Restaurants: Weathering the 3Q26/4Q26 Outlook

Deutsche Bank hosted a call with Planalytics Chairman and CEO Fred Fox and Director Jeff Doran on recent weather impacts and the outlook for retail and restaurant sales. Overall, late summer/early fall weather had a relatively neutral/mixed impact on restaurants, while summer demand is typically less sensitive to weather than in other seasons. By month, August was a slight net tailwind, September was mixed, October and November were largely neutral, December was a slight net tailwind, and January 2027 should be a net tailwind partly on easier comparisons. Planalytics expects winter weather to be a modest tailwind for restaurants, reflecting expectations for warmer conditions and the lapping of tougher weather compares in late December and January.