Brazil Food Manufacturers: LatAm Food & Beverages Clipping - (2026_07_10)

Research evidence excerpt

Brazil Food Manufacturers: LatAm Food & Beverages Clipping - (2026_07_10)

Brazil Food Manufacturers

10 July 2026 Citi Research

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, non-securities-related: AB-InBev,Ahold Delhaize,Almarai,Altria,Ambev,Arca

Continental,Becle SAB de CV,Camil,Carlsberg,Coca-Cola Europacific Partners,Coca-Cola Femsa,Coca-Cola HBC

AG,Constellation Brands,Davide Campari-Milano NV,Diageo,East African Breweries PLC,Fevertree Drinks,Heineken,Imperial

Brands PLC,Jbs NV,Keurig Dr Pepper Inc,M Dias Branco,MBRF,Minerva,Molson Coors,Monster Beverage Corp,Nigerian

Breweries,PepsiCo,Pernod-Ricard,Rémy Cointreau,Sigma Foods SAB de CV,The Coca-Cola Company,WH Group Ltd.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to AB-InBev,Ahold

Delhaize,Altria,Ambev,Becle SAB de CV,Carlsberg,Coca-Cola Europacific Partners,Coca-Cola Femsa,Coca-Cola HBC

AG,Diageo,East African Breweries PLC,Heineken,Imperial Brands PLC,Jbs NV,Keurig Dr Pepper Inc,MBRF,Molson

Coors,Monster Beverage Corp,Nigerian Breweries,PepsiCo,Pernod-Ricard,The Coca-Cola Company,WH Group Ltd. (For an

explanation of the determination of significant financial interest, please refer to the policy for managing conflicts of interest

which can be found at www.citiVelocity.com.)

Citigroup Global Markets Inc. or its affiliates acts as a corporate broker to Diageo.

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).