JPM Europe Equity Research | Today’s Morning Meeting

Europe First to Market 18 August 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting Adyen (Sandeep Deshpande) (ADYEN NA, OW)

Beating guidance and share gains at key customers to help co. regain investor confidence. Maintain OW.

Adyen trading in the past few months has been characterized by unsupported thesis’ e.g. share loss to some competitor or another. We wrote that trading at the co.’s customers indicated that the co. was on track to meet or beat guidance - a hard sell given market apprehension from past results. As seen in the results last week, eventually if the co. can achieve guidance, investors should return. The stock has possibly one of the best track records - 3-yr/5-yr CAGR earnings growth of 19.3%/25.4%, among European companies. Competitors gaining some share at an Adyen customer does not mean Adyen is losing share, because Adyen does not have100% share at any customer. Competitor share gains would be at the expense of legacy PSPs. The announced wins at OpenAI and Toast show that Adyen can win share at leading companies such as these from leading edge competitors. Adyen's technology, infrastructure and global capabilities allow it to gain this share. What matters for the stock is for the co. to guide such that it can meet/beat the guidance, in which case these unsupported thesis’ will not find investor support. The recent results were one event to regain that credibility, in our view. More such events are required but given the co.’s tech stack, this is repeatable. Maintain our OW rating.

| Hemnet (Marcus Diebel) (HEM SS, OW)

Risk/reward turns - Listings are set to improve while valuation remains depressed — Upgrade to OW from UW, PT SEK 126

Hemnet shares have materially underperformed since we downgraded the name to UW from N in November 2025, down 42% YTD alone vs. +11% for MSCI Europe. We see this de-rating as driven by: (i) a broader sell-off across Online Classifieds amid renewed disintermediation concerns, but (ii) more importantly, also by evidence of continued market share losses in the Swedish property market. In 2025, the share of sold properties listed on Hemnet declined to ~82% versus ~90% in 2023 and 2024, as competitor Booli gained traction with a free-to-list proposition for home sellers, amplified by a weak Swedish housing market backdrop, with listings on Hemnet declining by c. 30% at peak declines in Q425/Q126). While we maintain a cautious view on the Classifieds sector overall—given the persistent AI/disintermediation debate and a still-nervous investor base (see our recent deep dive - Global Online Classifieds 2.0 here)—we believe Hemnet shares are now worth revisiting as we expect operational metrics to improve over the next 12 months , supported by traffic resilience over competitors (the latest data shows that Hemnet remains the #1 property portal in Sweden by traffic) and early positive read-through from the newly introduced “Sell first / pay later” model, which should reduce the relative attractiveness of competing offers. With ARPL growth still intact (+12.4% in Q2), we see improving listing trends—driven by gradually firmer housing data and rapidly easier comps over the coming quarters—as the key catalyst for changing investor perception and a corresponding re-rating closer to peers. In parallel, the revenue deferral from the timing shift in revenue recognition under “Sell first / pay later” should annualise from early 2027, improving reported growth optics further and (in our view) also driving small upgrades. On a growth-adjusted EV/

EMEA Equity Research AC Europe Equity Research ( August 2026 JPMORGAN

EBITDA basis, the shares screen as the cheapest in the peer group (currently 11.2x 27E EV/EBITDA for 17% EBITDA CAGR) and we increase our target valuation multiple to 14x EV/EBITDA (from 9x) for 2027, which we view as appropriate versus Classifieds peers, given Hemnet’s higher growth profile, and upgrade to OW with a SEK 126 price target, implying 23% upside potential.