Talking Shop: Resilient 2Q/1H26 performance in IG Consumer

Research evidence excerpt

Talking Shop: Resilient 2Q/1H26 performance in IG Consumer

J P M O R G A N Europe Credit Research

31 July 2026

Talking Shop

Resilient 2Q/1H26 performance in IG Consumer

Europe Corporate Credit - Retailing A heavy slate of reporting from CPG and Luxury Retail issuers this week

& Consumer Products

revealed a broad-based resiliency in revenue and profit outturns with some

notable beats from Electrolux and Unilever. That said, with the exception of Neill Keaney AC

a slight increase from Unilever, guidance upgrades were, on the whole, (44 20) 7134-2002

neill.keaney@jpmorgan.com

largely lacking. Volatility has been increasing and Retail spreads sold off J.P. Morgan Securities plc

disproportionately this week in IG whilst both sub-sectors outperformed the

wider index in HY.

Pricing as of 30 July 2026 at CoB UKT

with the exception of the tables on pages

2 and 3; pricing as of 29 July 2026, CoB Soundbite of the Week: “We are truly reshaping Electrolux Group to

UKT become a more competitive, resilient, and consumer-centric company.”

– Yannick Fierling, President and CEO

In this week’s Talking Shop we recap earnings from LVMH, Kering, Ceconomy,

Electrolux, Unilever, Danone, AB InBev and TMICC.

Whilst HY was quiet on the whole, Iceland was in the market to refinance its 2027

notes (please see our initial thoughts on the deal here). Final pricing tightened

significantly from IPT with the fixed rate tranche pricing at 6.625% and FRNs at

+362.5bp. Whilst Morrisons euro-denominated 6.75% ‘31s have traded tight to the

GBP 8.75% maturity-matched notes, we think even the euros look cheap versus the

new Iceland fixed rate bonds, seeing little reason why 2.5 years shorter maturity

paper should trade at a 50bp discount.

The Week Ahead:

04 August: CCEP 2Q/1H26 Results