Nielsen Report: Macro Impacts No Longer Hidden by Weather/Holiday Timing

Research evidence excerpt

Nielsen Report: Macro Impacts No Longer Hidden by Weather/Holiday Timing

Equity Research

Industry Update — May 26, 2026

Containers & Packaging

Nielsen Report: Macro Impacts No Longer

Hidden by Weather/Holiday Timing

Glass Trends Remain Firmly -Ve, with Pressure Rising on

Cans/PET

Our Call Gabe Hajde

W/ holiday timing + weather events now less impactful on y/y compares, we are now Equity Analyst | Wells Fargo Securities, LLC

Gabe.Hajde@wellsfargo.com | 216-470-8960

getting a clearer pic of effects from geopol tension, consum health + CPG strats. This

Richard C Carlson, CFAreveals ongoing firmly -ve trends in glass, w/ more modest pressure on cans/PET.

Associate Equity Analyst | Wells Fargo Securities, LLC

Richard.Carlson@wellsfargo.com | 212-214-5045

Bi-weekly Nielsen report. In this bi-weekly report, we showcase the latest Nielsen Bailey Gordon

equivalized volume scanner data across different bev (and some food) categories by Associate Equity Analyst | Wells Fargo Securities, LLC

substrate including soft drinks (CSDs), beer, energy drinks, sparkling water, and others. Bailey.Gordon@wellsfargo.com | 212-214-3310

Given potential for volatility in the 1-week volume changes (i.e., holiday timing), we tend

to focus on (though not exclusively) the 4-and 12-week y/y volume changes to identify

trends and inflections that are likely impacting Container stocks.

Aluminum cans: Total vols declined 1.1% over 4-wks but stayed +ve on 12-wk basis. By

key categ. (all 4-wk basis), CSDs were +0.4%, beer fell 4.6% (with declines re-accelerating

after spending most of YTD in -LSD territory), sparkling water growth was just +0.5%

(lowest in over 2 yrs) and energy bev growth fell to +4.8% (on increasingly diff comps).