Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary Telco·Media·Tech

Research evidence excerpt

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary Telco·Media·Tech

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 24 July 2026

Silver Sunrise Euro TMT Daily

Scott Silver

+44 207 134 0412

scott.silver@jpmorgan.com

RESEARCH SNIPPETS

• SAP -Current cloud backlog of 26% above expectations but margin miss and EBIT guidance trimmed on dilutive M&A-

Toby Ogg Read Full Note Here

• STMicroelectronics - No significant changes in estimates but that is what is impacting stock- Sandeep Deshpande Read

Full Note Here

• Dassault Systèmes -Growth profile showing signs of relative consistency- Toby Ogg Read Full Note Here

• NOS -Q2’26: Revs 1% ahead, EBITDA in-line. Telco EBITDA 2% behind. KPIs stable.- Ajay Soni Read Full Note

Here

• Telekom Austria - Post Q2: Austria declines offset by International. Remain N.- Ajay Soni Read Full Note Here

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

upside grows- Lara Simpson 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

• SAP (N) - SPEC TAKE - The CCB came in at 26% at constant currency, which is ahead of the 25% buy-side bogey and

should be viewed as a positive surprise given how cautious sentiment had become heading into the print. Management

also maintained FY26 guidance, although it continues to assume a near-term de-escalation of the conflict in the Middle