Zevia Pbc · NYSE:ZVIA
Zevia Pbc — Q3 2025 Earnings Presentation
23 slides from Zevia Pbc's earnings presentation, Nov 5, 2025
Slide 1: 3Q 2025 Financial Results
3Q 2025 FINANCIAL RESULTS NOVEMBER 5, 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation and the related earnings press release contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statemen
Slide 3: Mission
MISSION… …CREATING A WORLD OF BETTER-FOR-YOU FLAVOR, BETTER FOR PEOPLE 3
Slide 4: Soda Made Better: Ingredients Comparison
SODA MADE BETTER INGREDIENTS COMPARISON Mainstream Regular Soda Mainstream Diet/ Zero Soda ZEVIA Modern Functional Soda 30-45+g Sugar Zero Sugar Zero Sugar 2-5g Sugar High Fructose Corn Artificial Sweeteners Zero Artificial Zero Artificial (Aspartame, Sucralose, Erythritol) Syrup Sweeteners Sweetene
Slide 5: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS High-Growth, Emerging Category Well positioned to capitalize on the $270 billion liquid refreshment beverages More Total Beverage market1 within the fast-growing “better-for-you” soda segment +30% Trips Distinctive Market Positioning Latest 12 Month vs. Average CSD Shoppers
Slide 6: Zevia Third Quarter 2025 at a Glance
ZEVIA THIRD QUARTER 2025 AT A GLANCE Adjusted 2025 Net Sales Gross Margin Net Loss EBITDA1 $40.8 million 45.6% Q3 +12.3% vs. PY -350 basis points vs. PY -$2.8 million Flat vs. PY -$1.7 million +$0.2 million vs. PY 48.1% -$9.9 million -$4.8 million YTD $123.4 million +6.7% vs. PY +270 basis points vs
Slide 7: Consumer Panel Metrics
CONSUMER PANEL METRICS HOUSEHOLD PENETRATION PURCHASE TRENDS 5.2% 3.6 3.7 $10.65 4.9% $39.67 $10.34 $39.67 3.7x $10.65 5.2% $37.28 3.6x $10.34 4.8% $37.28 12M ended 12M ended 12M ended 12M ended 12M ended 12M ended 12M ended 12M ended 09/30/2024 09/30/2025 09/30/2024 09/30/2025 09/30/2024 09/30/2025
Slide 8: Strategic Growth Pillars Drive Momentum
STRATEGIC GROWTH PILLARS DRIVE MOMENTUM Growth pillars in place to DELIVER capitalize on strong category tailwinds PROFITABILITY EXPAND 4 DISTRIBUTION DRIVE PRODUCT INNOVATION 3 AMPLIFY MARKETING 2 1 8
Slide 9: Amplify Marketing
AMPLIFY MARKETING EXPANDING REACH AND DEEPENING ENGAGEMENT Build brand awareness with a sharp brand image – radically real (“get the fake out of here”) in a world awash with fake Deepen customer engagement through 360-degree marketing approach: digital, social, IRL, in-store… Higher investment in st
Slide 10: Amplify Marketing: Nimble Scalable Marketing Ecosystem
AMPLIFY MARKETING EXECUTE NIMBLE SCALABLE MARKETING ECOSYSTEM PR & EARNED MEDIA PARTNERSHIPS PAID MEDIA SAMPLING ACTIVATIONS INFLUENCERS & SOCIAL MEDIA MAILERS SHOPPER MARKETING NEW PRODUCT EMAIL UGC LAUNCHES MARKETING Proprietary 2025 Zevia, LLC 10
Slide 11: Drive Product Innovation
DRIVE PRODUCT INNOVATION ACCELERATE PIPELINE OF NEWNESS • Created a robust and continuous pipeline with an expanded offering of great tasting better-for-you beverages • Enhanced taste profile that differentiates Zevia from the pack: new bolder flavor, no aftertaste (health AND taste) • A wide range
Slide 12: Drive Product Innovation: On-Trend Flavors
DRIVE PRODUCT INNOVATION ON TREND FLAVOR INTRODUCTIONS & LIMITED-TIME OFFERINGS DRIVE EXCITEMENT ORANGE CREAMSICLE STRAWBERRIES & CREAM SALTED CARAMEL Immediately the #2 Zevia Zevia Top 3 velocity item Limited-time offering 6pk at Sprouts Early on in Q4 launch at Kroger (“LTO”) in market now Source:
Slide 13: Drive Product Innovation: Enhanced Flavor Profile
DRIVE PRODUCT INNOVATION ENHANCED FLAVOR PROFILE LEVERAGING NEW MORE SUGAR-LIKE TASTE EXPERIENCE …supported by refreshed packaging that underscores value proposition 13
Slide 14: Expand Distribution
EXPAND DISTRIBUTION DRIVE HOUSEHOLD PENETRATION & AWARENESS • Broaden consumer reach and leverage channels to invite trial and increase velocity • Fill distribution gaps across channels including mass, club and food • Build presence in impulse channel with singles offering 14
Slide 15: Expand Distribution: New Distribution Opportunity
EXPAND DISTRIBUTION NEW DISTRIBUTION OPPORTUNITY IS SIGNIFICANT LOW PENETRATION TODAY $820M $3B $11B $25B Drug Warehouse Club Convenience Foodservice % Stores Selling 65% 13% <1% <1% Source: SPINS/Circana Scan Data Latest 52 Week through 10/05/2025 + Retailer Store Count Distribution. L12W Ending 10
Slide 16: Deliver Profitability
DELIVER PROFITABILITY PATH TO ACCELERATED GROWTH & PROFITABILITY DRIVEN BY PRODUCTIVITY INITIATIVE Q3 2025 Unit Economics increased 347% over 2-year period paving the way for profitable growth +347% $3.72 $3.25 $3.34 $3.35 $3.00 $2.49 $1.82 $1.27 $0.75 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Slide 17: Productivity Initiative
PRODUCTIVITY INITIATIVE HIGHLIGHTS COMPARISON VS. PY ($ in millions) Enabled Reinvestment and Advanced Path to Profitability GROSS MARGIN G&A 49.1% $7.7 • Realized $15 million in annual cost savings to date; 45.6% $7.4 identified an additional $5 million slated for 2026 • Additional savings will be
Slide 18: Confidential & Proprietary – Do Not Distribute
Confidential & Proprietary – Do not distribute. © 2024 Zevia PBC 18
Slide 19: Q3 Financial Highlights
Q3 FINANCIAL HIGHLIGHTS Net Sales • Net sales improved 12.3% year-over-year to $40.8 million $40.8 Million • Reflects improved volumes largely driven by expanded distribution at Walmart and the Club channel • Gross profit margin of 45.6%, -350 basis points year over year • The reduction was primaril
Slide 20: Q3 2025 Financials Overview – Year Over Year
Q3 2025 FINANCIALS OVERVIEW – YEAR OVER YEAR ($ in Millions) NET SALES GROSS PROFIT ADJUSTED EBITDA1 $43.1 $19.6 $40.8 $(1.5) $(1.7) $18.6 $36.4 $17.9 $(9.1) Q3 2023 Q3 2024 Q3 2025 Q3 2023 Q3 2024 Q3 2025 Q3 2023 Q3 2024 Q3 2025 % Growth % of Net Sales % of Net Sales 2.5% (15.5)% 12.3% 45.5% 49.1%
Slide 21: YTD Financials Overview – Year Over Year
YTD FINANCIALS OVERVIEW –YEAR OVER YEAR ($ in Millions) NET SALES GROSS PROFIT ADJUSTED EBITDA1 $128.6 $59.4 $59.3 $123.4 $115.6 $(4.8) $52.5 $(12.2) $(11.3) YTD 2023 YTD 2024 YTD 2025 YTD 2023 YTD 2024 YTD 2025 YTD 2023 YTD 2024 YTD 2025 % Growth % of Net Sales % of Net Sales 0.6% (10.1)% 6.7% 46.2
Slide 22: Profit & Loss + Adjusted EBITDA Reconciliation
PROFIT & LOSS + ADJUSTED EBITDA RECONCILIATION ($ in Millions) Q3 2025 Q3 2024 Q3 2023 Q3 2025 YTD Q3 2024 YTD Q3 2023 YTD FY 2024 FY 2023 FY 2022 Net Sales $40.8 $36.4 $43.1 $123.4 $115.6 $128.6 $155.0 $166.4 $163.2 % Growth 12.3% -15.6% -2.6% 6.7% -10.1% 0.6% -6.8% 2.0% 18.1% Cost of Good Sold $22
Slide 23: Q3 2025 Progress on the Mission
Q3 2025 PROGRESS ON THE MISSION SUGAR REDUCTION Eliminated 3.1K metric tons of sugar from our consumers’ diets in the Q PLASTIC REDUCTION Kept 46 million plastic bottles from littering roadways, waterways and communities in the Q AFFORDABILITY INDEX Zevia remains more affordable than 65% of all non-