Management roundtable underscores growth potential

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Management roundtable underscores growth potential

Flash Note Consumer | Global Beverages

May 12, 2026

Vita Coco Company, Inc Robert Ottenstein Greg Porter 212-653-9020 212-653-9042

COCO | $72.46 Robert.Ottenstein@evercoreisi.com Greg.Porter@evercoreisi.com

Outperform | Target Price/Base Case: $75.00 JD Todd

Company Update 212-812-2912

JD.Todd@evercoreisi.com

Michael Kirban, Co-Founder and Exec Chairman, and Corey Baker, CFO, spoke at an industry conference

today. The two expanded on commentary given during its 4/29 earnings call, wherein COCO delivered a

beat and raise. We continue to believe that COCO could be the best growth story in Beverages… the

products are on-trend with health & wellness, moving from niche to mainstream, have a robust U.S. and

int’l runway, and have a competitive advantage from the high barriers to entry. See our takeaways below:

▪ COCO consumer strong, with YTD scans running +30%; Protein, energy, and coconut water

are the robust growth areas, with consumers searching for functionality and wellness,

instead of just functionality

➢ COCO growing across all regions and demos, with broad-based strength underscoring the

health of the brand

o “Maybe” seeing some impact from Hispanics spending less but hard to see in data

➢ Historically category sourced from juice, enhanced water and sports drinks but lately seeing

more pull from sports drinks – globally consumer looking for hydration

o Seeing more household consumption occasions

o Household penetration continues to increase but still in “early days”

o Could see more innovation in hydration segment

➢ See runway in convenience to grow ACV% - focusing on building the category behind its

tetra-packs packaging

o In 80-90k c-stores now, with stronger presence at the chains