Ahold, EU Gen Retail, Richemont, Burberry, Pernod CEO...: EU Consumer Sector Specialist Commentary Retail · Luxury · Staples · Leisure · Airlines

Research evidence excerpt

Ahold, EU Gen Retail, Richemont, Burberry, Pernod CEO...: EU Consumer Sector Specialist Commentary Retail · Luxury · Staples · Leisure · Airlines

Olivia Petronilho - Specialist Sales - European Consumer AC (44-20) 3493-3709 Europe Specialist Sales J P M O R G A Nolivia.b.petronilho@jpmorgan.com

J.P. Morgan Securities plc 24 June 2026

Ahold, EU Gen Retail, Richemont, Burberry, Pernod CEO...

Olivia Petronilho

+44 207 134 2676

olivia.b.petronilho@jpmorgan.com

Morning all,

Main Highlights for Today:

• Ahold: Placed on Neg Cat Watch

• EU Gen Retail: June Chartbook

• Previews: Richemont, Burberry

• Data & Laterals: South Korea retail sales, World Cup Barometer

• B&M: new CFO announced

• TODAY: Pernod CEO fireside chat

• TOMORROW: H&M, Moonpig

In details

On the agenda for today, Celine is hosting a fireside chat with Pernod CEO at 14h30 UK / 15h30 CET. Let me know if you

want to join!

Borja places Ahold (JPM UW) on Neg Cat Watch ahead of 1H26 results (Aug 5). Given a slowdown across the broader market

and Circana data that implies a deceleration in run rates, he expects 2Q to be reflective of further top line slowdown/volume

pressure, coupled with price investments denting margins, in contrast to rather bullish market expectations. He therefore sees risk

for disappointment, and the need for expectations to reset. Borja sees downside risk to company guidance for HSD% EPS growth

- should his 2Q forecasts prove accurate, the needed implied swing in 2H26 in order to achieve the FY26 Outlook would be

remarkable, which seems challenging in light of sequentially worsening trends. He sits 2-3% below cons in op income and 7-13%

below on EPS in FY26/27. This morning he lowers 2Q op profit by -1.5% at the group level (US c2% d/g, Europe c4% d/g), now