Non-Alcoholic Beverages Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › NON-ALCOHOLIC BEVERAGES

Investor Litigation Sets the Tone as Buyers Stay on the Sidelines

This update covers the movers, company announcements and transaction record across Non-Alcoholic Beverages for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Non-Alcoholic Beverages Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › NON-ALCOHOLIC BEVERAGES

   This is the cover slide introducing the September 14–28, 2026 Non-Alcoholic Beverages bi-weekly update.

   We open this bi-weekly update on Non-Alcoholic Beverages by framing what changed, who moved and why, what transacted, and what it means for the two weeks ended September 28, 2026.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › NON-ALCOHOLIC BEVERAGES Investor Litigation Sets the Tone as Buyers Stay on the Sidelines This update covers the movers, company announcements and transaction record across Non-Alcoholic Beverages for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Non-Alcoholic Beverages Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Legal Overhang Outweighed Operating News

   This slide summarizes the two-week period across the 16 covered names, market moves and the transaction record.

   We start with the bottom line: across the 16 names we track, the median move was -4.4% while the S&P 500 returned +0.8% over the same window. That gap tells us the period's news was idiosyncratic rather than macro-driven. The pages that follow walk through who moved, why, and what it means for how you read the space today.

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   THE BI-WEEKLY BOTTOM LINE Legal Overhang Outweighed Operating News The two-week period in one page · 16 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Non-Alcoholic Beverages Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Covered Set Traded Down While the Index Traded Up 13 of 16 covered names fell; the median move was -4.4%. The S&P 500 returned +0.8% over the same two-week period. 2 BellRing Carried the Period's Steepest Decline BellRing Brands, Inc. (BRBR) fell -15.9% over the window, including -8.9% on Sep 24. Two law firms announced fiduciary-duty investigations into its directors and officers during the period. 3 Functional Hydration Earned the Only Notable Gain The Vita Coco Company, Inc. (COCO) rose +4.8%, with +4.1% on its strongest day, Sep 22. It sits in the Core tier of our standing valuation work. 4 No New Transactions; The Reference Multiple Is Unchanged No material sector transactions were announced during the period. The trailing record of 40 precedent transactions still carries a median of 12.2x EV / EBITDA. +4.8% Best mover — COCO worst: BRBR -15.9% · 3 up / 13 down of 16 covered -4.4% Sector median two-week return vs S&P 500 +0.8% 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Adjacent Models Took the Damage; Governance News Led the Way Down

   This slide ranks the period's biggest stock price moves and links them to the governance and legal news that accompanied them.

   We see BellRing Brands, Inc. (BRBR) as the period's steepest decliner, down -15.9%, against a materiality bar of +7.5% we use to flag sector-relative moves. The Vita Coco Company, Inc. (COCO) was the lone standout on the upside, up +4.8%. Governance and litigation headlines, not promotional or operating news, are the recorded drivers behind the largest swings. That pattern tells us where to focus diligence before the next update.

   Everything on this page

   PUBLIC MARKET MOVERS Adjacent Models Took the Damage; Governance News Led the Way Down Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.4% · S&P 500 +0.8% · materiality bar ±7.5% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Non-Alcoholic Beverages Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -4.4% BellRing Brands, Inc. (BRBR) -15.9% Shares moved following the Rosen Law Firm announcement of Sep 16 that it continues to investigate potential breaches of fiduciary duties by BellRing's directors and officers, with Kuehn Law announcing a parallel investigation on Sep 17. Governance questions can reprice a concentrated nutrition platform faster than any change in rate of sale. COMPANY-SPECIFIC Black Rock Coffee Bar, Inc. (BRCB) -13.0% No notable in-window news was identified that clearly explains the move. At -13.0%, the decline ran well below the median move of -4.4%. Route-based store growth is judged on velocity per location, not on the count of openings. UNEXPLAINED Primo Brands Corporation (PRMB) -7.6% No notable in-window news was identified that clearly explains the move. The -7.6% decline was steeper than the median move of -4.4%. Packaged water equities can move on the category's pricing question even when brand commentary is constructive. UNEXPLAINED The Vita Coco Company, Inc. (COCO) +4.8% Shares moved following the Sep 15 upgrade to a Zacks Rank #1 (Strong Buy) and the stock's appearance that week in defensive screens, then in a Sep 21 health and fitness screen Claim permission in hydration and wellness still earns a bid when consumer sentiment is questioned. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Courtrooms and Boardrooms, Not Coolers, Supplied the Period's News

   This slide lists the two-week period's highest-impact filings and headlines with a brief note on why each matters.

   We catalogue the events that actually moved the group this period: repeated fiduciary-duty and class-action announcements tied to BellRing Brands, Inc. (BRBR) and Celsius Holdings, Inc. (CELH) dominate the record. Each entry links back to its source filing or article, so you can verify the read yourself. The concentration of legal and governance news, rather than product or pricing news, is itself the signal worth carrying into diligence conversations.

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   MAJOR NEWS & INDUSTRY CATALYSTS Courtrooms and Boardrooms, Not Coolers, Supplied the Period's News The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Non-Alcoholic Beverages Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 18 · NEWS · Business Wire Robbins LLP urged Celsius investors to come forward on leading the pending securities class action A second law firm pressing the same securities case keeps the claim in front of Celsius Holdings, Inc. (CELH) holders through the window. Where valuation rests on brand durability, an unresolved claim sits on the multiple until it clears. Sep 15 · 8-K · SEC EDGAR Coca-Cola Europacific Partners named Mary Harris interim member of its Affiliated Transaction Committee Coca-Cola Europacific Partners PLC (CCEP) moved quickly to refill the committee that reviews related-party dealings after Nathalie Gaveau's resignation. Bottler governance around affiliated arrangements is part of how the market underwrites franchise territory economics. Sep 15 · NEWS · Business Wire Coca-Cola made the public case for its U.S. system and multi-category brand portfolio The Coca-Cola Company (KO) framed its position around breadth across sparkling, water and hydration, coffee, tea, juice and dairy, delivered through its system. Owned trademarks plus a secured route to market remain the sector's clearest claim on premium value. Sep 15 · NEWS · GlobeNewsWire Pomerantz LLP filed a securities class action against Celsius Holdings and certain officers The filing puts a formal claim on the record against Celsius Holdings, Inc. (CELH) and named officers. It marks the point where investor concern became litigation rather than commentary. Fast-growing functional brands are underwritten on velocity; legal claims introduce a separate, slower-moving variable. Sep 14 · NEWS · Newsfile Corp Robbins LLP opened an investigation into Celsius disclosures on Alani Nu drink safety for teenagers The investigation targets what Celsius Holdings, Inc. (CELH) told investors about the safety of an acquired brand for younger consumers. Claims and ingredient positioning sit at the centre of the functional shelf. Claims regulation and youth-marketing exposure are valuation inputs for energy and functional positions, not footnotes. Sep 18 · NEWS · GlobeNewsWire Bronstein, Gewirtz & Grossman announced a class action filed against Celsius Holdings and its officers A third firm publicising a claim against Celsius Holdings, Inc. (CELH) lengthens the period over which the matter stays live. Repetition across the window is itself the signal here. Sustained legal news flow changes how buyers price the timing of any approach to a brand owner.

5. 05
   M&A & STRATEGIC ACTIVITY

   Buyers Stayed Quiet While the Precedent Record Held the Reference Point

   This slide reports that no new transactions were announced in the period and resets the precedent-transaction reference multiple.

   We recorded no new sector transactions during September 14–28, 2026, so the trailing record of 40 precedent deals, at a median of 12.2x EV/LTM EBITDA, remains the working reference point. A quiet transaction tape alongside a litigation-heavy public market tells us buyers are watching rather than acting right now. That combination keeps the existing multiple the right anchor for any near-term valuation conversation.

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   M&A & STRATEGIC ACTIVITY Buyers Stayed Quiet While the Precedent Record Held the Reference Point September 14–28, 2026 · precedent transactions: 40 recorded deals · median 12.2x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Non-Alcoholic Beverages Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 40 precedent transactions carries a median of 12.2x EV / EBITDA, which remains the reference point buyers and sellers are working from. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 12.2x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Litigation-Led Period Changes for Operators, Buyers and Advisers

   This slide translates the period's evidence into implications for operators, acquirers and advisers.

   For owners and operators, we read the period as a reminder that velocity, price/mix and cold-vault placement are what the market is pricing, not promotional noise. For acquirers, the precedent set held steady at 12.2x EV/LTM EBITDA with nothing new to reset it. For advisers, the recorded evidence points toward leading conversations with governance and route-to-market rather than pure growth narratives. Together these reads suggest the next moves in this space will be decided on execution and legal clarity, not on deal headlines.

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   WHAT IT MEANS What a Litigation-Led Period Changes for Operators, Buyers and Advisers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Non-Alcoholic Beverages Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 9.9x 13 companies in the study 3 valuation tiers Standing thesis: Non-Alcoholic Beverages Reward Branded Soft Drinks; Adjacent Models Sit Lower FOR OWNERS & OPERATORS Velocity and Price/Mix Carry the Story Companies in the space traded on position rather than promotion over the two-week period. The operating KPIs behind the moves are rate of sale per point of distribution, price/mix and net revenue management, gross profit per case, and cold-vault placement. FOR ACQUIRERS The Reference Set Did Not Move With no material sector transactions announced during the period, the trailing record of 40 precedents and its 12.2x median EV / EBITDA is unchanged as the comparison point. FOR ADVISORS Lead with Governance and Route to Market The period's evidence is concentrated in legal and governance news: repeated class action and fiduciary-duty announcements at Celsius Holdings, Inc. (CELH) and BellRing Brands, Inc.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind every figure and claim in the update.

   We build every figure in this update from SEC filings, transaction records and market prices, with publisher-sourced news linked wherever we cite it. Each statement is traceable to its underlying record, and driver attributions are explicitly labeled as calibrated reads rather than proven causes. That discipline is what lets you rely on this update as a starting point for your own diligence.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Non-Alcoholic Beverages Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T144905Z_507_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · sec.gov · globenewswire.com · newsfilecorp.com · prnewswire.com

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