Coty Inc Feedback from Meetings at JPM Fast Moving Consumer & Wellness Forum

研报英文原文证据摘录

Coty Inc Feedback from Meetings at JPM Fast Moving Consumer & Wellness Forum

J P M O R G A N North America Equity Research

15 May 2026

Coty Inc Neutral

COTY, COTY US

Feedback from Meetings at JPM Fast Moving Price (14 May 26):$2.13

Consumer & Wellness Forum

Beverage, Household & Personal

Coty Inc (COTY, N-rated) was represented by Olga Levinzon, SVP IR and Head Care Products

of M&A, and Colleen Naber, Sr Manager IR, at our fourth annual Fast Moving Andrea Teixeira, CFA AC

Consumer Goods & Wellness Forum, where the team elaborated more on topics (1-212) 622-6735

discussed at the recently completed F3Q26 earnings (see our model update note andrea.f.teixeira@jpmorgan.com

here). Main takeaways from our discussion include the new management’s three Shovana Chowdhury

main focuses: i- on core markets/brands vs. too many initiatives before. (1-212) 270-2184

shovana.chowdhury@jpmorgan.com

Management aims to instill a mindset of sell-out and market share vs. sell-in, with

Drew Levine, CFA

a priority on consumer engagement and advocacy; ii- limited incremental input

(1-212) 622-0374

costs are anticipated in FY26 ending in June, due to contracts in place with drew.levine@jpmorgan.com

suppliers but FY27 may see COGS higher by $25M (at $80/barrel) to $40M (at J.P. Morgan Securities LLC

$100/barrel); iii- mitigating efforts to COGS pressure include productivity savings

and targeted pricing (in both segments); and iv- licenses remain a core competency,

among others.

JPM View: Despite a surgical focus on operations and shake-up in management/

board (more below), we think investors should wait as it may take some time for

COTY to close the gap between sell-out and underlying category growth especially

in a very competitive industry, thus giving us no visibility on a timeline for sell-