European Beverages: 2Q Weather Tracker: Europe and US seems a minor headwind

Research evidence excerpt

European Beverages: 2Q Weather Tracker: Europe and US seems a minor headwind

Deutsche Bank

Research

Europe Industry Date

28 May 2026

Consumer Staples European

Beverage Industry Update

Beverages

2Q Weather Tracker: Europe and US

seems a minor headwind

Mitch Collett

Weathering heights Research Analyst

Weather is a driver of beverage consumption and, as a result, financial delivery and +44-20-754-11307

share-price performance. Clearly, weather impacts are short term and should not

Archit Agarwal

impact long-term share prices. Research Associate

However, understanding the weather will help us better predict and interpret short-

Tom Sykes

term performance for our coverage. We analyse average temperature and rainfall

Research Analyst

for 18 European geographies and 50 US states.

+44-20-754-76418

2Q cooler YoY in Europe and the US

Despite an improvement towards the end of May 1 , the average temperature in 2Q

was lower YoY in 11 out of 18 countries we track and the weighted average

temperature was 0.2C lower. UK, Germany, the Netherlands and Norway stand out

as regions that decreased YoY in 2Q so far whereas Finland increased. In the US, 2Q

so far was colder for the majority of states.

More rain in Europe and the US YoY

There were 57 more days of rain YoY in 2Q so far across the 18 geographies we track.

14 countries had more days of rain YoY with 4 having less. UK, Norway and Belgium

stand out as having the highest increase in rainy days YoY in 2Q so far. Also,

weekend rainy days YoY in 2Q so far were more in Europe vs lat year. In the US there

was, on average, slightly more rainy days per state YoY in 2Q so far.

More unfavourable for Carlsberg, CCEP, CCH and Royal Unibrew

Taken together we see 2Q weather trends are unfavourable for our Beer coverage.