European Staples: Distilled and Packaged: Our take on the sector, Q2 results, Reckitt Fireside Chat, and more...

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European Staples: Distilled and Packaged: Our take on the sector, Q2 results, Reckitt Fireside Chat, and more...

J P M O R G A N Europe Equity Research

03 August 2026

European Staples

Distilled and Packaged: Our take on the sector, Q2

results, Reckitt Fireside Chat, and more...

European Staples outperformed the market last week driven by HPC and Beverages. European Food Producers,

It was a busy week of results with most companies beating on sales but with much Household & Personal Care

share price volatility, part due to high expectations and share price run since June, part Products, Beverages & Tobacco

due to sector rotation. Unilever delivered a standout Q2, with a beat and raising Celine Pannuti, CFA AC

volume growth expectations, reigniting the debate around valuation of the Core HPC (44-20) 7134-7123

and rerating despite the food disposal overhang. In Beverages, Campari showed celine.pannuti@jpmorgan.com

benefits from weather while raising margin expectations (we placed the stock on Edward G Hockin AC

positive CW). Ingredients performed well as the sector recovered with positive top- (44-20) 7742-6937

edward.hockin@jpmorgan.com

line momentum, underpinning our positive stance on Symrise, Givaudan and Kerry,

Samuel Lewis

all OW. In We hosted Reckitt CEO Kris Licht for a fireside chat, where he reiterated

(44-20) 3493-6729

FY26 LFL guidance of 4–5% with greater confidence post a strong Q2, underpinned samuel.lewis@jpmorgan.com

by EM momentum (China/India), improving Europe, and solid North America (incl. Mafalda Gaspar

Mucinex 12-hour). (44-20) 7134-4642

• Food/HPC/Ingredients digested a heavy week of reporting. Unilever led a mafalda.gaspar@jpmorgan.comJ.P. Morgan Securities plc

volume-driven beat (Q2 org sales +5.8% vs +4.3% cons; vol +5.5% vs +2.5%,