The Vita Coco Company, Inc.

Hello and welcome to the VitaCoco Company Second Quarter 2025 Earnings Conference Call. My name is Michelle. I'll be coordinating your call today. Following prepared remarks, we will open the call to your questions with instructions to be given at that time. I'll now hand the call over to John Mills with ICR. Please go ahead.

Thank you and welcome to the VitaCoco Company Second Quarter 2025 Earnings Results Conference Call. Today's call is being recorded. With us are Mr. Mike Curbin, Executive Chairman, Martin Roper, Chief Executive Officer, and Corey Baker, Chief Financial Officer. By now everyone should have access to the company's second quarter earnings release issued earlier today. This information is available in the investor relations section of the VitaCoco Company's website at .thevitacococompany.com. Also on the website, there is an accompanying presentation of our commercial and financial performance results. Certain comments made on this call include forward-looking statements which are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs concerning future events and are subject to several risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Please refer to today's press release and other filings of the SEC for a more detailed discussion of the risk factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. Also, during the call we will use some non-GAAP financial measures as we describe our business performance. Our SEC filings, as well as the earnings press release and supplementary earnings presentation, provide reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures and are available on our website as well. And with that, it is my pleasure to now turn the call over to Mr. Mike Herbin, our co-founder and executive chairman.

Thanks, John, and good morning, everyone. Thank you for joining us today to discuss our second quarter financial results and our expectations for the balance of 2025. I want to start by thanking all of our colleagues across the globe for our continued strong performance, particularly in a dynamic environment and for their commitment to the VitaGoGo company and advancing our mission of creating ethical, sustainable, better free beverages that uplift our communities and do right by our planet. In the second quarter, we continue to see strong performance against our key initiatives. Coconut water remains one of the fastest growing categories in the beverage aisle, growing year to date in the U.S. and 35% in the U.K. based on Serkana data. This coupled with the acceleration of the emerging German market has resulted in very strong global net sales performance for our second quarter and similarly, strong reported gross profit, net income, and adjusted EBITDA. Year to date, according to Serkana, VitaGoGo coconut water continues to perform very well, growing 16% in retail dollars in the U.S. and growing 39% in the U.K. In 2025, our U.S. commercial initiatives include emphasis on VitaGoGo multipacks, VitaGoGo farmers organic, and VitaGoGo juice. The expansion of our SKUs in convenience stores, continued investment in our food service efforts, and the national launch of VitaGoGo treats. We're excited about the initial performance of VitaGoGo treats in the U.S. and for the future of innovative coconut milk based beverages, which creates new usage occasions that could offer us yet another path for long term growth. According to Serkana, VitaGoGo treats would have added 4% to the growth rate of VitaGoGo coconut water in the second quarter U.S. retail scans if reported as a consolidated brand family. This is a good start, but we still have a lot of work to do. Year to date, our international business is very healthy and accelerated. With strong performance in Europe, our increased investment this year in the U.K., Germany, and other select European markets is paying off with healthy growth and brand share wins, and we intend to continue our focused investment in select markets in an effort to drive long term gains. In our investor presentation on June 4th, which is available on our investor relations website, we laid out an index for estimated consumption per capita for coconut water in our current major markets. While the U.S. is the most developed market, household penetration is still well below other juices like cranberry juice or orange juice. Our current VitaGoGo coconut water growth in the U.S. is coming from both growth in household and growth in velocity per household through consumption occasion expansion. We're excited about the current performance and believe that we can at least double the U.S. coconut water category in the coming years. We believe that the coconut water category is still in its infancy in markets outside of the U.S. and that there is significant long term potential as these markets develop. We're very proud to be the leading brand in our primary markets and the primary driver of this category growth. Over time, we believe our international business will become a larger part of our consolidated growth story and I expect our European operations could eventually be as large as our America's businesses today. In summary, the acceleration of the category that we saw in late 2024 has continued through the first half of 2025 and with our significantly stronger inventory position, strong retail programming and innovation and additional production capacity, I believe that we are well positioned to continue our growth and I'm excited for the remainder of the year. And now I'll turn the call over to our Chief Executive Officer, Martin Roper.