European Daily Focus: Thursday, 28th May 2026

Research evidence excerpt

European Daily Focus: Thursday, 28th May 2026

Deutsche Bank

Research

Europe Strategy Date

28 May 2026

European Daily Periodical

Focus

Thursday, 28th May 2026

Jonathan Jayarajan

TOP STORIES Associate Director Equity Research –

HEINEKEN (HEIN.AS) - Cloudy with a chance of curveballs EMEA Products

Mitch Collett: Buy to Hold, Tgt EUR93 to EUR76. Last Close EUR71.02. We lower +44-20-754-76037

our rating on Heineken to HOLD from Buy. The shares remain cheap and are broadly

flat since we upgraded to Buy on 28 November 2025. However, we believe

uncertainty has increased given: 1) CEO transition; 2) weak industry data in Europe

and the US; 3) potential cost and consumer implications from the war in the Middle

East; 4) mixed growth dynamics in Mexico and Brazil. The upside we expected

when we upgraded to Buy did not materialise largely due to these factors.

EUROPEAN BEVERAGES - 2Q Weather Tracker: Europe and US seems a minor Figure 1: Table of Contents

headwind

Mitch Collett: Weather is a driver of beverage consumption and, as a result, Top Stories Page 01

Target Price Changes Page 03

financial delivery and share-price performance. Clearly, weather impacts are short Company Updates Page 04

term and should not impact long-term share prices. However, understanding the Sector Updates Page 08

weather will help us better predict and interpret short[1]term performance for our Strategy / Economics Page 09

Global Focus Page 10

coverage. We analyse average temperature and rainfall for 18 European

Source : Deutsche Bank

geographies and 50 US states. 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 Figure 2: Recommendation Change