Scott Silver - Specialist Sales - European TMT AC (44-20) 7134-0412 Europe Specialist Sales J P M O R G A Nscott.silver@jpmorgan.com

J.P. Morgan Securities plc 22 July 2026

Scott Silver

+44 207 134 0412

scott.silver@jpmorgan.com

RESEARCH SNIPPETS

• ASM International - 2Q26 Preview: We expect the company to guide FY26 sales ahead of consensus- Sandeep

Deshpande Read Full Note Here

• Ocado - New European CFC announcement provides a catalyst and underlines value of CFC offering- Marcus Diebel

Read Full Note Here

• Telekom Austria -Q2’26: Revs 1% ahead, EBITDA 1% behind. FCF soft from spectrum costs.- Ajay Soni Read Full

Note Here

• Prosus & Naspers - KPI Radar - Discount widens over the past week, listed asset NAV improves- Marcus Diebel Read

Full Note Here

• US All Stars Conference is taking place on the 22nd and 23rd of September. In Tech, we've Analog Devices, ARM

Holding, Cisco Systems, Coherent, Texas Instruments and Verisek Analytics attending. Registration link is here: https://

jpm.buythesell.com/Registration/EventAccess?id=176

QUICK SILVER: SNIPPETS

• VAT GROUP (OW) - SPEC SALES TAKE - Order BEAT is impressive | 2Q26 order intake of CHF500m, a 22.0% beat

versus consensus (CHF410m). The order print was not only well ahead of sell-side expectations but also comfortably

exceeded buy-side bogeys, with the highest expectations I had heard ahead of the release in the CHF440–450m range.

Profitability came in modestly below expectations, with adjusted EBITDA of CHF148.2m missing consensus by 1.9%,

adjusted EBITDA margin of 29.0% missing by 53bps, net income of CHF98.8m missing by 3.4%, and adjusted EPS of

CHF3.30 missing consensus by 3.2%. Will this be overlooked? Perhaps as the operating leverage not coming through yet