JPM | EMEA Spec Sits Daily: staples note (MICC NA on +ve cat watch), RIO LN H1 preview

Research evidence excerpt

JPM | EMEA Spec Sits Daily: staples note (MICC NA on +ve cat watch), RIO LN H1 preview

Specialist Sales J P M O R G A N

22 July 2026

should add to upside LFL risks. We expect consensus EBITDA margins for the year are now well calibrated, and with

the potential for slight upside on a stronger volumes and a benign input costs backdrop, and note that we are ahead on

H126 margins and 4% ahead on H126 EPS. While the shares have rerated year to date, we still expect a potential beat

on top and bottom line to please. The stock is trading on multiples of 15.8x PE 27E and 9.3x EV/EBITDA 27E. We hence

place the stock onto positive catalyst watch into H1 results.

• Unilever (OW)- The focus on the day will likely be on quantum of growth, with a potential beat on EMs while US re-

acceleration may be more progressive. Besides the focus may turn to HPC/Core LFL ahead of the exit of Foods (we note

the publication of restated historicals ex-Foods), which in Q2 we expect to improve to +5.4% with the potential for a

further acceleration to solid MSD in H2. Valuation multiples of 16x PE 27E and 11.5x EV/EBITDA 27E are in our

view undemanding vs such performance and do not reflect the higher MT growth potential as it transforms into a focused

HPC player even if ST the stock performance has been constrained by the food disposal deal overhang and less visibility

on US reacceleration.

• Kone - Q2’26 Results - First Take - Strong order and mix momentum, revenues slightly light - Phil Buller here

• Kone’s Q2 order growth of more than 10% was strong, noting also the re-acceleration of modernization with double-

digit growth across all regions. Sales and mix should follow, of course, but for Q2 itself organic sales growth of +3.4%