All the Numbers, ...

Research evidence excerpt

All the Numbers, ...

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 29 July 2026

Olivia Petronilho

+44 207 134 2676

olivia.b.petronilho@jpmorgan.com

Morning all,

Main Highlights for Today:

• L’Oreal. Q2 adj. LFL beat though EPS c1% miss

• ABI. 8% EPS Beat

• adidas. EBIT -8% miss and no upgrade to weigh

• BAT. XXX

• Haleon. H1 EBIT 3% ahead. FY guide reiterated

• Jeronimo Martins. Margin outperformance drives valuation earnings upside risk

• Accor. XXX

• Air France-KLM. Q2 EBIT a 40% beat

• Campari. H1 beat, margin upgrade to drive LSD EPS raise

• Magnum. A solid Q2 volume beat

• Symrise. Q2 a volume driven beat

• FDJ United. Q2 behind

• Avolta. Broadly in line

• EU Gen Retail: July Chartbook

• Flows & Liquidity: updated thoughts on deleveraging

• Data & Laterals: XXX

• TODAY: Prada, Brunello, Puig

• TOMORROW: IAG, Puma. Ferretti, Reckitt CEO fireside chat

In details

L’Oreal. Q2 adj. LFL beat though EPS c1% miss

Shares should welcome the print today. Q2 adj. LFL beat at +6.3% (cons +5.6%, buyside bar ~6%), driven regionally by stronger

Europe and SAPMENA-SSA. By category, the beat was driven by consumer products and dermatology, whilst Luxe was slightly

lower. The CEO noted the beauty market saw some acceleration in Q2 (from c4% to c4.5%) whilst the company in H1 has

expanded its outperformance. EBIT margin was in-line at 21.3% in H1, adj. EPS was 1% below. Focus on the call should be on

what has changed for the market to accelerate in Q2 and prospects for H2 LFL against toughening comps. The company flagged a

successful 6.18 and recovery in China, especially the strength of Luxe as better than expected. Celine expects limited changes to