C A Z E N O V E Europe Equity Research 15 July 2026 B&M Closing the gap won't be linear Our Take: B&M 1Q trading came in below expectations with UK LFLs at -2.3% (vs JPMe +0.5%/cons -1.3% ), dragged in part by seasonality (soft garden season in the context of high April base ly), partially offset by GM categories returning to growth in May and June. There continues to be no outlook/guidance as expected, to be provided with the interims in November as previously flagged. Management note GM trading margins to ...

15 July 2026 | 2:34AM EDT Equity Research Within our coverage, we see Walmex (Buy) outperforming ANTAD self-service peers despite below-inflation SSS, while TBBB (Neutral) should continue to stand out, reflecting its maturing store base and broadening category portfolio. In our view, Soriana (Sell) is likely to continue to underperform peers, despite its defensive positioning. We expect Liverpool (Neutral) to post relatively muted sales growth, given its exposure to more discretionary consumption. Walmex (B ...