Q2 26 First Take: Smartphones lead the show again, driving solid YoY growth and beat to consensus

研报英文原文证据摘录

Q2 26 First Take: Smartphones lead the show again, driving solid YoY growth and beat to consensus

J P M O R G A N CEEMEA Equity Research

15 July 2026

Jarir Neutral

4190.SE, JARIR AB

Q2 26 First Take: Smartphones lead the show again, Price (14 Jul 26):SRls17.85

driving solid YoY growth and beat to consensus

MENA Consumer and Real Estate

Our Take: Jarir reported preliminary Q2 26 results with net profit of SAR 236m, Taher Safieddine, CFA AC

up 19% YoY but down 7% QoQ while beating BBG consensus by 14%. This strong (971) 4428-1654

delivery, after a solid P&L performance in Q4 25 and Q1 26, is driven by top-line taher.safieddine@jpmorgan.com

growth (+7% YoY) on another successful smartphone season and gross margin J.P. Morgan Securities plc

expansion (+170bps YoY) on better sales mix and lower pace of discounts within Vardhman Chhajed

the electronics segment. As per our discussions with management, sales of the new (91 22) 6157 5017

vardhman.v.chhajed@jpmchase.com

iPhone 17 model continued to provide strong support to the top line in Q2 26, J.P. Morgan India Private Limited

amidst some supply scarcity in the market and healthy underlying demand (similar

to the trends seen in Q4 25 / Q1 26). Importantly, this +7% YoY sales growth in Q2

26 implies a better delivery vs. eXtra, which reported 5% YoY growth in its retail

revenues during the quarter. EBIT growth stood at 16% YoY (margin +70bps

YoY), slower than the 24% YoY growth in GP on the back of higher SG&A spend

and lower other income. All in, Jarir reported a solid print with Q2 26 YoY growth

of 7% in sales, 24% in GP, 16% in EBIT and 19% at EPS level. Beyond these

results, we will watch out for management commentary on the sustainability of this

strong top-line momentum into the coming quarters and margin trajectory. The