United Electronics (eXtra): Q2 26 First Take: A weak print with ongoing softness in retail and a slowdown at Tasheel

研报英文原文证据摘录

United Electronics (eXtra): Q2 26 First Take: A weak print with ongoing softness in retail and a slowdown at Tasheel

J P M O R G A N CEEMEA Equity Research

08 July 2026

United Electronics (eXtra) Overweight

4003.SE, EXTRA AB

Q2 26 First Take: A weak print with ongoing softness in Price (07 Jul 26):SRls73.80

retail and a slowdown at Tasheel

MENA Consumer and Real Estate

Our Take: eXtra announced preliminary Q2 26 results with net profits (post- Taher Safieddine, CFA AC

minority) of SAR 103m, -4% YoY and +8% QoQ, while missing BBG consensus (971) 4428-1654

estimate by 12%. Group top-line growth came in at +5.5% YoY, although this was taher.safieddine@jpmorgan.com

offset by a lower GPM (-30bps YoY) and higher SG&A spend resulting in a 5% J.P. Morgan Securities plc

decline in EBIT (margin -70bps YoY). In terms of segments, Tasheel delivered 7% Vardhman Chhajed

YoY growth in revenues, however, net profit declined 20% YoY as a result of a (91 22) 6157 5017

vardhman.v.chhajed@jpmchase.com

slowdown in loan book growth (flat QoQ) and pressure from higher operating J.P. Morgan India Private Limited

costs, while the retail segment reported revenue growth of 5% YoY and net profit

growth of 7% YoY as the slight decline in GPM (-40bps YoY) was offset by more

controlled SG&A spend. Taken together, the slight contraction in GPM at the group

level (-30bps YoY) was driven by some inflationary pressures within the retail

segment and a lower contribution from Tasheel to the overall mix, while the higher

opex spend was primarily driven by ongoing SG&A investments and credit

provisions at Tasheel, in our view. Overall, we see this as a weak print, with the

continued softness in the retail segment further exacerbated by the loan growth

slowdown and lower profitability within Tasheel.