Highlights From the 2026 BMO Farm to Market Conference

Research evidence excerpt

Highlights From the 2026 BMO Farm to Market Conference

May 14, 2026 | 17:30 ET~

Zevia PBC Beverages

Andrew Strelzik Analyst

andrew.strelzik@bmo.com (347) 834-4085

ZVIA-NYSE Rating Price: May-14 Target Total Rtn

Outperform $1.24 $6.00 384% Jared Hludzinski Senior Associate

jared.hludzinski@bmo.com (347) 519-9141

Legal Entity: BMO Capital Markets Corp.

Highlights From the 2026 BMO Farm to Market

Conference

Bottom Line:

We hosted a fireside chat with ZVIA's President & CEO Amy Taylor and CFO & Principal

Accounting Officer Girish Satya at the 2026 BMO Farm to Market Conference. 6.00 2YR Price Volume Chart

5.00

Key Points 4.00

ZVIA reiterated enthusiasm for sales growth setup in coming quarters. Temporary 3.00 65

2Q headwind from laps notwithstanding, ZVIA is optimistic the combination of increased 2.00 43

marketing presence (timing shift, Cardi B partnership), new packaging, innovation, 1.00 21

and shelf space gains position it well for top-line momentum over balance of the year. 0.00 Nov May Nov May 0

In conjunction with the marketing push, singles/trial will be a big focus this summer. LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Club channel represents upside opportunity to 2026 guidance. No incremental DSD

expansion is planned in the near-term.

ZVIA views mid-teens as reasonable long-term top-line growth rate. ZVIA noted

it started to demonstrate that potential in 1Q26 and believes the drivers are in place

for accelerated growth vs. recent years. Drivers include increased marketing/brand

awareness, distribution growth across channels, and increasing velocities. ZVIA noted

the opportunity to 2-3x business with Costco, the potential for similar increases in

Modern Soda set at Walmart, and a number of additional Club channel retailers in which