6 Key takeaways from our CEO meetings

研报英文原文证据摘录

6 Key takeaways from our CEO meetings

Flash Note Consumer | Global Beverages

June 11, 2026

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

COCO | $74.22 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

We hosted Vita Coco CEO Martin Roper for meetings during our NYC consumer conference, highlighting

the company’s strong start to 2026 and long-term runway. One of the things we like most about COCO is

that its appeal is not overly determined by gender, age, income, or ethnicity. The diverse demographic

profile, along with low household penetration for the coconut water category, products that are on-trend with

broadening health, wellness, and beauty trends, the importance of economies of scale, and COCO’s share

position as bigger than its next 5 competitors combined suggest a long growth runway and high defensive

moat. All of the above contributes to our view that COCO is a multiyear growth story in the U.S. and

internationally. Please see our 6 takeaways below:

▪ U.S. growth remains strong – consumer pressure hasn’t made its way to COCO yet

➢ Scanner suggests business running up >30% YTD – see more detail here

▪ Branded and private label coconut water work well together to grow the category given

production, price point, and availability differences; Kirkland introduces tiered PL products

➢ Production: COCO’s private label production is not done to the same taste parameters as its

branded product to ensure a unique branded value proposition

➢ Retailer differences: Private label performs best in retailers with a captive audience for

private label brands, but it typically does worse in retailers with more branded products