KBC Securities - JDE Peets NV (JDEP) JDE Peets 1H25 results confirm coffees positioning as a staple good

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KBC Securities

Michiel Declercq

JDE Peets 1H25 results confirm coffee's positioning as a staple good

Last week Wednesday, JDE Peet's surprised with a strong set of 1H25 results, with the vol/mix increasing 1.0% despite a significant price increase of 21.5%. While the vol/mix effect was positively impacted by around 2-3% from customers pre-buying ahead of further anticipated price hikes, the underlying price elasticity remains resilient. This reconfirms coffee's positioning as a staple good. While price elasticity is expected to slightly deteriorate in 2H25, it should remain at healthy levels. After increasing our estimates in line with the new outlook, we increase our rating from Hold to Accumulate and up our TP from € 25.0 to € 27.0 ps.

05/08/2025 1 EN

Underlying

JDE Peet's NV

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NL0014332678 Euronext Amsterdam Netherlands

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Michiel Declercq

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