European Morning Research Summary

This report provides a summary of Barclays Equity Research updates covering European basic industries, technology, energy, and retail. Key themes include industrial consolidation in food delivery, sector-specific performance in UK/European retail, and strategic shifts in European Telecom.

Key Takeaways

• 1.Chinese industrial competition remains a longer-term opportunity for distributors in the basic industries sector.
• 2.The global food delivery industry is experiencing a trend of consolidation in 2026, driven by recent news such as the UBER-DHER developments.

Table of Contents

• Summary of Changes
• Publications Summary
• Basic Industries
• Symrise: Key takeaways from Holzminden
• European Chemicals & Ingredients
• European Consumer Staples: The Future of Consumer Health: Growing Pains - Slide Deck
• Energy
• Tullow Oil Plc.: Operational momentum continues
• European Integrated Energy
• Workspace: Execution risk remains high; expect earnings to decline through FY28E
• European Medical Technology & Services: Hearing Aids VA Tracker: May
• Capital Goods: China Industrial Trip – Day 3
• Global Aerospace: NB Fleet Availability Trends: GTF vs. LEAP engine
• Global Aerospace: Tracking Engine Flight Hours
• Trustpilot: (Trust)pilot mode: Initiate at OW
• EMEA Internet
• Global Food Delivery: Consolidation A Key Theme Again In '26
• Pennon Group: FY25/26 Results: New CEO, new start
• European Utilities & Clean Energy
• Frasers Group: Cash offer for Hugo Boss at €38, but only a c4% premium
• European Retail: Weather tracker (May) – Late heatwave to boost seasonal demand
• RevPAR Weekly: Middle East negative after Hajj; US solid; Europe and APAC mixed
• ASM International N.V.: Tailwinds increasing – PT up to €1200
• Vodafone/ Vodacom: Downgrade Vodafone to EW on Germany outlook