Celsius Holdings Inc: Temperature Check: Tracking Celsius and Alani in Scanner Data

Research evidence excerpt

Celsius Holdings Inc: Temperature Check: Tracking Celsius and Alani in Scanner Data

Update

June 9, 2026 11:30 AM GMT

Morgan Stanley & Co. LLCMCelsius Holdings Inc | North America Eric A Serotta, CFA

Equity Analyst

Temperature Check: Tracking Eric.Serotta@morganstanley.comDara Mohsenian, CFA +1 212 761-2370

Dara.Mohsenian@morganstanley.com +1 212 761-6575

Celsius and Alani in Scanner Patty Kanada, CFA

Patty.Kanada@morganstanley.com +1 212 761-1019

Data Kenneth Tan

Research Associate

Kenneth.Tan@morganstanley.com +1 212 761-4954

Key Takeaways Josh Haubenstock

CELH energy drink sales growth improved sequentially to +15.7% for L2W vs Josh.Haubenstock@morganstanley.com +1 212 761-1059

+13.4% prior, with stronger Alani growth partly offset by steeper Celsius declines.

Brand Celsius sales declined -5.4% vs -3.6% with a tougher comparison in the

latest week but an improved 2-year trend.

Alani Nu energy sales accelerated to +65% in the L2W from +51% in the prior,

with $ share +50 bps sequentially. Celsius Holdings Inc (CELH.O, CELH US)

Beverages | United States of America

Sequentially Improved CELH Growth: CELH sales growth improved sequentially Stock Rating Overweight

Industry View Attractive

for the 2W ended 5/30 with stronger Alani growth partially offset by steeper brand Price target $55.00

Celsius declines. Total CELH energy drink (Celsius+Alani+Rockstar, excluding Shr price, close (Jun 5, 2026) $28.13

Mkt cap, curr (mm) $7,371

powders and ancillary Alani products) sales grew +15.7% for the L2W vs +13.4% for 52-Week Range $66.74-27.47

the prior, with $ share down +40 bps sequentially to 19.2%. Brand Celsius sales

declined -5.4% vs -3.6%, with y/y growth hurt by a tougher comparison in the latest

week, but 2-year average declines improving to -1.3% from -3.9%.