Catalyst Calendar - Japan Equity July 23 Issue

Research evidence excerpt

Catalyst Calendar - Japan Equity July 23 Issue

J P M O R G A N Asia Pacific Equity Research

23 July 2026

Catalyst Calendar - Japan Equity

July 23 Issue

Main Events Japan Equity Research

Japan Equity Research

AC• July 27 (Monday) France Michelin (covered by Akshat Kacker, CFA) 2Q Japan Research

FY2026 earnings announcement (Tire sector, Akira Kishimoto): New japanresearch@jpmorgan.com

vehicle demand for North American truck and bus tires and agricultural AC Akira Kishimoto

machinery tires is gradually recovering, and the likelihood of increased (81-3) 6736-8646

shipments by tire manufacturers is rising as inventories normalize on the akira.x.kishimoto@jpmorgan.com

manufacturer side. As Michelin is considering price adjustments to regain JPMorgan Securities Japan Co., Ltd.

market share, we will focus on changes in the competitive environment in the

European and US markets.

• July 28 (Tuesday) US Ford (covered by Ryan Brinkman) 2Q FY2026

earnings announcement (Auto sector, Akira Kishimoto): Ford’s US retail

sales volume for Apr–Jun fell about 10% YoY. Due to aluminum supply issues,

sales of mainstay trucks and other vehicles have been sluggish. Ford has the

highest local production ratio in the US and may welcome stricter regulations

on US content, so we will monitor their views on the revision of USMCA.

• July 29 (Wednesday) Procter & Gamble (US; covered by Anderea

Teixeira) Apr–Jun quarter results (Cosmetics & Personal Care/Paper &

Packaging sector, Akiko Kuwahara): We will monitor P&G’s comments on

demand trends and raw material cost trends in the personal care categories and

regions where it competes with Kao and Unicharm.

• July 29 (Wednesday, France time) L’Oréal (France; covered by Celine

Pannuti) Apr–Jun quarter results (Cosmetics & Personal Care/Paper &