Summary of The Vita Coco Company (COCO) Conference Call - May 13, 2025 Company Overview - The Vita Coco Company is a market leader in the coconut water category, founded in 2004, and has a diverse product pipeline including the recently launched Vita Coco treats [2][6][12]. Industry Insights - The coconut water category is experiencing significant growth, with a reported category growth of 23% and Vita Coco brand growth of 20% in Q1 [6][12]. - The company aims to establish coconut water as a household staple across North America and other markets [7][12]. Consumer Trends - Consumer focus on health and wellness is driving demand, with consumers willing to pay for these benefits [7][10]. - The Hispanic consumer segment is a key demographic for Vita Coco, with a strong index of 60% among this group, indicating a more affluent and health-conscious consumer base [10][12]. Growth Strategy - The company plans to double its business in the next four to six years by increasing household penetration and expanding distribution channels [13][14]. - Growth drivers include increasing household usage occasions for coconut water, such as smoothies, cocktails, and hydration [15][16]. Financial Performance - Q1 results showed a 17% top-line growth, with guidance for the year set at 8% to 10% growth, driven by mid to high teens growth in coconut water [19][20]. - The company anticipates continued growth despite some losses in regional private label business [23][30]. Pricing and Tariffs - A small price increase was implemented, and further pricing adjustments are planned for Q3, influenced by a 10% baseline tariff affecting 60% of global COGS [33][35][36]. - The company is exploring ways to mitigate tariff impacts through pricing strategies and supply chain adjustments [84][86]. Distribution and Retail Relationships - Vita Coco is working to improve its distribution at Walmart, moving to a more prominent shelf space in the juice aisle, which is expected to drive future growth [42][49]. - Despite a 50% decline in distribution at Walmart, the company is gaining distribution in other channels, including convenience stores and food service [52][55]. Innovation and Product Development - The introduction of multipacks has been a significant innovation, now accounting for 50% of volume, and is expected to continue driving growth [63][64]. - The company is also focusing on expanding its product offerings, including coconut milk and treats, which are attracting new consumer segments [61][62]. International Expansion - The international segment is seen as a growth opportunity, particularly in Western Europe, where the company is investing in marketing and distribution [69][70][73]. - The UK and Germany markets are highlighted as areas of significant growth potential [70][72]. Gross Margin Outlook - Gross margins expanded in Q1, with guidance maintained for the year despite pressures from ocean freight rates and product costs [74][75]. - The company aims for long-term gross margins to approach 40%, driven by a shift from private label to branded products and successful innovation [94][96]. Marketing and SG&A - SG&A expenses are expected to grow in the low to mid-single digits, with a focus on marketing to drive brand awareness in the coconut water category [98][100]. Food Service Opportunities - The company is expanding its presence in the food service sector, targeting partnerships with coffee shops and restaurants to increase usage occasions for coconut water [101][102]. M&A Strategy - While M&A is not seen as essential for growth, the company is open to acquiring brands that align with its health and wellness focus, provided they are at the right valuation [105][110][112].

Core Insights - The performance of Monster Beverage's international operations is critical for understanding its financial resilience and growth potential [1][2][3] - The company's total revenue for the quarter was $1.85 billion, reflecting a year-over-year decline of 2.4% [4] International Revenue Breakdown - Asia Pacific contributed $144.52 million, or 7.79% of total revenue, with a surprise decline of -4.23% compared to expectations of $150.9 million [5] - Latin America and the Caribbean generated $160.82 million, accounting for 8.67% of total revenue, with a significant surprise decline of -15.87% against an expected $191.16 million [6] - EMEA's revenue contribution was $384.58 million, representing 20.74% of total revenue, with a slight surprise decline of -0.8% from the consensus estimate of $387.69 million [7] Future Revenue Projections - Analysts project total revenue of $2.06 billion for the current fiscal quarter, indicating an increase of 8.4% year-over-year, with expected contributions from Asia Pacific (8.4%), Latin America and Caribbean (9.1%), and EMEA (21%) [8] - For the entire year, total revenue is forecasted at $7.96 billion, reflecting a 6.3% improvement from the previous year, with regional contributions expected from Asia Pacific (8%), Latin America and Caribbean (9.6%), and EMEA (20.5%) [9] Conclusion - The reliance on international markets presents both opportunities and challenges for Monster Beverage, making the tracking of international revenue trends essential for future projections [10][11]

Core Viewpoint - Sprite has quietly changed its formula by adding ingredients such as fructose syrup, sucralose, and aspartame, which has sparked discussions on social media about the taste difference compared to the past [2]. Group 1: Product Changes - Sprite's formula was modified in 2019, and the current ingredients are clearly labeled on the packaging [2]. - In 2023, Sprite launched a limited edition "Tribute to 1982 Lemon Flavor Soda" in the Chinese market, which features a different formula without fructose syrup and sweeteners, only containing water and granulated sugar [2]. Group 2: Company Performance - Coca-Cola's Q1 2025 financial report shows revenue of $11.129 billion, with an organic revenue growth of 6% [3]. - The net profit for the same period was $3.335 billion, reflecting a 5% increase, and the earnings per share (non-GAAP) was $0.73, up by 1% [3]. Group 3: Sales Growth - Global single-box sales increased by 2%, with the Chinese market experiencing high single-digit growth in Q1 [4]. - Carbonated beverage sales globally grew by 2%, driven by markets in Europe, the Middle East, Africa, and Asia-Pacific [4]. - Coca-Cola expects a comparable currency-neutral earnings per share growth of 7% to 9% for 2025, with an organic revenue growth forecast of 5% to 6% [4].

Core Viewpoint - The analyst initiates coverage of Monster Beverage (NASDAQ: MNST) with a STRONG BUY rating, highlighting a personal investment since 2021 at an adjusted price of $43.72, reflecting a compound annual growth rate (CAGR) return of nearly 9% [1]. Group 1: Analyst Background - The analyst is a qualified economist with expertise in economic theory and has been involved in investing and trading since 2005, focusing on US equities since 2018 [1]. - Prior to 2022, the analyst was part of TopStepTrader, successfully passing the combine for a funded trader [1]. - The investment strategy is conservative, utilizing a model that combines quantitative and fundamental analysis to evaluate companies, excluding banks, insurance companies, and REITs [1]. Group 2: Investment Strategy - The main investment strategy involves regularly purchasing shares with a portion of income intended for long-term holding [1]. - The analyst aims to provide private investors with an independent perspective on large and well-known companies through detailed financial statement analysis [1].

Company Overview - Primo Brands Corporation is a leading North American branded beverage company focused on healthy hydration, offering a diverse range of products across various formats, channels, and price points, distributed in every U.S. state and Canada [4] - The company has a comprehensive portfolio of recognizable branded water and beverages available in over 200,000 retail outlets, including billion-dollar brands like Poland Spring® and Pure Life®, as well as premium and regional brands [5] Product Offerings - Primo Brands provides extensive direct-to-consumer offerings, including innovative water dispensers and services such as Direct Delivery, Exchange, and Refill, which enhance consumer connectivity through recurring purchases [6] - The company is a leader in reusable beverage packaging, utilizing multi-serve bottles and sustainable materials like recycled plastic, aluminum, and glass, while managing over 90 springs to ensure a steady supply of quality drinking water [7] Corporate Responsibility - Primo Brands is committed to environmental sustainability, helping to conserve over 28,000 acres of land and partnering with the International Bottled Water Association to adhere to safety and quality standards [7] - The company invests in local and national programs to support communities, providing hydration solutions during natural disasters and other challenges [7] Leadership and Events - Robbert Rietbroek, CEO, and David Hass, CFO, will participate in a fire side chat at the BMO Global Farm to Market conference on May 14, 2025, which will be webcast and archived for replay [1][2]

Core Points - Jones Soda Co. will hold a conference call on May 15, 2025, at 4:30 p.m. Eastern time to discuss its financial and operational results for Q1 2025 [1] - The call will be hosted by CEO Scott Harvey and CFO Brian Meadows, followed by a Q&A session where investors can submit questions via email [2] - The conference call will be broadcast live and available for replay on the company's website [4] Company Overview - Jones Soda Co. is a leading craft soda manufacturer with a subsidiary focused on cannabis products, marketing premium craft sodas under the Jones® Soda brand and cannabis products under the Mary Jones brand [4] - The company's products are sold across North America in various formats including glass bottles, cans, and fountain drinks through traditional beverage outlets and restaurants [4] - Jones Soda is headquartered in Seattle, Washington [4]

Core Viewpoint - Celsius Holdings has experienced significant fluctuations in stock performance, heavily influenced by market conditions and strategic partnerships, particularly with PepsiCo, which has impacted its market share and revenue growth [1][2][10]. Group 1: Stock Performance - Celsius Holdings has seen its stock performance vary greatly, with a notable increase of nearly 7% in the week following disappointing quarterly results [2]. - Over the past five years, Celsius has transformed its revenue from $131 million in 2020 to $1.31 billion, marking a tenfold increase, while net income surged 21-fold during the same period [3]. - Despite a 55% decline in stock value over the past year, shares have rebounded nearly 40% in 2025, driven by a significant acquisition deal [13]. Group 2: Revenue and Market Share - Celsius achieved seven consecutive years of double-digit revenue growth until 2019, with growth accelerating to over 40% in the last three years [4]. - In 2020, Celsius's revenue soared by 74%, followed by three consecutive years of triple-digit growth [6]. - However, revenue has declined for three consecutive quarters, with market share dropping from a peak of 12.3% to 10.9% [10][11]. Group 3: Strategic Partnerships and Acquisitions - PepsiCo became Celsius's domestic distributor and invested in the company, which helped expand its product reach [7]. - The acquisition of Alani Nu for $1.8 billion is expected to revitalize Celsius's business, with Alani's market share growing from 3.1% to 5.3% over the past year [14][15]. - The acquisition is projected to contribute significantly to Celsius's revenue, accounting for more than a third of it in the upcoming year [15].

PRESS RELEASE Amsterdam, May 12, 2025 Robin Jansen +31 6 1594 4569 IR@JDEPeets.com JDE Peet's (EURONEXT: JDEP), the world's leading pure-play coffee and tea company, today announced that it has repurchased 24,120 shares in the period from May 5, 2025 up to and including May 9, 2025. The shares were repurchased at an average price of EUR 22.00 per share for a total consideration of EUR 0.5 million. These repurchases were made as part of the EUR 250 million share buyback programme announced on March 3, 2025. ...

Core Insights - The rise of "Chinese health water" has been significantly influenced by the younger generation's pursuit of health, leading to a booming market with various brands entering the space [2][11][12] Market Overview - The market size of Chinese health water grew from 0.1 billion in 2018 to 4.5 billion in 2023, representing a year-on-year growth of over 350% [4] - Predictions indicate that the market size will exceed 10 billion by 2028, highlighting its potential as a blue ocean market [4] - The broader category of "plant-based beverages" saw a year-on-year growth of 37.64% in Q3 2024, outperforming other beverage categories [4] Brand Strategies - Major brands like 元气森林 and 盒马 are actively entering the Chinese health water market, with 盒马 collaborating with traditional Chinese medicine brands to leverage the "food and medicine homology" theory [4][5] - 盒马's pricing strategy for its health water products is set between 4.9 and 5.9 yuan, aiming to lower consumer barriers and enhance repurchase intentions [7] Consumer Trends - The demand for health-oriented beverages is shifting from low-sugar options to products that offer positive health benefits, with 65.5% of consumers indicating that specific health effects influence their purchasing decisions [10][11] - The target demographic for these beverages is primarily young consumers aged 22-40, with a significant portion belonging to the middle-income group [8] Competitive Landscape - The success of Chinese health water is attributed to its differentiation from traditional health drinks, focusing on efficacy and ingredient quality [11] - As the category matures, it is expected to compete for the title of "top health beverage" in convenience stores, potentially overtaking existing categories like ready-to-drink tea and sugar-free beverages [12]

Investment Rating - The report highlights ten stock picks rated as "Buy" that are expected to be resilient in the current uncertain economic environment [11][23]. Core Insights - The initial sell-off in the market was broad-based, with 99% of S&P 500 stocks declining, but the recovery has been uneven, primarily driven by technology stocks [3][11]. - A bottom-up approach is recommended to understand how policies impact individual companies, especially in light of ongoing macroeconomic and policy uncertainties [4][11]. - The report anticipates continued volatility in equity markets as macro and micro data worsen, with a focus on defensive sectors [4][11]. Summary by Relevant Sections Market Overview - The S&P 500 has outperformed the equal-weighted index, with a significant contribution from technology stocks, while many sectors, particularly recession-resilient ones like healthcare, remain below pre-sell-off levels [3][22][19]. - Only 35% of S&P 500 stocks have recovered to pre-Liberation Day levels, indicating a challenging recovery landscape [3][11]. Stock Picks - **AIG (AIG US)**: Rated "Buy" with a target price of USD 93.00, expected to benefit from its solid risk management and low leverage [6][23]. - **American Tower (AMT US)**: Rated "Buy" with a target price of USD 245.00, noted for its geographical diversification and resilience in a high-tariff environment [6][24]. - **Coca-Cola (KO US)**: Rated "Buy" with a target price of USD 82.00, positioned to leverage its brand strength and local sourcing to mitigate tariff impacts [6][29]. - **Johnson & Johnson (JNJ US)**: Rated "Buy" with a target price of USD 184.00, recognized for its diversified portfolio and strong R&D pipeline [6][30]. - **McDonald's (MCD US)**: Rated "Buy" with a target price of USD 343.00, expected to benefit from its franchise model and focus on affordability [6][34]. - **Oracle (ORCL US)**: Rated "Buy" with a target price of USD 246.00, anticipated to capitalize on AI demand and improve revenue growth [6][37]. - **Procter & Gamble (PG US)**: Rated "Buy" with a target price of USD 185.00, noted for its strong brand equity and global supply chain [6][40]. - **TechnipFMC (FTI US)**: Rated "Buy" with a target price of USD 36.00, positioned to benefit from its operational efficiencies [6][43]. - **Walmart (WMT US)**: Rated "Buy" with a target price of USD 108.00, expected to maintain its market position amid economic challenges [6]. - **Waste Management (WM US)**: Rated "Buy" with a target price of USD 265.00, recognized for its stable revenue model [6].