12:35 AM 2025 UK | Healthcare Services CVS Group | HOLD CVSG LN | 1,326.00p | 1,420.00p | % to +7% Key Takes from JEF "Back-to-School" Fireside Chat We hosted CEO Richard Fairman as part of our C-Suite Back-to-School series. Key takeaways: 1) CMA proposed remedies could potentially affect independents disproportionately; 2) Q4 LFL momentum continued into the new year, but still below MT range; 3) Pricing will meaningfully contribute to MT ambition; 4) UK M&A activity to pick up, but valuation is key. CMA-proposed remedies could potentially affect independents disproportionately: Management stated that as CMA remedies cover the entire market, independents could find execution more burdensome, especially around real ‑time price publication & electronic prescriptions.