Equity Strategy (+ Consumer), Nestle, Reckitt, Prada, Essilux, ...: EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines

研报英文原文证据摘录

Equity Strategy (+ Consumer), Nestle, Reckitt, Prada, Essilux, ...: EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines

Olivia Petronilho - Specialist Sales - European Consumer AC (44-20) 3493-3709 Europe Specialist Sales J P M O R G A Nolivia.b.petronilho@jpmorgan.com

J.P. Morgan Securities plc 29 June 2026

Equity Strategy (+ Consumer), Nestle, Reckitt, Prada, Essilux, ...

Olivia Petronilho

+44 207 134 2676

olivia.b.petronilho@jpmorgan.com

Morning all,

Main Highlights for Today:

• Equity Strategy: Further upside in Europe in H2 - Mislav likes Consumer

• Previews: Nestle, Reckitt, Prada

• Data & Laterals: US NABCA

• Essilux: snippets from press article on family stake

• TODAY: Nothing

• TOMORROW: Sainsbury’s

In details

EQUI TY STRATEGY - Look for further upside in Europe in 2H - updating our targets and positioning. Mislav remains

constructive for 2H, staying with Cyclical trades and looking for certain rotations compared to what was an extremely narrow

leadership in Q2. This is not to say that Mag-7 and SOX are a sell. He believes the recent weakness in the space is largely

technical, positioning driven, and will ultimately be bought into. Having said that, he does not believe AI trade will be the only

story in town in 2H, and is looking for a broader market participation. In terms of positioning, Mislav is long beta,

including Consumer plays. See all details here

Previews:

• Nestle (JPM N). Q2/H1 Preview. Celine expects Q2 org sales +3.8%, with some further pricing deceleration to +1.8% offset

by RIG improvement to +2.0%. The 90bps IMF recall drag to Q1 should ease, whilst EMs demand should be holding up, with

still strong AOA ex-China and Latam RIG improvement. DMs meanwhile should be more mixed with some sequential