Soft Drinks and Bottling Sector Outlook — September 2026

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CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › SOFT DRINKS AND BOTTLING

Soft Drinks and Bottling: Value Splits by Model

The report shows how business model, earnings durability and route-to-market position sit alongside valuation.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › SOFT DRINKS AND BOTTLING

   Cover slide introducing the Soft Drinks and Bottling sector outlook as of September 2026.

   We open with the Soft Drinks and Bottling sector as of September 2026, valued primarily on EV/EBITDA (CY2027E). What follows shows why tier membership, not the sector label, drives the conversation.

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   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › SOFT DRINKS AND BOTTLING Soft Drinks and Bottling: Value Splits by Model The report shows how business model, earnings durability and route-to-market position sit alongside valuation. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the five report sections plus appendix, led by the bottom line.

   We built this report so the bottom line comes first: five sections cover the landscape, valuation and situations, precedent transactions and strategic implications, backed by a full appendix. A reader who stops after the first section still leaves with the complete story, so we recommend starting there before going deeper.

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   CONTENTS What This Report Covers 01 The Bottom Line Value Sits in Different Places Across the Sector 02 The Landscape Brand Owners Dominate the Set, but the Adjacent Model Sits Apart 03 Valuation & Situations The Premium Spans Two Models, so Durability Matters More than One Template 04 Precedent Transactions Transactions Keep Earnings and Route-to-Market in Focus 05 Strategic Implications Strengthen the Economics That Hold up Across Models 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Soft Drinks and Bottling Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation

   States that the sector prices in valuation tiers defined by business model rather than by the sector label.

   This is the full story on one page: the sector splits into valuation tiers, and it is tier membership — not the sector label — that sets the conversation. The premium tier trades at 24.9x EV/EBITDA (CY2027E) against 7.4x at the discount end, a spread that already credits forecast earnings. This tells us durability, not the sector tag, is what the market is pricing, so we use it to frame every page that follows.

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   01 · THE BOTTOM LINE Soft Drinks and Bottling Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation 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 (5 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Two Ends of the Set Are Priced on Different Views of Durability The premium end stands at 24.9x EV / EBITDA, compared with 7.4x at the discount end. Because these are forward multiples, the spread already credits forecast earnings and is consistent with different views of durability. 2 The Main Model Dominates the Set, but Not Its Full Valuation Range Multi-category refreshment brand owners represent 89% of the set, while adjacent beer and spirits distribution represents 11%. The smaller segment still occupies a distinct valuation position. 3 A High Margin Does Not Secure a Common Valuation Position The Coca-Cola Company (KO) carries a 37% EBITDA margin at the premium end. Keurig Dr Pepper Inc. (KDP) carries a 24% margin but sits below the middle of the valuation range. 4 Route-to-Market Expansion Remains Visible in the Transaction Record The Coca-Cola Europacific Partners plc (CCEP) transaction for Coca-Cola Beverages Philippines, Inc. is recorded at $1.8B. The pairing suggests strategic interest in extending an established bottling and distribution footprint. 11.9x Sector median EV/EBITDA CY2027E consensus · 5 rated of 9 companies 24.9x Premium end EV/EBITDA vs 7.4x at the discount end top quartile (n=2) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 9 Transactions with disclosed terms 15 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the market map section on business-model segmentation.

   Next we map the approved universe by business segment. Brand owners dominate the set, but one adjacent model sits apart with its own economics, so segment mix matters before we talk valuation.

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   SECTION 02 02 THE LANDSCAPE Brand Owners Dominate the Set, but the Adjacent Model Sits Apart The segment mix brings distinct operating economics under one sector label. 02 of 06 Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Sector Combines a Dominant Brand-and-Bottling Model with One Distinct Adjacent Platform

   Groups the approved companies by business segment and shows median EV/EBITDA (CY2027E) per group.

   We group the approved companies by business segment and plot the median EV/EBITDA (CY2027E) for each. The brand-and-bottling model dominates the set, while one adjacent distribution platform sits apart with a distinct valuation position. This confirms that segment, not sector label, is the first cut a client should make.

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   02 · MARKET MAP The Sector Combines a Dominant Brand-and-Bottling Model with One Distinct Adjacent Platform 9 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. Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 MULTI-CATEGORY REFRESHMENT BRAND OWNERS 8 cos median 11.3x The Coca-Cola (KO) Keurig Dr Pepper (KDP) Coca-Cola (CCEP) Embotelladora (AKO-B) Coca-Cola FEMSA, (KOF) Coca-Cola (COKE) National Beverage (FIZZ) Zevia PBC (ZVIA) This group combines brand breadth, bottling economics and route-to-market execution across multiple consumption occasions. ADJACENT: BEER AND SPIRITS DISTRIBUTION 1 cos 27.6x · 1 rated Fomento (FMX) This adjacent model brings a broader distribution mix and a different earnings profile into the valuation set.

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   02 · LANDSCAPE

   The Main Segment Sets the Operating Frame, While the Adjacent Model Broadens the Range

   Compares the main segment's operating frame with the adjacent model's broader range using EV/EBITDA (CY2027E) medians.

   The main segment sets the operating frame for the sector, while the adjacent model broadens the range on both economics and valuation. We walk through what each group does and why it matters for the multiple it commands. Full company-level detail sits in the appendix for anyone who wants to trace a specific name.

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   02 · LANDSCAPE The Main Segment Sets the Operating Frame, While the Adjacent Model Broadens the Range 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. Soft Drinks and Bottling 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 Multi-category refreshment brand owners 8 89% 11.3x The Coca-Cola Company (KO) · Keurig Dr Pepper Inc. (KDP) · +6 more The operating centre of gravity. This segment represents 89% of the set and spans franchisor, bottling and multi-category refreshment exposure. Portfolio breadth, package architecture, territory quality and direct store delivery economics matter across the group. Adjacent: beer and spirits distribution 1 11% 27.6x n=1 Fomento Económico Mexicano, S.A.B. de C.V. (FMX) A distinct distribution model. This segment represents 11% of the set and introduces beer and spirits distribution alongside soft drinks. Its broader category exposure and route structure create a different basis for assessing earnings durability.

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   SECTION 03

   03

   Divider introducing the valuation and situations section.

   We now turn to valuation. The premium spans two different models, so durability — not one template — is what separates the ends of the set even after forecast earnings are credited.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium Spans Two Models, so Durability Matters More than One Template Forward valuation separates the ends of the set even after forecast earnings are credited. 03 of 06 Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Forward Valuation Separates the Ends Even After Forecast Earnings Are Credited

   Ranks the rated companies by EV/EBITDA (CY2027E) and marks the sector median.

   We sort all rated companies by EV/EBITDA (CY2027E), with a sector median of 11.9x. Forward valuation still separates the ends of the set even after forecast earnings are credited, with the premium tier at 24.9x against 7.4x at the discount end. That gap is the clearest single evidence that the market is pricing something beyond next year's growth alone.

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   03 · PUBLIC MARKET VALUATION Forward Valuation Separates the Ends Even After Forecast Earnings Are Credited EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 11.9x · 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 (5 of 9 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. Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 24.9x CORE · median 11.3x DISCOUNT · median 7.4x Sector median 11.9x WHAT SEPARATES THE TWO ENDS The premium spans two models. Fomento Económico Mexicano, S.A.B. de C.V. (FMX) brings adjacent distribution exposure, while The Coca-Cola Company (KO) represents the refreshment brand-owner model. The premium is therefore not confined to one operating template. Forward pricing credits durability. The premium end stands at 24.9x EV / EBITDA against 7.4x at the discount end. A forward multiple already credits forecast growth, so the remaining spread sits alongside different expectations for earnings durability. Discount status needs diagnosis. Coca-Cola FEMSA, S.A.B. de C.V. (KOF) sits at the discount end despite established bottling exposure. Territory mix, reinvestment needs and the balance between price, volume and currency warrant separate examination.

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   03 · VALUATION DRIVERS

   Profitability Alone Does Not Sort the Valuation Range

   Splits median EV/EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort.

   We cut the rated set by revenue-growth cohort and separately by EBITDA-margin cohort to test what actually explains the valuation range. Profitability alone does not sort the range — margin and multiple do not move together in lockstep. This is an association we observe in the data, not a causal claim, so we treat it as a prompt for the situation map that follows.

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   03 · VALUATION DRIVERS Profitability Alone Does Not Sort the Valuation Range 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=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 High Margins Appear in Different Valuation Positions The Coca-Cola Company (KO) carries a 37% EBITDA margin at the premium end, while Keurig Dr Pepper Inc. (KDP) carries a 24% margin below the middle of the range. The observed positions do not support margin as a stand-alone explanation. Forecast Growth Also Varies Within the Premium End The Coca-Cola Company (KO) carries 0% forecast growth and Fomento Económico Mexicano, S.A.B. de C.V. (FMX) carries 8%, while Keurig Dr Pepper Inc. (KDP) carries 14% in the core tier. Growth and valuation do not move in one uniform pattern across the five names with estimates. System Economics Remain Central to Durability Territory quality, package architecture, route density and concentrate and incidence pricing frame the earnings profile. Fleet, filling-line and cold-drink investment determine how much of that operating position converts into durable cash generation.

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    03 · SITUATION MAP

    Valuation and Margin Create Three Distinct Operating Situations

    Cuts the rated set on EV/EBITDA versus the sector median and EBITDA margin versus the covered median to define three situations.

    Cutting on valuation against the 11.9x sector median and on margin against the 20% covered median produces three distinct operating situations. This is a characterisation of where each name sits, not a recommendation to buy or sell any security. It gives us a shared vocabulary for the next page's questions.

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    03 · SITUATION MAP Valuation and Margin Create Three Distinct Operating Situations Cut on EV / EBITDA vs the sector median (11.9x) (rows) and EBITDA margin vs the covered median (20%) (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. Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 1 names The Coca-Cola Company (KO) For The Coca-Cola Company (KO), the premium multiple sits alongside an above-middle EBITDA margin. The position combines brand-owner economics with high profitability in the observed set. Premium Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 2 names Fomento Económico Mexicano, S.A.B. de C.V. (FMX) · Coca-Cola Europacific Partners PLC (CCEP) Fomento Económico Mexicano, S.A.B. de C.V. (FMX) and Coca-Cola Europacific Partners PLC (CCEP) carry above-middle multiples with below-middle margins. Their positions indicate that the premium can sit alongside operating models with different margin structures. Lower Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 2 names Keurig Dr Pepper Inc. (KDP) · Coca-Cola FEMSA, S.A.B. de C.V. (KOF) Keurig Dr Pepper Inc. (KDP) and Coca-Cola FEMSA, S.A.B. de C.V. (KOF) carry below-middle multiples with above-middle margins. Their positions show that profitability alone does not secure an upper-range valuation. Lower Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    Growth Mix or Margin and Retention: Two Operating Priorities for Two Ends of the Range

    Frames two operating priorities — growth mix or margin and retention — for the two ends of the valuation range.

    For the names at each end of the range, the priority differs: growth mix at one end, margin and retention at the other. These are the questions we believe an owner or acquirer should resolve, framed directly from the cohort data already shown. We treat this as directional judgment grounded in the evidence, not investment advice.

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    03 · THE AGENDA Growth Mix or Margin and Retention: Two Operating Priorities for Two Ends of the Range 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. Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Defend Durable Revenue Quality Focus the portfolio on occasions, packages and channels where price and mix can hold without weakening unit case economics. Zero-sugar, still and functional formats matter where they improve portfolio quality rather than simply add volume. What changes the answer: The answer changes when transactions and volume begin moving in different directions. Improve Territory Economics Examine route density, drop size, direct store delivery cost and the condition of fleet, filling lines and cold-drink equipment. The operating case is stronger when reinvestment needs and service economics are aligned. What changes the answer: The answer changes when maintenance or route costs absorb the benefit of price and mix. Test Build Versus Buy Compare organic distribution expansion with adjacent territory, bottling and portfolio opportunities. Franchisor consent, bottling-agreement terms and integration into existing production and delivery infrastructure frame the choice. What changes the answer: The answer changes when an adjacent asset can fold into the existing route-to-market more efficiently than an internal build.

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    SECTION 04

    04

    Divider introducing the precedent transactions section.

    We now move to the deal record. Transactions keep earnings and route-to-market squarely in focus, spanning strategic expansion, bottling assets and sponsor-backed platforms.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Transactions Keep Earnings and Route-to-Market in Focus The record spans strategic expansion, bottling assets and sponsor-backed platforms. 04 of 06 Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Put Earnings, Territory and Distribution in Focus

    Presents selected precedent transactions with disclosed terms as case studies, with multiples on LTM financials at announcement.

    We walk through select transactions with disclosed terms as case studies, each multiple based on LTM financials at announcement. The Coca-Cola Europacific Partners transaction for Coca-Cola Beverages Philippines, recorded at $1.8B, illustrates continued strategic interest in extending an established bottling and distribution footprint. These deal multiples sit on a different basis than our public CY2027E figures, so we do not claim a spread between the two; the complete list is in the appendix.

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    04 · DEAL CASE STUDIES Precedent Transactions Put Earnings, Territory and Distribution in Focus 1 of 9 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. 22 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. 6 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. Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Aug-2023 $1.8B Coca-Cola Europacific Partners plc Coca-Cola Europacific Partners plc (CCEP) adds Coca-Cola Beverages Philippines, Inc. to its bottling footprint. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests an opportunity to extend Coca-Cola Europacific Partners plc (CCEP)'s route-to-market and system participation. Existing bottling capabilities provide a natural operating context for the target. HOW THE TARGET WAS VALUED The transaction is recorded at $1.8B. That value provides a scale reference for an established bottling territory within the transaction record.

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    SECTION 05

    05

    Divider introducing the strategic implications section.

    We close the analysis with strategic implications. Revenue quality, route density and disciplined reinvestment are what hold up across every model in this set.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Economics That Hold up Across Models Revenue quality, route density and disciplined reinvestment remain central. 05 of 06 Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Owners Can Strengthen Their Position Through Mix, Territory Quality and Reinvestment Discipline

    Sets out how owners can strengthen their position through mix, territory quality and reinvestment discipline.

    We frame the questions this data puts on the table for owners over the next twelve months: mix quality, territory strength and reinvestment discipline. These are directional views drawn from the analysis in this report, not recommendations. They give a starting checklist for any board or operator reviewing capital allocation against the valuation range we've shown.

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    05 · STRATEGIC IMPLICATIONS Owners Can Strengthen Their Position Through Mix, Territory Quality and Reinvestment Discipline 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. Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Treat Valuation as an Operating Diagnosis Separate brand economics, bottling intensity and territory exposure before drawing conclusions from the peer range. The current set shows that similar margins can sit alongside different valuation positions. FOR OPERATORS Convert Price and Mix into Unit Economics Keep package architecture, immediate-consumption execution and route density connected. Price realization matters most when delivery cost, outlet coverage and reinvestment remain under control. FOR BOARDS Match Capital Allocation to System Durability Assess fleet, coolers, filling lines and adjacent territory opportunities against the term and economics of the bottling agreement. Capital commitments should reinforce the route-to-market position rather than mask structural cost pressure.

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    SECTION 06

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    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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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 Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    Lists public comparables on EV/EBITDA (CY2027E) grouped by valuation tier, with rated and unrated names identified.

    This appendix carries every comparable behind the report, grouped by valuation tier against the 11.9x sector median. Rated companies sit alongside names without an eligible multiple, each linked back to its underlying source. It's the reference page for tracing any figure quoted earlier in the deck.

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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 (11.9x); amber marks below · 5 rated companies; 4 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 5 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. Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥22.1x · median 24.9x · 2 companies Fomento Económico Mexicano, S.A.B. de C.V. FMX Adjacent: beer and spirits distribution $219B 27.6x 8% 14% 22 The Coca-Cola Company KO Multi-category refreshment brand owners $408B 22.2x 0% 37% 37 CORE — 10.7x–22.1x · median 11.3x · 2 companies Coca-Cola Europacific Partners PLC CCEP Multi-category refreshment brand owners $57.6B 11.9x 4% 19% 23 Keurig Dr Pepper Inc. KDP Multi-category refreshment brand owners $77.8B 10.7x 14% 24% 38 DISCOUNT — <10.7x · median 7.4x · 1 companies Coca-Cola FEMSA, S.A.B. de C.V. KOF Multi-category refreshment brand owners $28.3B 7.4x 6% 20% 26

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists all precedent transactions with disclosed terms, newest first, with multiples on LTM financials at announcement.

    Here is the complete list of transactions with disclosed terms, newest first, each linked to its underlying filing. Multiples are LTM at announcement and sit on a different basis than the CY2027E public multiples used elsewhere in this report, so we do not draw a spread between them. This is the full record behind the case studies shown earlier.

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 9 transactions with disclosed terms in this tier (15 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. 22 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. 6 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. Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2024 Carlsberg UK Holdings → Britvic plc n/a n/a 13.1x Carlsberg UK Holdings and Britvic plc pair beverage portfolios with established distribution reach. The transaction was recorded at 13.1x EV / EBITDA, providing an earnings-based reference for a scaled strategic combination. Aug-2023 Coca-Cola Europacific Partners plc → Coca-Cola Beverages Philippines, Inc. $1.8B n/a n/a Coca-Cola Europacific Partners plc (CCEP) and Coca-Cola Beverages Philippines, Inc. bring an anchor bottler together with an established territory. The transaction suggests a route-to-market and system-expansion rationale. Feb-2022 KKR & Co. Inc. → Refresco Group B.V. n/a 0.7x 8.8x KKR & Co. Inc. and Refresco Group B.V. pair financial sponsorship with a scaled bottling platform. The transaction was recorded at 0.7x EV / Revenue and 8.8x EV / EBITDA. Oct-2021 Undisclosed buyer → Keurig Dr Pepper Inc. $63.9B 5.2x n/a The transaction involving Keurig Dr Pepper Inc. was recorded at $63.9B and 5.2x EV / Revenue. The filing record should be interpreted with care because the transaction roles were reassigned. Jan-2020 Primo Water Corporation → Cott Corporation n/a n/a 15.4x Primo Water Corporation and Cott Corporation combine adjacent beverage and delivery exposure. The transaction was recorded at 15.4x EV / EBITDA. Sep-2018 AC Bebidas, S. de R.L. de C.V. → Arca Continental Lindley S.A. n/a 2.2x n/a AC Bebidas, S. de R.L. de C.V. and Arca Continental Lindley S.A. pair an established system participant with a bottling territory. The transaction was recorded at 2.2x EV / Revenue. Aug-2018 nThrive, Inc. → Bebidas Bolivianas BBO S.A. n/a n/a 20.3x The transaction involving nThrive, Inc. and Bebidas Bolivianas BBO S.A. was recorded at 20.3x EV / EBITDA. It provides an upper-end earnings reference within the disclosed transaction set. Oct-2017 PAI Partners SAS & British Columbia Investment Management Corporation → Refresco Group N.V. n/a n/a 8.5x PAI Partners SAS & British Columbia Investment Management Corporation and Refresco Group N.V. pair long-term capital with a bottling platform. The transaction was recorded at 8.5x EV / EBITDA. Jul-2017 Refresco Group N.V. → Cott Corporation’s Bottling Business n/a n/a 9.2x Refresco Group N.V. and Cott Corporation’s Bottling Business combine an established platform with additional bottling operations. The transaction was recorded at 9.2x EV / EBITDA.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    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. 19

    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. Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 9 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 Soft Drinks and Bottling and it clears the coverage gate with 5 of 9 companies (56%). EV / Revenue, P / E are carried as a cross-check. The set earns: 5 of the 6 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 7 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 305 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 (304) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

20. 20

    The Premium Sits Alongside Durability, Route Strength and Disciplined Reinvestment.

    Closing statement that the valuation premium sits alongside durability, route strength and disciplined reinvestment.

    The premium in this sector sits alongside durability, route strength and disciplined reinvestment — not the sector label alone. Companion tables carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace further.

    Everything on this page

    The Premium Sits Alongside Durability, Route Strength and Disciplined Reinvestment. NeuraCap AI — Soft Drinks and Bottling Coverage September 2026 · Prepared by NeuraCap AI · Confidential Soft Drinks and Bottling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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