"Beverage Bytes" Q2 retailer survey - Trends accelerate in C-stores despite increased pressures; Category outlook remains healthy - Reiterate Buy on MNST & STZ

Research evidence excerpt

"Beverage Bytes" Q2 retailer survey - Trends accelerate in C-stores despite increased pressures; Category outlook remains healthy - Reiterate Buy on MNST & STZ

Equity Research

21 July 2026 | 12:07AM EDT

AMERICAS BEVERAGES

“Beverage Bytes” Q2 retailer survey - Trends accelerate in C-stores

despite increased pressures; Category outlook remains healthy -

Reiterate Buy on MNST & STZ

Our View - Beverage sales growth in the convenience store channel accelerated in Bonnie Herzog

+1(212)902-0490 |

Q2 to +2.9% (vs. +1.5% in Q1), based on feedback in our Q2 “Beverage Bytes” survey bonnie.herzog@gs.com

Goldman Sachs & Co. LLC

(representing ~32,000 retail locations or ~21% of the c-store channel). Despite the

Ethan Huntleyfaster growth in Q2 (vs Q1), retailers’ beverage category growth outlook remained +1(617)772-7940 |

largely unchanged at +4.4% this year (vs. +4.6% in Q1 and +2.4% in 2025). Retailers’ ethan.huntley@gs.comGoldman Sachs & Co. LLC

healthy beverage category growth outlook this year doesn’t come as much of a Ankit Prasad

surprise given the much improved weather trends recently - which helped support +1(212)934-6394ankit.prasad@gs.com|

strong demand over the 4th of July holiday weekend - and given the benefit of easier Goldman Sachs India SPL

Pauly/y compares, new innovation, and incremental pricing. However, the challenging Shanika | +1(212)902-7136

(and volatile) macro and geopolitical environment remains an area of concern, shanika.paul@gs.com Goldman Sachs & Co. LLC

especially considering customer traffic was down this quarter (-0.5% in Q2 vs. +0.6%

Nicholas Vidger

in Q1). Indeed, it appears that consumers have changed their purchasing behavior as +1(212)934-0631 |

nicholas.vidger@gs.com

gas prices remain elevated (i.e.