Previews: 3rd August - 14th August

研报英文原文证据摘录

Previews: 3rd August - 14th August

UpdateAlphaSignalsMEarnings Preview

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

Travis Perkins PLC TPK.L

Like-for-like growth, adjusted operating

In-line Largely unchanged

profit

• We expect like-for-like growth slightly better sequentially in 2Q, partly driven by higher price pass-through.

• Consensus expects adjusted operating margin broadly stable yoy.

• No FY26 guidance; we look for any comments from management on FY26 consensus.

Adecco Group ADEN.S

2Q lfl growth, gross margin, 3Q outlook In-line Largely unchanged

• We expect continued organic growth momentum offset by gross margin deterioration, in line with peers and

management guidance.

• Leverage should remain relatively high due to seaonality and likely working capital drag on cash generation

• Adecco shares have been strong going into the print on positive read-across from peers' publication. We think

it raises the bar to generate upside from 2Q results.

Page Group PLC PAGE.L

Operating profit In-line Largely unchanged

• We expect limited surprise from Page Group 1H as the group already reported its trading update a few weeks

ago.

• While there is no reliable consensus at this pont, we think 1H operating profit should put the group on track to

reach £28m in FY26.

Ferguson Enterprises Inc FERG.N

Organic growth, operating margin, FY26

guidance

• We expect organic growth to be slightly stronger sequentially, supported by pricing.

• We expect operating margin -20bps yoy to 10.6% (consensus 10.6%).

• For FY26, Ferguson guides for L to MSD net sales growth, and adjusted operating margin of 9.4-9.8%.

ISS A/S ISS.CO

Organic growth, contribution from net

new, margin, FCF