The Vita Coco Company, Inc.

Hello and welcome to the Vita Coco Company's third quarter 2026 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'd like now to hand the call over to John Mills with ICR. Please go ahead.

Thank you and welcome to the Vita Coco Company third 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 third quarter earnings release issued earlier today. This information is available on the investor relations section of the Vita Coco Company's website at investors.inc. TheVitaCocoCompany.com. Accompanying the press release is a presentation covering our commercial and financial performance results, also available on the website. 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, and Mike Curbin, our co-founder and executive chairman.

Thanks, John. Good morning, everyone. Thank you for joining us today to discuss our third quarter financial results. We had another very strong quarter with the demand acceleration we saw in the first half continuing through the third quarter across all of our major markets. What's most encouraging is the strength we're seeing across both the coconut water category and the Vitacoco brand. Consumer demand remains strong, and our teams have done a great job executing in what continues to be a dynamic supply environment. The coconut water category remains incredibly healthy and continues to be one of the fastest-growing categories in the beverage aisle. According to our retail scan data, year-to-date category retail dollar sales grew 28% in the US and 66% in our measured European markets. Vita Coco coconut water, excluding coconut milk-based products like treats, also grew 27% year-to-date in retail dollars in the US and 54% in our measured European markets. These results reinforce our belief that coconut water is still in the early stages of achieving mainstream appeal. Household penetration remains meaningfully below mainstream juices, sport drinks, and other functional beverage categories across our major markets, which we believe provides a long runway for our growth. Our strategy is straightforward. Grow the coconut water category while expanding our share through strong brand performance and strategic private label relationships. We're focused on recruiting new households, increasing consumption occasions, and reinforcing Coconut Water's functional benefits. We believe the growth we're seeing today is evidence that this strategy is working. As we think beyond this quarter and continue to plan for what we believe will be many years of continued growth, we're very focused on enhancing and expanding our supply chain, which we believe is one of our greatest competitive advantages. We're investing in our long-term supply capabilities, adding new factory partnerships, and supporting existing partners as they expand capacity. While it's too early to provide financial guidance for 2027, based on the capacity we have today and the additional capacity we expect to bring online in the near term, we expect our supply will be able to support a continuation of current volume growth trends into next year and beyond. As we discussed in July, the COPR acquisition gives us a meaningful position in the super premium Thai Nam Hom segment of coconut water, an attractive part of the category where we previously didn't play. We estimate the super premium chilled segment represents approximately 13% of U.S. coconut water sales and is growing faster than the overall category year to date, with retail price points nearly double those of shelf-stable coconut water. The Coper business has operated smoothly since closing in late July, and our progress on integration has exceeded our expectations. I want to thank everyone involved for the work they've done to bring the two businesses together as one high performing coconut water company. As we look to 2027, we plan to continue using innovation to create new occasions, reach new customers, and expand where and how coconut water is consumed. Over the next couple of months in the U.S., we'll be launching Vita Coco in what we're calling our sports-inspired flavors, including Lemon Lime, Blue Raspberry, and Fruit Punch. It's the coconut water consumers already know and love from Vita Coco with flavors designed to appeal to the growing number of younger consumers looking for alternatives to traditional sports drinks. We'll also be launching Vita Coco Kids, a six-pack, eight-ounce Vita Coco pure coconut water designed specifically for younger children and families. Additionally, we're planning the introduction of a new 310-milliliter slim can, primarily targeted toward food service accounts, giving us another format to expand into new channels and new occasions. And we're continuing to build out the Vita Coco Treats lineup with a new piña colada flavor. Taken together, Copra and these innovations are great examples of how we're thinking about the opportunity ahead of us playing more fully across the coconut water category, bringing new consumers into it and creating more occasions and channels for them to enjoy our products. We spent years building this category, our brand and our supply chain. I believe coconut water will become a major global beverage category over time and that Vita Coco is well positioned to be the leading brand. And now I'll turn the call over to our Chief Executive Officer, Martin Roper.