FDJU: 1H26 top-line miss partly offset by cost discipline

Research evidence excerpt

FDJU: 1H26 top-line miss partly offset by cost discipline

Sabrina Blanc +33 1 42 13 47 32 sabrina.blanc@bernsteinsg.com 29 July 2026

our client portal.

The information in this report was prepared by Bernstein solely for the internal business use of our clients. Clients may store,

display, analyze, reformat and print the information in this report for this limited use only. Clients may not copy, alter, create

derivative works, resell, reverse engineer, commercially exploit, share or distribute any part of the information contained herein

for any purpose without Bernstein’s express written consent. These restrictions include extracting data or using the content to

develop indices or other products. Further, you may not use this report, or any portion of this report, to train or finetune any third-

party machine learning or artificial intelligence system, or as a prompt or input into any such system. You also may not, without

Bernstein’s express written consent, do any of the foregoing in connection with your own internal machine learning or artificial

intelligence system.

Bernstein may use artificial intelligence tools in the preparation of its materials. Any such materials are reviewed by Bernstein’s

research analysts prior to publication.

This report has been prepared for information purposes only and is based on current public information that we consider reliable,

but the entities noted herein do not warrant or represent (express or implied) as to the sources of information or data contained

herein are accurate, complete, not misleading or as to its fitness for the purpose intended even though the entities noted herein

rely on reputable or trustworthy data providers, it should not be relied upon as such. Opinions expressed are the author(s)’ current