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1、Europe Equity Research11 July 2025J P M O R G A NEuropean Food Producers,Household&Personal Care Products,Beverages&TobaccoCeline Pannuti,CFA AC(44-20)7134-J.P.Morgan Securities plcPhilip Spain AC(44-20)3493-J.P.Morgan Securities plcKorede Adeniyi(44-20)3493-J.P.Morgan Securities plcTanya Tekriwal(9

2、1-22)6157-J.P.Morgan India Private LimitedSpecialist Sales contact details:Olivia Petronilho-Specialist Sales-European Consumer(44-20)3493-This report is based on analysis of the latest NielsenIQ data(4-wk period ended 15-June-2025)covering the Western Europe beverages market.All categories improved

3、 vs the prior 4wks on favourable weather and easier comps.In value terms(4-wk basis),Soft drinks grew HSD+,Beer saw marginal gains and Spirits declined LSD-.In volume terms(4-wk),Soft drinks grew MSD+while Beer and Spirits declined LSD-.On a 12wk basis,CSD value grew+6%(prior 12wks+4%),while Beer wa

4、s flat(unchanged)and Spirits weakened at-3%(prior-1%).On a 2-yr CAGR,Soft drinks grew LSD+,Spirits declined LSD-and Beer MSD-.Beer:Value was+0.4%YoY in the latest 4wks with volume-0.6%and price/mix at LSD+.On a 12wk basis,Beer trends were broadly unchanged with value/volume at-0.2%/-1.9%.Within our

5、coverage Heineken remained the weakest performer with volumes-3%(albeit sequentially improving following disruptions from customer negotiations),while ABI was flat,CARLB+9%and RBREW+5%.Spirits:Value was-1.7%YoY in the latest 4wks with volumes-2.6%and price/mix at LSD+.On a 12wk basis,Spirits value/v

6、olume performance weakened to-2.9%/-4.0%(vs.prior 12-wks ended 23-March at-0.9%/-2.0%).Within our coverage,Remy Cointreau was the weakest performer with value at-6%,Diageo-4%,Campari-1%while Pernod Ricard grew+5%(one of the strongest performances since 2021).Carbonated Soft Drinks:4-wk value was+7.6