UBS picks its European beverage favourites for Q3

Carlsberg A/S

08/10/2026 11:03

** Going into Q3 results, UBS says investors are likely to favour European beverage stocks with company-specific growth drivers amid weak demand and rising costs
** "We think investors will re-rate the more idiosyncratic growth stories coming out of Q3 and into year end," it says in a note
** It says Campari CPRI.MI, Coca-Cola HBC CCH.BN, as well as Anheuser-Busch InBev ABI.BR and Carlsberg CARLb.CO have the potential to make that list, though for the two latter adds Q3 may not be the catalyst
** Among brewers it prefers Heineken HEIO.AS for Q3, pointing to volume upside as it sees Q3 consolidated volumes up 2.1% y/y
** Campari is its top pick among spirits on accelerating growth driven by product innovation and geographical expansion
** It deems bottlers as the clearest beneficiaries of the European weather, forecasting both CCEP CCEPC.L  and CCH delivering solid volume growth in Q3 
     
COMPANY
Q3 UBS organic revenue growth estimate
% difference to consensus
Remy Cointreau RCOP.PA 
+6.5%
+130bps
Heineken HEIO.AS 
+3.4%
+30bps
Campari  CPRI.MI 
+3.8%
+60bps
Carlsberg CARLb.CO 
+3.0%
-10bps 
CCEP CCEPC.L 
+5.4%
+80bps
Coca-Cola HBC CCH.BN  
+8.5%
+120bps
Diageo DGE.L 
-1.4%
-60bps

(Reporting by Mirko Miorelli)
((Mirko.Miorelli@thomsonreuters.com))