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FEBRUARY 2026 In conjunction with moderate fitness activity, Celsius is clinically proven to accelerate metabolism and burn body fat CAGNY
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FORWARD-LOOKING STATEMENTS This investor presentation contains statements by Celsius Holdings, Inc. (“Celsius”, “we”, “us”, “our” or the “Company”) that are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our prospects, plans, business strategy and expected financial and operational results. You can identify these statements by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” “would”, ”could”, ”project”, ”plan”, “potential”, ”designed”, “seek”, “target”, variations of these terms, the negatives of such terms and similar expressions. These statements are based on certain assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. You should not rely on forward-looking statements because our actual results may differ materially from those indicated by forward -looking statements as a result of a number of important factors. These factors include, but are not limited to: changes to our commercial agreements with PepsiCo, Inc.; management’s plans and objectives for international expansion and global operations; general economic and business conditions; our business strategy for expanding our presence in our industry; our expectations of revenue; operating costs and profitability; our expectations regarding our strategy and investments; our ability to successfully integrate business that we may acquire; our ability to achieve the benefits that we expect to realize as a result of our acquisitions; the potential negative impact on our financial condition and results of operations if we fail to achieve the benefits that we expect to realize as a result of our business acquisitions; liabilities of the businesses that we acquire that are not known to us; our expectations regarding our business, including market opportunity, consumer demand and our competitive advantage; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations affecting our business; the Company’s ability to comply with the rules and regulations of the Securities and Exchange Commission (the “SEC”); and those other risks and uncertainties discussed in the reports we have filed with the SEC, such as our Annual Report on Form 10 -K, Quarterly Reports on Form 10-Q and Current Reports on Form 8 -K. Forward- looking statements speak only as of the date the statements were made. We do not undertake any obligation to update forward -looking information, except to the extent required by applicable law. USE OF NON-GAAP MEASURES Celsius defines Adjusted EBITDA as net income before net interest income, income tax expense (benefit), and depreciation and amortization expense, further adjusted by excluding stock -based compensation expense, foreign exchange gains or losses, distributor termination fees and legal settlement costs. Adjusted EBITDA Margin is the ratio between the Company’s Adjusted EBITDA and net revenue, expressed as a percentage. Adjusted diluted earnings per share is GAAP diluted earnings per share net of add backs and deductions for distributor termination, legal settlement costs, reorganization costs, acquisitions costs, and penalties. Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted diluted earnings per share are non -GAAP financial measures. Celsius uses Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted diluted earnings per share for operational and financial decision -making and believes these measures are useful in evaluating its performance because they eliminate certain items that management does not consider indicators of Celsius’ operating performance. Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted diluted earnings per share may also be used by many of Celsius’ investors, securities analysts, and other interested parties in evaluating its operational and financial performance across reporting periods. Celsius believes that the presentation of Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted diluted earnings per share, provides useful information to investors by allowing an understanding of measures that it uses internally for operational decision -making, budgeting and assessing operating performance. Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted diluted earnings per share are not recognized terms under GAAP and should not be considered as a substitute for net income or any other financial measure presented in accordance with GAAP. Non -GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of Celsius’ results as reported under GAAP. Celsius strongly encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted diluted earnings per share as defined by Celsius, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare Celsius’ use of these non -GAAP financial measures with those used by other companies. NO OFFER OR SOLICITATION This presentation shall not constitute or form part of an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of any securities of the Company in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. INDUSTRY AND MARKET DATA Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable, but we have not independently verified the accuracy of this information. Any industry forecasts are based on data (including third -party data), models and experience of various professionals and are based on various assumptions, all of which are subject to change without notice. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described in “Forward -Looking Statements.” These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. 2 SAFE HARBOR &NON-GAAP MEASURES
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JOHN FIELDLY CHAIRMAN & CHIEF EXECUTIVE OFFICER
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1 2 3 C E L S I U S H O L D I N G S , I N C . | C A G N Y I N V E S T O R P R E S E N TA T I O N 4 5 WE OPERATE IN A RAPIDLY GROWING CATEGORY WE ARE CAPITALIZING ON EVOLVING CONSUMER TRENDS THAT ARE DRIVING INCREASED DEMAND WE HAVE A LEADING TOTAL ENERGY PORTFOLIO THAT IS POSITIONED TO WIN WE HAVE AN EVOLVED, SCALED OPERATING MODEL WE ARE WELL POSITIONED FOR CONTINUED GROWTH & IMPROVING PROFITABILITY 4 WHY CELSIUS HOLDINGS
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Multi-year journey focused on scale, capability building, and long-term value creation SINGLE BRAND TO SCALED BRAND PLATFORM 2004 NEW DISTRIBUTION MODEL WITH PEPSICO ACQUIRED BIG BEVERAGES ACQUIRED ALANI NU BECAME PEPSICO’S ENERGY CAPTAIN & ACQUIRED ROCKSTAR ENERGY BRAND IN THE U.S. & CANADA ELEVATED LEADERSHIP TEAM WITH APPOINTMENTS OF PRESIDENT & COO, CMO & PRESIDENT, INTERNATIONAL BEGAN TRANSITION OF ALANI NU TO PEPSICO DISTRIBUTION FOUNDED INTERNATIONAL LAUNCH 2009 2017 MODERNIZED BRANDING 2022 2024 2025 5
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A LEADING portfolio of category-defining brands 6 TOTAL energy PORTFOLIO PREMIUM BRANDS FUNCTIONAL ingredients 6
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C O N F I D E N T I A L | P R E S E N T A T I O N S P E C I F I C N A M E ~20% 2025 ENERGY DRINK MARKET SHARE +8% SHARE VS. A YEAR AGO 99.5% ACV 250k+ TRACKED U.S. RETAIL OUTLETS SOLD IN OVER ANNUAL U.S. RETAIL SALES GROWTH PORTFOLIO IN RTD ENERGY ENERGY PORTFOLIO IN THE U.S. Source: All Figures Representative of Total CELH Portfolio; Circana TOTAL US MULO+ w/C Calendar Year 2025 Ending 12-28-25 A LEADING ENERGY POWERHOUSE $5.2B #2 #3 7
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SUGAR ZERO SUGAR traditional energy Modern energy TRANSACTIONAL UTILITYIMPULSE Energy CATEGORY is evolving DAILY ROUTINE LIFESTYLE & WELLNESS EXPERIENCE & FLAVOR 8
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Energy is powering Liquid refreshment beverage growth, led by zero sugar Source: Circana TOTAL US MULO+ w/C Calendar Year 2025 Ending 12-28-25 +$6.2B 2025 yOy Total LRB Growth 85% Of total energy growth CAME from zero sugar 52% Total GrowthOf TOTAL LRB GROWTH CAME FROM ENERGY 9
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Source: Figures Representative of Total CELH Portfolio; Circana TOTAL US MULO+ w/C Calendar Year 2025 Ending 12-28-25 CELSIUS CONTINUES TO DRIVE zero SUGAR GROWTH 33% 24% 22% 16% 5% 2025 RTD ENERGY % OF ZERO SUGAR GROWTH ALL OTHER 10
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11Source: Celsius Consumer Study (Base: Male n=190; Female n=322, Q5. When did you typically consume ... ? Consume energy earlier in the day CONSUMPTION IS ROUTINE DRIVEN Consume energy later in the day CONSUMPTION IS impulse DRIVEN MALE ENERGY CONSUMER FEMALE ENERGY CONSUMER 11 THE NEED FOR ENERGY IS UNIVERSAL
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Consume energy drinks as a social drink3 Consume energy drinks with a meal3 Source: (1) Mintel: Energy Drink Foodservice Report (2) Circana Receipt Panel Omnichannel L13W ending 12-28-25 (3) Celsius Consumer Study (N=273), Q3. When do you typically drink caffeinated energy drinks? 12 33% 37% FUNDAMENTAL SHIFT TO EVERYDAY CONSUMPTION More often of consumers are drinking energy drinks on more occasions1 of energy drink growth is from increased frequency among existing buyers232% 51% more occasions 12
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#3 LRB GROWTH COMPANY WITH RETAIL SALES +22.4% IN 2025 Expanded retail share by nearly +300 bps since 2021, reaching 4.1% of lrb Source: Circana TOTAL U.S. Bev and RTD ENERGY MULO+ w/C Ending 12-28-25 Parent Company Rollup; US Tracked Retail Sales Only | Private Label Excluded Note: Third-party brand names, logos, and trademarks appearing in this presentation are the property of their respective owners. Their use is for informational and comparative purposes only and does not imply endorsement, affiliation, or sponsorship by or with Celsius Holdings, Inc. 2025 FULL YEAR BEVERAGE RANKINGS (Parent company) Rank Parent Company $ Retail Sales (Billions) Contribution to 2025 LRB Growth 1 $30.85 15.1% 2 $26.73 - 3 $14.65 6.6% 4 $9.80 10.3% 5 $9.43 12.9% 6 $5.41 12.6% 7 $5.38 1.2% 8 $2.63 0.1% 9 $2.47 3.7% 10 $1.93 - 13 WE ARE A TOP 10 LRB COMPANY
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Our brands drive CULTURAL RELEVANCE music Fashion lifestyle Fitness wellness A MULTI-BRAND PLATFORM SERVING DISTINCT CONSUMERS, OCCASIONS AND ENERGY NEEDS 20% SHARE sports Source: Figures Representative of Total CELH Portfolio; Circana TOTAL US MULO+ w/C Calendar Year 2025 Ending 12-28-25 14
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A SCALABLE, BRAND-BUILDING PLATFORM A POWERFUL, CONNECTED SYSTEM THAT CONVERTS INSIGHT INTO EXECUTION AND DURABLE GROWTH Turns insights into innovation and marketing that build consumer demand and loyalty Innovation & MARKETING Balances growth and profitability while feeding real-time performance back into planning Revenue ManagementConsumer insights Grounded in real consumer behavior to define where growth will come from Sales & Retail Execution Ensures strategy wins at retail through distribution, displays and execution Operational Excellence Removes friction so demand converts into reliable, repeatable revenue 15
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ENHANCED PEPSICO PARTNERSHIP provides DEEPER DISTRIBUTION REACH & Strategic CONTROL CELSIUS leads brand and portfolio strategy PEPSICO Drives scale and execution 16
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Allowing us to better serve retailers and consumers A PORTFOLIO-LED APPROACH IMPROVES AVAILABILITY , CHOICE AND CONSISTENCY 17 BETTER AVAILABILITY & ACCESS EXPANDED ASSORTMENT STRONG Retail Outcomes >25% Increased shelf space by +13K Increased cooler placements Source: Figures Representative of Total CELH Portfolio; Celsius Internal Space Study | Circana TOTAL US MULO+ w/C Calendar Year 2025 Ending 12-28-25 +6% Increased velocity 17 CLUB CONVENIENCE DOLLAR DRUG ON-PREMISE GROCERY
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OF TOTAL LRB SALES1 VS. 14% 5 YEARS AGO MORE OCCASIONS AND FORMATS ARE FUELING INCREMENTAL SHELF SPACE ACROSS CLUB, LARGE, SMALL AND FOODSERVICE And Unlocks new channel & SHELF SPACE opportunity +17% YOY GROWTH IN SHELF SPACE ALLOCATION FOR CELSIUS IN 20262 +102% YOY GROWTH IN SHELF SPACE ALLOCATION FOR ALANI NU IN 20262 19% ENERGY REPRESENTS LEADING TO INCREASED SHELF SPACE…. 18 Source: (1) Circana TOTAL US MULO+ w/C Calendar Year 2020 Ending 01-03-21, 2025 Ending 12-28-25 (2) Internal company reporting (as of December 31, 2025)
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Proven growth strategy with disciplined execution PLACES OFTENPEOPLE Executing our growth strategy in an evolved way MORE MORE MORE 19
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A GROWING leadership team built to scale Eric Hanson President & Chief Operating Officer Rishi Daing Chief Marketing Officer Garrett Quigley President, International Tony Guilfoyle Chief Customer Officer JoBeth Fink Chief Creative Officer Kyle Watson Chief Brand Officer Strategic External Hires with Deep CPG Experience Proven Leaders Taking on Expanded Roles 20 NOTABLE ADDITIONS AND UPDATES
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KYLE WATSON CHIEF BRAND OFFICER
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Celsius consumers are INCREASING consumption FREQUENCY 52% Repeaters purchase 5x or more +7% v Q4 2024 22Source: Circana Receipt Panel Omnichannel L13W ending 12-28-25
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NEW to category consumers are driving growth of 2025 energy drink growth was driven by new consumers entering the category1 FEMALE CONSUMERS Women ages 18–24 are twice as likely to purchase energy drinks multiple times per week than any other age group2 NEW CONSUMERS Hispanic CONSUMERS Hispanic consumers are driving category growth, ranking #1 in trip growth at +10.6%131% 2X #1 23 Source: (1) Circana Receipt Panel Omnichannel L52W ending 12-28-25 (2) YouGov Profiles USA
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73% 24 Celsius Innovation drives Demand by Meeting Modern Energy Needs Source: Celsius Consumer Study (N=518) Q. What factors do you consider when choosing to purchase/drink CELSIUS over other brands? Choose CELSIUS for its flavorful experience Choose CELSIUS for its effective energy boost Choose CELSIUS for its better-for-you ingredients Choose CELSIUS for its functional benefits 50% 48% 42% NEEDS OF THE MODERN ENERGY CONSUMER FLAVOR DEFINES EXPERIENCE ENERGY FOR THE BODY AND MIND A BETTER-FOR-YOU BEVERAGE CHOICE FUNCTIONAL BENEFITS 24
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20% SHARE Source: Circana TOTAL U.S. MULO+ w/C, RTD Energy L4W Ending 12-28-25 10.6% SHARE 7.2% SHARE 2.2% SHARE 25 Accelerating growth through Modern Energy
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Female consumer Sports MusicDaily Treat Performance Social Male consumer Gender balanced 70% 71% Focus | Workout | Lifestyle TOTAL ENERGY portfolio serving multiple consumer needs & moments Source: Celsius Consumer Studies N=1,500 26
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27 Powering Performance in Modern Energy PERFORMANCE Fitness-first positioning built for workouts and daily movement Function Sustained energy, zero sugar, metabolism support FLAVOR INNOVATION Fruit-forward, crisp flavors 27 CONSUMER Active, health-conscious consumers fueling performance
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28 Thrives on 3 Pillars FLAVOR Nostalgic, craveable, iconic FUN Escapism, fueled by design Fans Passionate, dedicated community Unmatched SOCIAL Engagement Shifted An Entire category #4 in Energy Igniting A new era of energy 70% Women AGE 18-44 27 x41 x >10 x Source: (1) Circana TOTAL U.S. MULO+ w/C, RTD Energy L52W ending 12-28-25 (2) Numerator survey, TTL market, L26W pe OCT 6, 2024 (3) Tribe Dynamics, Instagram Engagement Rate as of 2-10-26 1 2 3 28 > >
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LONG LASTING CULTURAL IMPACT • 71% Male / 29% Female • Targeted energy for distinct occasions: sports, music, gaming • Caters to a $17.8 billion core energy market Distinct Portfolio Positioning 25 years of category relevance Powering a new era of high-performance lifestyles Signature flavors and time-tested ingredients appealing to the next generation energy consumer Source: (1) Circana TOTAL U.S. MULO+ w/C, Legacy RTD Energy L52W Ending 12-28-25 (2) Celsius Consumer Studies N=1,500 1 2 Next Generation energy for the core Energy CONSUMER 29
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A SYSTEM BUILT TO COMPOUND DEMAND When awareness, trial and loyalty reinforce each other, demand compounds over time AWARENESS Brand storytelling Cultural relevance Portfolio visibility TRIAL Distribution & placement Promotions & LTOs Right product, right moment FREQUENCY More daily occasions Routine formation Repeat purchasing LOYALTY Product experience Zero sugar & functional benefits Lifestyle alignment 30
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BUILT TO WIN IN modern energy 31 Energy is becoming a part of daily routines CELSIUS deeply understands today’s consumer category-disrupting Powerhouse IN MODERN ENERGY OUR portfolio is intentionally designed WITH EACH BRAND PLAYING A CLEAR ROLE 31
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ERIC HANSON PRESIDENT & CHIEF OPERATING OFFICER
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Proven growth strategy with disciplined execution PLACES OFTENPEOPLE Executing our growth strategy in an evolved way MORE MORE MORE 33
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the Business Is Evolving to Drive the Next Phase of Growth Integrated COMMERCIAL STRATEGY ELEVATING OUR EXECUTIONAL CAPABILITIES BUILDING FOR THE FUTURE 34
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Broader consumer and occasion coverage Portfolio-led planning and prioritization Brand and channel-specific execution within one system Revenue growth management – volume, price, mix Scale through operating leverage and system efficiency 35 EVOVLING FROM A SINGLE BRAND TO A MULTI-BRAND PORTFOLIO
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BIG BRANDS TO MEGA BRANDS • Strong consumer resonance • Category momentum BIG BRANDs scaled BRANDs • Expanded occasions • Broader distribution • Portfolio leverage MEGA BRANDs • Multi-occasion relevance • System-enabled execution • Strong, profitable growth 36
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Executing the COMMERCIAL growth playbook in 2026 AUTHENTIC brand-first marketing ADAPTIVE insights-led innovation LEADING with highest performing SKUs EXECUTIONAL excellence at retail NON-TRADITIONAL channel growth 37
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Revenue growth management powering the next phase of Growth C E L S I U S H O L D I N G S , I N C . | C A G N Y I N V E S T O R P R E S E N TA T I O N ENABLING • Efficient investment decisions • Consistency and predictability as the business scales • Accelerated growth that is sustainable and profitable delivering • More efficient deployment of commercial investment • Stronger alignment across brands, channels and customers • A scalable foundation for strong, profitable growth Pricing Architecture Pack & Mix Optimization Promotion & Trade Effectiveness Channel & Customer Strategy Investment Allocation & ROI Data, Analytics & Governance 38
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TOGETHER We are unlocking the full performance potential of CELSIUS, Alani Nu and Rockstar Energy in the fastest-growing beverage category • Modern Energy category leadership • Deep consumer & shopper insights • Clear brand & commercial strategy • Proven shelf execution playbook • Powerful DSD scale • Broad channel & geographic reach • Best-in-class in-store execution • Deep retailer relationships & access 39 Energy captaincy accelerating growth
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alignedcommercial strategy 40 COMMERCIAL STRATEGY EXECUTIONPLAYBOOK
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Building for the future Shopper marketing Marketing operations Brand marketing category development Commercial planning Field sales Sales team Brand studio 41
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METHODICAL APPROACH TO INTERNATIONAL GROWTH in 2026 & beyond DEDICATED & GROWING TEAM Strategic distributor partnerships center of excellence 42
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GROWTH STRATEGY FOCUSED ON REACHING MORE PEOPLE IN MORE PLACES, more often A MULTI-BRAND PORTFOLIO ELEVATES OUR COMMERCIAL MODEL PEPSICO CAPTAINCY DRIVES UPLEVELED EXECUTION OUR CAPABILITIES CREATE A STRUCTURAL ADVANTAGE WE ARE BUILDING FOR THE FUTURE BUILT for what’s next 43
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1 2 3 4 5 WE OPERATE IN A RAPIDLY GROWING CATEGORY WE ARE CAPITALIZING ON EVOLVING CONSUMER TRENDS THAT ARE DRIVING INCREASED DEMAND WE HAVE A LEADING TOTAL ENERGY PORTFOLIO THAT IS POSITIONED TO WIN WE HAVE AN EVOLVED, SCALED OPERATING MODEL WE ARE WELL POSITIONED FOR CONTINUED GROWTH & IMPROVING PROFITABILITY 44 WHY CELSIUS HOLDINGS