Zevia Pbc · NYSE:ZVIA
Zevia Pbc — Q4 2025 Earnings Presentation
23 slides from Zevia Pbc's earnings presentation, Feb 25, 2026
Slide 1: 4Q & Full Year 2025 Financial Results
4Q & FULL YEAR 2025 FINAN FEBRUARY 25, 2026
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 state
Slide 3: Mission
MISSION… …CREATING A WORLD OF BETTER -FOR -YOUFLAVOR, BETTER FOR PEOPLE 3
Slide 4: Soda Made Better
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 Sweet
Slide 5: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS High -Growth, Emerging Category Well positioned to capitalize on the $ 252 billion liquid refreshment beverages 1 market within the fast -growing “better -for -you” soda segment Distinctive Market Positioning Stands at the intersection of health and taste, offering great -t
Slide 6: Zevia Fourth Quarter & Full Year 2025 At A Glance
ZEVIA FOURTH QUARTER & FULL YEAR 2025 AT Adjusted 2025 Net Sales Gross Margin Net Loss EBITDA 1 $37.9 million 2 47.7% $0.05 million -$1.3 million Q4 -4.0% vs. PY -150 basis points vs. PY +$5.5 million vs. PY +$3.9 million vs. PY FULL $161.3 million 48.0% -$11.2 million -$4.7 million +4.0% vs. PY +16
Slide 7: Consumer Panel Metrics
CONSUMER PANEL METRICS HOUSEHOLD PENETRATION PURCHASE TRENDS 5.0% 5.0% $36.92 $41.61 3.6X 3.8X $10.20 $10.84 12M ended 12M ended 12M ended 12M ended 12M ended 12M ended 12M ended 12M ended 12/31/2024 12/31/2025 12/31/2024 12/31/2025 12/31/2024 12/31/2025 12/31/2024 12/31/2025 % Household penetration
Slide 8: Strategic Growth Pillars Drive Momentum
STRATEGIC GROWTH PILLARS DRIVE M 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
Slide 10: Amplify Marketing
AMPLIFY MARKETING EXECUTE NIMBLE SCALABLE MARKETING ECOSYSTEM PR & EARNED MEDIA PARTNERSHIPS PAID MEDIA SAMPLING ACTIVATIONS INFLUENCERS & SOCIAL MEDIA MAILERS SHOPPER MARKETING NEW PRODUCT UGCLAUNCHES EMAIL 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 rang
Slide 12: Drive Product Innovation
DRIVE PRODUCT INNOVATION ON TREND FLAVOR INTRODUCTIONS & LIMITED -TIME OFFERINGS DRIVE EXC ITEMENT PEACHES & CREAM STRAWBERRIES & CREAM SALTED CARAMEL #1 selling Zevia 8-pack #2 Zevia 6pk in retail sales #2 customer ordered SKU on Amazon at Kroger on Amazon across all sizes Source: Amazon Vendor Cen
Slide 13: Drive Product Innovation
DRIVE PRODUCT INNOVATION ENHANCED FLAVOR PROFILE LEVERAGING NEW MORE SUGAR -LIKE TASTE EXP ERIENCE … s upported 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
EXPAND DISTRIBUTION NEW DISTRIBUTION OPPORTUNITY IS SIGNIFICANT COLLECTIVE PENETRATION <1% $945M $3B $11B $11B Mass Warehouse/Club Value/Dollar Foodservice Source: SPINS/ Circana Scan Data 52 Weeks End 12/28/2025 for Target, BJ’s Sam’s, Family Dollar, Convenience. Store Count Distribution. L12W Endi
Slide 16: Deliver Profitability
DELIVER PROFITABILITY PATH TO ACCELERATED GROWTH & PROFITABILITY DRIVEN BY PRODUCTIVIT Y INITIATIVE Q4 2025 Unit Economics increased 183 % over 2 -year period paving the way for profitable growth + 183 % $3.72 $3.60 $3.25 $3.34 $3.35 $3.00 $2.49 $1.82 $1.27 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1
Slide 17: Productivity Initiative
PRODUCTIVITY INITIATIVE HIGHLIGHTS COMPARISON VS. PY ($ in millions) Enabled Reinvestment and Advanced Path to Profitability GROSS MARGIN G&A • Realized $15 million in annual cost savings to date; 49.2% $7.3 identified an additional $5 million slated for 2026 47.7% • Additional savings will be refle
Slide 18: Financial Highlights
FINANCIA HIGHLIGHTS Confidential & Proprietary – Do not distribute. © 2024 Zevia PBC 18
Slide 19: Q4 Financial Highlights
Q4 FINANCIAL HIGHLIGHTS Net Sales • Net sales declined 4.0% year -over -year to $37.9 million $37.9 Millio • Due to lower volumes related to the lapping of expanded Walmart distribution last year • Gross profit margin of 47.7%, -150 basis points year over year • Due to channel mix and higher tariff
Slide 20: Full Year 2025 Financial Highlights
FULL YEAR 2025 FINANCIAL HIGHLIGH Net Sales • Net sales increased 4.0% year -over -year to $161.3 million $161.3 Milli • Due to improved volumes and favorable pricing/mix • Gross profit margin of 48.0%, +160 basis points year over year • Driven by improved COGS rate and partially offset by increased
Slide 21: Q4 2025 Financials Overview
Q4 2025 FINANCIALS OVERVIEW – YEAR OVER YE ($ in Millions) NET SALES GROSS PROFIT ADJUSTED1 EBITD $0.05 $39.5 $19.4 $18.1 $15.4 $(3.9) $37.8 $37.9 $(6.9) Q4 2023 Q4 2024 Q4 2025 Q4 2023 Q4 2024 Q4 2025 Q4 2023 Q4 2024 Q4 2025 % Growth % of Net Sales % of Net Sales 6.9% 4.4% -4.0% 40.7% 49.2% 47.7% N
Slide 22: Full Year 2025 Financials Overview
FULL YEAR 2025 FINANCIALS OVERVIEW –YEAR OVER Y ($ in Millions) NET SALES GROSS PROFIT ADJUSTED1 EBITD $166.4 $77.4 $161.3 $74.8 $(4.7) $155.0 $71.9 $(15.2) $(19.0) FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 % Growth % of Net Sales % of Net Sales 2.0% -6.8% 4.0% 44.9% 46
Slide 23: Profit & Loss + Adjusted EBITDA Reconciliation
PROFIT & LOSS + ADJUSTED EBITDA RE ($ in Millions) Q4 2025 Q4 2024 Q4 2023 FY 2025 FY 2024 FY 2023 Net Sales $ 37.9 $ 39.5 $ 37.8 $ 161.3 $ 155.0 $ 166.4 % Growth -4.0% 4.4% 6.9% 4.0% -6.8% 2.0% Cost of Good Sold $19.8 $20.0 $22.4 $83.8 $83.1 $91.7 Gross Profit $18.1 $19.4 $15.4 $77.4 $71.9 $74.8 Gr