European Beverages: Citi Weather Watch: June saw favourable temperatures for CARLB, HEIN, CCH, CCEP and RBREW. Precipitation neutral.

Research evidence excerpt

European Beverages: Citi Weather Watch: June saw favourable temperatures for CARLB, HEIN, CCH, CCEP and RBREW. Precipitation neutral.

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02 Jul 2026 00:00:00 ET │ 30 pages

European Beverages

Citi Weather Watch: June saw favourable temperatures for CARLB,

HEIN, CCH, CCEP and RBREW. Precipitation neutral.

Simon Hales AC

CITI'S TAKE +44-20-7986-4049

The Citi Beverage Weather Tracking Database amalgamates daily simon.hales@citi.com

temperature and precipitation data across 36 of the most important Sunny Wadhwanimarkets for the beer and soft drinks stocks. In Jun, temperatures across

European markets were higher relative to 2025 with mixed trends by +91-22-4277-5078

market. Precipitation levels were broadly in-line with last year. Overall, Jun’s sunny.wadhwani@citi.com

trends are supportive for Carlsberg, Heineken, CCH, CCEP and Royal

Unibrew. Looking ahead, we expect the 2026 summer in Europe to be hot

and dry due to El Niño effect, particularly in July and August.

Citi's Beverage Weather Tracking Database — The Citi Beverage Weather Tracking

Database amalgamates daily temperature and precipitation data across 36 of the

most important markets for the European beer and soft drinks stocks. Although

changes in weather patterns have little lasting long-term impact on growth, they can

influence consumer off-take and affect short-term volume, mix and earnings. Our

regular ‘Weather Watch’ report therefore aims to highlight which company’s

estimates may be vulnerable to near-term weather-related upgrades or

downgrades. We include the latest data as a point of reference for underlying drivers

in specific markets.

Correlation between weather and beverage volumes is notable — Some

months/periods of the year and some markets are more influenced by weather than

others.