美国饮料类扫描仪更新：软饮仍具韧性

U.S. Beverages Scanner Update: Soft drinks remain resilient We publish our Q3 QTD scanner update (period ending July 11), with comparisons againstboth Q2 and Q1. Beverages show signs of slowing down but remain resilient, with categorygrowth of +3.3% in Q3 QTD, compared with +4.0% in Q2 and +6.0% in Q1. Cristian Rios+1 917 344 8615cristian.rios@bernsteinsg.com Among our coverage names,Coca-Coladelivered +5.2% sales growth in Q3 QTD (vs.+4.2% in Q2), driven by +3.0% volume growth and continued market share gains. Softdrinks remained the primary growth driver (+7.4%), while Fairlife continued to post stronggrowth (+24.2%) and gained 2.7 pts of category share. Yolanda Zhang+1 917 344 8346yolanda.zhang@bernsteinsg.com PepsiCoreported a 1.1% sales decline in Q3 QTD (vs. +0.1% growth in Q2). Beveragesales declined 0.7%, reflecting mixed performance across categories, while Foods declined1.5%. Energy beverages remained positive at +6.9%, while soft drinks and sports drinkswere modestly below prior-year levels. Keurig Dr Pepperremained one of the strongest performers in our coverage universe,delivering +9.1% sales growth in Q3 QTD (vs. +8.8% in Q2). Growth was broad-based, ledby Energy Beverages (+40.9%) and Sports Drinks (+26.1%), while the company gained 0.6pts of market share year over year. Within energy drinks, performance continued to vary across brands.Monsterdelivered+8.4% growth in Q3 QTD, supported by +13.6% growth in the core Monster brand.Celsiusgrew +7.7%, driven by continued strength from Alani (+42.4%), which waspartially offset by weaker performance from the legacy Celsius brand (-8.7%). BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS We rateCelsius HoldingsOutperform, with a PT of $44. Celsius owns the most promising brand in Energy Drinks (Alani Nu),and concerns about share trends are overdone. History and our forecast show that the portfolio can sustain share in the US, aslong as Alani continues to win share. We believe this will happen because of its outstanding repurchase rates and headroom onbrand awareness, informed by our consumer survey results. In addition, we believe margin expansion potential is unappreciated,as sustained top line growth will drive SG&A leverage. We forecast 17% and 27% YoY EPS growth NTM and NTM+1, respectively, making us bullish vs. consensus on NTM+1 EPS by~5.0%, driven by higher expectations on sales growth and margin. We apply a 20.0x target multiple to derive our target price. We rateKeurig Dr. Pepper Outperform, with a PT of $39. KDP has an outstanding Functional Beverages portfolio, comprisedof hot brands in Energy and Hydration. While the company is in the middle of a challenging integration rife with risk, we believethe risks are well-understood and priced in. The stock continues to react constructively to fundamental business results, as wesaw in Q1 of 2026. As such, we believe Beverages will continue to outperform and continue to drive appreciation. We forecast 18% and 9% YoY EPS growth NTM and NTM+1, respectively, leaving us in line vs. consensus on NTM+1 EPS. Weapply a target multiple of 15x to arrive at our target price. We rateCoca-Cola Market-Perform, with a PT of $83. Coke is a high-quality compounder, with an honorable mention inFunctional Beverages (Protein, Hydration). With demand for zero-calorie cola accelerating and the undisputed winning brandin the category, their CSD base is also poised to accelerate globally. While we are bullish on their North America business, weare bearish vs. consensus in Latin America due to our expected impact of the 2026 excise tax in Mexico, which will dampenconsumption and price realization. We forecast 5% and 5% YoY EPS growth NTM and NTM+1, respectively, making us bearish vs. consensus on NTM+1 EPS by~3%. We apply a target multiple of 24.0x to arrive at our target price. We ratePepsiCo Market-Perform, with a PT of $134. Due to their Snacks business, PEP has the most challenged CategoryHealth in our coverage, and the company is losing share. While Beverages is a more attractive category, share losses acrosssubcategories have also challenged organic momentum here. These weaknesses in their NA business are offset by a healthyand productive International business, which we believe is well understood. We forecast 2% and 2% YoY EPS growth NTM and NTM+1, respectively. We apply a 15.4x target multiple to arrive at our pricetarget. We rateMonster Market-Perform, with a PT of $95. Monster has the best International business in Energy Drinks, poweredand protected by Coca-Cola’s distribution network. We believe that US category drivers are Global, and that Energy willcontinue to grow rapidly in International markets. Coca-Cola’s unrivaled distribution network will position Monster uniquely wellto continue to gain share in these markets. A solid Brand portfolio to sustain share in the growing US market will also help. We forecast 12% and 14% YoY EPS growth NTM and NTM+1, respectively, making us bullish vs. conse