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  "documentTitle": "Grocery profitability outlook –Europe",
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  "notes": "The slide uses a waterfall chart to show how negative trends erode EBITDA and how specific operational levers can recover it.",
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      "text": "Without bold countering measures the average hyper/supermarket's is set to fall below required EBITDA to cover renewal CAPEX",
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      "text": "Step-up private label quality, Improve store availability, Drive COGS reduction, Improve end-to-end productivity, Monetize Retail Media",
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      "text": "Grocers need to do a step change across a set of levers best fitted to value proposition and success to win. Above calculation does not yet include (one off) initial investments. Higher EBITDA improvement requires larger investment",
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      "text": "1. Ahold (NLD), Carrefour (FRA), Jerónimo Martins (PRT), Metro (DEU), Kesko (FIN), Sonae (PRT), Dino Polska (POL) | 2. Required renewal CAPEX is 1 – 2% EBITA margin, corresponding to ~4 – 5% EBITDA margin for hyper/supermarkets\nSource: McKinsey Value Intelligence",
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