Barry Callebaut, EU Beverages, EU Gaming, ...: EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines

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Barry Callebaut, EU Beverages, EU Gaming, ...: EU Consumer Sector Specialist Commentary Retail • Luxury • Staples • Leisure • Airlines

ue and volume, while Pernod was the worst performer at -HSD% in value/volume; Diageo decelerated

sequentially but outperformed the industry, and Remy underperformed. In Beer, Carlsberg was again the worst performer but

improved to -LSD% in value/volume (prior -HSD%), ABI continued to underperform the industry albeit at a narrowing gap

with sales +0.7% and volumes -1.6% (prior -MSD%), and Heineken further outperformed at +M-HSD% in both sales and

volume as it continues to lap retail disputes in select European markets. Royal Unibrew returned to +DD% growth. In CSD,

CEEP value was broadly in line with the industry while outperforming in volumes (both +MSD%). CCH underperformed

meaningfully at -LSD% in sales/volumes. See all details here

• EU Gaming - Bi-Weekly Bookmaker Barometer - World Cup Edition. Estelle and Karan update indicates week 4 ended

broadly neutral to slightly negative on, though several close-run games likely to mitigate the impact on bookmakers. Their

internal metric, BPS (Bookie Pain Score), tracked at +6.35 on a weighted basis (much better vs Week 3’s +24.08), indicating a

slight bookie-negative tilt overall, with “most probable outcome” wins outweighing some unexpected outcomes. They flag,

however, this particular framework is purely based on outright match wins by favourites; in reality the negative impact on

bookies can be much more subdued given factors beyond outright results.To date (Weeks 1–4), weighted BPS tracks at

+56.31. More details here

• On UK Big Ticket, George flags snippets from Grafton (JPM NC) H126 trading update. Q2 UK LFL -4.9%, broadly in