Pepco Group NV (PCOP.WA): Summary of 3Q26 Management Call

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Pepco Group NV (PCOP.WA): Summary of 3Q26 Management Call

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09 Jul 2026 06:46:44 ET │ 11 pages

Pepco Group NV (PCOP.WA)

Summary of 3Q26 Management Call

CITI'S TAKE

Buy Below please find a short summary of our key takeaways from the 3Q26

management call. Price (08 Jul 26 17:00) Zl36.50

Target price Zl40.00

Strategic transformation and margins - Profitability was the central theme of the Expected share price return 9.6%

call. The company upgraded full-year gross margin guidance to ~51%, driven by the Expected dividend yield 1.2%

exit from FMCG products and focus on higher-margin clothing and general Expected total return 10.7%

merchandise. This is also amplified by external tailwinds, including favorable FX, Market Cap Zl21,077M

efficiencies in the supply chain, and advantageous "ex-works" pricing from China- US$5,675M

based suppliers who have spare capacity. Management confirmed they have

secured "very favorable" shipping contracts for the next year. The strategic

transformation is now considered complete, allowing the company to focus on its

core growth pillars. Rafal Wiatr, CFAAC

+48-22-690-3757

rafal.wiatr@citi.com

Overall competition - Management stated that overlap with other market

participants is not a concern because Pepco is "able to operate in much smaller

catchment areas" where the larger, integrated players typically do not operate.

Management does not see a material negative impact from cross-border online

competitors like Temu or Shein on store visiting frequency and basket sizes (as

Pepco offers a different shopping journey and value proposition). On the digital

front, they confirmed the app in Poland is showing "stronger engagement levels,"

with the share of sales through the app continuously increasing . They plan to