ABF, EU Airlines, Ryanair, Pandora, Heineken, ...: EU Consumer Sector Specialist Commentary

Research evidence excerpt

ABF, EU Airlines, Ryanair, Pandora, Heineken, ...: EU Consumer Sector Specialist Commentary

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 01 July 2026

• European Airlines - Pricing Pulse - June 2026. here

• Ryanair - Checking-in for Q1 earnings. here

Investor Access

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

• Consumer CEO Fireside Chat Series

• Reckitt - July 31st

• 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

Luxury & Sporting

Date Staples Food Retail General Retail Leisure Airlines & Travel Retail Data

Goods

Spanish Retail Sales, EU

6/29 Consumer Confidence,

German Retail Sales

Swedish Retail Sales,

6/30 Sainsbury Q1 Sales

Polish CPI

7/1 ABF Q3 Sales

7/2 Currys FY Sodexo Q3 Sales HK Retail Sales

7/3 Pluxee Q3 Sales

7/4

7/5

7/6

7/7

7/8 JET2 FY

7/9 Barry Callebaut Q3 Sales

7/10

J.P. Morgan Global Consumer Research

• Cosmetics & Personal Care Sector (Japan) - DATA & NEWS: Supply and prices: Growth of cosmetics exports slowed

significantly in May. here

• Sportswear industry - Nike 4Q results: Implications for sportswear companies. here

• PepsiCo - 2Q26 Preview: Pullback Provides Opportunity on Delayed, Not Derailed, Recovery. here

• and ST HD (2685) - 1Q FY2026: Gross margin improves strongly, operating profit overshoots expectations. here

• Constellation Brands - Beat F1Q27 EPS & Reiterated FY27 Guidance; Beer Depletions ~In-Line With Expectations. here