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REAL-TIME GLOBAL RESEARCH

BEIERSDORF - ANOTHER WARNING + NIVEA TURNAROUND: EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines

Published: 2026-08-03Institution: JPMorganPages: 4Original language: EnglishEvidence page: 2

Research evidence excerpt

BEIERSDORF - ANOTHER WARNING + NIVEA TURNAROUND: EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines

e of Investment

Research, including but not limited to the prohibition on dealing ahead of the dissemination of Investment Research. It is not a product of J.P. Morgan’s Research Department. It is not a research report,

investment research or independent research and is not intended as such. This material is subject to the disclosures available at the following site http://www.jpmorgan.com/pages/disclosures/

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