Talking Shop: Upgrading Richemont to OW post a blowout F1Q27; prints from Essity and Ocado; thoughts on Stonegate’s PCA investigation

Research evidence excerpt

Talking Shop: Upgrading Richemont to OW post a blowout F1Q27; prints from Essity and Ocado; thoughts on Stonegate’s PCA investigation

J P M O R G A N Europe Credit Research

17 July 2026

Talking Shop

Upgrading Richemont to OW post a blowout F1Q27;

prints from Essity and Ocado; thoughts on Stonegate’s

PCA investigation

Europe Corporate Credit - Retailing

& Consumer Products

Neill Keaney AC

(44 20) 7134-2002

neill.keaney@jpmorgan.com

J.P. Morgan Securities plc

The 2026 Extel Global Fixed Income Research Survey has one week left

to run and to those of you who have already cast your vote for our team and

for JP Morgan, we are extremely grateful. If our work over the past year - Pricing as of 16 July 2026 at CoB UKT

thematic notes, single name credit calls, models, trade ideas, data-driven with the exception of the tables on pages

insights and corporate access - has proven to be additive, we would greatly 2 and 3; pricing as of 15 July 2026, CoB

appreciate if you would consider giving us your 5-star vote. You can vote and UKT

provide feedback here where we are listed within the Developed Europe:

Investment Grade & High Yield within theRetailing/Consumer Products

(IG) and Retailing/Consumer Products (HY) categories.

Soundbite of the Week: “Sales rose across all regions, with notable double-

digit increases in Europe, the Americas, Asia Pacific and Japan.” – Hein

Schumacher, CEO Barry Callebaut

Richemont shone bright like a diamond this week, delivering a blowout first CFRVX ‘38 vs MCFP ‘36

quarter as ex-FX revenue growth of 20% beat Street expectations by 7%-pts. As G-sprd (bp)

discussed below, we are upgrading our recommendation to Overweight from 85 10

Neutral and prefer expressing this through a position at the long end of the curve 80 5