Evolution, Burberry, Sodexo, EU Sporting Goods, ...: EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines

Research evidence excerpt

Evolution, Burberry, Sodexo, EU Sporting Goods, ...: 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 17 July 2026

Evolution, Burberry, Sodexo, EU Sporting Goods, ...

Olivia Petronilho

+44 207 134 2676

olivia.b.petronilho@jpmorgan.com

Morning all,

Main Highlights for Today:

• Evolution. Question marks on Asia Growth

• Burberry: Q1 trading in line

• Sodexo: CMD feedback - it is all about execution now

• EU Sporting Goods: The Feedback

• Essity: cautious conf call

• TODAY: Nothing

• TOMORROW: Ryanair; UK Fashion Worldpanel

In details

Evolution: Question marks on Asia growth

Q2 is out and shares should be under pressure today with the main point of attention still growth trends in Asia - the region

continues to see lower sales, which is especially concerning given its higher margin vs. avg for the group. Mgmt comments “the

region remains volatile as earlier stated, and increased cybercrime activity could not be fully offset by otherwise relatively

favorable development”. Elsewhere, Europe remains the highlights although unlikely enough to offset Asia concerns today.

Conf Call: 8h00 UK / 9h00 CET. Webcast here

Research: Karan rates EVO as UW; Placed on Neg Cat Watch

Burberry. Q1 trading in line

Limited surprises in the release with Retail LFL matching JPMe/cons/buyside expectations at 5%. WIthin regions, EMEIA a bit

below impacted by Middle East and lower tourist spend; Americas a bit better supported by local demand and “broad-based

consumer acquisition”. Within categories, comments on DD% growth in outwear.

Q1 Sales: Retail LFL +5% yoy vs. JPMe/cons +4%/+5%.