EU Consumer Sector Specialist Commentary: Retail • Luxury • Staples • Leisure • Airlines

Research evidence excerpt

EU Consumer Sector Specialist Commentary: Retail • Luxury • Staples • Leisure • Airlines

th an improving conversion rate, drove growth in sales volumes, and the average ticket value is also on

the rise”. EBITDA +27% yoy on an organic basis, with EBITDA margin +150bps to 9.4%. On current trading, management

commented that “second-quarter sales are maintaining good growth, sustaining the strong year-to-date performance”. On

outlook management commented that the positive top-line performance recorded to date, combined with the improved quality

perception of the OVS banner and the successful “House of Brands” strategy “allows us to look at the remainder part of the

year with optimism”. Conference call today at 2pm UKT.

Newsflow

Edenred - BC Partners reportedly eyeing Edenred. While no further details on a potential bid, the headline should support

shares today.

EU Consumer Research

• Carrefour - Hype meets gravity: Placing shares on - CW into 1H26; Reiterate UW. here

• Essity - Q2/H126 Preview: JPMe muted LFL at +0.7%; margin down as COGS inflation bites. here

• EU Hotels - Weekly RevPAR trends: US leading (again), UK soft, and China improving on a 2-yr basis. here

• J.P. Morgan Global Airlines - Valuation Dashboard – June Edition. here

Investor Access

Upcoming events on the EU Consumer space (availability is limited and subject to approval):

• Consumer CEO Fireside Chat Series

• Essity - June 22nd

• Reckitt - July 31st

• Essilux - NDR - June 10th - Virtual - South Africa

• Luxury Site Visit - Harrods Store Tour + Breakfast - Sept 15th - London

• J.P.Morgan Global Beauty Conference - Sept 24th - London

• J.P.Morgan Global Luxury & Brands Conference - Nov 17th- 18th - Paris

• J.P.Morgan UK Leaders Conference - Nov 17th- 18th - London

Calendar Ahead