2Q26 Preview - Diverging Performances

研报英文原文证据摘录

2Q26 Preview - Diverging Performances

IdeaPreviewMto earnings

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

Jarir Marketing Co 4190.SE

Revenue growth y/y Very likely upside surprise Largely unchanged

• We expect 2Q26 to still benefit from strong iPhone 17 sales, with April inventory worries likely offset by strong

May / June

• We forecast +6.2% topline growth y/y vs consensus at +3.7%

• As a result of strong iPhone demand, we expect more limited promotional activity, driving margin upside vs

consensus in Q2

• While we expect upside to consensus for Q2, we remain cautious on a 12M view as iPhone comps turn more

challenging from 3Q26 and higher Apple pricing potentially weighs on demand

Americana Restaurants PLC 6015.SE

Net profit growth y/y Likely upside surprise Modest revision lower

• We expect LFL of +4.5% in 2Q26, below consensus at +5.9% as we expect growth to be weighed by slower

UAE performance

• Our net profit estimates are +4% ahead of consensus however, as we expect announced price increases and

near-term hedging to offset an increase in costs through the quarter

• We expect investor focus to be on profit delivery into 2H26, particularly given a more stable poultry backdrop

and rolling off of hedges from July

• Our 2027 EPS estimates sit c.6% below consensus expectations

Almarai 2280.SE

Net profit growth y/y In-line Meaningful revision higher

• We expect 2Q26 topline and profit delivery to come in broadly in-line with consensus expectations

• We see investor focus quickly shifting to 2H26 and 2027 expectations in light of recent price increases in

fresh dairy

• We see scope for +HSD% EPS upgrades through the remainder of 2026 and c.11% in 2027 as a result of

recent price increases, which we expect to offset cost increases

Savola Group 2050.SE