The Vita Coco Company, Inc.

Hello, and welcome to the Vita Coco Company's second quarter 2026 earnings conference call. My name is Liz, and I will 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'd now like to hand the call over to John Mills with ICR.

Thank you, and welcome to the Vita Coco Company's second quarter 2026 earnings results conference call. Today's call is being recorded. with us are Mr. Mike Kirban, 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 on the investor relations section of the Vita Coco Company's website at investors.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 with the SEC for 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. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. 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 Kirban, 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 our full year 2026 performance. I want to start by thanking all of our colleagues across the globe for our strong operational execution year to date and particularly in fueling and supporting the acceleration of our growth rate this year. I'm thrilled that the growth trends of the first quarter have continued through the second quarter. Our strong inventory position at the start of the year and the quick reaction time of our teams to the higher demand have enabled us to support our retailers' increased needs and have delivered very strong second quarter results in global net sales, gross profit, net income and adjusted EBITDA. Coconut water remains one of the fastest growing categories in the beverage aisle, according to our retail scan data, with year-to-date retail dollar growth of 29% in the U.S. and 65% in our measured European markets. Vita Coco coconut water, excluding our coconut milk-based products like treats, also grew 29% year-to-date in retail dollars in the U.S., and we also saw 57% retail dollar growth in our measured European markets, gaining branded share across our major markets. In addition to our incredible financial results year-to-date, I'm pleased to announce the acquisition of Copra, Inc. Aside from Vita Coco, I really believe that Copra is one of the greatest success stories in coconut water and one of the other major drivers of the category's growth over the past couple of years. I'm very excited for Copra's founders, Ben and Chai, and their team to join us in developing the coconut water category into a major global beverage category over the coming years. Copra competes in the super premium Thai Nam Hom segment of coconut water. The product is sold chilled and has a sweet aromatic flavor and a slightly pink color. We estimate that this super premium cold segment represents approximately 13% of U.S. coconut water sales and is growing slightly faster than the rest of the category year to date. The largest branded player in this segment is Harmless Harvest, but more recently, the segment has seen most of its growth come from private label introductions across many major retailers, the majority of which copra supplies. The Copra team have built a great business based on strong integrated Namham sourcing and packaging operations in Thailand and are the leading supplier of private label products for this segment and they've launched their own Copra brand in the US producing some of the highest quality product that we've seen in the segment. As we've demonstrated with Vita Coco, investing in and mastering the supply chain in this category is key to being a market leader. Acquiring Copra today gives Vita Coco greater access to this unique coconut water sourcing area and will allow us to compete long-term in the super premium cold segment with both private label and branded products. I'm very pleased to welcome Ben and Chai and their team to the Vita Coco family and look forward to helping them achieve their long-term vision. We believe this is an attractively valued asset that will enhance our ability to deliver on our long-term goals. As we think about our brands and the category's tremendous growth opportunities, we will continue to scale active hydration efforts across our markets as a key driver of consumer growth, positioning our brands as the natural choice for everyday performance, sport, and recovery. With three and a half times the electrolytes of the leading sport drink and clean ingredients, we believe that we are well positioned to continue to recruit new consumers, increase usage frequency, and unlock the next phase of sustained growth. We believe that coconut water is in the early stages of gaining mainstream appeal, a belief that is supported by the growth trends we are seeing. We believe that we are very well positioned to benefit from these trends and we're confident that coconut water will grow to be a major category in the beverage aisle across the globe. We'll continue to build capacity and grow our organizational capabilities to take advantage of that growth. and now I'll turn the call over to our Chief Executive Officer, Martin Roper.