ANZ FMCG suppliers: NielsenIQ data read-through 6/13/26

Research evidence excerpt

ANZ FMCG suppliers: NielsenIQ data read-through 6/13/26

Equity Research

24 June 2026 | 8:55AM AEST

AUSTRALIA INDUSTRIALS

Bottom line Niraj Shah +61(2)9320-1369 | niraj.shah@gs.com

NielsenIQ data for the 4 weeks ending 6/13/26 shows diverging trends across food Goldman Sachs Australia Pty Ltd

and HPPC, while beverages saw a modest benefit from the FIFA World Cup (the Sophie Yu

+61(3)9679-1076 | sophie.x.yu@gs.com

recent 2-wk period captured the beginning of the tournament). On a 4-wk rolling Goldman Sachs Australia Pty Ltd

basis, HPPC volumes increased slightly, while packaged food volumes declined ~MSD Alex Nosatti

(also declining sequentially from 2-wks prior). Beverage volumes were +1.9% in +61(2)9321-8342Goldman Sachs Australia| alex.nosatti@gs.comPty Ltd

aggregate, consistent with the LSD-MSD growth seen in prior months. A notable

highlight is PepsiCo’s Sports Drinks category, which delivered strong volume growth

(+11.2%) vs the broader sports drink market (+7%) - a positive signal given it is an

important, high-value category for AMC. That said, amid an uncertain macro

backdrop, earnings delivery for AMC and BXB is likely to remain driven by

company-specific levers, pricing, cost discipline, and operational execution, rather

than cyclical demand tailwinds.

Key takeaways:

n Americas HPPC rolling 4-wk volumes increased 0.3% (vs. -0.6% 2-wks prior),

marking the first positive reading since Apr-26.

n Americas packaged foods rolling 4-wk volumes declined 4.3% (vs. -3.4% 2-wks

prior), a continuation of its negative trend.

n Americas beverage rolling 4-wk volume trends saw 5 of the 6 tracked categories

growing yoy (vs. 4/6 2-wks prior). The weighted average across all six beverage

categories was 1.9%, (vs. +1.2% 2-wks prior). Low cal carbonated beverages and