Latin America Food Manufacturers: LatAm Food & Beverages Clipping - (2026_08_03)

Research evidence excerpt

Latin America Food Manufacturers: LatAm Food & Beverages Clipping - (2026_08_03)

Latin America Food Manufacturers

03 August 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,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,Pilgrims Pride Corp,Rémy Cointreau,Sigma Foods SAB de CV,Smithfield Foods Inc,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,Carlsberg,Diageo,East African Breweries PLC,Heineken,Keurig Dr Pepper Inc,MBRF,Nigerian

Breweries,PepsiCo,Pernod-Ricard,The Coca-Cola Company,Tyson Foods. (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”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive