Pepco Group N.V.: Key takeaways from earnings call

研报英文原文证据摘录

Pepco Group N.V.: Key takeaways from earnings call

Equity Research

European General Retail

21 May 2026

Pepco Group N.V.

Key takeaways from earnings call

Incremental colour from the call. Key points: 1) Focus on

organic expansion with accelerated WE rollout; 2) Dealz exit

progressing; 3) Share buyback to re-gear balance sheet; 4) GM PCOP.WA/PCO PW OVERWEIGHT

European General Retail NEUTRAL

seen as sustainable; 5) Germany still a significant Price Target PLN 35.00

opportunity; 6) Ukraine store trial; 7) Loyalty app success. Price (20-May-26) PLN 32.19

Potential Upside/Downside +8.7%

Source: Bloomberg, Barclays Research

Pepco Group (PG) reported 1H25/26 results this morning covering the six months to March.

There was lots of detail in the presentation and Q&A session. The key points to flag would

be: European General Retail

Matthew Clements

•• Focus on organic expansion with accelerated roll-out in Western Europe. Management +44 (0)20 7773 6018

reiterated a clear focus on organic growth, underpinned by a scalable, standardised store matthew.clements@barclays.com

Barclays, UK format and significant white-space opportunity. Western Europe has now reached an

inflection point, with improved store economics and performance giving confidence to Imogen Doyle

accelerate roll out (>600 stores from FY26/27 to double WE store count by FY29/30). +44 (0)20 7773 2605

imogen.doyle@barclays.com

•• Dealz separation. The Dealz separation remains on track for completion by FY25/26, with Barclays, UK

several potential buyers in the final stages of the process. Management likened the disposal

to the Poundland transaction and said it should remove strategic distractions, complete the

FMCG exit, and improve profitability, with limited balance sheet impact. Further details will be