终止与Puig的谈判——悬而未决的问题已经解决，重点重归执行

Date22 May 2026 Company Estee Lauder ReutersEL.N BloombergEL US ConsumerConsumer Staples Valuation & Risks Puig Talks Terminated–Overhang Removed, Steve PowersResearch Analyst We see EL’sdecision tonightto terminate discussions with Puig as a positivenear-term development,primarily reflecting the removal of a meaningfuloverhang that had weighed on sentiment sinceMarch. Recall that at the time thetalks were initially confirmed, EL’s stock declined meaningfully, reflecting investor Christopher Barnes, CFAResearch Analyst Nikhil Jain, CFAResearch Associate In our view, this evening’s after-hours reaction (+10%) should be viewed throughthat lens. With discussions now concluded, uncertainty around deal structure,valuation, governance, and balance sheet implications is removed. Just as Angeline GohResearch Associate Strategically, the decision signals a return to a more focused, execution-drivennarrative. Recent results have pointed to early signs of progress, including areturn to modest organic growth and meaningful margin improvement, supportedby the Beauty Reimagined strategy and PRGP initiatives. Management continues Importantly, this outcome does not preclude future portfolio activity, but it doessuggest a likely recalibration in scope and timing. EL has long indicated awillingness to pursue smaller, more targeted acquisitions that can be more easilyintegrated intoa streamlined operating model, and we suspect this will again take From here, the investment debateislikelytoshift back to fundamentals—namelyEL’s ability to sustain organic growth, execute its distribution and innovationagenda, and translate cost savings into durable margin expansion. In that context,we look forward to discussing EL’s go-forward strategy andcapital allocation Appendix 1 Important Disclosures Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bloomberg and other vendors. Other information is sourced from Deutsche Bank, subject Important Disclosures Required by U.S. Regulators 2-Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments Important Disclosures Required by Non-U.S. Regulators 2-Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch, please see the most recently published company report or visit our global disclosure look-up page on ourwebsite athttps://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). Inaddition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific Company Rating and Dispersion Key The above table provides a snapshot of Deutsche Bank's company research rating distribution across our coveredcompanies. We also present the percentage of companies where Deutsche Bank has provided Investment Banking Note-percentages are rounded so may not total 100%. Covered: The overall rating distribution across all companies under coverage with a rating. w/Banking relation: Percentage of companies under coverage with a rating within each of the "buy", "hold" and "sell" w/MiFID services: Percentage of companies under coverage with a rating within each of the "buy", "hold" and "sell"categories for which Deutsche Bank has provided MIFID Investment and Ancillary services within the previous 12 Buy/Hold/Sell Percentages: These percentages reflect the proportion of companies within each category that havebeen assigned the corresponding rating, based on our 12-month view of Total Shareholder Return (TSR). Rating definitions: Buy: Based on a current 12-month view of TSR, we recommend that investors buy the stock. Sell: Based on a current 12-month view of TSR, we recommend that investors sell the stock. Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a TSR: Total Shareholder Return. Percentage change in share price from current price to projected target price plus Newly issued research recommendations and target prices supersede previously published research. Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively'Deutsche Bank'). Though the information herein is believed to be reliable and has been obtained from public sourcesbelieved to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness. Hyperlinks to If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in thisreport, or is included or discussed in anot