Forward Focus | CEEMEA: Key Metrics into Earnings

Research evidence excerpt

Forward Focus | CEEMEA: Key Metrics into Earnings

EMEA Equity Research AC CEEMEA Equity Research

(44-20) 7134-9899 24 July 2026 J P M O R G A N

EER_publications@jpmorgan.com

Upcoming Earnings Events, Key Metrics & JPMe

Tuesday 28 July

CW Company, Analyst, Sector Event Key Metrics JPMe Preview Analyst Commentary

Fertiglobe (N) Q2 Net income (USD mn) 193 Link A decent quarter is likely. Despite comments from the

company that it can export <50% of volumes produced in

Alex Comer

the UAE, the company’s plants in Egypt and Algeria will

Chemicals help offset much of the volume pressure and as such we

model total own product volumes down only ~25%.

Considerable increases in selling prices for both urea and

ammonia should more than offset sequential volume

weakness – we model EBITDA +20% QoQ

Kumba Iron Ore Limited (N) S1 EBITDA ($m) 12,615.23 Link Focus will be on 1) shareholder returns given strong net

cash position 2) Update on UHDMS project 3) Cost inflation

Dominic O'Kane Net debt ($m) -8,875.64

Metals & Mining

Wednesday 29 July

Arcelik (N) Q2 Revenue growth (y/y) -12.00 We expect Arçelik to remain under margin pressure,

(%) reflecting weaker pricing, subdued consumption across key

markets, and ongoing consumer trade-down. Our positive

Hanzade Kilickiran EBITDA margin 4.6% (down 120

EPS expectation is driven solely by one-off income related

bps y/y)

to the Whirlpool transaction. We see rising downside risk to

Consumer both revenue and margin guidance

Jeronimo Martins (OW) S1 2Q Biedronka LFL (%) -1.50 Link Ahead of 2Q results on 29 July, we acknowledge that

trading pressures appear greater-than-expected. The

Borja Olcese 1H Biedronka EBITDA 7.80

leading indicators have been rather lackluster: grocery

margin (%)

implied volumes contracted to -MSD% in April-May, food