European Staples Distilled and Packaged: Our take on the Sector, Conference takeaways, Remy Cointreau, Barry Callebaut and more...

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European Staples Distilled and Packaged: Our take on the Sector, Conference takeaways, Remy Cointreau, Barry Callebaut and more...

J P M O R G A N Europe Equity Research

08 June 2026

European Staples

Distilled and Packaged: Our take on the Sector,

Conference takeaways, Remy Cointreau, Barry

Callebaut and more...

European Staples underperformed the market this week. Companies across our European Food Producers,

coverage and peers spoke at conferences, with mixed incremental on current trading Household & Personal Care

and some US peers citing soft US/Europe, whilst companies focused discussions on Products, Beverages & Tobacco

M-LT drivers with an increased attention on AI thematics. Overall, FY26 outlooks Celine Pannuti, CFA AC

have been reiterated with limited impact so far on demand while COGS inflation is (44-20) 7134-7123

seen as manageable. Despite the reassuring messages, investors remain wary of a celine.pannuti@jpmorgan.com

tougher operating environment in H226 and potential for price increases adding risks Edward G Hockin AC

to demand and/or margins. Barry Callebaut presented its strategy update with (44-20) 7742-6937

edward.hockin@jpmorgan.com

reassuring priorities and unsurprising MT targets, but more cautious on FY27

Samuel Lewis

volumes and uncertainty on near-term EPS base. Remy introduced its three-year plan

samuel.lewis@jpmorgan.com

RC Forward, designed to strengthen the organisation’s execution and allow J.P. Morgan Securities plc

reinvestment into the brands. We have updated our COGS tracker for May, with our

expectation for 2026E/27E COGS inflation at 2%/4% and a slight further step up in Specialist Sales contact details:

cost for HPC companies given higher surfactant and caustic soda price data. Olivia Petronilho - Specialist Sales -