Lost in translation: FX tracker - sensitivities and correlations

Research evidence excerpt

Lost in translation: FX tracker - sensitivities and correlations

J P M O R G A N Europe Equity Research

28 July 2026

Lost in translation

FX tracker - sensitivities and correlations

Foreign exchange has re-emerged as a meaningful driver of both fundamentals and European Food Retail

ACfactor behaviour across the group, and it tends to matter most precisely when Borja Olcese

volatility rises and ‘macro’ overwhelms single-name narratives. In this first (34-91) 516-1511

publication of our new Food Retail FX tracker, we attempt to refresh investors on borja.olcese@jpmorgan.com

where our companies’ exposures sit in the financial statements – what is translation J.P. Morgan Securities plc

versus true economic/transaction impact, and what shows up on the balance sheet Palak Garg

through net assets, funding and hedging. We will be updating it quarterly, and more (91-22) 6157-5102

palak.x2.garg@jpmorgan.com

frequently if warranted by large FX moves. Within, we also pair company-quoted J.P. Morgan India Private Limited

sensitivities with observed market correlations. See for company-specific

exposure and sensitivity analysis (company-calculated as well as JPM calculated). Specialist Sales contact details:

Overall, we would be mindful of mixing mechanical earnings tailwinds driven by Olivia Petronilho - Specialist Sales -

FX and interest rates, with improving fundamentals. European Consumer

(44-20) 3493-3709

Key take-aways olivia.b.petronilho@jpmorgan.com

1. Companies within our coverage with the largest foreign-denominated

revenue exposure include Jeronimo (PLN c70%), Ahold-Delhaize (USD

c60%) and Carrefour (BRL c20%). This is equally the case from an EBIT

standpoint (JMT c85%, AD c65%, Carrefour ≥30%). From a balance sheet