Get to Know Your “Relatives"

Research evidence excerpt

Get to Know Your “Relatives"

Equity Research

Industry Update — June 9, 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 5.30.26, 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 $ sequentially better L4W, with

Joe Lachky, CFArecent weeks trending down LSD. Bevs leading on price, Food/HPC remain soft.

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 5.30.26. 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 -0.9/-2.3% vs. L12W $/vols Associate Equity Analyst | Wells Fargo Securities, LLC

-0.3/-1.7%; Core Bev (KDP, KO, PEP) L4W $/vols +0.7/-1.8% vs. L12W $/vols +1.2/-1.3%; Eve.Ticktin@wellsfargo.com | 212-214-5320

Core Food (CAG, CPB, GIS, HSY, KHC, LW, MDLZ, POST, SJM) L4W $/vols -1.5/-5.3% vs. Michael Ruch

L12W $/vols -2.2/-5.9%. Associate Equity Analyst | Wells Fargo Securities, LLC

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

L4W standouts. HPC. L4W $ steady down ~1%. PG $ flat, with pricing offsetting vol -

LSD. Top 5 categories lagging on a relative. CHD only HPC with +ve $ - top 3 Laundry, Exhibit 1 - Staples coverage simple average

Litter, Mouthwash solid. CLX $ steady -LSD, relatives less bad. SMG vols -LDD. Bevs.