Consumer & Retail: Power of progress

Research evidence excerpt

Consumer & Retail: Power of progress

Exhibit 3: Upcoming Consumer/Retail Events Calendar

2-week calendar of events, subject to change

June 2026

Mon, Jun 22 Tue, Jun 23 Wed, Jun 24 Thu, Jun 25 Fri, Jun 26

ATDBCN 4Q26 Earnings DRI 4Q26 Earnings

MKC 2Q26 Earnings

Mon, Jun 29 Tue, Jun 30 Wed, Jul 1 Thu, Jul 2 Fri, Jul 3

NKE 4Q26 Earnings GIS 4Q26 Earnings US Independence Day

STZ 1Q27 Earnings (observed)

Source: Company filings, Bloomberg

BofA GLOBAL RESEARCH

Exhibit 4: Spread Week Over Week Changes

Spread Week Over Week Changes

Chg (G- Chg (G-

Issuer spread) Issuer spread) Entity 5y Chg

TAP 3.000% 7/15/2026 +14 SBUX 4.800% 5/15/2030 -10 Anheuser-Busch InBev SA/NV 28 +0

SBUX 5.400% 5/15/2035 +12 DRI 3.850% 5/1/2027 -10 Koninklijke Ahold Delhaize NV 25 +0

CHD 2.300% 12/15/2031 +10 CCEP 1.500% 1/15/2027 -4 British American Tobacco PLC 54 -1

BC 5.100% 4/1/2052 +7 CAG 5.400% 11/1/2048 -4 Nestle SA 28 -1

JDEPNA 2.250% 9/24/2031 +5 Diageo PLC 39 -1

Source: Bloomberg

Notable Consumer & Retail credit news

Retail

Kroger (KR, Baa1/BBB/--) 1Q26 results were pressured by margin contraction, driven

by fuel mix, transportation costs (-15bps), egg deflation (-64bps), and planned price and

wage investments, partially offset by accelerating eCommerce profitability & improving

traffic backed by KR’s affordability initiatives. Underlying consumption trends continue

to point to a pressured consumer according to management, as gas prices & reduced

SNAP benefits were a headwind. Importantly, management clarified that pricing

investments are not intended to position KR as the lowest-price retailer but rather to

improve competitiveness. FY26 guidance was reaffirmed, though weighing on sentiment

2Q is not expected to see much change (ID’s and EPS below consensus), with margins