European Banks Daily 20 May 2026

研报英文原文证据摘录

European Banks Daily 20 May 2026

Kian Abouhossein AC Europe Equity Research

(44-20) 7134-4575 20 May 2026 J P M O R G A N

kian.abouhossein@jpmorgan.com

14th saying that trends were ahead of April disclosure. Key takeaways below:

Toast:J.P. Morgan TMC Conference Takeaways

Tien-tsin Huang, CFA (1-212) 622-6632

Today we hosted Toast co-founder and CEO Aman Narang and CFO Elena Gomez at the J.P.

Morgan TMC Conference in Boston. The team was constructive on fundamentals (location

adds, engagement, stable consumer spend signals) and excited about the opporutnity to leverage

AI externally to expand ARPU and internally to drive efficiency and leverage. On the latter, the

team sees opportunity to expand margins beyond its previous long-term target of 40%+, which

has been a key focus area for investors. See details within.

Mastercard:J.P. Morgan TMC Conference Takeaways

Mastercard’s Chief Financial Officer, Sachin Mehra, presented today at our TMC conference in

Boston. Tone was positive, and topics discussed included the macro environment (trends stable

to somewhat improved through mid-May), conflict-related impacts & cross-border (within

expectations), the FY26 outlook (2H more 4Q-weighted), and new growth vectors like Agentic

Commerce & digital assets. Key takeaways below:

Block:J.P. Morgan TMC Conference Takeaways

Today, XYZ co-founder, Block Head and Chairman of Block Jack Dorsey presented at our TMC

Conference in Boston. Conversation focused on Block’s push to become an Intelligence

Company, and the shift from the old world of top-down product delivery to a new world where

products are adaptable and customizable based more directly on what customers need.

Importantly, Dorsey emphasized a renewed focus on creativity and getting back to taste,