European Internet Guidebook - Key Developments and Standouts from the Week

Research evidence excerpt

European Internet Guidebook - Key Developments and Standouts from the Week

Europe Equity Research

27 July 2026

Online Classifieds - Hemnet announced that the Board has received a requisition from shareholders Vor Capital and Sprints Capital (14.1% combined) to call an EGM to set the number of directors and elect new Board

members, signalling potential governance change (HERE). Under the Swedish Companies Act, the company must convene the EGM within two weeks and plans to issue the meeting notice by 7 Aug 2026. Elsewhere, the

classifieds subsector traded down 4% last week driven by weak performance across our coverage, particularly Scout24 (-6%) and SMG (-6%).

UK SMID - ATG released an encouraging Q3 trading update (HERE), with A&A seeing good growth, along with strong performance from Chairish, while the rate of decline in I&C was consistent with H126. Importantly, the

company announced a sequential upgrade to FY26 revenue expectations. Overall, we saw the Q3 update as another “proof point” that the recovery is being earned through execution rather than reliant on a turn in macro.

Going forward, we await a fuller strategic articulation from management later in the year - while near term we remain positive into the 22nd October pre-close update as cash and balance-sheet trajectory keep a capital

allocation catalyst live into year-end (HERE). Ocado announced a new large-scale CFC agreement with a fast-growing European national retailer, expected to go live in FY28. We view this as an important positive after recent

Kroger/Sobeys setbacks and a near-term catalyst for sentiment that reinforces the long-term relevance of the traditional CFC model (HERE). Overall, the UK SMID subsector traded down -1%, driven by FUTR (-6%) and ATG

(-4%).