Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

Research evidence excerpt

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

oing, we continue to focus and value the company on pro forma (fully pruned) figures. Our pro forma revenue forecasts

are cut by -0.5/-1.6/-1.5% in 2026/27/28 with larger cuts to net net revenue given deteriorating mix. However, given much

better than expected cost control and earlier recognition of restructuring benefits, our Adj. EBITDA forecasts increase by

+6.0/+5.1/+2.7%, respectively. We remain Neutral, with a revised December 2027 price target of €13.70 (previously €12.00)

reflecting latest forecasts, EV bridge and share count (following the recent reverse stock split). See Table 1 for a summary of

forecast changes, and Table 2 for a comparison to latest company-collated consensus.

3. Hemnet - Further listings improvement on hold for now - published listings decline -10% YoY in July- Marcus Diebel Read

Full Note HereHemnet has released its July listings data (here) with 8,139 new listings published in July, a -10% YoY decline

vs July 2025 – a broadly stable rate of decline relative to June 2026 (-9% YoY) though a deceleration from steeper declines

earlier this year (-31% in Q126 ). The company also disclosed 6,671 new paid listings in July, a -26% decline from published

listings the year prior, with the gap largely driven by the adoption of the new SFPL offering. Overall, while the deceleration

from earlier this year is encouraging, we note that it is also coming off easier comps (listings were down 17% in July 2025).

The stable rate of decline versus June also raises questions about the pace of recovery and the timing of an inflection point. As

such, we continue to await evidence of sustained improving momentum in listings and reiterate our view that the shares are