BEVERAGES : The weather report

Research evidence excerpt

BEVERAGES : The weather report

EQUITIES

BEVERAGES

The weather report

The weather report18 JUNE 2026

Sector Research Report While we would rather focus our analysis on long-term fundamentals, for European Beverage

Production time: 05:15* (London time) demand, we are conscious that weather trends are a key determinant of summer demand. In this

Research Analysts & Publishing Entities short report, we bring together the latest Q2 weather data by market and company across Europe.

Matthew Ford

BNP Paribas London Branch 2025: A warm, dry summer across much of Europe creates tough weather comps

(+44) 203 430 8639 Following mixed summer weather conditions in 2023 and 2024, the European summer season inmatthew.j.ford@uk.bnpparibas.com

2025 was generally favourable for most Beverage companies, particularly across Western Europe.

Gen Cross

BNP Paribas London Branch Q2-to-date: April cold, May warm, June mixed. Wetter throughout+44 203 430 8515

gen.cross@uk.bnpparibas.com While there are two crucial weeks left in the quarter, weather trends in Q2-to-date have been more

mixed following generally favourable weather conditions in Q225. While May saw a heatwave across

much of Europe, April and June-to-date trends have been cooler and wetter YoY, particularly in the

UK/Ireland, Northern and Eastern Europe, while Southern Europe and Scandinavia have been

better. Overall, we expect wetter weather to provide a modest headwind to Q226 trading across

Europe, particularly with Beer and Soft Drinks which are more exposed to summer weather trends.

We see Royal Unibrew as the potentially biggest weather beneficiary in Q2

Despite increased rainfall across in Q2, we believe higher avg. temperatures in Scandinavia in May