伯恩斯坦-智能体时代：从我们首届代理式商业日中获得的洞察-The Age of Agents：Insights from our Inaugural Agentic Commerce Day-20260401

on02-Apr-2026

SeetheDisclosureAppendixofthisreportforrequireddisclosures,analystcertificationsandotherimportantinformation.Alternatively,visitourGlobalResearchDisclosureWebsite.

FirstPublished:01Apr202616:22UTCCompletionDate:01Apr202616:22UTC

1April2026

Payments,InternetandRetail

TheAgeofAgents:InsightsfromourInauguralAgenticCommerceDay

HarshitaRawat,CFA

+19173448485

harshita.rawat@

NikhilDevnani,CFA

+19173448425

nikhil.devnani@

AneeshaSherman

+19173448457

aneesha.sherman@

ZhihanMa,CFA

+19173448303

zhihan.ma@

MarkShmulik

+19173448508

mark.shmulik@

ViolaChen

+19173448614

viola.chen@

SimranRatani

+19173448329

simran.ratani@

NathanGee

+19173448573

nathan.gee@

JessicaTian

+19173448413

jessica.tian@

JedHodulik

+19173448594

jed.hodulik@

JeremyMiles,CFA

+19173448370

es@

WenhuanChang

+19173448546

wenhuan.chang@

DeekshaPandey

+19173448447

deeksha.pandey@

WehostedourinauguralAgenticDayinNewYorklastweek.Thisnotecontainsourcross-sectortakeawaysfromtheevent.

SpeakersincludedFionaTan,CTOatWayfair,SherriHaymond,EVPforGlobalDigital

CommercializationatMastercard,MaxZevin,ManagingDirector&PartneratBCG,Casey

Carl,FormerEVPandChiefOmniStrategyandeCommerceatWalmart,ChiefMarketing

OfficeratGLD,ChrisWichert,FounderandformerCEOofKoio,MatthewEberhart,and

RichardBtaiche,ProductLeadatPaxos.KeyTakeaways:

Agenticcommerceisverymuchintheiterativephasewithproductmarketfit-

andnotreadytotakeoverthefull(andoftenasynchronous)shoppingjourneysyet.ConsumersareincreasinglyusingAItoolsfordiscovery,butnotyettransacting–theyhavemaintainedrelationshipswiththeirfavoritemarketplacesandretailers.Under1%ofwebtrafficcanbeattributedtoreferralsfromAIchatbotstodayforthelargestplayers,thoughit’sashighas10%fortheDTCbrandswehosted.ThegrandvisionaroundAgents

buyingonourbehalfisincreasinglylookingabitfarout,especiallyformediumtohighconsiderationcategories.Instead,wehadalotofdiscussionsaboutAI-enhanced/conversationalcommerceexperiencesandimprovedproductdiscoverybothonleadingAIapps(e.g.,ChatGPTandGemini)aswellasonmerchants’ownedandoperatedproperties(e.g.,WayfairbuildingoutanAI-assistedshoppingexperience).

OpenAI’sevolvingplaybook(includingrecentabandonmentofInstantCheckout)

highlightsthedifficultyofchangingconsumerbehavior,theimportanceof

integrations/underlyinginfrastructure,andchallengeswithcheckout(e.g.,on

conversion,real-timepricing,post-purchase,syncingofmerchantcatalogs&inventory,

fulfillmentandmulti-basket).Google’sshoppinggraphgivesitabetterstartingpointinthatregard.Automationcouldbetherealunlockinthecustomervaluepropositionthatdrivesbehaviortochange.However,astheconversationhastiltedtowards‘discovery’,thefuturisticscenarioofdelegatedAgent-to-Merchanttransactionsfeelsfurtheroutfornow.

Merchants,however,arepreparing—thebigchallengesaretechstackand

payments.BCGnotedthatmerchantsarereallytakingnote–70%ofthemerchantstheysurveyedarealreadyworkingonAgenticCommercediscovery.Theyexpectthattoriseto90%.Formerchants,it’scriticalthatcatalogsarewellmaintained,current,andfeedinto

theshoppingexperiencesonChatGPT/Gemini.MuchofthesametraitsthatdriveSEO

appeartobedeterminingGEO,andtheleadingretailersarealsousingAItoolstofurther

enhanceandoptimizetheirlistings(e.g.,betterimaging,betterproductdescriptions,etc.).Integrationswithpromotionsandrewardsprogramsareneededtoscaletheseofferingssuccessfully.AdditionalareaswhereAIisdrivingROIalreadyisonmarketingefficiencyandcustomersupport.Onthepaymentsside,alotofdiscussionaroundriskandliabilitiesifanAgentismakingrecommendationsorbuyingonyourbehalf–it’sahugechallenge.

Continuedonnextpage...

on02-Apr-2026

HarshitaRawat,CFA+19173448485

harshita.rawat@

1April2026

Questionsraisedaboutscaleandbrandvalue.Largeenterprisesandleading

marketplaceshavethecapacityandtalenttobuild/integratedirectlywiththeleadingAIlabs(e.g.,WayfairpartneredwithGeminitolaunchUCP,AmazonlaunchedRufus).

Elsewhere,Shopifyisbringingalongthelongtail.It’sreallymid-marketthatisfalling

behind.ThereisalsodebateaboutthevalueofabrandinanAIworld,consideringbrandsareoftenshorthanddeterminationsfortrustbuilding,andAItoolscansurfaceabroaderarrayofmerchandiseacrossmorevectors.Tothatend,DTCbrandsstandtobenefitin

theshort-termasAImakestheirproductsmorediscoverable,particularlywithintheir

respectiveniches.Longer-termhowever,we’dexpectlargerbrandstocatchup,and

superiorfulfillmentnetworksandpricingpowergivethemanedgewhenitcomestoGEO,trafficgeneration,andbuildingsuperiorAI-enhancedshoppingexperiences.

Horizontalvs.VerticalAIexperiences.AstheleadingAIlabstinkerwitheCommerce

experiences,theleadingmarketplacesarelaunchingtheirownofferings.We’vealready

seenAmazondeployRufus,andweexpectothermarketplacestomimicthisstrategy(e.g.,ZillowheldanAIday,Instacartisbuildingagroceryassistant).Theopen-endedquestion

isnowaroundconsumeruptakebetweenahorizontalexperiencethatcantheoreticallydomanythings(soundsgreatonpaper)vs.averticalexperiencethatcomeswithmorecontext,data,moreseamlesscheckoutetc.Wayfairmadethepointthatcategorieslikefurniture

aresoemotiveandvisualthatconsumerswillultimatelywanttobrowse,anditshouldbeabletoofferconsumersthebestexperienceforthecategoryconsideringitsknowledgebaseandalltheinformationconsumersareprovidingwithlongerqueries.Inthelong-run,perhapsAgent-to-Agentinteractionsshapetheseexperiences.

Addollarstofollowsearch?Partofthereasoninvestorsaresofocusedonwhere

searchbehaviororiginatesisbecauseofthehigh-marginretailmediadollarsthatunderpinmarketplaceeconomics.Hence,ifAI-assistedshoppingexperiencesprovetobemore

valueenhancingandhabituatingthandisruptive,theleadingmarketplacesshoulddowelltoretainadbudgets.Querieswillencompassmoreintentandcontexttorefinesearch

results,andthatshouldsupportconversionratesaswell.Furthermore,theseexperiencescouldexpandthepieforeCommerceandretailmediadollarsatlarge(akintoAmazonandGooglebothgrowingproductsearch).Butthisdynamicissomewhatcontingentuponhowconsumerbehavior/trafficevolves.Foromnichannelretailers,theremaybeopportunitiestogrowin-storeretailmedia,leveragingAIcapabilitiestotailorthemessagingbasedontimeofthedayandseasonality.

BullishforVisa/Mastercard–Agentic=ApplePaymoment?AgenticCommerce=potentiallymoretransactionsandmoretokens/VASaroundsecurity,consent,

programmability,disputemanagement.Giventhecomplexitiesaroundintent,dispute,audittrail,identity,authentication,100%ofAgentictransactionswilllikelybetokenized.

TheentireecosystemwithGoogle,OpenAI,Stripe,merchantskindofrecognizedthattheyneedstandardsaroundliabilityandrisk–andthenetworksarethebestpositionedhere–thecommonstandardsetter.Notably,StriperecentlyexpandedSPTstoenableaccesstonetwork-ledagenticcapabilities.ThenetworksthemselveshaveadoptedtheirtokensfortheAgenticworld–andtheymaygetricherdata,whichcouldbequitevaluableforVAS.

Stablecoinswasalsoatopicofdiscussion–wearegettingtoapointwherethecryptoandstablecoinworldagreesthatforconsumer-to-businessuse-casesinAgenticor

otherwise–cardsincludingstablecoin-linkedcardsarethewaytogo.Agenticmachine

payments(e.g.,microtransactions)areinveryearlyinningswithuntestedbusinessmodelsandthenetworkshavearighttoplayhere.Similartowhatwesaw5-10yrsagowith

fintechs,newpartnershipapproachisnowdevelopingbetweenthestablecoinprovidersandV/MA.Cardsbringacceptance,standards,andmonetizationmodelsforStablecoins.Alotmoreworkishappeningontheinfrastructure(e.g.,settlement)andorchestration(e.g.,on/offramps)layeraroundStablecoinsparticularlyinB2B,B2CandP2Pflows.

PAYMENTS,INTERNETANDRETAILBERNSTEINlsocIeTecENeRAlECROUP2

on02-Apr-2026

PAYMENTS,INTERNETANDRETAILBERNSTEINlsocIeTecENeRAlECROUP3

HarshitaRawat,CFA+19173448485

harshita.rawat@

1April2026

INVESTMENTIMPLICATIONS

InUSPayments,werateV,MA,Adyen,TOST,XYZOP.WerateFISV,FIS,GPN,PYPLandKLARMP.

InUSApparel&SpecialtyRetail,werateNKE,ADS,ONON,TJX,BURL,andTPROutperform,andwerateLULU,CPRI,ROST,PTON,andSFIXMarket-Perform.WerateDECKUnderperform.InUSEmergingInternet,werateWMarket-Perform.

PLEASESEELINKSTOOURPREVIOUSNOTEFROMTHISSERIES:

•Visa,Mastercard:Payments-ocalypse,willAIdoomthenetworks?(March2026)

•TheAgeofAgents:Agenticshoppingandthefutureofretailmedia(January2026)

•TheAgeofAgents:OnlinetravelandAgenticAI-howwillitshakeuptraveldistribution?(January2026)

•TheAgeofAgents:Greenshootsemerge,butalongwaytogoonAgenticCommercedisruption(December2025)

•TheAgeofAgents:Howdoesitchangecommerceandhowwepay?(December2025)

PAYMENTS,INTERNETANDRETAILBERNSTEINlsocIeTecENeRAlECROUP4

HarshitaRawat,CFA+19173448485

harshita.rawat@

1April2026

BERNSTEINTICKERTABLE

31Mar

2026

TTM

AdjustedEPSAdjustedP/E(x)

Ticker

Rating

Cur

Closing Price

Price

Target

Rel.

Perf.

Cur

2025A2026E2027E

2025A2026E2027E

ADYEY(Adyen)

O

USD

9.97

18.63

(50.6)%

USD

0.370.460.5527.221.918.0

ADYEN.NA(Adyen)

O

EUR

863.70

1,600.00

(46.8)%

EUR

33.6241.6950.7825.720.717.0

XYZ(BlockInc)

O

USD

60.18

85.00

(7.7)%

USD

3,0293,4674,60112.210.78.0

FIS(FIS)

M

USD

46.91

73.00

(53.4)%

USD

5.225.776.339.08.17.4

FI(Fiserv)

M

USD

55.80

76.00

(91.2)%

USD

8.648.138.916.56.96.3

GPN(GlobalPayments)

M

USD

67.30

86.00

(48.0)%

USD

12.2213.8216.205.54.94.2

KLAR(Klarna)

M

USD

13.09

20.00

NA

USD

(0.72)(0.17)0.51(18.3)(78.0)25.7

MA(Mastercard)

O

USD

499.66

710.00

(25.2)%

USD

17.0119.4122.4629.425.722.2

PYPL(PayPal)

M

USD

45.23

45.00

(47.9)%

USD

5.315.245.358.58.68.5

TOST(Toast)

O

USD

26.51

39.00

(39.0)%

USD

633.00785.37977.0021.617.414.0

V(Visa)

O

USD

302.24

450.00

(29.1)%

USD

11.4713.0614.8226.423.220.4

NKE(Nike)

O

USD

52.82

80.00

(34.8)%

USD

2.161.512.2324.435.023.6

ADS.GR(adidas)

O

EUR

138.80

255.00

(46.1)%

EUR

7.469.7112.7818.614.310.9

ADDYY(adidas)

O

USD

80.19

137.91

(50.0)%

USD

4.185.827.6719.213.810.5

LULU(Lululemon)

M

USD

153.10

180.00

(61.6)%

USD

13.2612.9614.8511.511.810.3

ONON(OnHolding)

O

USD

34.02

70.00

(26.1)%

CHF

0.801.451.8433.918.714.7

DECK(Deckers)

U

USD

100.09

90.00

(28.0)%

USD

6.336.806.9110.09.610.1

TPR(Tapestry)

O

USD

141.11

170.00

77.3%

USD

5.106.547.3527.721.619.2

CPRI(CapriHoldings)

M

USD

17.62

24.00

(25.3)%

USD

(3.77)1.411.96(4.7)12.59.0

TJX(TJX)

O

USD

159.70

175.00

13.8%

USD

4.875.296.0032.830.226.6

ROST(Ross)

M

USD

216.63

200.00

51.5%

USD

6.617.307.9632.829.727.2

BURL(Burlington)

O

USD

325.38

365.00

17.7%

USD

9.7611.9614.5733.327.222.3

PTON(Peleton)

M

USD

4.29

6.00

(47.4)%

USD

(0.30)0.050.28(14.1)82.515.5

SFIX(StitchFix)

M

USD

3.31

6.00

(16.6)%

USD

(0.22)(0.15)(0.07)(14.8)(21.5)(45.4)

W(Wayfair)

M

USD

75.21

100.00

119.1%

USD

2.523.104.1329.824.318.2

META(Meta)

O

USD

572.13

900.00

(18.7)%

USD

23.4930.8737.1524.418.515.4

GOOGL(Alphabet)

M

USD

287.56

345.00

66.7%

USD

10.8111.9413.7526.624.120.9

AMZN(Amazon)

O

USD

208.27

265.00

(8.0)%

USD

7.177.6210.3429.027.320.1

EBAY(eBay)

M

USD

91.02

95.00

17.9%

USD

5.525.886.2516.515.514.6

ETSY(Etsy)

M

USD

49.98

60.00

(13.3)%

USD

4.805.586.4910.49.07.7

DASH(DoorDash)

O

USD

150.15

270.00

(34.0)%

USD

5.085.487.7829.527.419.3

ZG(Zillow)

O

USD

41.39

85.00

(55.5)%

USD

1.652.233.2125.118.512.9

UBER(Uber)

O

USD

71.93

110.00

(17.8)%

USD

2.453.254.2229.322.117.0

LYFT(Lyft)

M

USD

13.30

18.00

(7.6)%

USD

1.311.551.7410.28.67.6

SPX

6,528.52

EDME

1,447.16

O-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSuspended

XYZ,TOSTestimateisEBITDA(M);NKE,ADS.GR,ADDYY,TJX,ROST,PTON,SFIX,META,GOOGL,AMZNestimateisReportedEPS;XYZ,TOST,DECKvaluationisEV/EBITDA(x);NKE,ADS.GR,ADDYY,TJX,ROST,PTON,SFIX,META,GOOGL,AMZNvaluationisReportedP/E(x);XYZ,FISbaseyearis2024;

Source:Bloomberg,Bernsteinestimatesandanalysis.

on02-Apr-2026

PAYMENTS,INTERNETANDRETAILBERNSTEINlsocIeTecENeRAlECROUP5

HarshitaRawat,CFA+19173448485

harshita.rawat@

1April2026

DISCLOSUREAPPENDIX

I.REQUIREDDISCLOSURES

Referencesto"Bernstein"orthe“Firm”inthesedisclosuresrelatetothefollowingentities:BernsteinInstitutionalServicesLLC(April1,2024onwards),SanfordC.Bernstein&Co.,LLC(preApril1,2024),BernsteinAutonomousLLP,BSGFranceS.A.(April1,2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司,SanfordC.Bernstein(Canada)Limited,Sanford

C.Bernstein(India)PrivateLimited(SEBIregistrationno.INH000006378),SanfordC.Bernstein(Singapore)PrivateLimited,

SanfordC.BernsteinJapanKK(サンフォード・C・バーンスタイン株式会社)andanalystsemployedbySociétéGénérale

AfricaTechnologies&ServicestoproduceBernsteinresearchunderaGlobalServicesAgreementinplacebetweenBernstein

andSociétéGénérale.

BernsteinispartofajointventurebetweenSociétéGénérale(SG)andAllianceBernstein,L.P.(AB).Unlessspecificallynotedotherwise,forpurposesofthesedisclosures,referencestoBernstein’s“affiliates”relatetobothSGandABandtheirrespectiveaffiliates.

VALUATIONMETHODOLOGY

Thisresearchpublicationcoverssixormorecompanies.Forvaluationmethodologyandothercompanydisclosures:Pleasevisit:

/sellside/Disclosures.action

.

Or,youcanalsowritetotheDirectorofCompliance,BernsteinInstitutionalServicesLLC,245ParkAvenue,NewYork,NY10167.

RISKS

Thisresearchpublicationcoverssixormorecompanies.Forrisksandothercompanydisclosures:

Pleasevisit:

/sellside/Disclosures.action

.

Or,youcanalsowritetotheDirectorofCompliance,BernsteinInstitutionalServicesLLC,245ParkAvenue,NewYork,NY10167.

AnassociatecontributingtothisreporthasafinancialinterestintheequityordebtsecuritiesofMetaPlatformsInc..

AnassociatecontributingtothisreporthasafinancialinterestintheequityordebtsecuritiesofAlphabetInc.

AnassociatecontributingtothisreporthasafinancialinterestintheequityordebtsecuritiesofAmazon.ComInc.

RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION

EQUITYRATINGSDEFINITIONS

Bernsteinbrand

TheBernsteinbrandratesstocksbasedonforecastsofrelativeperformanceforthenext12monthsversustheS&P500forstockslistedontheU.S.andCanadianexchanges,versustheBloombergEuropeDevelopedMarketsLargeandMidCapPriceReturnIndexEUR(EDME)forstockslistedontheEuropeanexchangesandemergingmarketsexchangesoutsideoftheAsiaPacificregion,versustheBloombergJapanLargeandMidCapPriceReturnIndexUSD(JPL)forstockslistedontheJapaneseexchanges,andversustheBloombergAsiaex-JapanLargeandMidCapPriceReturnIndex(ASIAX)forstockslistedontheAsian(ex-Japan)exchanges-unlessotherwisespecified.

TheBernsteinbrandhasthreecategoriesofratings:

•Outperform:Stockwilloutpacethemarketindexbymorethan15pp

•Market-Perform:Stockwillperforminlinewiththemarketindextowithin+/-15pp

•Underperform:Stockwilltrailtheperformanceofthemarketindexbymorethan15pp

CoverageSuspended:CoverageofacompanyundertheBernsteinresearchbrandhasbeensuspended.Ratingsandpricetargetsaresuspendedtemporarily,arenolongercurrent,andshouldthereforenotbereliedupon.

NotRated:Aratingassignedwhenthestockcannotbeaccuratelyvalued,ortheperformanceofthecompanyaccuratelypredicted,atthepresenttime.Thecoveringanalystmaycontinuetopublishresearchreportsonthecompanytoupdateinvestorsoneventsanddevelopments.

PAYMENTS,INTERNETANDRETAILBERNSTEINlsocIeTecENeRAlECROUP6

HarshitaRawat,CFA+19173448485

harshita.rawat@

1April2026

NotCovered(NC)denotescompaniesthatarenotundercoverage.

Bernsteinbrandstockratingsarebasedona12-monthtimehorizon.

Autonomousbrand–commonstocks

TheAutonomousbrandratescommonstocksasindicatedbelow.AsourbenchmarksweusetheBloombergEurope500BanksAndFinancialServicesIndex(BEBANKS)andBloombergEuropeDevMktFinancialsLargeandMidCapPriceRetIndexEUR(EDMFI)indexfordevelopedEuropeanbanksandPayments,theBloombergEurope500InsuranceIndex(BEINSUR)forEuropeaninsurers,theS&P500andS&PFinancialsforUSbanksandPaymentscoverage,S5LIFEforUSInsurance,theS&PInsuranceSelectIndustry(SPSIINS)forUSNon-LifeInsurerscoverage,andtheBloombergEmergingMarketsFinancialsLarge,MidandSmallCapPriceReturnIndex(EMLSF)foremergingmarketbanksandinsurersandPayments.Ratingsarestatedrelativetothesector(notthemarket).

TheAutonomousbrandhasthreecategoriesofcommonstockratings:

•Outperform(OP):Stockwilloutpacetherelevantindexbymorethan10pp

•Neutral(N):Stockwillperforminlinewiththemarketindextowithin+/-10pp

•Underperform(UP):Stockwilltrailtheperformanceoftherelevantindexbymorethan10pp

CoverageSuspended:CoverageofacompanyundertheAutonomousresearchbrandhasbeensuspended.Ratingsandpricetargetsaresuspendedtemporarily,arenolongercurrent,andshouldthereforenotbereliedupon.

NotRated:Aratingassignedwhenthestockcannotbeaccuratelyvalued,ortheperformanceofthecompanyaccuratelypredicted,atthepresenttime.Thecoveringanalystmaycontinuetopublishresearchreportsonthecompanytoupdateinvestorsoneventsanddevelopments.

Thosedenotedas‘Feature’(e.g.,FeatureOutperformFOP,FeatureUnderOutperformFUP)areourcoreideas.

NotCovered(NC)denotescompaniesthatarenotundercoverage.

Autonomousbrandcommonstockratingsarebasedona12-monthtimehorizon.

Autonomousbrand–preferredstocks

TheAutonomousbrandhasthreecategoriesofpreferredstockratings:

•Outperform(OP):Thetotalreturnofthepreferredinstrumentisexpectedtooutperformpreferredsecuritiesofotherissuersoperatinginsimilarsectorsorratingcategoriesoverthenextsixmonths.

•Neutral(N):Thetotalreturnofthepreferredinstrumentisexpectedtoperforminlinewithpreferredsecuritiesofotherissuersoperatinginsimilarsectorsorratingcategoriesoverthenextsixmonths.

•Underperform(UP):Thetotalreturnofthepreferredinstrumentisexpectedtounderperformpreferredsecuritiesofotherissuersoperatinginsimilarsectorsorratingcategoriesoverthenextsixmonths.

Autonomouspreferredstockratingsarebasedona6-monthtimehorizon.

AUTONOMOUSCREDITRESEARCH

Wherethisreportcontainsinvestmentrecommendationsforcreditinstruments,asdefinedinarticle3(1)(35)oftheMarketAbuseRegulation,theinformationbelowispresentedtocomplywithitsdisclosurerequirements.

Thereportmayalsoincludereference(s)topublishedopinionsbyotherAutonomousorBernsteinanalystscoveringtheequitysecuritiesoftheissuer(s)referencedherein.Pleasenoteaninvestmentrecommendationforcreditinstrumentspublishedbytheauthor(s)ofthisreportmaydifferfromthepublishedviewoftheanalystcoveringequitysecuritiesfortheissuer(s)containedinthisreportandviceversa.

CREDITRATINGSDEFINITIONS

PAYMENTS,INTERNETANDRETAILBERNSTEINlsocIeTecENeRAlECROUP7

HarshitaRawat,CFA+19173448485

harshita.rawat@

1April2026

TheAutonomousbrandhasthreecategoriesofcreditratings:

•CreditOutperform(C-OP):ThetotalreturnoftheReferenceCreditInstrumentisexpectedtooutperformthecreditspreadofbondsofotherissuersoperatinginsimilarsectorsorratingcategoriesoverthenextsixmonths.

•CreditNeutral(C-N):ThetotalreturnoftheReferenceCreditInstrumentisexpectedtoperforminlinewiththecreditspreadofbondsofotherissuersoperatinginsimilarsectorsorratingcategoriesoverthenextsixmonths.

•CreditUnderperform(C-UP):ThetotalreturnoftheReferenceCreditInstrumentisexpectedtounderperformthecreditspreadofbondsofotherissuersoperatinginsimilarsectorsorratingcategoriesoverthenextsixmonths.

Autonomouscreditratingsarebasedona6-monthtimehorizon.

Alistofallinvestmentrecommendationsproducedbytheauthor(s)ofthisreportalongsidecreditratingshistoryareavailableuponrequest.

ItisatthesolediscretionoftheFirmastowhentoinitiate,updateandceaseresearchcoverage.TheFirmhasestablished,maintainsandreliesoninformationbarrierstocontroltheflowofinformationcontainedinoneormoreareas(i.e.theprivateside)withintheFirm,andintootherareas,units,groupsoraffiliates(i.e.publicside)oftheFirm

DISTRIBUTIONOFEQUITYRATINGS/INVESTMENTBANKINGSERVICES

EquityRating

MarketAbuse

Regulation(MAR)andFINRARatingCategory

GlobalRatingDistribution

InvestmentBankingRelationships*

Outperform

BUY

51.1%

16.5%

Market-Perform(BernsteinBrand)Neutral(AutonomousBrand)

HOLD

36.3%

17.8%

Underperform

SELL

12.6%

14.9%

*ThesefiguresrepresentthepercentageofcompanieswithineachequityratingcategoryforwhichaffiliatesofBernsteinhaveprovidedinvestmentbankingserviceswithintheprevious12months.

AsofMarch31,2026.Allfiguresareupdatedquarterly.

PriortoApril1,2024,SanfordC.Bernstein&Co.,LLC.issuedtheratingsandpricetargetinformationinthegraph(s)belowforthefollowingcompanies:AdyenNV,FIS,GlobalPaymentsInc,MastercardInc,PayPalHoldingsInc,ToastInc,VisaInc,NikeInc,adidasAG,LululemonAthleticaInc,TapestryInc,CapriHoldingsLtd,TJXCosInc/The,RossStoresInc,BurlingtonStoresInc,PelotonInteractiveInc,StitchFixInc.,WayfairInc,MetaPlatformsInc.,AlphabetInc,Amazon.ComInc,eBayInc,EtsyInc,DoorDashInc,ZillowGroupInc,UberTechnologiesIncandLyftInc.

PRICECHARTS/RATINGSANDPRICETARGETHISTORY

Thisresearchpublicationcoverssixormorecompanies.Forpricechartandothercompanydisclosures,pleasevisit

https://

/sellside/Disclosures.action

oryoucanwritetotheDirectorofCompliance,BernsteinInstitutionalServicesLLC,245ParkAvenue,NewYork,NY10167.

AdyenNV,BlockInc,FIS,Fiserv,GlobalPaymentsInc,KlarnaGroupplc,MastercardInc,PayPalHoldingsInc,ToastIncandVisaIncarecoveredbyboththeAutonomousandBernsteinbrands.Fortheresearchratingsandpricetargethistorypleasegoto

https://

/sellside/Disclosures.action

.

CONFLICTSOFINTEREST

SGand/oritsaffiliate.sisactingasJointBookrunnerforAlphabetInc'sbondissue(EUR,3,6,9,13,19,39Y).

SGand/oritsaffiliatesbeneficiallyown1%ormoreofaclassofcommonequitysecuritiesofthefollowingcompanies:GlobalPaymentsInc,adidasAG,CapriH