Slide 1: 1st Quarter Earnings Results
1st Quarter Earnings Results May 7, 2026
Slide 2: Cautionary Statements
Cautionary Statements Disclaimer Safe Harbor Statement This presentation contains forward-looking statements and forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 conveying management’s expectations as t
Slide 3: A Leading North American Branded Beverage Company
A Leading North American Branded Beverage Company Hydrating a Healthy AmericaTM Coast-to-Coast Distribution 13 +200,000 +80 Vertically Network Integrated Iconic Brands Retail Outlets Spring Water Sources 3
Slide 4: Brand Activation
Brand Activation Supporting Strong Demand Iconic Brands Diversified Portfolio Strength Across Channels Robust Sales & Marketing 4
Slide 5: Positioning for the Future
Positioning for the Future Priorities to Support Profitable Growth Fuel Drive Leverage Build a Topline Growth Margin Expansion Free Cash Flow Winning Culture Improve direct delivery Achieve synergy Invest in growth & Mission driven customer experience capture productivity initiatives Drive operation
Slide 6: Input Cost Management
Input Cost Management Key Cost Drivers & Mitigation Strategies Cost Drivers Proactive Mitigation Areas of Control Fuel / Diesel Growth Through the Issue Fleet operations, last-mile delivery Drive revenue growth to outpace input cost increases Diesel Hedging Program Resin Structured hedging instrumen
Slide 7: Q1 2026 Financial Summary
Q1 2026 Financial Summary Financial Performance - GAAP and Comparable Results Comparable Net Sales Comparable Adjusted EBITDA Comparable Adjusted EBITDA Margin $1,626.1M $306.0M 18.8% +1.7% YoY (10.4)% YoY (260) bps YoY GAAP Results (in millions) Comparable Results¹ (in millions) Q1 2026 Q1 2025 Cha
Slide 8: Q1 2026 Net Sales by Channel
Q1 2026 Net Sales by Channel Financial Performance - Comparable Results1 Net Sales by Water Type (Comparable Results) Net Sales by Trade Type (Comparable Results) Channel Q1 2026 Q1 2025 Change Channel Q1 2026 Q1 2025 Change Direct Delivery $620.7 $639.6 (3.0)% Regional Spring Water $801.2 $794.1 0.
Slide 9: Balance Sheet and Treasury Management
Balance Sheet and Treasury Management Liquidity and Debt Capital Structure Net Leverage Ratio1 Available Liquidity2 Cost of Debt Capital 3,4 3.52x $874M 5.84% Net Debt ÷ Adj EBITDA Cash + Revolver Availability Weighted Average Interest Rate Debt Capital Maturities $2,943 $1,494 SOFR + 275 4.375% bps
Slide 10: Capital Allocation Priorities
Capital Allocation Priorities Disciplined and Balanced Approach Reinvest in the Business Enhance Balance Sheet Strength Growth and Productivity Initiatives Deleveraging Focus IT, customer contact center & digital capabilities investment Reduce Net Debt leverage ratio1 to under 3.0 times Premium chan
Slide 11: 2026 Full Year Financial Outlook
2026 Full Year Financial Outlook Previous Updated ($ in millions) Low High Low High Organic Net Sales Growth¹ 0% 1% 1% 3% Adjusted EBITDA $1,485 $1,515 $1,465 $1,515 Base CAPEX 4% of Net Sales 4% of Net Sales Adjusted Free Cash Flow $790 $810 $790 $810 11 1. Excludes the impact of the exited Eastern
Slide 12: Appendix
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Slide 13: Historical Contribution from the Company's Exited Eastern Canadian Operations and Exited US OCS
Historical Contribution from the Company's Exited Eastern Canadian Operations and Exited US Office Coffee Services Business (OCS) Comparable Base Clarification ($ in millions) Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Net Sales Attributable to the Exited $3.6 $0.0 $0.0 $0.0 $3.6 Eastern Canadian Operations ($ i
Slide 14: Q1 and FY 2025 Comparable Net Sales, EBITDA and Adj. EBITDA
Q1 and FY 2025 Comparable Net Sales, EBITDA and Adj. EBITDA Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended For the Fiscal Year Ended March 31, 2026 1 March 31, 2025 1 December 31, 20252 Net sales $ 1,626.1 $ 1,613.7 $ 6,664.0 Impact of Eastern Canadian o
Slide 15: Q1 Comparable Net Sales by Water Type
Q1 Comparable Net Sales by Water Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended March 31, 2026 Net Sales1 Adjustments2 Comparable Net Sales ($ in millions of U.S. dollars) Regional spring water $ 801.2 $ — $ 801.2 Purified water 511.2 — 511.2 Premium water 105.5 — 105.5 Other wa
Slide 16: Q1 Comparable Net Sales by Trade Type
Q1 Comparable Net Sales by Trade Type Non-GAAP Reconciliation - Unaudited For the Three Months Ended March 31, 2026 Net Sales1 Adjustments2 Comparable Net Sales ($ in millions of U.S. dollars) Direct delivery $ 620.7 $ — $ 620.7 Grocery 331.3 — 331.3 Club 262.7 — 262.7 Mass 210.3 — 210.3 Away from h
Slide 17: Q1 2026 TTM Free Cash Flow and Adjusted Free Cash Flow
Q1 2026 TTM Free Cash Flow and Adjusted Free Cash Flow Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Fiscal Year Ended For the Three Months Ended LTM3 December 31, 20252 March 31, 20261 March 31, 20251 March 31, 2026 Net cash provided by operating activities from continui
Slide 18: Q1 and FY 2025 Adjusted Cash from Operations and Capex - Cont Ops
Q1 and FY 2025 Adjusted Cash from Operations and Capex - Cont Ops Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) For the Three Months Ended March 31, 2026 March 31, 2025 Net cash provided by operating activities from continuing operations $ 103.8 $ 38.8 Acquisition, integration an
Slide 19: Interest Coverage Ratio and Net Leverage Ratio
Interest Coverage Ratio and Net Leverage Ratio Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars, except financial ratios) FY 2025 (-) Q1 2025 YTD (+) Q1 2026 YTD Q1 2026 LTM Adjusted EBITDA $ 1,446.8 $ 341.5 $ 306.0 $ 1,411.3 Interest Expense, net $ 326.5 $ 82.1 $ 78.3 $ 322.7 Total
Slide 20: Volume/Price-Mix Growth - Historical Comparable Results
Volume/Price-Mix Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Q1 2026 Comparable Net Sales 20251 $ 1,599.0 Volume 6.0 Price/Mix 21.1 Comparable Net Sales 20261 $ 1,626.1 Total Volume 0.4 % Total Price/Mix 1.3 % Total Comparable Net Sales Gr
Slide 21: Organic/Inorganic Growth - Historical Comparable Results
Organic/Inorganic Growth - Historical Comparable Results Non-GAAP Reconciliation - Unaudited (in millions of U.S. dollars) Q1 2026 Comparable Net Sales 20251 $ 1,599.0 Inorganic growth (from acquisitions) 3.1 Organic growth 24.0 Comparable Net Sales 20261 $ 1,626.1 Inorganic growth (from acquisition
Slide 22: Comparable Net Sales Growth
Comparable Net Sales Growth Non-GAAP Reconciliation - Unaudited Low High 2025 Net sales 6,664.0 6,664.0 Impact of Eastern Canadian operations1 (3.6) (3.6) Impact of US Office Coffee Services Business (OCS)2 (25.5) (25.5) 2025 Comparable Net sales3 6,634.9 6,634.9 2026 Estimated Comparable Net sales