European Staples: Distilled and Packaged: Our take on the sector, Q2 previews, and more...

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European Staples: Distilled and Packaged: Our take on the sector, Q2 previews, and more...

J P M O R G A N Europe Equity Research

06 July 2026

European Staples

Distilled and Packaged: Our take on the sector, Q2

previews, and more...

European Staples underperformed the market across all subsectors except European Food Producers,

Ingredients.The US has declined to renew the USMCA trade agreement in its current Household & Personal Care

form, triggering annual reviews instead of an automatic long-term extension and Products, Beverages & Tobacco

adding more uncertainty to North American trade and the potential for tariffs. Celine Pannuti, CFA AC

Meanwhile, the June US employment report suggests that the labor market remains (44-20) 7134-7123

healthy, and J.P. Morgan economists still don’t expect the Fed to hike this year. Within celine.pannuti@jpmorgan.com

our coverage, we continued our Q2 previews where we broadly lowered our Edward G Hockin AC

expectations across the brewers on soft sell-out data across key markets, although we (44-20) 7742-6937

edward.hockin@jpmorgan.com

see upside to volumes on the recent good weather and the World Cup.

Samuel Lewis

• In Food/HPC, we concluded our Q2 previews with L’Oreal, where we expect (44-20) 3493-6729

a robust adjusted LFL in the quarter at +5.1% as our data tracking evidences samuel.lewis@jpmorgan.com

continued share gains, although we flag that the Beauty market is not showing Mafalda Gaspar

signs of acceleration while recent data points to risk of deceleration amid tough (44-20) 7134-4642

mafalda.gaspar@jpmorgan.com

H2 comps. Outside of trading, Reckitt’s Mead Johnson was cleared by a jury in J.P. Morgan Securities plc

an ongoing premature-infant formula case claiming Reckitt omitted risks

related to an infant formula product.