2Q Weather Tracker: Europe seems favourable; US more mixed

Research evidence excerpt

2Q Weather Tracker: Europe seems favourable; US more mixed

Deutsche Bank

Research

Europe Industry Date

3 July 2026

Consumer Staples European

Beverage Industry Update

Beverages

2Q Weather Tracker: Europe seems

favourable; US more mixed

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 hotter YoY in Europe, but mixed in the US Companies featured

With the hotter weather in May and June, the average temperature in 2Q was hotter Anheuser-Busch InBev

Hold

YoY in 16 out of 18 countries we track and the weighted average temperature was (ABI.BR),EUR71.22

0.3C higher. Finland, Hungary and Sweden stand out as regions that increased YoY Carlsberg (CARLb.CO),DKK873.20 Buy

in 2Q whereas only Turkey experienced lower temperatures. In the US, May and Heineken (HEIN.AS),EUR74.48 Hold

June were cooler however April was hotter on an average. We believe there is a risk Royal Unibrew (RBREW.CO),DKK444.20 Hold

it has been 'too hot' for Beer to benefit while we see this as less of a risk for Soft

Coca-Cola Hellenic

Drinks. (CCH.L),GBP4,958.00 Buy

Coca-Cola Europacific Partn

Buy

More rain in Europe and the US YoY (CCEP.OQ),USD106.10

There were 38 more days of rain YoY in 2Q across the 18 geographies we track. 12 Coca-Cola Europacific Partn

countries had more days of rain YoY with 6 having less.