J P M O R G A N North America Equity Research 19 August 2026 See page 5 for analyst certification and important disclosures. Overweight EL, EL US Price (18 Aug 26):$84.27 Beverage, Household & Personal Care Products Andrea Teixeira, CFA AC (1-212) 622-6735 andrea.f.teixeira@jpmorgan.com Shovana Chowdhury (1-212) 270-2184 shovana.chowdhury@jpmorgan.com Drew Levine, CFA (1-212) 622-0374 drew.levine@jpmorgan.com J.P. Morgan Securities LLC The Estee Lauder Cos Beat FQ4; Raised FY27 OPM Guidance Our First Take: ...