JPM | EMEA Spec Sits Daily: ARG FP/WDP BB, VALMT FH

Research evidence excerpt

JPM | EMEA Spec Sits Daily: ARG FP/WDP BB, VALMT FH

Specialist Sales J P M O R G A N

24 July 2026

with the share price largely unchanged in recent weeks (pre yesterday’s EU ownership review article in Reuters). This is

despite the rest of the sector falling c10-15% off the back of the Middle East and fuel spike.

• Auction Technology Group -Another reassuring checkpoint - strategy and platform strengthening in focus as FY27

upside grows- Lara Simpson here

• ATG’s Q3 trading update (here) adds another “proof point” that the recovery is being earned through execution rather than

reliant on a turn in macro: while I&C remains in a tough near-term tape with limited visibility on the pace of stabilization,

Q3 pro forma constant-currency revenue growth held at +7.8% with A&A delivering good growth with I&C trends

consistent with H1. The company paired the quarter with a second FY26 revenue guide upgrade to 5.5–6.5% pro forma

CCY growth (from 5.0–6.0%), driven principally by value-added services and healthy commission contributions from

LiveAuctioneers and Chairish, while leaving the 34.5–35.5% adj. EBITDA margin range unchanged (guided at the

bottom-end) - a framing we view as appropriately conservative given mix dilution. Importantly, the tone from new CEO

Duncan Painter was a clear signal of strategic intent and conviction on the opportunity set, adding that early engagement

has reinforced his confidence in the “quality of these marketplaces and the scale of the opportunity ahead,” with focus on

“strengthening our platforms, deepening our support for buyers and sellers, and converting that opportunity into sustained,

profitable growth.” Going forward, we await a fuller strategic articulation from management later in the year - while near