Marks & Spencer (MKS.L): With our raised HAC outlook and good yo2y revenue growth trends for both M&S Clothing and Food (Worldpanel), we raise FY27/28E earnings; TP to 490p, remain Buy

Research evidence excerpt

Marks & Spencer (MKS.L): With our raised HAC outlook and good yo2y revenue growth trends for both M&S Clothing and Food (Worldpanel), we raise FY27/28E earnings; TP to 490p, remain Buy

tion following the United Kingdom’s departure from the European Union and the European

Economic Area) with regard to regulatory technical standards for the technical arrangements for objective presentation of investment

recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of

conflicts of interest is available at https://www.gs.com/disclosures/europeanpolicy.html which states the European Policy for Managing Conflicts of

Interest in Connection with Investment Research.

Japan: Goldman Sachs Japan Co., Ltd. is a Financial Instrument Dealer registered with the Kanto Financial Bureau under registration number Kinsho 69,

and a member of Japan Securities Dealers Association, Financial Futures Association of Japan Type II Financial Instruments Firms Association, and

Investment Management Association of Japan. Sales and purchase of equities are subject to commission pre-determined with clients plus consumption

tax. See company-specific disclosures as to any applicable disclosures required by Japanese stock exchanges, the Japanese Securities Dealers

Association or the Japanese Securities Finance Company.

Ratings, coverage universe and related definitions

Buy (B), Neutral (N), Sell (S) Analysts recommend stocks as Buys or Sells for inclusion on various regional Investment Lists. Being assigned a Buy or Sell

on an Investment List is determined by a stock’s total return potential relative to its coverage universe. Any stock not assigned as a Buy or a Sell on an