## Marketcolour + Orbit Webcast Adyen Pandroa Stroeer Googl ##

Good Morning, US equities ended higher, with markets trading in tight ranges, as July CPI came largely in-line with expectations (market now pricing just ~40% chance of Sept hike): SPX +26bps to 7748 (9/11 sectors +ve, Real Estate +107bps, Cons Discretionary -140bps), NDX +74bps to 29,742, RTY +61bps to 3045. Pro-Momentum tilt yesterday +6%, driven by both Legs today (12m winners +4% / 12m losers -1.5%) with large re-risking in Semis / AI complex following better prints (CRWV +20%, LITE +13%, SMCI +19%) vs reversion in Software and Internet (-1%). In Europe, renewables (GSXERNEW +1.9%) and semis (GSSBSEMI +1.4%) doing the heavy lifting, while luxury (GSXELUXG -2.5%) and software (GSSBSFTW -2.4%) ended bottom of our leaderboard scores.

Interesting – crowded earnings reactions: We track T+0 performance for names flagged as crowded (longs 8+, shorts 3 or fewer). Across 204 names, the season-to-date equal weighted L/S spread is −14bps at a 53% hit rate - crowded shorts outperformed crowded longs (+0.40% vs. +0.26%). I have more on this...let me know.

What are HF doing? Great page to track portfolio updates: Link

GS Invite: Webcast on Orbit / Space (commercialization, geopolitical dynamics, valuation considerations and market mechanics) – Today 7.15 PM Link

Europe: We raised our 2026 STOXX Europe 600 EPS growth forecast to 15% (from 10%) given the strong Q2 earnings season and resilient economic backdrop. Link

Adyen: Q2 net revenue growth ex-FX was 22%, broadly in line with GIR and sell-side expectations of around 21.5% and at the high end of buyside expectations of 21.5–22%. EBITDA was 1% light, with the margin 1pp below Street expectations, seemingly driven by higher cost per head following recent hiring. EPS beat expectations, helped by financing income, while FCF was light due to higher compute costs. Guidance: Adyen reiterated its 20–22% organic net revenue growth guidance and now expects an additional 1pp contribution from recent deals, implying FY26 net revenue growth of 21–23% YoY on a constant-currency basis, including acquisitions completed on 1 July 2026. The company continues to target an EBITDA margin above 55% by 2028. (TY Sean)

Pandora: Beat after the close last night on multiple lines of the P&L. Q2 LFL +1% (consensus flat, buyside maybe a tad higher) driven by LatAm (+18% vs consensus 7%) but US also better at -1% (cons - 2%). GM beat helped by tariff refunds which drove half of the 33% EBIT beat (with the other half driven by phasing of marketing and to a lesser extent lower distribution expenses).

Stroeer (beats and reiterates): reported revenue 2% ahead, organic at 4.2% vs. street 2.7%. The beat driven by OOH Media and Digital & Dialog. The better growth dropping through to EBITDA that is 4%

ahead of street. With EBITDA margins inline. For 3Q25, Stroeer expects OOH revenue in mid-single digit % (vs. GSe at +5.6% organic growth). The company guided to Digital & Dialog revenues development broadly in line with 2Q (i.e. 17% reported, vs. GSe: +3.0% organic) and DaaS & E- Commerce revenue to decline low double digit (vs. GSe: +1.5%).

GOOGL: We believe Alphabet is shifting its emphasis toward its durable competitive advantages and positioning itself for the next phase of the AI narrative: a) distribution (across enterprise and consumer compute); b) monetization strategies; & c) scaled infrastructure).We remain highly convicted in our view of Alphabet as well positioned to capitalize on these trends in the coming decade, and we reiterate our Buy rating and PT of $435. Link

CAPEX: 2026 moved modestly (+$36B since season start). 2027 ~$125B jump now >$1T+ (33% growth) from $929B (23% growth).