Non-Alcoholic Beverages Sector Outlook — September 2026

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

Non-Alcoholic Beverages: A Wide Value Divide

The report shows how brand economics, earnings durability and route to market separate value across the sector.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

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

   The cover page introduces the Non-Alcoholic Beverages sector report and its valuation basis as of September 2026.

   We open with the scope of this review: Non-Alcoholic Beverages, valued on EV/EBITDA (CY2027E) as of September 28, 2026. Everything that follows builds toward one finding about where the sector's value concentrates.

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   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › NON-ALCOHOLIC BEVERAGES Non-Alcoholic Beverages: A Wide Value Divide The report shows how brand economics, earnings durability and route to market separate value across the sector. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   The contents page lists the report's five sections plus appendix, starting with the bottom line.

   We lead with the bottom line so a reader who only has a few minutes still leaves with the full argument. The sections that follow build the evidence: the landscape, valuation and situations, precedent deals, and strategic implications.

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   CONTENTS What This Report Covers 01 The Bottom Line Branded Soft Drinks Hold the Premium End 02 The Landscape Brand Owners, Bottlers and Adjacent Models Earn Different Valuations 03 Valuation & Situations The Premium End Combines Durable Brands with Credible Growth 04 Precedent Transactions Strategic Access to Brands and Bottling Systems Keeps Buyers Engaged 05 Strategic Implications Strengthen the Earnings Behind Growth Before Adding Complexity 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Non-Alcoholic Beverages Reward Branded Soft Drinks; Adjacent Models Sit Lower

   This page summarises the sector's valuation divide between branded soft drinks and adjacent models.

   Across the eight rated companies, the premium end of the set trades at 22.7x EV/EBITDA (CY2027E) against 5.3x at the discount end, on the same forward earnings basis. Branded soft drink portfolios hold the higher ground at 13.9x, while the packaged food and brewing adjacencies sit lower at 4.0x and 6.7x respectively, each represented by a single rated name. Faster-growing names carry 11.7x versus 9.9x for the slower-growing half, a positive but selective association. So what: the market is paying for durable, repeatable earnings — not just growth — and that is the lens the rest of this report applies.

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   01 · THE BOTTOM LINE Non-Alcoholic Beverages Reward Branded Soft Drinks; Adjacent Models Sit Lower The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Durable Brand Economics Define the Premium End Across the 8 names with a CY2027E EV / EBITDA estimate, the premium end sits at 22.7x against 5.3x at the discount end. With forecast growth already credited in a forward multiple, the remaining premium signals confidence in earnings durability. 2 The Main Beverage Model Holds the Higher Valuation Branded soft drink portfolios sit at 13.9x across six names with an estimate. The packaged food and snacking adjacency is represented by one name at 4.0x, while brewing and spirits is represented by one name at 6.7x. 3 Growth Helps, but the Gap Remains Selective On the 8 names with an estimate, the faster-growth half sits at 11.7x against 9.9x for the slower-growth half. The association is positive, but the spread also reflects business mix, scale and estimate coverage. 4 Route to Market Must Turn Growth into Durable Earnings The valuation pattern favours businesses that can pair demand with repeatable economics. Price/mix, DSD access, cold-vault presence and velocity are the operating tests behind that durability. 9.9x Sector median EV/EBITDA CY2027E consensus · 8 rated of 13 companies 22.7x Premium end EV/EBITDA vs 5.3x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 16 Transactions with disclosed terms 42 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the section on how brand owners, bottlers and adjacent models are valued differently.

   We turn now to the landscape: route to market, concentrate economics and exposure to growing occasions shape how investors view each business model. The next pages map the sector by segment before testing what drives the spread.

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   SECTION 02 02 THE LANDSCAPE Brand Owners, Bottlers and Adjacent Models Earn Different Valuations Route to market, concentrate economics and exposure to growing occasions shape how investors view the set. 02 of 06 Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Branded Soft Drinks Anchor the Sector While Adjacent Models Broaden the Range

   This page groups the approved companies by business segment and shows the median EV/EBITDA (CY2027E) for each.

   We group the approved universe by business segment and compare median valuations on the same forward earnings basis. Branded soft drinks anchor the sector at 13.9x, while the packaged food and brewing adjacencies sit lower at 4.0x and 6.7x. So what: segment matters as much as company-specific growth when explaining where value sits in this sector.

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   02 · MARKET MAP Branded Soft Drinks Anchor the Sector While Adjacent Models Broaden the Range 13 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 BRANDED SOFT DRINK PORTFOLIOS 10 cos median 13.9x The Coca-Cola (KO) PepsiCo (PEP) Monster Beverage (MNST) Coca-Cola (CCEP) Embotelladora (AKO-B) Coca-Cola FEMSA, (KOF) Coca-Cola (COKE) Primo Brands (PRMB) The Vita Coco (COCO) National Beverage (FIZZ) The main group brings together brand ownership, concentrate economics and bottling exposure across established routes to market. ADJACENT: PACKAGED FOOD AND SNACKING BRANDS 2 cos 4.0x · 1 rated Herbalife (HLF) BellRing Brands (BRBR) This adjacency adds nutrition and snacking exposure, but its valuation evidence rests on one name with an estimate. ADJACENT: BREWING AND SPIRITS 1 cos 6.7x · 1 rated Ambev S.A. (ABEV) This adjacency introduces different category economics and regulatory exposure through one name with an estimate.

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   02 · LANDSCAPE

   Route to Market and Business Mix Separate the Three Models

   This page explains what each business model does and why route to market and business mix separate their valuations.

   We set out what each of the three models does — brand ownership, bottling, and adjacent categories — and why their economics diverge. Branded soft drink names carry the highest median multiple at 13.9x, reflecting a business mix built on broad distribution and brand economics. So what: understanding the model behind a business is the first step to understanding its valuation.

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   02 · LANDSCAPE Route to Market and Business Mix Separate the Three Models Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Branded soft drink portfolios 10 77% 13.9x The Coca-Cola Company (KO) · PepsiCo, Inc. (PEP) · +8 more Brands and routes dominate. The group represents 77% of the approved peer set and sits at 13.9x across six names with an estimate. Brand equity, franchise territory rights and DSD access shape the quality of its earnings. Adjacent: packaged food and snacking brands 2 15% 4.0x n=1 Herbalife Nutrition Ltd. (HLF) · BellRing Brands, Inc. (BRBR) Nutrition broadens the model. The group sits at 4.0x based on one name with an estimate. Its economics depend more on product mix, retailer concentration and repeat purchase than on bottling-system reach. Adjacent: brewing and spirits 1 8% 6.7x n=1 Ambev S.A. (ABEV) Category exposure changes economics. The group sits at 6.7x based on one name with an estimate. Franchise structure, local regulation and emerging-market exposure make direct comparison with branded soft drinks less straightforward.

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   SECTION 03

   03

   This divider introduces the section testing whether the premium end's valuation lead is grounded in durable growth.

   We now hold every company to the same forward earnings basis and ask whether the resulting spread reflects durability rather than just optimism. The following pages break the spread down by profitability, growth and situation.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Combines Durable Brands with Credible Growth A forward earnings lens already credits forecast growth, making the remaining spread a test of durability. 03 of 06 Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Holds a Wide Lead on the Same Forward Earnings Basis

   This page ranks all eight rated companies by EV/EBITDA (CY2027E) against a sector median of 9.9x.

   We sort the rated set from richest to cheapest on EV / EBITDA (CY2027E), with a sector median of 9.9x. The premium end holds a wide lead over the discount end even after the forward multiple has already credited forecast growth. So what: the remaining spread is a test of earnings durability, not just growth expectations, and it separates the tiers we use for the rest of this section.

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   03 · PUBLIC MARKET VALUATION The Premium End Holds a Wide Lead on the Same Forward Earnings Basis EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 9.9x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 22.7x CORE · median 9.9x DISCOUNT · median 5.3x Sector median 9.9x WHAT SEPARATES THE TWO ENDS The premium holds durability. The premium tier sits at 22.7x. A forward EV / EBITDA multiple already credits forecast growth, so the remaining premium points to confidence in the persistence of earnings. The discount needs proof. The discount tier sits at 5.3x. The lower valuation is associated with different business mix and operating profiles rather than one shared issue. Brand economics still matter. The Coca-Cola Company (KO) and Monster Beverage Corporation (MNST) pair established brands with business models that retain more of the economics around demand.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 21% Margin Line Carry 15.0x Against 9.7x Below It

   This page splits the rated set by revenue-growth and EBITDA-margin cohorts to compare median valuations.

   We split the covered names at their own median growth and margin lines. Names above the 21% margin line carry a median of 15.0x against 9.7x for names below it, a wider gap than the one produced by splitting on growth alone. So what: profitability is associated with a larger share of the valuation spread than growth is on this evidence, though the sample is small and does not establish cause.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 21% Margin Line Carry 15.0x Against 9.7x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 4% · EBITDA-margin split at 21% Growth Above the Split Carries the Higher Valuation On the 8 names with an estimate, the faster-growth half sits at 11.7x versus 9.9x for the slower-growth half. The relationship is observed rather than causal. Profitability Remains an Important Contrast The operating map shows similar valuations for the balanced and margin-led groups. That pattern supports close attention to price/mix, EBITDA per case and trade-spend discipline. Distribution Quality Shapes the Commercial Test Growth supported by ACV gains, velocity and cold-vault access carries a different operating profile from growth dependent on shipments or one channel.

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    03 · SITUATION MAP

    The Peer Map Separates Proven Premiums from Growth That Still Needs Support

    This page places each company on a grid of EV/EBITDA versus revenue growth relative to their covered medians.

    We cut the rated set on EV/EBITDA against the sector median of 9.9x and on revenue growth against the covered median of 4%, producing four situations rather than a ranking. This is a map of where each company sits today, not a recommendation to act. So what: it gives owners and acquirers a shared vocabulary for where a name's growth is or isn't yet supported by its valuation.

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    03 · SITUATION MAP The Peer Map Separates Proven Premiums from Growth That Still Needs Support Cut on EV / EBITDA vs the sector median (9.9x) (rows) and revenue growth vs the covered median (4%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth with Premium Above-median multiple · above-median revenue growth 2 names Monster Beverage Corporation (MNST) · The Vita Coco Company, Inc. (COCO) Monster Beverage Corporation (MNST) and The Vita Coco Company, Inc. (COCO) pair above-set growth with above-set valuation. The operating question is whether distribution gains and repeat purchase can sustain that position. Premium Without Growth Above-median multiple · below-median revenue growth 2 names The Coca-Cola Company (KO) · Coca-Cola Europacific Partners PLC (CCEP) The Coca-Cola Company (KO) and Coca-Cola Europacific Partners PLC (CCEP) hold above-set valuations despite below-set growth. Their position is associated with established brands, route density and durable earnings rather than current top-line speed alone. Growth Without Premium Below-median multiple · above-median revenue growth 2 names Ambev S.A. (ABEV) · Coca-Cola FEMSA, S.A.B. de C.V. (KOF) Ambev S.A. (ABEV) and Coca-Cola FEMSA, S.A.B. de C.V. (KOF) grow above the set but trade below it. The opportunity is to strengthen price/mix, channel quality and the conversion of volume into earnings. Operating Reset Below-median multiple · below-median revenue growth 2 names Primo Brands Corporation (PRMB) · Herbalife Nutrition Ltd. (HLF) Primo Brands Corporation (PRMB) and Herbalife Nutrition Ltd. (HLF) sit below the set on both dimensions. The practical focus is portfolio mix, cost structure and capital allocation.

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    03 · GROWTH VS PROFITABILITY

    Higher Profitability Sits with Higher Value Across Different Growth Profiles

    This page plots revenue growth against EBITDA margin and shows the median EV/EBITDA for each quadrant.

    We plot the companies with both estimates on growth, cut at 4%, against margin, cut at 21%, and read the median valuation in each quadrant. Higher profitability sits with higher value across different growth profiles, an association visible even where growth alone is unremarkable. So what: margin discipline appears to travel with valuation credit independent of a company's growth rate.

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    03 · GROWTH VS PROFITABILITY Higher Profitability Sits with Higher Value Across Different Growth Profiles Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 8 companies with both estimates · cuts at the covered medians (4% growth, 21% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=2; growth-only n=2; neither n=2). Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 5% 10% 15% 20% 20% 30% MARGIN ONLY median 15.0x BALANCED median 15.0x NEITHER median 8.0x GROWTH ONLY median 11.7x KO HLF PRMB CCEP ABEV KOF MNST COCO x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The analysis covers 8 names with both growth and margin evidence. The balanced and margin-only groups, with two names in each, both sit at 15.0x. The two growth-only names sit below those groups, while the two names clearing neither bar sit at 8.0x. The pattern is associated with operating quality, but does not establish causation. The balanced median rests on 2 names and is lifted by MNST at 23.3x. The margin-only median rests on 2 names and is lifted by KO at 22.2x. The growth-only median rests on 2 names and is lifted by COCO at 15.9x. The neither median rests on 2 names and is lifted by CCEP at 11.9x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 2 of 8 names clear it (MNST, COCO).

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    03 · THE AGENDA

    Choose the Operating Path That Makes Growth More Durable

    This page frames the operating questions an owner or acquirer should resolve to make growth more durable.

    We translate the valuation pattern into an agenda: where to concentrate resources, how to strengthen route-to-market economics, how to protect price without losing volume, and how to size capital intensity to demand. These are observations framed as questions, not recommendations. So what: they give management teams and boards a starting checklist for the choices that appear to separate durable value from the rest.

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    03 · THE AGENDA Choose the Operating Path That Makes Growth More Durable NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Concentrate Resources Behind Scalable Occasions Prioritise products where household penetration, repeat purchase and velocity can support durable growth without excessive trade spend. What changes the answer: The answer changes when retail takeaway and repeat purchase no longer support added points of distribution. Strengthen Route-to-Market Economics Test whether DSD, warehouse-direct or partner distribution offers the better mix of reach, service and EBITDA per case. What changes the answer: The answer changes when cooler placement and immediate-consumption mix offset the added cost to serve. Protect Price Without Losing Volume Use pack architecture, channel mix and incidence pricing to defend price/mix while limiting private-label substitution. What changes the answer: The answer changes when unit case volume or retail takeaway weakens after pricing actions. Match Capital Intensity to Demand Compare qualified co-pack capacity with owned filler and fleet investment before committing capital to the next stage of growth. What changes the answer: The answer changes when capacity security, freight or service levels outweigh the flexibility of an asset-light model.

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    SECTION 04

    04

    This divider introduces the precedent transaction record behind the sector's strategic activity.

    We move from public valuation to the deal record: the transactions that show what buyers have actually paid for brands, bottling systems and route-to-market access. The case studies and full list that follow test whether the same themes hold in M&A.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Strategic Access to Brands and Bottling Systems Keeps Buyers Engaged The transaction record spans territory scale, portfolio extensions and emerging beverage brands. 04 of 06 Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Brands, Bottling Scale and Route-to-Market Access Recur Across the Transaction Record

    This page tells three precedent transactions with disclosed terms as case studies, with the full list in the appendix.

    We walk through three of the transactions with disclosed terms, chosen because they illustrate recurring themes. Brands, bottling scale and route-to-market access recur across the record, priced on LTM financials at announcement rather than the CY2027E public basis, so no direct spread is claimed between the two. So what: the deal record corroborates, on its own terms, the same strategic assets that the public market is paying up for today.

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    04 · DEAL CASE STUDIES Brands, Bottling Scale and Route-to-Market Access Recur Across the Transaction Record 3 of 16 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 44 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 26 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Oct-2021 $800M Tempur Sealy International, Inc. acquires Dream Holdings, Inc. EV / LTM revenue n/a EV / LTM EBITDA 6.3x WHY THE DEAL HAPPENED The pairing with Dream Holdings, Inc. suggests portfolio expansion by a buyer outside the named beverage peer group. It is less directly tied to beverage route-to-market logic than the sector’s strategic combinations. HOW THE TARGET WAS VALUED The disclosed value was $800M at 6.3x EV / EBITDA. That multiple sits below the 8.8x recorded for Refresco Group B.V. Aug-2023 $1.8B Coca-Cola Europacific Partners plc Coca-Cola Europacific Partners plc Pursued Bottling Scale in the Philippines EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a territory expansion within the Coca-Cola bottling system. Existing franchise capabilities can support route density, customer coverage and local execution. HOW THE TARGET WAS VALUED The disclosed value was $1.8B. That placed the transaction above the $525M disclosed for Core Nutrition, LLC. Sep-2018 $525M Keurig Dr Pepper Inc. Keurig Dr Pepper Inc. Added Core Nutrition, LLC to Its Beverage Portfolio EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a portfolio extension that could use an established beverage distribution system. Broader points of distribution and cold-channel access are the relevant strategic fit. HOW THE TARGET WAS VALUED The disclosed value was $525M. That was below the $1.8B disclosed for Coca-Cola Beverages Philippines, Inc.

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    SECTION 05

    05

    This divider introduces the section on strengthening earnings durability before adding complexity.

    We close the analysis with the practical choices behind durability: pricing, route density, channel mix and capital allocation. The final page turns those choices into implications for owners, management teams and boards.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Earnings Behind Growth Before Adding Complexity Pricing, route density, channel mix and capital allocation are the practical choices that shape market standing. 05 of 06 Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Durable Earnings Travel with Better Mix, Distribution and Capital Choices

    This page sets out the strategic implications of the sector's valuation pattern for owners, management teams and boards.

    We translate the evidence into three tracks: owners should build growth around repeatable unit economics, management teams should connect commercial growth to profit conversion, and boards should set capital allocation by business model. These are directional views grounded in the analysis shown earlier, not investment advice. So what: durable earnings, not growth alone, is what the market appears to reward — and that should shape the next twelve months of operating choices.

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    05 · STRATEGIC IMPLICATIONS Durable Earnings Travel with Better Mix, Distribution and Capital Choices NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Build Growth Around Repeatable Unit Economics Focus the portfolio on occasions where velocity, repeat purchase and price/mix support durable earnings. Treat distribution expansion as an investment that must improve route density or channel quality. FOR MANAGEMENT TEAMS Connect Commercial Growth to Profit Conversion Manage trade spend, pack architecture and channel mix against retail takeaway and EBITDA per case. Growth unsupported by profit conversion occupies a less secure position in the peer map. FOR BOARDS Set Capital Allocation by Business Model Separate brand investment, bottling capacity and adjacent-category expansion. The peer evidence suggests these models carry different valuation profiles and should face different return tests.

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    SECTION 06

    06

    This divider introduces the appendix covering the full comparable universe, methodology and sources.

    We close with the full detail behind every figure in the report: the complete comparable universe, the precedent transaction list, and the methodology and sources. Use this section to trace any number back to its underlying disclosure.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page lists all eight rated companies on EV/EBITDA (CY2027E), shaded against the sector median of 9.9x.

    We show all eight rated companies grouped by valuation tier, with shading marking multiples above and below the 9.9x sector median. Additional companies in the universe carry no eligible multiple and are listed separately in the companion workbook. So what: this is the complete, sourced comparable set behind every valuation claim made earlier in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (9.9x); amber marks below · 8 rated companies; 5 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 8 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥17.5x · median 22.7x · 2 companies Monster Beverage Corporation MNST Branded soft drink portfolios $78.9B 23.3x 10% 31% 41 The Coca-Cola Company KO Branded soft drink portfolios $408B 22.2x 0% 35% 37 CORE — 7.2x–17.5x · median 9.9x · 4 companies The Vita Coco Company, Inc. COCO Branded soft drink portfolios $3.1B 15.9x 20% 21% 41 Coca-Cola Europacific Partners PLC CCEP Branded soft drink portfolios $57.6B 11.9x 4% 18% 23 Primo Brands Corporation PRMB Branded soft drink portfolios $12.5B 7.8x 4% 22% 26 Coca-Cola FEMSA, S.A.B. de C.V. KOF Branded soft drink portfolios $28.3B 7.4x 6% 20% 26 DISCOUNT — <7.2x · median 5.3x · 2 companies Ambev S.A. ABEV Adjacent: brewing and spirits $42.2B 6.7x 5% 34% 39 Herbalife Nutrition Ltd. HLF Adjacent: packaged food and snacking brands $3.0B 4.0x 3% 13% 17

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, continued on the following page.

    We list the precedent transactions with disclosed terms out of the recorded set, each priced on LTM financials at announcement where disclosed. Deal values link back to the underlying filing for verification. So what: this is the sourced deal record behind the strategic themes discussed earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (42 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 44 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 26 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2026 Berkshire Partners LLC and Warburg Pincus LLC → Aguas CCU-Nestlé Chile S.A. n/a 18.7x n/a Berkshire Partners LLC and Warburg Pincus LLC pursuing Aguas CCU-Nestlé Chile S.A. suggests financial-buyer interest in an established beverage platform. Aug-2023 Coca-Cola Europacific Partners plc → Coca-Cola Beverages Philippines, Inc. $1.8B n/a n/a Coca-Cola Europacific Partners plc pursuing Coca-Cola Beverages Philippines, Inc. fits the sector pattern of bottlers expanding within the franchise system. Feb-2022 KKR & Co. Inc. → Refresco Group B.V. n/a 0.7x 8.8x KKR & Co. Inc. pursuing Refresco Group B.V. points to interest in beverage production and customer relationships at scale. Oct-2021 Tempur Sealy International, Inc. → Dream Holdings, Inc. $800M n/a 6.3x Tempur Sealy International, Inc. pursuing Dream Holdings, Inc. shows that the transaction set includes buyers beyond the named beverage peer group. Oct-2021 Undisclosed buyer → Keurig Dr Pepper Inc. $63.9B 5.2x n/a The transaction involving Keurig Dr Pepper Inc. highlights buyer interest in established beverage scale and portfolio breadth. Feb-2021 One Rock Capital Partners LLC → Nestlé Waters North America n/a 0.7x 8.8x One Rock Capital Partners LLC pursuing Nestlé Waters North America shows financial-buyer interest in a scaled water platform. Sep-2018 Keurig Dr Pepper Inc. → Core Nutrition, LLC $525M n/a n/a Keurig Dr Pepper Inc. pursuing Core Nutrition, LLC fits the pattern of beverage majors extending portfolios through brands that can use existing distribution. Aug-2018 nThrive, Inc. → Bebidas Bolivianas BBO S.A. n/a n/a 20.3x nThrive, Inc. pursuing Bebidas Bolivianas BBO S.A. adds a regional beverage platform to the transaction record. Aug-2018 PepsiCo, Inc. → SodaStream International n/a n/a 31.1x PepsiCo, Inc. pursuing SodaStream International suggests interest in extending beyond traditional packaged formats into a different consumption occasion.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the list of precedent transactions with disclosed terms, newest first.

    We continue the same list of disclosed-term transactions, still sorted newest first with values linked to the underlying filing. So what: the complete record is available here for any name a client wants to trace before drawing a conclusion.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (42 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 44 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 26 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2018 Brynwood Partners VII L.P. / Brynwood Partners VIII, L.P. / Cold Spring Brewing Company → Carolina Beverage Group, LLC n/a 0.7x 8.8x Aug-2016 Cott Corporation → Primo Water n/a n/a 15.6x Mar-2015 H.J. Heinz Company → Kraft Foods Group, Inc. n/a n/a 16.1x Sep-2014 Encana Corporation → Athlete (sic) Energy Inc. n/a n/a 25.1x Sep-2013 Suntory Beverage & Food Ltd → GlaxoSmithKline plc (Lucozade and Ribena beverage brands and related business and assets) n/a 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved. Jul-2013 Royal Unibrew A/S → Oy Hartwall Ab n/a n/a 8.8x Sep-2009 Suntory Holdings Limited → Orangina Schweppes Group n/a 0.7x 8.8x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the report's sources, valuation basis, assumptions and data-quality exclusions.

    We set out how this report was built: the valuation basis, what was excluded and why, and where every underlying disclosure lives. Every figure in the report links to its source, or the appendix names the basis on which it was read. So what: a client can independently verify any number in this deck before acting on it.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Non-Alcoholic Beverages and it clears the coverage gate with 8 of 13 companies (62%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 1 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 543 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (542) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Durable Brands, Credible Growth and Repeatable Economics.

    The closing page restates that the sector's premium sits with durable brands, credible growth and repeatable economics.

    We close on the report's core conclusion: the premium sits with durable brands, credible growth and repeatable economics. The companion tables carry the full universe and source index for any figure a client wants to trace further.

    Everything on this page

    The Premium Sits with Durable Brands, Credible Growth and Repeatable Economics. NeuraCap AI — Non-Alcoholic Beverages Coverage September 2026 · Prepared by NeuraCap AI · Confidential Non-Alcoholic Beverages Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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