Weather Watchers: Heat Helps, Until It Hurts

研报英文原文证据摘录

Weather Watchers: Heat Helps, Until It Hurts

Foundation

July 14, 2026 03:30 AM GMT

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

Equity Analyst

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

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

Until It Hurts 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 was modestly supportive in June overall, though effects vary by region, Richard Li

with Europe’s warmer weather not a clean positive given periods of excessive Research Associate

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

heat

Beverages

Europe weather in June was mixed, with flattish precipitation on very low comps,

Europe

while warmer temps may have capped the benefit in some markets due to Industry View In-Line

heatwaves

LatAm weather was broadly supportive in June, with lower rainfall across most

markets except Brazil, though temps were flattish off very cold prior-year comps

North America weather was broadly neutral in June, with precipitation and temps

both broadly flattish y/y, suggesting limited weather effects overall

APAC weather was mixed in June, with the tracker showing lower precipitation

across most markets, but management flagging poor weather in specific parts of

China