European Staples: Distilled and Packaged: Our take on the Sector, CEO fireside chat series Heineken’s new CEO, H126 previews, and more...

Research evidence excerpt

European Staples: Distilled and Packaged: Our take on the Sector, CEO fireside chat series Heineken’s new CEO, H126 previews, and more...

J P M O R G A N Europe Equity Research

29 June 2026

European Staples

Distilled and Packaged: Our take on the Sector, CEO

fireside chat series Heineken’s new CEO, H126

previews, and more...

European Staples outperformed the market last week across all subsectors. The European Food Producers,

heatwave across Europe has been topical with some governments restricting public Household & Personal Care

alcohol consumption and promoting people to drink more water, although any impact Products, Beverages & Tobacco

on sales is yet to be seen. In Staples we hosted fireside chats with Essity CEO Ulrika Celine Pannuti, CFA AC

Kolsrud where the discussion focused on portfolio evolution, MT-LT growth, and (44-20) 7134-7123

profitability drivers for the business, and Pernod Ricard’s CEO Alexandre Ricard celine.pannuti@jpmorgan.com

where we discussed how the organization is responding to a changing consumer Edward G Hockin AC

landscape, and his perspective on the trajectory of the business and the wider industry (44-20) 7742-6937

edward.hockin@jpmorgan.com

going forward. Continuing the trend of M&A Staples has seen year-to-date, Danone

Samuel Lewis

announced the acquisition of Australian-based health foods manufacturer MADE

samuel.lewis@jpmorgan.com

Group, as well as the remaining 49% stake in Saputo Dairy Australia, and newsflow J.P. Morgan Securities plc

surfaces on Unilever potentially looking to acquire supplement maker Thorne for

$4bn. Meanwhile, we published previews in Food & HPC detailed below. Specialist Sales contact details:

• In Food/HPC, we continued our H126 previews.