Ac t i o n | 28 Jul 2026 00:00:00 ET │ 25 pages Admiral Group (ADML.L) Boiling the Frog – Upgrade to Buy CITI'S TAKE Europe to turn a corner — Admiral's operations in Spain, Italy and France have been slow to deliver. A recent profit target called for doubling non-UK motor profit 2025- 28. Inflation shocks and a complicated post-Covid environment should now be behind it, and we expect Italy in particular to show improving momentum. The IP in these countries should be significant now and the earnings contrib ...