LatAm Beverages Here Comes the Rain (Again): Intra-Quarter Update: Conversations With Companies Reveal a Concerning Message for 2Q

研报英文原文证据摘录

LatAm Beverages Here Comes the Rain (Again): Intra-Quarter Update: Conversations With Companies Reveal a Concerning Message for 2Q

Global Research

21 June 2026ab by Powered Lab Evidence UBS YES

LatAm Beverages Equities

Latin AmericaHere Comes the Rain (Again)

Food & Beverage

Rodrigo Alcantara

Intra-Quarter Update: Conversations With Companies Reveal a Concerning Analyst

Message for 2Q rodrigo.alcantara@ubs.com

Over the past few days, we have caught up with most beverage companies in LatAm +55-11-2767 6324

to assess how consumer demand is trending ahead of the world cup season. In Kevin Zavala

general, the message for April–May was negative in Mexico, with companies citing Associate Analyst

heavy rainfall as a headwind to demand despite elevated temperatures. At this kevin.zavala@ubs.com

point, we keep our 2Q volume estimates unchanged as we await a potential boost +55-11-2767 6176

from the world cup events in June, which could offset the weakness seen during the Luciana Carvalho

first two months of the quarter. As we enter the second half of 2026, we flag El Niño Product Manager

as a potentially important disruptor for consumer demand, with mixed implications luciana.carvalho@ubs.com

across companies. Based on current exposure, the phenomenon appears +55-11-2767 6524

particularly relevant for Arca Continental, given its operations in the southern U.S.,

northern Mexico, and Peru.

AC: 2Q Volumes Soften on Rain; El Niño a Further Headwind

Based on our conversations with the company, we believe April-May were soft

months for AC, as heavy rainfall in Mexico and the U.S. weighed on demand despite

favorable temperatures, with volumes potentially softening to negative LSD in both

markets. Share trends remained a bright spot, with AC continuing to outperform