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REED’S INC. INVESTOR PRESENTATION OTCQX: REED | NOVEMBER 2025
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Cautionary Note Regarding Forward-Looking Statements Statements in this presentation that are not historical are forward-looking statements and include statements about, among other things, Reed's strategic and growth plans, including international expansion; the anticipated opportunity for Reed's products to capture share in established markets; Reed's brand modernization efforts, including the anticipated benefits and the expected timeline thereof; and expectations regarding financial performance and goals to achieve profitability. These forward-looking statements are based on current expectations. The achievement or success of matters covered by forward-looking statements involves risks, uncertainties, and assumptions, many of which involve factors or circumstances that are beyond our control and should not be relied upon. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, Reed’s actual results could differ materially from the results expressed or implied by the forward-looking statements we make. Such risks include, but are not limited to, the following: our ability to absorb, mitigate or pass on cost increases to our bottlers/distributors and/or customers; the impact of rising costs, interest rates, and inflation on the discretionary income of our consumers, particularly the rising cost of energy; the impact of logistical issues and delays; our ability to effectively manage our inventories and/or our accounts receivables; our ability to continue to generate sufficient cash flows to support our expansion plans and general operating activities; changes in demand that are weather, or season related and/or for other reasons, including changes in product category and/or package consumption and changes in cost and availability of certain key ingredients including aluminum cans, as well as disruptions to the supply chain, as a result of climate change and poor or extreme weather conditions; the impact on our business of competitive products and pricing pressures and our ability to gain or maintain our share of sales in the marketplace as a result of actions by competitors; the effectiveness of sales and/or marketing efforts by us and/or by distributors of our products, most of whom distribute products that may be regarded as competitive with our products; the failure of our co-packers to manufacture our products on a timely basis or at all; our ability to make suitable arrangements and/or procure sufficient capacity for the co-packing of any of our products, the timely replacement of discontinued co-packing arrangements and/or limitations on co-packing availability; regulatory developments; macroeconomic and geopolitical risks and other risks detailed from time to time in the section titled "Risk Factors" in Reed's registration statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on November 12, 2025 and other public filings, including Reed’s annual report on Form 10-K filed on March 28, 2025, as supplemented by its quarterly report on Form 10-Q for the quarter ended September 30, 2025, and subsequent documents filed with the SEC, which are available on the SEC’s web site at www.sec.gov. These forward-looking statements are based on current expectations and speak only as of the date(s) given. Reed’s assumes no obligation to publicly update or revise these forward-looking statements, except as required by law. This presentation and accompanying oral presentation contain estimates and other statistical data made by independent parties and by Reed's relating to market size and growth and other data about Reed's industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of Reed's future performance and the future performance of the markets in which Reed's operates are necessarily subject to a high degree of uncertainty and risk. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by Reed's. This presentation and accompanying oral presentation also include certain non-GAAP financial measures as defined by the SEC rules. Reed's believes that the presentation of non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to Reed's financial condition and results of operations. These non-GAAP financial measures are provided in addition to, and not as a substitute for or superior to measures of, financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the presented non- GAAP financial measures as tools for comparison. Please see the Appendix for reconciliations of these non-GAAP measures to their most comparable GAAP measures.
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NEW EXECUTIVE LEADERSHIP TEAM TO ACCELERATE DISCIPLINED GROWTH AND OPERATIONAL EXCELLENCE EXECUTIVE LEADERSHIP TEAM Tina Reejsinghani CMO Appointed April 2025 Appointed September 2025 Appointed June 2025 Appointed February 2025 Appointed February 2025 Appointed October 2025 Doug McCurdy CFO Cyril Wallace CEO Keith Johnson CSO Salvatore Vassallo VP of Operations Kristen Wallace VP of HR 20+ years of leadership at PepsiCo, including VP & GM roles overseeing $3.2B business 25+ years leadership: tech startup COO/CFO (REZI, Torrential, BBE), investment banking (Roberts & Ryan, Banc of America Securities), US Navy 28+ years of CPG beverage experience – commercial sales, distributor operations, and revenue growth at Diageo, Molson Coors and Coca-Cola 20+ years of global marketing leadership across luxury, spirits, and lifestyle brands at Unilever, Pernod Ricard, and Rémy Cointreau 15+ years in supply- chain leadership at Boylan Bottling Co, Ferrero, Snapple Beverages and Henkel 15+ years of experience in HR across small, mid and large organizations, including 10+ years at PepsiCo 3
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Founded in SoCal, pioneering craft ginger movement Acquired Virgil’s Root Beer, expanding into natural craft soda segment Completed IPO Launched Zero Sugar Virgil’s & Flying Cauldron Butterscotch Beer • Launched Real Ginger Ale, Ginger Ale & Ginger Beer Minis, RTD Moscow Mule and Virgil’s Soda Cans • 4Q ’24 Recapitalization • Customer expansion across Albertsons/Safeway, Costco & Walmart 1987 1999 2006 2019-20 2022-24 2025 • New board & leadership • Launched Reed’s Functional Soda • Launched Asia expansion 2026+ • Strategic Priorities: Relaunch of core Ginger & Functional Soda lines • Asia Expansion: China, Hong Kong, Japan, Singapore 4 REED’S STRATEGIC EVOLUTION FROM GINGER HERITAGE TO HIGH-GROWTH BEVERAGE INNOVATOR ORIGINS PUBLIC LISTING BRAND REVAMP & NEW SKUS FUNCTIONAL FUTURE CATEGORY EXPANSION & FUNDINGPORTFOLIO INNOVATIONEXPANSION INTO ROOT BEER
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REED’S REAL GINGER ALE ORIGINAL GINGER ALE SLIM, STANDARD & MINI CANS ZERO SUGAR GINGER ALE SLIM, STANDARD CANS CRANBERRY GINGER ALE STANDARD CANS BLACKBERRY GINGER ALE STANDARD CANS CANE SUGAR - Can ROOT BEER VANILLA CREAM BLACK CHERRY ORANGE CREAM COLA DR BETTER ZERO SUGAR ZERO SUGAR ROOT BEER ZERO SUGAR VANILLA CREAM ZERO SUGAR BLACK CHERRY ZERO SUGAR ORANGE CREAM ZERO SUGAR COLA ZERO SUGAR DR BETTER CANE SUGAR - Bottle ROOT BEER VANILLA CREAM BLACK CHERRY ORANGE CREAM REED’S GINGER BEER ORIGINAL GINGER BEER GLASS STRONGEST GINGER BEER GLASS PREMIUM GINGER BEER (PALEO) GLASS EXTRA GINGER BEER GLASS, CANS & MINI CANS ZERO SUGAR EXTRA GINGER BEER GLASS & CANS FLYING CAULDRON BUTTERSCOTCH BEER REED’S FUNCTIONAL SODA BERRY BUBBLY STRAWBERRY VANILLA ROOT BEER GINGER LEMONGRASS HARD GINGER ALE VARIETY 8/12OZ CAN 5% ABV & ZERO SUGAR REED’S RTD MULES CLASSIC 4/12OZ 7% ABV & ZERO-SUGAR STRAWBERRY WATERMELON – MANGO PINEAPPLE COCONUT – CHERRY LIME SEASONAL BOTTLES REED’S SPICED APPLE CIDER 750ml, 500ml FLYING CAULDRON BUTTERSCOTCH BEER 500ml VIRGIL’S BAVARIAN NUTMEG ROOT BEER 500ml ALL FLAVORS AVAILABLE IN SWINGLID BOTTLES FLAVORED MALT BEVERAGE 21+ CURRENT REED'S PORTFOLIO 5
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6 REED'S PORTFOLIO POSITIONED ACROSS HIGH- GROWTH AND HIGH POTENTIAL BEVERAGE CATEGORIES 6 Define clear consumer targets and develop cohesive brand storytelling rooted in authenticity, modern function and cultural relevance • Simplify portfolio and hero SKUs to sharpen consumer choice & shelf presence • Reclaim category leadership by emphasizing real ginger, craft authenticity and modernized appeal Significantly under shared across large, established categories – creating massive share- of-throat opportunity Source: Spins Total U.S. Mulo C+ And Natural Expanded Aggregated To Highlight Total Market: Category Size 52-Weeks ended 9/30/25: CAGR 3-Years ended 9/30/25 MODERN SODA $1.4B +72% RTD / MALTED BEVERAGES $7.2B -2% GINGER ALE $1.9B +5% GINGER BEER $147M -3% TONIC / CLUB SODA $345M +9% CRAFT SODA $622M +17% 0.01% share Establishing a premium foothold in the large RTD space through craft-quality, flavor-forward innovation Virgil’s and Flying Cauldron remain as relevant players in Full Sugar Craft Soda 2.4% share 0.04% share Entering the fastest-growing beverage segment with differentiated wellness proposition built on real ginger and functional benefits 0.57% share Reed’s poised to premiumize a legacy category through natural ingredients and craft positioning 13.6% share Reed’s remains the #3 brand nationally and the clear leader in authentic, all- natural ginger beverages Reed’s plans to enter category with NEW club soda & tonic mixers in 2026
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7 BRAND MODERNIZATION & INNOVATION FOCUS 7 Full portfolio re-stage underway – reinvigorating the Ginger core, accelerating functional innovation and re-establishing Reed’s as a modern beverage powerhouse Re-invigorate Ginger Core Full packaging and brand restage for Reed’s Ginger Ale & Ginger Beer + launch of new mixers (expected on-shelf July 2026) Accelerate Functional Sodas Full packaging and brand restage for Functional Sodas (expected on-shelf July 2026) Block & Tackle With Rtds & Craft Sodas • Continued optimization of Virgil’s, Flying Cauldron & RTD range expected in 2026 • Full packaging and brand restages on track for 2027 on-shelf Consumer Segmentation & Brand Storytelling Define clear consumer targets and develop cohesive brand storytelling rooted in authenticity, modern function and cultural relevance • Simplify portfolio and hero SKUs to sharpen consumer choice & shelf presence • Reclaim category leadership by emphasizing real ginger, craft authenticity and modernized appeal • Build a differentiated wellness platform combining real ginger with functional benefits • Compete directly in the fast- growing modern soda segment through bold innovation to leapfrog category growth Re-invigorate Ginger Core Block & Tackle With RTDs & Craft SodasAccelerate Functional SodasRe-invigorate Ginger Core Consumer Segmentation & Brand Storytelling
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8 • Performed market research and obtained packaging and regulatory approval • Localized procurement & production to optimize margins & minimize logistical inefficiencies • Utilized existing US relationships to connect with global wholesalers and retailers (e.g. Walmart, Costco) • Launching Ginger Core in Greater China and Japan ASIA EXPANSION & INTERNATIONAL SCALE-UP 8 Driving accelerated growth through strategic market entry & localized execution in high-potential regions Asia Dedicated Leadership with Localized Expertise 2025+ | Asia Expansion Erika Widury CEO ASIA 20+ years of senior leadership in the FMCG sector and led multi country operations across Asia Pacific. Former leader in several global MNCs including Coca- Cola y, Kimberly-Clark, Juul Labs, and Philip Morris. Hironobu Sugio Country Director JAPAN 15+ years FMCG Industry in Sales & Marketing, General Management and Consulting. 11+ years at Suntory Beverage & Foods, overseeing $75M to $700M business. Former Fever-Tree Country Manager Japan. Appointed May 2025 Appointed August 2025 Ivy Lee Sales Director Paul Yeung Sales Director Robin Luo Sales Director 16+ years of experience in design & implementing business strategies, plans & procedures in TRADING /EXPORT (ACAP, ME markets) / FMCG & CATERING food sectors. Worked in Taikoo (Swire), General Mills, SME Kampery Development Limited. 20+ years FMCG with extensive managing experience in sales, product and marketing. Worked in Jebson Fine Wines, ASC, Tai Fung Cheung Wine and Van-Gogh Senses. WSET professional beverage certificate holder. 17 yrs of FMCG sales and operations experience, with deep understanding and insight into the FMCG market. Has held executive positions at leading FMCG companies including Yihai Kerry Arawana, Nestlé, and Genki Forest.
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9 COMMERCIAL ACCELERATION & CHANNEL EXPANSION 9 Clear Go-To-Market Strategy focused on deepening distribution, strengthening velocity, and expanding into high-value channels and customers Current Footprint 32,000+ Doors Nationwide Expansion Priorities Targeting 50,000+ Doors In U.S. By 2026 • Strong presence across mass, club, grocery, natural, and e-commerce channels • Strong nationwide distribution partnerships • Broad Portfolio presence across Reed’s, Virgil’s and Flying Cauldron • Expand distribution across Small Format/Convenience and On-Premise to reach new consumption occasions • Drive velocity through priority retailers, national programming, secondary placements and cross-category promotions • Leverage DSD network optimization to improve availability & shelf execution • Strengthen e-commerce & Amazon presence to capture incremental, high-margin growth • Use data-driven insights to identify high value channel opportunities • Align field, trade and digital activation to support brand restages and innovation rollouts
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10 2025 Wins 2025 Wins → 2026 Growth Goals 10 ✓ Club Channel Success — Secured exclusive SKUs for Reed’s & Virgil’s ✓ +4% Distribution Growth — Expanded in Kroger, Sprouts, Ahold Delhaize ✓ +14% Natural Channel Growth — Led by Reed’s Original & Functionals ✓ New DSD & Foodservice Partners — Sysco NY (Metro), US Foods, Ace Endico ✓ Expand Core Distribution — Strengthen On & Off Premise with Grocery focus ✓ Accelerate Priority Channels — Capture demand in Small Format & On-Premise ✓ Innovation Execution — Secure placement of H2 Club Soda/Tonics & functional restage ✓ Gain Share — Target key competitor spaces for brand conversion 2026 Growth Goals Key Partners
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11 SNAPSHOT FOR SUCCESS A transformed Reed’s: modern brands, positioned for growth and built to scale LEADERSHIP & FOCUS New executive team in place, driving accountability, commercial discipline, and executional excellence. FINANCIAL FOUNDATION RESTORED Balance sheet rebuilt through debt restructuring and $18M growth capital – enabling reinvestment in brand and operations. OPERATIONAL EFFICIENCY & MARGIN EXPANSION Streamlined supply chain, optimized network, and reduced logistics costs driving a leaner cost base and improving financial performance. BRAND MODERNIZATION & INNOVATION Full restage of Reed’s Ginger Core and Functional Soda (expected on-shelf July 2026), supported by an active innovation pipeline in functional, RTD, and seasonal platforms. COMMERCIAL ACCELERATION 32K+ doors nationwide with a target of 50K+ by 2026; new domestic and international channels, improved DSD execution, and strengthened retailer programming driving velocity and reach. SUSTAINABLE GROWTH & PROFITABILITY Clear roadmap to scalable, margin-accretive growth through disciplined cost management and capital efficiency. 11
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12 0% 5% 10% 15% 20% 25% 30% 35% $(20.0) $(10.0) $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 2020 2021 2022 2023 2024 9M 2024 9M 2025¹ Net Sales Net Sales (9M) Modified EBITDA² Gross Margin (1) For the nine months ended September 30, 2025; Gross Margin excludes $1.8MM inventory write-offs, which is a Non-GAAP financial measure. (2) Modified EBITDA is a Non-GAAP financial measure. Please refer to the appendix included herein for reconciliation. FINANCIAL PERFORMANCE 12
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OPERATING BEST PRACTICES ✓ Customer Growth ✓ Brand Portfolio ✓ Innovation ✓ Margin Expansion ✓ Logistics Efficiency ✓ Profitability Target 13
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2026 TARGET FINANCIAL PROFILE 14 Net Sales Growth Double-Digits Gross Margin 35%+ EBITDA Profitability
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15 Capitalization Table as of October 31, 2025 # of Shares % of Non-Diluted % of Fully Diluted Common Stock (D&D Source of Life Holding Ltd.) 4,706,735 52.6% 51.6% Common Stock (Other Shareholders) 4,238,719 47.4% 46.4% Warrants 91,550 - 1.0% Equity Plans 91,667 - 1.0% Preferred Stock (Common Shares Underlying) 125 - - Fully Diluted Shares Outstanding 9,128,796 100% 100% CAPITALIZATION & OWNERSHIP Equity 15 Total Debt: $9.25 Million 8.00% Senior Secured Loan
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16 BOARD OF DIRECTORS Shufen Deng • Elected to the Board in July 2023 • 30+ years of legal, M&A, and capital markets experience for both public and private companies • Director of D&D Source of Life Holdings Ltd., the Company’s largest shareholder Cyril A. Wallace, Jr. • Appointed CEO in April 2025 • 20+ years of leadership experience at PepsiCo, including as VP & GM overseeing a $3.2 billion territory • Earned multiple top sales honors and played a key role in PepsiCo’s diversity & talent development efforts • Holds B.A. in Marketing from Georgia State University & M.B.A. from DeVry University Michael C. Tu • Elected to the Board in September 2025 • Nearly 3 decades of experience in corporate governance and securities law, advising boards and executives at public and private companies, including ~20 years as a partner at Orrick and Cooley leading securities litigation and enforcement matters • Holds J.D from the UCLA School of Law & B.A. from the UC Berkeley Sam Van • Elected to the Board in October 2024 • 20+ years of experience in capital markets, business development, and regulatory compliance, having held leadership roles at the NYSE, FINRA, and Global Markets Advisory Group, among others • Holds B.S. in Finance from St. John’s University & M.B.A. from Cornell University Rudolf J. M. Bakker • Elected to the Board in April 2025 • 25+ years of global leadership experience across the beverage industry, including senior roles at Red Bull, Diageo and Heineken • Founder of Purple Fox Studios, a beverage innovation incubator that collaborates with companies to launch and scale distinctive brands • Holds M.B.A. from Erasmus University 16 Cyril A. Wallace, Jr.Shufen Deng Sam Van Rudolf J. M. Bakker Michael C. Tu
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INVESTMENT RATIONALE Trusted Brands Great American natural craft beverages since 1987 People New investor, Board, and leadership committed to success Growth Customer roadmap focused on US & Asia-Pacific expansion Margin Asset light, scalable operating model focused on profitability Risk Factors As defined in the Company’s public filings 17
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APPENDIX 18 Non-GAAP Financial Measures (dollars in thousands) 2020 2021 2022 2023 2024 L9M 2024 L9M 2025 Net Loss $(10,177) $(16,402) $(20,057) $(15,523) $(13,152) $(9,035) $(12,061) Interest Expense 1,307 1,201 5,223 6,106 5,481 4,578 864 Income Taxes - - - 251 111 67 - Depreciation and Amortization 204 243 225 281 289 209 156 Stock Option & Other Noncash Comp. 1,592 1,927 859 493 528 268 60 Severance Expense 5 - 66 256 57 42 147 Professional Fees - - - - 393 334 208 Contract Proceedings - - - 12 1,593 - 850 Gain on Sale of Property & Equipment - - - - - - (5) Employee Retention Credit Refund - - - - - - (324) Insurance Payment on Product Quality Claim - - - - - - (100) Provision for Receivable (Former Related Party) - - 538 585 115 - - Product Quality Hold Write-Down - - - 1,267 42 44 - Inventory Write-Offs - - - 1,848 - - - Impairment of Assets - - - - 473 - - One-Time Change in Policy for Discounts - - - 756 - - - Gain on Extinguishment of Debt - (770) - - - - - Loss on Extinguishment of Debt 262 - - - - - - Change in Fair Value of Warrant Liability (8) - - - - - - Legal Settlements - 292 - - - 170 - Total EBITDA Adjustments $3,362 $2,893 $6,911 $11,855 $9,082 $5,712 $1,856 Modified EBITDA $(6,815) $(13,509) $(13,146) $(3,668) $(4,070) $(3,323) $(10,205)
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Investor Relations Contact Sean Mansouri, CFA or Aaron D’Souza Elevate IR ir@reedsinc.com (720) 330-2829 Company Contact Douglas McCurdy Chief Financial Officer (203) 890-0558 WWW.DRINKREEDS.COM| WWW.VIRGILS.COM | WWW.FLYINGCAULDRON.COM