Celsius Holdings: 2Q26 Preview: Expectations Low on Tough Near-Term Set-Up; Longer-Term More Constructive

Research evidence excerpt

Celsius Holdings: 2Q26 Preview: Expectations Low on Tough Near-Term Set-Up; Longer-Term More Constructive

J P M O R G A N North America Equity Research

30 July 2026

Celsius Holdings Overweight

CELH, CELH US

2Q26 Preview: Expectations Low on Tough Near-Term Price (29 Jul 26):$28.88

Set-Up; Longer-Term More Constructive ▼Price Target (Dec-27):$56.00 Prior (Dec-26):$70.00

We are previewing Celsius Holdings (CELH, Overweight rated, Analyst Focus

List Growth Idea) 2Q26 earnings, which is typically during the first week of Beverage, Household & Personal

Care ProductsAugust. We lowered our 2Q26/2026 top-line/EPS on softer Celsius North America

trends given headwinds from SKU optimization and innovation timing, which we Andrea Teixeira, CFA AC

outlined in a recent deep dive (link). We now model for 2Q26 top-line/EPS/ (1-212) 622-6735

andrea.f.teixeira@jpmorgan.com

EBITDA +19.2%/$0.42/$203M (from +22.2%/$0.43/$207M) and 2026 top-line/

EPS +30.1%/$1.55/$754M (from +33.8%/$1.60/$773M). Current consensus Drew Levine, CFA

(1-212) 622-0374

estimates 2Q26 top-line/EPS/EBITDA +18.3%/$0.42/$199M and 2026 top-line/ drew.levine@jpmorgan.com

EPS/EBITDA +31.1%/$1.60/$766M. We elaborate on the stock narrative/setup

Shovana Chowdhury

more below. (1-212) 270-2184

shovana.chowdhury@jpmorgan.com

• Sentiment Clearly Negative on Celsius Headwinds and Alani Nu Recent J.P. Morgan Securities LLC

Deceleration; That Said, We See Better Set-Up into 2027 (Acknowledging

the Volatility Until Then). To say that sentiment is negative would probably

be an understatement — CELH shares are down -15.7% since 1Q26 earnings Key Changes (FYE Dec)

on 5/7/26 (vs. MNST/S5CONS +28.0%/+1.8%) and -36.9% YTD (vs. MNST/ Prev Cur Δ

S5CONS +26.8%/+11.7%) — as many investors view both Celsius and Alani Adj.