The Point For CEEMEA

This report provides an update on CEEMEA markets, including company-specific downgrades, regional economic insights, and global thematic strategy views. Key highlights include outlook revisions for Eurocash and Spar Group, and policy expectations for the CNB and ECB.

Key Takeaways

• 1.Eurocash outlook cut; net loss expected in 2026 due to softer LFLs and network reductions.
• 2.Spar Group reported a significant EBIT miss in South Africa driven by higher operational costs (opex).
• 3.Expectation of a 25bp 'preventive' rate hike by the Czech National Bank (CNB) in June.

Table of Contents

• Top Call
• South Africa
• Emerging Europe
• Must Read
• Sector
• Artificial Intelligence - Citi's Inference Ahead - Rationing Comes for Us All
• Global Sporting Goods - Data highlight broadly stable momentum across brands
• Global Theme Machine - AI and Industrial Themes Extend Their Lead
• Strategy & Economics
• CEEMEA – Forthcoming Corporate Access