Citi The Point for Europe Tuesday,

The Point for Europe Tuesday, 11 August 2026

Top Call | Company | Industry | Strategy & Economics | Key Rating and Target Price Changes

Top Call Kingspan (KSP.I) - Earnings growth entering Hyper(scaler)drive, TP to 133.5€ Must Read Kingspan was our counter-consensual top pick for ’26 and after the big ‘beat & raise’ in 1H’26, we raise TP to €133.5. ADVNSYS division is capitalizing on the AI Global Economic Outlook & Strategy - Renewed Uncertainties—But and data-centre investment cycle, and we now forecast €600m in EBITDA by ‘28, Continued Resilience years ahead of company’s previous guidance. Our ‘27E trading profit forecast is up by 15.2%, significantly above consensus but we think consensus will catch up quickly. Our new TP is based on equally-weighted SOTP and DCF valuations, which we believe better capture the value of the high-growth ADVNSYS segment. Despite the +18% share price move on the results day, the earnings upgrades imply the multiples are largely unchanged and current 11.7x EV/EBITDA and 18.0x PE (‘27E) suggest 21-27% upside to 10-yr average multiples. KSP has suspended its buyback programme to provide balance sheet firepower for even faster growth. Ephrem Ravi | Omnath P Sinh

Western Europe Apparel & Footwear - Key takeaways: Global Sportswear Call - Implications for ADS/PUM from China Distributor Feedback We highlight key takeaways from our Global Sportswear Call this morning, covering the implications for ADS/PUM. Last week, our colleague Xiaopo Wei (Head of China Research & Head of Asia Consumer Research) hosted a call with a China NKE distributor – Ms Lily Liu. We caught up with Xiaopo this morning top to consider read-across for ADS/PUM in the region. Monique Pollard | Elizabeth Moore | Vandita Sood | Jamie Bass

JD Sports Fashion PLC (JD.L) - 2Q27e preview: We forecast 2Q27e group LFL of - 1.9%, driven by APAC Updating ahead of 2Q27 (20-Aug). FY27e sales/PBT +0%/-1%. FY27e group LFL forecast trimmed to -1.8% (prev.-1.7%, VA cons.-1.7%). Within this we adjust our regional assumptions with lowered growth in Europe (FY27e LFL -60bps to -2.8% vs. cons.-2.1%) offset by higher APAC (+120bps to +1.6% vs. cons.+3.2%), and NAM, to a lesser extent (+10bps to -0.4% vs. cons.-0.5%). We now see 2Q27e group LFL of -1.9% (cons.-1.7%) and org growth of +1% (cons.+1.2%). We model 1H27e gross margin -70bps YoY to 46.3% (cons. 46.8%), assuming slightly elevated promotional levels amid a challenging market backdrop (albeit we expect JD will continue to limit participation in discounting). Our FY27e PBT forecast -1% to £785m (cons. £781m, guidance £750-850m). Note, we assume no material _ impact from tariff refunds/lower rates for JD given own label represents a small _

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proportion of group sales. On these changes our FY27e/28e EPS -1%/-0%; Neutral, unchanged 83p TP. Monique Pollard | Elizabeth Moore | Vandita Sood | Jamie Bass

Company Wolters Kluwer NV (WLSNc.AS) - Margin profile in focus post H1 We reiterate our Buy rating on Wolters Kluwer, as we believe the significant de- rating on AI uncertainty presents an attractive risk/reward. Following the H1 results, our FY26E forecasts are largely unchanged and the market's focus is likely to be on the margin profile; management is increasing investment but, in our view, remains committed to margin improvement from 2027 onwards. With shares trading at c11x FY27E P/E, our €99 target price is unchanged. Ciaran Donnelly

GEA Group (G1AG.DE) - 2Q26 Results: Solid Margin, Base Orders, FCF GEA reported 2Q26 results - Incremental from pre-release/guide upgrade July 22 (here) is info on orders/end-market trends/cash flow. Larger orders at EUR 34m (dairy processing/NPE), thus group base orders up 12.6% yoy vs our estimate of +10% at the time of the pre-release (we had somewhat higher larger orders) and interestingly sees NPE base orders growing at a very strong rate (>30% yoy, >35% qoq) driven by both dairy processing/pharma. These orders we think are still longer lead times than in PFP (2Q beat vs Street drove the FY26 guide upgrade, longer- lead time base orders supporting growth also into…