Beverages

ABEV Ambev S.A.

Revenue is led by Brazil (56%) and Latin America - South (20%), with 2 more segments behind.

Owner earnings 2016–2025 R$9.1BR$15.1BR$14.8BR$13.3BR$14.2BR$17.9BR$14.1BR$18.7BR$21.3BR$19.9B

Retained capital Retained R$102.3B of earnings over 2016–2025; annual owner earnings grew R$7.0B, R$0.07 per R$1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 10 yrs, cut at least once

BRCC BRC Inc.

We are a mission-driven company committed to delivering quality products while giving back to the communities we serve.

Owner earnings 2019–2025 $3M$10M($11M)($121M)($32M)$3M($13M)

Retained capital not read

Balance sheet Net debt against an operating loss, $30M

CCEP Coca-Cola Europacific Partners plc

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2016–2025 €911M€1.1B€1.3B€1.4B€1.1B€1.8B€2.4B€2.1B€2.3B€2.2B

Retained capital Retained €3.3B of earnings over 2016–2025; annual owner earnings grew €1.1B, €0.33 per €1 retained.

Balance sheet Meaningful net debt, €9.3B · dividend paid 10 of 10 yrs, cut at least once

CELH Celsius Holdings Inc.

We develop, process, market, sell, manufacture and distribute a portfolio of differentiated products with innovative formulas meant to positively impact the lives of our consumers.

Owner earnings 2017–2025 ($8M)($12M)$956K$3M($98M)$106M$138M$256M$323M

Retained capital Retained $288M of earnings over 2017–2025; annual owner earnings grew $245M, $0.85 per $1 retained.

Balance sheet Modest net debt, $278M

COCO The Vita Coco Company Inc.

Vita Coco is available in over 35 countries, with our primary markets in North America, the United Kingdom, and Germany.

Owner earnings 2019–2025 $21M$33M($17M)($12M)$107M$42M$46M

Retained capital Retained $162M of earnings over 2019–2025; annual owner earnings grew $53M, $0.33 per $1 retained.

Balance sheet Net cash, +$197M

COKE Coca-Cola Consolidated

Coca Cola Consolidated, Inc., a Delaware corporation, distributes, markets and manufactures nonalcoholic beverages in territories spanning 14 states and the District of Columbia.

Owner earnings 2017–2025 $196M$31M$119M$292M$366M$383M$657M$706M$737M

Retained capital Paid out $1.1B more than it earned over 2017–2025; annual owner earnings grew $585M.

Balance sheet Meaningful net debt, $2.5B · dividend paid 9 of 9 yrs, never cut

FIZZ National Beverage

Our creative product designs, innovative packaging and imaginative flavors, along with our corporate culture and philosophy, make National Beverage unique as a stand-alone entity in the beverage industry.

Owner earnings 2017–2026 $100M$141M$124M$160M$176M$115M$140M$178M$186M$156M

Retained capital Retained $404M of earnings over 2017–2026; annual owner earnings grew $51M, $0.13 per $1 retained.

Balance sheet Net cash, debt-free, +$350M · buybacks at an average near $40.34 · dividend paid 6 of 10 yrs, cut at least once

FMX Mexican Economic Development, Inc.

FEMSA is a Mexican company built around small stores and soft drinks. Its best-known piece is OXXO, a chain of neighborhood convenience stores; alongside it sit a health-and-drugstore arm, a European proximity-retail arm, and one of the largest Coca-Cola bottling operations in the world. The money comes from the spread between what it pays for goods and what a shopper pays at the counter, a thin markup earned across a very large number of daily visits.

Owner earnings 2015–2024 MX$25.9BMX$36.4BMX$20.7BMX$29.7BMX$38.7BMX$34.5BMX$55.5BMX$43.2BMX$14.9BMX$27.8B

Retained capital Retained MX$183.0B of earnings over 2015–2024; annual owner earnings grew MX$975M, MX$0.01 per MX$1 retained.

Balance sheet Net cash, +MX$37.8B · dividend paid 10 of 10 yrs, cut at least once

KDP Keurig Dr Pepper Inc.

Keurig Dr Pepper Inc. is a leading beverage company in North America that manufactures, markets, distributes, and sells hot and cold beverages and single serve brewing systems.

Owner earnings 2017–2025 $1.7B$1.4B$2.1B$2.1B$2.5B$2.5B$904M$1.8B$1.5B

Retained capital Retained $2.3B of earnings over 2017–2025; annual owner earnings fell $351M, $-0.16 per $1 retained.

Balance sheet Meaningful net debt, $12.9B · buybacks at an average near $90.68 · dividend paid 9 of 9 yrs, cut at least once

KO Coca-Cola Co.

Coca-Cola sells branded nonalcoholic beverages — soft drinks, waters, juices and the like — to people the world over. It makes most of its money not by bottling the drinks itself but by selling concentrates and syrups to bottling partners, who add the water, package the product, and get it to the stores and outlets where people buy it; the rest comes from finished-product operations it runs directly.

Owner earnings 2016–2025 $7.0B$5.8B$6.5B$9.1B$8.7B$11.3B$9.5B$10.5B$5.7B$6.4B

Retained capital Paid out $5.1B more than it earned over 2016–2025; annual owner earnings grew $1.1B.

Balance sheet Meaningful net debt, $30.1B · dividend paid 10 of 10 yrs, never cut

KOF Coca-Cola FEMSA

Revenue is Mexico and Central America (60%) and South America (40%).

Owner earnings 2015–2024 MX$16.1BMX$22.1BMX$23.5BMX$17.7BMX$21.0BMX$25.5BMX$23.4BMX$25.1BMX$31.8BMX$30.3B

Retained capital Retained MX$30.6B of earnings over 2015–2024; annual owner earnings grew MX$8.5B, MX$0.28 per MX$1 retained.

Balance sheet Modest net debt, MX$38.1B · dividend paid 10 of 10 yrs, never cut

MNST Monster Beverage Corp.

We regularly assess the market risk of our investments and believe our current policies and investment practices adequately limit those risks.

Owner earnings 2016–2025 $661M$939M$1.1B$1.1B$1.3B$1.1B$826M$1.6B$1.8B$2.0B

Retained capital Retained $2.1B of earnings over 2016–2025; annual owner earnings grew $921M, $0.44 per $1 retained.

Balance sheet Net cash, +$2.4B

PEP PepsiCo Inc.

PepsiCo sells snacks and drinks: chips and other convenient foods under names like Lay's, Doritos, Cheetos and Fritos, and beverages such as Pepsi-Cola and Gatorade. It makes these goods and moves them to retailers through its own operations, authorized bottlers and contract manufacturers, and the shopper buys them by the bag or the bottle. The money comes from selling a great many low-priced items, over and over, the world around.

Owner earnings 2016–2025 $8.3B$7.7B$7.0B$7.2B$8.1B$8.9B$8.0B$10.5B$9.3B$8.6B

Retained capital Retained $7.0B of earnings over 2016–2025; annual owner earnings grew $1.8B.

Balance sheet Meaningful net debt, $39.7B · dividend paid 10 of 10 yrs, never cut

PRMB Primo Brands

Primo Brands is a leading North American branded beverage company focused on healthy hydration, delivering responsibly sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in every U.S. state and Canada.

Owner earnings 2022–2025 ($150M)$117M$314M$303M

Retained capital Paid out $609M more than it earned over 2022–2025; annual owner earnings grew $151M.

Balance sheet Heavy net debt, $4.8B · buybacks at an average near $40.80 · dividend paid 2 of 4 yrs, never cut

STZ Constellation Brands Inc.

We continued to strengthen our leadership position in the U.S. beer market as the #1 dollar share gainer in the overall U.S. beer market, and the #2 dollar share gainer in the high-end.

Owner earnings 2017–2026 $1.4B$1.6B$1.9B$2.2B$2.5B$2.4B$2.4B$2.4B$2.7B$2.2B

Retained capital Paid out $1.3B more than it earned over 2017–2026; annual owner earnings grew $773M.

Balance sheet Meaningful net debt, $10.2B · dividend paid 10 of 10 yrs

WEST Westrock Coffee Company

We provide products in a variety of packaging, including branded and private label coffee in bags, fractional packs, single serve cups, multi-serve bottles and ready-to-drink bottles and cans, as well as extract solutions to be used in products such as cold brew and RTD offerings.

Owner earnings 2020–2025 ($33M)($22M)($81M)($91M)($48M)($75M)

Retained capital not read

Balance sheet Net debt against an operating loss, $477M