European Beverages WEU NielsenIQ (19-04-26): Spirits and Beer remain soft

Research evidence excerpt

European Beverages WEU NielsenIQ (19-04-26): Spirits and Beer remain soft

J P M O R G A N Europe Equity Research

15 May 2026

European Beverages

WEU NielsenIQ (19-04-26): Spirits and Beer remain

soft

This report is based on analysis of the latest NielsenIQ data (4-wk period ended European Food Producers,

19-April-2026) covering the Western Europe beverages market. In both value and Household & Personal Care

volume terms (4-wk basis) all Beverages categories decelerated evidencing that Products, Beverages & Tobacco

the benefit from Easter timing in March is normalising in April. In value, Spirits Celine Pannuti, CFA AC

were -4.8% (prior 4wks -LSD%), Beer -3.6% (prior 4wks flat), and Soft Drinks (44-20) 7134-7123

-0.6% (prior 4wks +LSD%). The trend is similar in volume terms with Spirits celine.pannuti@jpmorgan.com

staying -MSD at -5.5% (prior 4wks -MSD%), Beer decelerating further to -4.8% Samuel Lewis

(prior 4wks -LSD%) and Soft Drinks declining -2.9% (prior 4wks flattish). Within samuel.lewis@jpmorgan.com

J.P. Morgan Securities plc

our coverage, in Spirits Diageo continued to outperform the sector with sales -1.4%

and flattish volumes, albeit a meaningful deceleration from last month’s strong Specialist Sales contact details:

+MSD% performance. Remy also outperformed in both value and volume at - Olivia Petronilho - Specialist Sales -

1.4%/-4.5% and improved sequentially. Meanwhile, Pernod Ricard and Campari European Consumer

lagged the sector at M-HSD% declines in sales and volumes. In Beer, ABI (44-20) 3493-3709

underperformed and decelerated sequentially with sales -5.9% (prior 4wks -LSD olivia.b.petronilho@jpmorgan.com

%) and volumes worsening to -8.6% (prior 4wks -LSD%). Carlsberg also

underperformed on both value and volume at -4.8%/-5.6 (prior 4wks +LSD%),