Barry Callebaut, AF-KLM (Pos CW), IAG, EU Luxury, ...: EU Consumer Sector Specialist Commentary Retail · Luxury · Staples · Leisure · Airlines

Research evidence excerpt

Barry Callebaut, AF-KLM (Pos CW), IAG, EU Luxury, ...: 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 N

olivia.b.petronilho@jpmorgan.com JPM | EU Consumer: Barry

J.P. Morgan Securities plc Callebaut, AF-KLM (Pos CW), IAG,

EU Luxury, ...

07 July 2026

prices have come down; however pricing remains strong. See all details here

Data & Laterals:

• Ambev Q2 Preview. For the ones looking at ABI, worth flagging Lucas previewed Ambev Q2 results overnight, slightly

decreasing estimates. He also conducted a survey with ~20 buy-side investors to benchmark JPMe. He sits 6% ahead of cons

on EBITDA and 5% ahead on earnings, although in line with buy-side expectations. Adjustments to estimates reflect a more

cautious stance on Brazil beer volumes (reduced from +10% y/y to +7% y/y and slightly below our survey’s median result of

7.5% y/y), partially offset by still resilient pricing and supportive cost management. See all details here

• Agentic Commerce - More Opportunity than Risk. Chris Horvers (US Broaflines & Hardlines Retailing Research) has a

really interesting note this morning debateing the developnmnents of Agentic Commerce and imapcts to retailers under his

coverage. He sees agentic as more of an opportunity at this point, albeit with puts/takes by category. Simplistically, LLMs

represent a more potent version of “googling” and follow “threats” posed by other customer acquisition venues (e.g., TikTok,

Pinterest, and Shopify). Despite high investor anxiety as these platforms emerged, all of these channels simply became

another entry point to retailers’ respective categories that companies needed to embrace.