Talking Shop: Results from Suedzucker, Barry; Tesco disposing of Central Europe?; Picard‘s new issue

Research evidence excerpt

Talking Shop: Results from Suedzucker, Barry; Tesco disposing of Central Europe?; Picard‘s new issue

J P M O R G A N Europe Credit Research

10 July 2026

Talking Shop

Results from Suedzucker, Barry; Tesco disposing of

Central Europe?; Picard’s new issue

Europe Corporate Credit - Retailing

& Consumer Products

Neill Keaney AC

(44 20) 7134-2002

neill.keaney@jpmorgan.com

J.P. Morgan Securities plc

By virtue or curse (depending on your perspective) of an over-indexing to

issuers (particularly UK issuers) whose fiscal years do not align with the

calendar year, Retail and Consumer credit does not have distinct earnings Pricing as of 09 July 2026 at CoB UKT

seasons, per se. That said, after a quieter couple of weeks on that front, activity with the exception of the tables on pages

has increased with Suedzucker (F1Q27 to the end of May) and Barry 2 and 3; pricing as of 08 July 2026, CoB

Callebaut (F3Q26 / C2Q26) both reporting this week. We recap both in this UKT

edition of Talking Shop, as well as considering Tesco’s reported

contemplation of a divestment of its Central Europe operations.

Soundbite of the Week: “Now today, as you may have noted, prices are

more around the 4,000 level. And assuming stable bean prices from this

level, where we are today, we expect leverage to be around 3 times.” – Hein

Schumacher, CEO Barry Callebaut

Both HY pub issuers, Stonegate and Punch, have seen spreads tighten in recent Figure 1: PUBLN vs STONPB

weeks on the back of World Cup enthusiasm and an expected earnings tailwind G-sprd (bp)

from the warm weather. That said, Punch has outperformed to the point where the 800 2.6x

differential (in ratio terms) between the PUBLN £’30s and STONPB £’29s is back 700600

near all-time wides (2.5x). Whilst PUBLN notes benefit from another year of call 500