J.P.Morgan EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines: Heineken, Previews, easyJet, Essity, Beiersdorf, Hermes, ...

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J.P.Morgan EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines: Heineken, Previews, easyJet, Essity, Beiersdorf, Hermes, ...

Olivia Petronilho - Specialist Sales - European Consumer AC (44-20) 3493-3709 Europe Specialist Sales J P M O R G A N

olivia.b.petronilho@jpmorgan.com JPM | EU Consumer: Heineken,

J.P. Morgan Securities plc Previews, easyJet, Essity,

Beiersdorf, Hermes, ...

23 June 2026

Celine flags key takes from the fireside chat with Essity CEO Ulrika Kolsrud yday. The discussion focused on portfolio

evolution and M-LT growth and profitability drivers. On portfolio changes, the CEO noted the Consumer Tissue strategic review

was consistent with the focus on higher value add segments, whilst M&A is a key focus across the other divisions. On growth,

highlighted levers across its business units. In Health & Medical, Incontinence remains challenged by healthcare spending, but

opportunity to win more tenders given their cost in use advantage, whilst also accelerating wound care. In Personal Care, she

highlighted TENA Men, leakproof apparel (10% of Feminine care) and North America expansion (leveraging Edgewell

acquisition) as key. Whilst in Professional Hygiene the company is balancing selective price adjustments with the need to price up

for cost, and growing 2x the market in the value-add. Limited comments ST, albeit remains confident to offset higher input costs

in Consumer Tissue with price within the usual 1-2 quarters. See a lot more details here

On easyJet, Harry thinks Castlelake going public brings some transparency to shareholders but still with question marks.

He thinks Castlelake has gone public (‘semi-hostile’) in order to solicit a response from shareholders around the merits of the