ONON Miss - Growth Scares (-17%), CELH Mgmt Reshuffle, DPZ New Pizza

Research evidence excerpt

Briggs Barton - Specialist Sales - US Consumer AC

J.P. Morgan Securities LLC

North America Specialist Sales

JPMORGAN

11 August 2026

ONON Miss - Growth Scares (-17%), CELH Mgmt Reshuffle, DPZ New

Pizza

Briggs Barton

MORNING UPDATE

ONON (-17% Pre) — Bottom line = LT growth being put in question w/ bears emboldened. DTC beats but wholesale

misses and FY revenue outlook tweaked lower vs expects of a reit (or modest raise) - bears want the multiple reset lower

with questions on durability/level of long-term growth in a more competitive market, bulls see ONON resetting the

wholesale marketplace ahead of innovation engine picking back up + a right tail to adjacent growth opptys (sport,

product, etc)… bears win today, focus shifts to the upcoming Analyst Day… Wendy’s first take is also here

CELH — Re-shuffling management (follows Rockstar Founder, a 4.7% holder, demanding change last wk) where of

note CELH COO departs - welcomed after recent challenges but overall the changes might leave a bit to be desired as

they arent “transformative” - Andrea sees attractive value in shares but a cont’d choppy data path over the next ~6mo

DPZ — New product innovation announced… “The Domino” Pizza launching Aug 31

DETAILED COMMENTARY

ONON Miss - Growth Scares

This print lets bears sink their teeth into the decel narrative (bears who have felt they see the writing on the call in terms

of the next growth story in the space to fall as LT growth gets put in question) - very interested to hear updated views

ahead of the upcoming Analyst Day following this print. Shares under pressure (-17% pre) as wholesale revenue miss (+13%

YoY in c/c vs st +20%) offsets DTC strength (+34% vs st +29%, buyside +29-31%), and they beat on gross margins but miss on

EBITDA by 4%. Topline guide is reduced to “low 20s” in c/c vs +23% prior (debate into print seemed reiterate or raise by 1pt)

with margin guides tweaked slightly higher. As a topline growth story with the duration of growth a bit in question this will be

treated unkindly today, especially as they miss on Americas sales.

While a softer wholesale print was expected as they look to clean up inventory ahead of key product launches, the magnitude is

…