Get to Know Your “Relatives"

Research evidence excerpt

Get to Know Your “Relatives"

Equity Research

Industry Update — May 26, 2026

Beverages

Household & Personal Care

Food

We Look at “Relative” Performance Gaps Across Staples

Over the Past Two Years

Our Call Chris Carey

We refresh our “relatives” analysis with data through 5.16.26, comparing company $ sales Equity Analyst | Wells Fargo Securities, LLC

Chris.Carey@wellsfargo.com | 212-214-6059

and vol growth vs category wtd-avg growth. Staples $ sales declines eased L4W with

Joe Lachky, CFAvolumes less bad in HPC and Food. Beverage trends decelerated to ~flat.

Associate Equity Analyst | Wells Fargo Securities, LLC

Joe.Lachky@wellsfargo.com | 314-922-3635

Relatives. This includes weighted growth for each company in categories where said Marc Torrente, CFA, CPA

company competes—“relatives.” Data through 5.16.26. Categories. Granular level. Equity Analyst | Wells Fargo Securities, LLC

Weekly. We include weekly trends L13W. Coverage. Nielsen AOC+C. Marc.Torrente@wellsfargo.com | 314-749-9940

Eve TicktinTrends. Core HPC (CL, CLX, CHD, KMB, PG) L4W $/vols -0.4/-1.8% vs L12W $/vols Associate Equity Analyst | Wells Fargo Securities, LLC

-0.1/-1.7%; Core Bev (KDP, KO, PEP) L4W $/vols +0.1/-2.6% vs L12W $/vols +1.1/-1.6%; Eve.Ticktin@wellsfargo.com | 212-214-5320

Core Food (CAG, CPB, GIS, HSY, KHC, LW, MDLZ, POST, SJM) L4W $/vols -0.6/-4.9% vs Michael Ruch

L12W $/vols -2.1/-5.9%. Associate Equity Analyst | Wells Fargo Securities, LLC

Michael.Ruch@wellsfargo.com | 332-214-6326

L4W standouts. HPC. L4W $ approaching breakeven. PG $ +LSD, but top 5 categories

underperforming. CHD leading core with positive $/vols on strong Laundry, Litter, Exhibit 1 - Staples coverage simple average

Mouthwash performance. EPC inflected negatively on Sun. Bevs. L4W $ flat on $ sales growth L4W