Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

Research evidence excerpt

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

exagon’s Q226 results (see our take here). We nudge our revenue and underlying operating profit estimates

(EBIT1 and EBITAC) up slightly, capturing both the better-than-expected Q226 results and the positive commentary

regarding the outlook (full table of estimate changes below). As a result of our slightly higher estimates, we move our Dec-27

PT to €90 (prior €85). Looking forward, we expect investor attention to continue to centre on the durability of the recent

organic growth acceleration, alongside the trajectory of underlying operating margins from here (given the so far successful

implementation of the Hexagon Way operating model and cost restructuring programme).

3. Auto Trader - In conversation with CFO Jamie Warner - addressing AI, market dynamics, Deal Builder & growth priorities-

Lara Simpson Read Full Note HereWe hosted an investor session with Auto Trader’s CFO, Jamie Warner, this morning with

the discussion firmly focused on latest developments around agentic commerce, operational and end-market developments,

Deal Builder, as well as package and product developments for 2027 and beyond. Overall, the discussion covered a gradually

normalizing end-market post a multi-year supply shock, with speed-of-sale no longer accelerating and expected to trend

toward a flatter profile as supply and demand rebalance. Against this backdrop, the conversation focused heavily on Deal

Builder execution and dealer relations, where management acknowledged prior communication missteps, outlined product

adjustments (notably an alternative “request a reservation”), and reiterated the strategic intent to use Deal Builder to move

consumers further down-funnel and improve lead quality for retailers.