European Staples Q126 Takeaways - Sales beats, outlooks reiterated, yet FY26 visibility low given risks to demand and costs inflation - d/g Heineken to N

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European Staples Q126 Takeaways - Sales beats, outlooks reiterated, yet FY26 visibility low given risks to demand and costs inflation - d/g Heineken to N

J P M O R G A N Europe Equity Research

13 May 2026

European Staples

Q126 Takeaways - Sales beats, outlooks reiterated, yet

FY26 visibility low given risks to demand and costs

inflation - d/g Heineken to N

European Staples sector saw better-than-feared Q126 organic sales, with 16 out of European Food Producers,

22 of our companies beating expectations, with stronger growth in Beer, Food and Household & Personal Care

Beauty. Emerging Markets were a standout with resilient Asia, strong India and Products, Beverages & Tobacco

improving LatAm, whilst DMs were muted against a still weak consumer Celine Pannuti, CFA AC

backdrop. However, the top-line beats were also supported by technical factors (44-20) 7134-7123

(Easter timing sell-in, Chinese New Year, possible pre-buying linked to the Middle celine.pannuti@jpmorgan.com

East crisis). FY26 outlooks have been reiterated as companies seem confident of Edward G Hockin

managing increased COGS inflation (hitting HPC most), while demand trends are (44-20) 7742-6937

edward.hockin@jpmorgan.com

unchanged. Despite this better outcome, visibility on FY26 is still low and the

Prem Sirisuttinunt

focus ahead will be on: 1) sustainability of EM growth amid risk of ME demand

(44-20) 3493-4568

deterioration; 2) COGS inflation step up, with HPC indicating ~MSD higher costs sakdipong.sirisuttinunt@jpmorgan.com

already in H2, which we see rising to HSD for HPC and MSD for Brewers in FY27; Samuel Lewis

and 3) speed of pricing acceleration and volume impact. Overall, we left EPS 26E samuel.lewis@jpmorgan.com

largely unchanged, with better LFL (with notable exceptions of Remy, Campari, J.P.