Consumer Staples: Weather Watchers: Turning Slightly More Supportive

Research evidence excerpt

Consumer Staples: Weather Watchers: Turning Slightly More Supportive

Foundation

June 15, 2026 03:30 AM GMT

Morgan Stanley & Co. International plc+MConsumer Staples | Europe Sarah Simon

Equity Analyst

Weather Watchers: Turning Sarah.Simon@morganstanley.comDavid J Roux +44 20 7425-6064

David.Roux@morganstanley.com +44 20 7425-1040

Slightly More Supportive Morgan Stanley & Co. International plc (ADGM Branch)+

Rashad Kawan

In our Weather Watchers Guide, we triangulate precipitation and Equity Analyst

Rashad.Kawan@morganstanley.com +971 2 596-3603

temperature data with company geographic revenue exposures

Morgan Stanley & Co. International plc+

and quantify how weather differentials may impact underlying Tilly Eno

operational performance. Equity Analyst

Tilly.Eno@morganstanley.com +44 20 7677-3662

Chris Linford, CFA

Key Takeaways Research Associate

Chris.Linford@morganstanley.com +44 20 7425-1639

Weather turned slightly more supportive in Apr-May overall, but is mixed by Richard Li

region, with Europe still facing tough precipitation comps into the summer period Research Associate

Richard.Li@morganstanley.com +44 20 7425-1976

Europe weather in Apr-May was mixed y/y, with flattish precipitation on very low

Beverages

prior-year levels, and weaker Apr temperatures balanced by improvement in May

Europe

LatAm weather generally improved in Apr-May, with lower rainfall sequentially Industry View In-Line

improving from 1Q26, while temperatures were more mixed

North America weather was modestly supportive, with lower precipitation in May

and slightly higher temperatures in April

APAC weather was largely positive in May, though April was more mixed, with SE

China seeing flooding that may have eased as precipitation improved in May