Talking Shop: Tesco leads from the front; Suedzucker 1H27; Nomad CMD

A week of heavy newsflow in UK grocery, particularly around the prospect of consolidation within the space, ended with comfortable familiarity: a solid performance from Tesco, reinforcing its position as the market leader and, from a credit point-of-view, demonstrating continued balance sheet strength despite price investment and an upsized share buyback. Tesco F1H27 results showcased the market leader's strength in profit and FCF generation and allowed for an increase of the bottom end of the FY27 EBIT guidance range; net leverage of 2.0x stands significantly below the 2.3x-to-2.8x guidance corridor, and Tesco announced an increase in its 2026 share repo program (+£200m to £950m this year). Suedzucker posted F1H27 results;