European Internet Guidebook - Key Developments and Standouts from the Week

Research evidence excerpt

European Internet Guidebook - Key Developments and Standouts from the Week

inked to the Ocado Retail JV, implying no cash payment after the JV missed the

performance targets for the year to Nov‑23 (HERE). Overall, the UK SMID subsector traded up +6%, driven by OCDO (+15%) and Trainline (+9%).

eCommerce & Others - Auto1 delivered decent set of Q226 results with volumes and adjusted EBITDA slightly ahead of expectations while we expect the focus to be on unchanged FY26 volume outlook – against a

consensus anchored near the top of the range, limiting scope for near-term estimate upgrades (HERE). Following the results, management held a constructive conference call focused on the trade-off between AutoHero

volume growth and GPU expansion, with H2 volume growth expected to moderate (HERE). Overall, the subsector was up +2% over the last week, with CTS Eventim (+4%) and Prosus (+9%).

Online Advertising - JCDecaux reported strong set of results with Q226 organic revenue growth coming in materially ahead of expectations driving a notable profitability beat (HERE). Importantly, the outperformance was

broad-based across division/geographies (Saudi/UAE headwinds far smaller than feared), supporting confidence in the underlying momentum. Following the results, we reiterated our bullish stance ( HERE) with momentum

supported by a favourable OOH share-gain backdrop, a broadening client mix (incl. SMEs), improving China trading and a still-limited Middle East impact, alongside ongoing digitisation benefits to inventory quality/yield.

Overall, the subsector saw positive momentum increasing 9% last week, with both Stroer and JCDecaux trading up 13% and 5% respectively.

Insider Transactions and Short Interest - We saw no notable insider transaction last week.