Celsius Holdings Inc "An Update On Our Core Celsius Deep Dive" (Buy) Grom

Research evidence excerpt

Celsius Holdings Inc "An Update On Our Core Celsius Deep Dive" (Buy) Grom

Global Research

30 June 2026ab

Celsius Holdings Inc Equities

United StatesAn Update On Our Core Celsius Deep Dive

Soft Drinks

12-month rating Buy

Continued Deceleration From Our Last Update, But As Expected

As a follow up to our initial deep dive on Core Celsius/Alani Nu trends (link), we 12m price target US$50.00

refreshed our analysis to see how both brands have trended in the month of May and Prior : US$55.00

into early June. Based off management commentary, the company is still progressing

Price (29 Jun 2026) US$29.25

through the initial SKU rationalization/gaining incremental shelf space and have flagged

that they expect trends for both brands to largely remain the same until later this year. RIC: CELH.O BBG: CELH US

Subsequently, we note that we have observed this dynamic in our analysis as (1)

Trading data and key metrics

Traditional Fruit Flavors are continuing to hold steady and are the only growing product

52-wk range US$64.86-27.75

line in the core Celsius portfolio, (2) Essentials is still serving as a drag/worsening on a

sequential basis, and (3) Vibe has slowed across the board, with the top Vibe SKUs now Market cap. US$7.38b

growing below the top Traditional Fruit Flavors (-17% L4W ended 6/13 vs. -12% ended Shares o/s 252m (COM)

5/2). That being said, we still note that the top 10 SKUs for CELH are showing +6.2% Free float 39%

growth and +9% in the L4W and L13W period vs. total portfolio growth of -2.4% and Avg. daily volume ('000) 8,909

+1%, indicating that focusing on the core portfolio could still yield strong results over Avg. daily value (m) US$279.3

time. Sentiment/stock performance continues to hinge on core CELH performance and Common s/h equity (12/26E) US$2.34b