European Beverages: Citi Weather Watch: July hotter and drier in Western Europe. Positive for ABI, HEIN, CCH and CCEP.

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European Beverages: Citi Weather Watch: July hotter and drier in Western Europe. Positive for ABI, HEIN, CCH and CCEP.

Viewpoint |

04 Aug 2026 00:00:00 ET │ 30 pages

European Beverages

Citi Weather Watch: July hotter and drier in Western Europe. Positive

for ABI, HEIN, CCH and CCEP.

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 July, temperatures across

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

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

July’s trends are supportive for ABI, Heineken, CCH and CCEP. Looking

ahead, we expect the 2026 summer in Europe to be hot and dry due to El

Niño effect.

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. There is a higher degree of seasonality to beverage consumption in markets