Soft Drinks and Bottling 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 › SOFT DRINKS AND BOTTLING

Operators Reset Leadership as the Market Marks the Sector Down

This update covers what moved, what companies announced and what changed in the transaction record across Soft Drinks and Bottling from 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

Soft Drinks and Bottling 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 › SOFT DRINKS AND BOTTLING

   This is the cover for NeuraCap's bi-weekly Soft Drinks and Bottling industry events and M&A update for September 14–28, 2026.

   We open with the two-week lens on Soft Drinks and Bottling: what moved, who moved and most likely why, what transacted, and what it means. Everything that follows ties back to the recorded evidence from this window alone.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › SOFT DRINKS AND BOTTLING Operators Reset Leadership as the Market Marks the Sector Down This update covers what moved, what companies announced and what changed in the transaction record across Soft Drinks and Bottling from 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 Soft Drinks and Bottling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Broad Pullback, with the Period's Company News Centred on People and Capital Allocation

   This slide summarizes the two-week period across the ten covered names, covering market moves, company news, and the M&A record.

   We start with the headline: 9 of 10 covered names fell over the two weeks, with a sector median move of -2.7% against the S&P 500's +0.8%. National Beverage Corp. (FIZZ) led the decline at -7.0% following fiscal Q1 2027 coverage. No new transactions entered the record, leaving the existing set of precedent deals at a median 11.2x EV/EBITDA as the reference point. Fomento Económico Mexicano, S.A.B. de C.V. (FMX) moved on capital allocation and The Coca-Cola Company (KO) moved on leadership — so the period's real news was about who runs the business and where the cash goes, not new deal-making.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Broad Pullback, with the Period's Company News Centred on People and Capital Allocation The two-week period in one page · 10 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. Soft Drinks and Bottling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 9 of 10 Covered Names Fell; The Median Move Was -2.7% The S&P 500 returned +0.8% over the same window, so the markdown sat with the sector rather than the index. Embotelladora Andina S.A. (AKO-B) was the only covered name higher, at +1.5%. 2 National Beverage Led the Decline as Margin Took Focus off Revenue Growth National Beverage Corp. (FIZZ) finished the two-week period at -7.0%. Sep 16 coverage of fiscal Q1 2027 pointed to revenue of $330.7M, the first year-on-year growth since Q1 2026, with gross margin at 35% and earnings per share down from $0.60. 3 No New Transactions; The Existing Record Still Sets the Reference Nothing was added to the transaction record over the window. The trailing set of 15 precedent transactions carries a median EV / EBITDA of 11.2x, against the standing study's 11.9x CY2027E sector median. 4 Capital Allocation and Leadership Did the Talking Fomento Económico Mexicano, S.A.B. de C.V. (FMX) signed an accelerated share repurchase agreement and placed Swiss franc senior unsecured bonds. The Coca-Cola Company (KO) named a new president for its North America operating unit. +1.5% Best mover — Embotelladora Andina S.A. (AKO-B) worst: FIZZ -7.0% · 1 up / 9 down of 10 covered -2.7% 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

   One Name up, Nine Down — and Only One Move the Record Speaks To

   This slide ranks the two-week close-to-close price moves for all ten covered names against the sector median and the S&P 500.

   Nine of the ten names we track finished lower, with the sector median at -2.7% versus the S&P 500's +0.8% — so the pullback sat squarely with the sector rather than the broad market. Embotelladora Andina S.A. (AKO-B) was the lone gainer, up +1.5%. National Beverage Corp. (FIZZ) fell furthest at -7.0%, with a recorded driver in its results; PepsiCo, Inc. (PEP) at -5.8% and Ambev S.A. (ABEV) at -5.3% moved without a filing or headline in the window to explain them. That gap between size of move and recorded explanation is the flag we'd carry into diligence.

   Everything on this page

   PUBLIC MARKET MOVERS One Name up, Nine Down — and Only One Move the Record Speaks To Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.7% · S&P 500 +0.8% · materiality bar ±4.0% (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. Soft Drinks and Bottling 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 -2.7% National Beverage Corp. (FIZZ) -7.0% National Beverage Corp. (FIZZ) moved following Sep 16 coverage of fiscal Q1 2027 results: revenue of $330.7M, its first year-on-year growth since Q1 2026, with gross margin at 35% and earnings per share down from $0.60. Returning to revenue growth is not being rewarded on its own when gross margin moves the other way. COMPANY-SPECIFIC PepsiCo, Inc. (PEP) -5.8% No notable in-window news was identified that clearly explains the move. At -5.8%, PepsiCo, Inc. (PEP) fell further than the -2.7% median across covered names. The largest total-beverage platforms moved with the group this period, not against it. UNEXPLAINED Ambev S.A. (ABEV) -5.3% No notable in-window news was identified that clearly explains the move. Ambev S.A. (ABEV) at -5.3% sat below the -2.7% median across covered names. NeuraCap read: the markdown reached Latin American franchise territory exposure alongside US names. UNEXPLAINED Embotelladora Andina S.A. (AKO-B) +1.5% No notable in-window news was identified that clearly explains the move. Embotelladora Andina S.A. (AKO-B) at +1.5% was the only covered name above the -2.7% median and above zero. Breadth, not the median alone, tells the story when a single name holds ground. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   The Period's News Was About Who Runs the Routes and Where the Cash Goes

   This slide lists the period's highest-impact company news items with links to the underlying filings or articles.

   The two weeks' news flow centered on leadership and capital allocation rather than deal-making. The Coca-Cola Company (KO) named a new president for its North America operating unit, and Coca-Cola Europacific Partners PLC (CCEP) also saw a leadership change enter the record. Fomento Económico Mexicano, S.A.B. de C.V. (FMX) signed an accelerated share repurchase agreement and placed Swiss franc senior unsecured bonds. Each item here traces back to its filing or article, so the read is grounded in what companies actually announced — and it tells us where management attention is going into the next stretch.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS The Period's News Was About Who Runs the Routes and Where the Cash Goes 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. Soft Drinks and Bottling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 25 · NEWS · Business Wire Coca-Cola names Rob Gehring president of its North America operating unit from Dec. 1 North America is where mature-market carbonate pressure, pack architecture and revenue growth management get decided, and The Coca-Cola Company (KO) is a Premium-tier name in NeuraCap's standing study. Operating-unit leadership is where price/mix and route decisions actually get set. Sep 23 · NEWS · Business Wire A former PepsiCo chief financial officer is elected to an outside public-company board Finance leadership from the large total-beverage platforms continues to be recruited elsewhere, a marker of how this sector's capital-allocation experience is valued. Beverage finance bench strength travels well across consumer sectors. Sep 15 · 8-K · SEC EDGAR Coca-Cola Europacific Partners reports a director resignation and names an interim committee member Affiliated transaction oversight matters at a bottler whose economics run through the brand-owner relationship; Coca-Cola Europacific Partners PLC (CCEP) sits in the Core tier of the standing study. Governance around brand-owner dealings stays a live item for franchise bottlers. Sep 15 · NEWS · Business Wire Coca-Cola marks 140 years in the US and frames its portfolio well beyond sparkling The positioning leans on category breadth across waters and hydration, coffee and tea, juices and dairy — the portfolio-migration question the standing thesis keeps open. Brand owners keep pointing at stills, hydration and coffee as the growth narrative. Sep 14 · NEWS · GlobeNewsWire FEMSA signs an accelerated share repurchase agreement under its capital allocation framework The action signals that Fomento Económico Mexicano, S.A.B. de C.V. (FMX), a Premium-tier name in the standing study, sees its own equity as a competitive use of capital. Buybacks compete for the same money as cold-drink equipment and route expansion. Sep 25 · NEWS · CNBC Coca-Cola recruits its incoming North America chief from an energy-drinks operator Hiring for the largest operating unit out of the energy category is consistent with the sector's push beyond sparkling into stills, energy and hydration. Talent is moving toward the growth categories rather than the legacy ones.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Window for Transactions Leaves the Existing Record in Charge of the Price

   This slide presents the precedent transaction record — 15 recorded deals at a median 11.2x EV/LTM EBITDA — noting no new additions this period.

   No new transactions entered the record over this two-week window. The trailing set of 15 precedent deals still carries a median of 11.2x EV/LTM EBITDA, against the standing study's 11.9x CY2027E sector median. With no fresh print to anchor pricing, that existing multiple stays the reference for anyone marking or negotiating a deal in the space right now — so the burden falls on the existing comps until a new transaction resets them.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Quiet Window for Transactions Leaves the Existing Record in Charge of the Price September 14–28, 2026 · precedent transactions: 15 recorded deals · median 11.2x 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. Soft Drinks and Bottling 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 15 precedent transactions still carries a median EV / EBITDA of 11.2x. 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. 15 Recorded precedent transactions the reference set buyers and sellers price against 11.2x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Down Two Weeks Without New Transactions Changes

   This slide translates the period's evidence into observations for owners, acquirers and advisors.

   For owners and operators, the read is that mix and margin — not just the revenue line — are what the market is pricing, since companies traded lower as a group while their own news stayed on leadership and capital allocation. For acquirers, the reference set is unchanged: the same 15 precedent transactions at a median 11.2x EV/EBITDA. For advisors, the evidence this period is company-led — leadership appointments at The Coca-Cola Company (KO) and Coca-Cola Europacific Partners PLC (CCEP), and capital allocation at Fomento Económico Mexicano, S.A.B. de C.V. (FMX) — so the near-term story to lead with is tier membership and each company's own actions, not the transaction market.

   Everything on this page

   WHAT IT MEANS What a Down Two Weeks Without New Transactions Changes 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. Soft Drinks and Bottling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 11.9x 9 companies in the study 3 valuation tiers Standing thesis: Soft Drinks and Bottling is priced in tiers — and tier membership, not the sector label, sets the conversation FOR OWNERS & OPERATORS Mix and Margin, Not the Revenue Line Alone Companies in the space traded lower as a group while their own news stayed on leadership and capital allocation. FOR ACQUIRERS The Reference Set Is Unchanged Nothing was added to the record this period, so the comparison points are the same 15 precedent transactions at a median 11.2x EV / EBITDA. FOR ADVISORS Lead with Tier Membership and the Company's Own Actions The evidence this period is company-led: leadership appointments at The Coca-Cola Company (KO) and Coca-Cola Europacific Partners PLC (CCEP), and capital allocation at Fomento Económico Mexicano, S.A.B. de C.V.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains how the update is built and what each statement rests on.

   Every figure in this update traces back to a filing, price record or published article, and we hold to a fixed source order — SEC filings first, then press releases, then established outlets. Driver attributions use calibrated language: where the record doesn't explain a move, we say so rather than guess. That discipline is what lets you use the numbers on the prior pages with confidence.

   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. Soft Drinks and Bottling 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. 1 name below the floor was excluded from movers and statistics for 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_20260929T145332Z_508_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 · cnbc.com · prnewswire.com

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