European Staples: Distilled and Packaged: Our take on the sector, Where is the Bar, Q2 Results, Weather, and more...

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European Staples: Distilled and Packaged: Our take on the sector, Where is the Bar, Q2 Results, Weather, and more...

J P M O R G A N Europe Equity Research

27 July 2026

European Staples

Distilled and Packaged: Our take on the sector, Where

is the Bar, Q2 Results, Weather, and more...

European Staples underperformed the market this week. The ECB held rates steady, European Food Producers,

however comments signal that the direction of travel for rates remains upwards, with Household & Personal Care

our JPM Economists expecting a hike in September. In Staples, we published our Q2 Products, Beverages & Tobacco

preview wrap-up, aggregating positioning across coverage and highlighting our top Celine Pannuti, CFA AC

picks into results. We placed Campari and Magnum on +CW reflecting potential (44-20) 7134-7123

upside from the recent hot weather (see our weather tracker Hot or Cold), and celine.pannuti@jpmorgan.com

Beiersdorf on -CW seeing risk of guidance downgrades amid weak sell-out trends and Edward G Hockin AC

mounting cost pressures into H2. The start to the earnings season highlighted tough (44-20) 7742-6937

edward.hockin@jpmorgan.com

trends in the US, strong EMs, potential fragrance slowdown and rising costs into 2027,

Samuel Lewis

likely to be in focus into next week's heavy reporting.

(44-20) 3493-6729

• In Food/Ingredients, we had a busy week of reporting. Lindt delivered H1 samuel.lewis@jpmorgan.com

organic sales growth broadly in line with expectations at +4.3%, however Mafalda Gaspar

pricing is likely to be negative into 2027E, which should weight on LFL (44-20) 7134-4642

mafalda.gaspar@jpmorgan.com

expectations. Nestlé posted Q2 organic growth of +3.7% with RIG at +1.8% J.P. Morgan Securities plc