European Staples Distilled and Packaged - Our take on the sector, European Chocolate, Kerry Group, BNIC and more

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European Staples Distilled and Packaged - Our take on the sector, European Chocolate, Kerry Group, BNIC and more

J P M O R G A N Europe Equity Research

22 May 2026

European Staples

Distilled and Packaged - Our take on the sector,

European Chocolate, Kerry Group, BNIC and more

European Staples underperformed the market this week driven by Tobacco while European Food Producers,

Ingredients outperformed. Our U.S. economists noted that the FOMC minutes Household & Personal Care

contained a more hawkish tone, pointing to rising inflation concerns, with “many Products, Beverages & Tobacco

participants highlighting the risk of inflation remaining elevated for longer than Celine Pannuti, CFA AC

expected amid a persistent increase in oil prices.” We published a note on European (44-20) 7134-7123

chocolate, highlighting recent market data pointing to continued weakness in volume celine.pannuti@jpmorgan.com

demand, particularly for Lindt. Pricing at Lindt appears increasingly disconnected Edward G Hockin AC

from the broader market, weighing on volume share, whilst price gaps risk stymieing (44-20) 7742-6937

edward.hockin@jpmorgan.com

volume recovery, which may need to be addressed with price concessions and

Prem Sirisuttinunt

reinvestment in FY27. We will be hosting Beiersdorf CEO Vincent Warnery for a

(44-20) 3493-4568

fireside chat next Friday, register here. sakdipong.sirisuttinunt@jpmorgan.com

• In Food/HPC, Puig Brands issued a press release confirming that the company Samuel Lewis

and Estée Lauder (covered by A. Teixeira) have terminated discussions samuel.lewis@jpmorgan.com

J.P. Morgan Securities plc

regarding a potential business combination. We hosted Kerry Group CEO

Edmond Scanlon for a fireside chat this week.