Beverages

Coca-Cola is guiding to about 5% organic revenue growth for 2026, with comparable currency-neutral EPS growth of 7%-8% excluding acquisitions and divestitures and comparable EPS projected to rise 9%-10%. In the second quarter, organic revenues rose 6% and unit case volume advanced 5%, while comparable gross and operating margins expanded about 120 and 90 basis points, respectively; management noted that on a two-year basis volume growth was 2%. The company expects volume and price/mix to remain more in tandem through 2026, using packaging and price-point architecture in North America to address pressured lower-income consumers while treating India and China as longer-term investment opportunities. Longer term, management continues to target organic revenue growth of 4%-6%, with an ambition to perform toward the upper end of that range on a sustained basis, though comparisons become tougher in the second half and the fourth quarter includes six fewer days year over year. Coca-Cola shares have risen 3.3% in the past three months against the industry's decline of 3.8%, and the stock trades at a forward price-to-earnings ratio of 24.69X versus the industry's 18.49X. The Zacks Consensus Estimate for Coca-Cola's 2026 and 2027 earnings implies year-over-year growth of 9.7% and 7.1%, respectively, with estimates for both years stable over the past seven days.

Keurig Dr Pepper unveiled a first look at its 2027 beverage innovation pipeline ahead of the 2026 National Association of Convenience Stores Show, spanning new flavors, an expanded energy lineup and refreshed iconic brands. On the carbonated soft drink side, the company will launch Dr Pepper Ice Cream Float nationwide as a permanent offering in cans and 20 oz. bottles beginning February 2027, with fountain and frozen formats arriving mid-year, alongside a limited-time 7UP Miami Vice in June 2027, the holiday return of 7UP Shirley Temple with a new 20 oz. package, and Canada Dry Raspberry Lemonade in Spring 2027. In energy, KDP will distribute more than 25 new items across its energy brand portfolio in 2027, including permanent versions of GHOST Energy x 7UP and GHOST Energy x A&W, the January launch of GHOST Energy Sour Strips Appleberry, and a limited-time GHOST Energy Blueberry Cream, while Bloom Energy adds Strawberry Shortie in October 2026 and Cotton Candy and Lemon Freezie in January 2027, and C4 Energy expands its zero-sugar Cereal's Most Wanted lineup with Cocoa Loco and new 8.4-ounce mini cans. GHOST is now a $1 billion brand at retail, and KDP said innovation and limited-time offerings drive nearly three-quarters of energy category growth. The company is also investing in iconic brands, following 7UP's most significant brand evolution in more than 15 years with a lime-forward formula and refreshed packaging, while Sunkist will introduce updated graphics and a refreshed recipe in Q1 2027. Attendees at the 2026 NACS Show in Las Vegas will get an exclusive preview of upcoming innovations across KDP's owned and partner brands, including Snapple, Electrolit, Polar, La Colombe and Vita Coco.

Carlsberg A/S agreed to acquire two PepsiCo bottling businesses from Revery, adding Iberia Refreshments in Georgia and JI Pepsi Cola Bottler Armenia to its non-alcoholic beverage operations. Financial terms for the two deals were not disclosed. Once completed, Carlsberg will take responsibility for producing, selling, and distributing PepsiCo's soft drink portfolio in both countries, lifting the number of markets covered by Carlsberg's PepsiCo bottling arrangements to 17. Carlsberg plans to combine Georgia and Armenia with Azerbaijan, where it has separately agreed to become PepsiCo's bottler, into a South Caucasus operating cluster intended to support a wider beverage portfolio and shared production, sales, and distribution. PepsiCo SVP and GM of Internal Beverages Europe Natalia Filippociants said the expanded partnership is expected to help the company unlock the next phase of growth in the two markets.

Boston Beer is pushing into faster-growing categories beyond traditional beer with two new launches, Sinless Vodka Cocktails and LYTT Electric Coolers. Sinless, a liquor-based cocktail with zero sugar, zero carbs and 100 calories per can, has launched in more than 30 states, while LYTT, a 15% ABV malt-based offering in six flavors sold in a resealable 6.8-ounce single-serve package, is available in more than five states. Management said wholesalers, retailers and drinkers have responded positively, but neither brand is expected to contribute meaningfully to 2026 volumes, though both should provide some shipment support in the back half of the year. Sinless has shown enough initial traction to support its rollout across roughly 30 states, with management waiting for more evidence before expanding further, while LYTT is described as a hand sell product needing specialized merchandising and cooler placement, with margins two to three times those of even higher-end beer. Boston Beer expects a more reliable read on both launches only by early 2027. Peers are pursuing similar innovation, with Anheuser-Busch InBev's Beyond Beer revenues up 44% in second-quarter 2026, Diageo Beer Company growing organically by around 4% in fiscal 2026, and Brown-Forman expanding its ready-to-drink portfolio.

Keurig Dr Pepper is counting on an expanding innovation pipeline to reignite its U.S. Coffee business after net sales slipped 3.2% in the second quarter, as an 8.2-percentage-point decline in volume mix more than offset pricing benefits. Pod shipments fell 11.6% on a reported basis and 8.3% excluding the Peet's reporting shift, though brewer shipments rose 2.1%, returning to growth on the back of marketing and commercial activity. Management said several growth initiatives are planned for the back half of 2026, supported by precision marketing and the "Great Coffee Without the Grind" campaign, and expects improving brewer penetration, normalization of pod inventory dynamics and innovation across the ecosystem to support category growth and market-share performance. The integration of JDE Peet's adds another avenue, with coordinated promotions, variety packs, new coffee formats and cold-coffee opportunities, and the upcoming Keurig Alta next-generation brewer will launch with both Keurig and Peet's Alta rounds. Elsewhere in the portfolio, La Colombe ready-to-drink coffee posted retail sales growth of more than 50% and gained over one percentage point of market share, while McCafé K-Cups delivered mid-single-digit retail sales growth; KDP still expects U.S. Coffee trends to improve significantly in the second half as innovation combines with easing cost pressures.

T.A.C. Consumer Public Company Limited, or TACC, has launched a new business in the health beverage segment through the establishment of a joint-venture subsidiary named TACC Plus Company Limited, in which TACC holds 80% and partners hold 20%, with an investment value of 48 million baht. The first product is Eight Plus, a 100% natural alkaline water sourced from natural mineral springs within Thailand. Sales will begin in October 2026 through 7-Eleven convenience stores, premium modern trade department stores, five-star hotels, and online channels. Revenue recognition will start immediately in the fourth quarter of 2026, and TACC Plus targets sales exceeding 1 billion baht within 5 years. For its 2026 results, TACC maintains a revenue growth target of 10% and forecasts revenue growth of 10-15% in 2027. It also aims to raise the B2C revenue proportion from less than 5% currently to 30% within the next 3-5 years.

Coca-Cola is positioned to extend its streak of beating earnings estimates when it reports on October 27, 2026, according to Zacks Investment Research. The beverage maker has topped the Zacks Consensus Estimate in each of its last two quarters, delivering an average surprise of 5.80%. In the most recent report, Coca-Cola posted earnings of $0.97 per share versus the consensus estimate of $0.92, a surprise of 5.43%, after beating the prior quarter's $0.81 estimate with earnings of $0.86 per share, a surprise of 6.17%. The stock currently carries a Zacks Earnings ESP of +0.57% and a Zacks Rank #2 (Buy), a combination Zacks research shows produces a positive surprise nearly 70% of the time.

Johnnie Walker has announced the launch of the new Johnnie Walker Blue Label Indian Festive Blend, a rare limited-edition expression created exclusively for India's festive season. The blend was created by Johnnie Walker Master Blender Dr Emma Walker using some of the rarest whiskies from the brand's reserves of more than 10 million aging whiskies, where only one in every 10,000 casks is considered to have the depth of flavour required for Johnnie Walker Blue Label. Developed to complement the richness and diversity of Indian cuisine, the whisky layers aromatic notes of cardamom, clove and cinnamon with smooth sweetness, and is inspired by the balance at the heart of India's culinary heritage. The launch marks the second year of the Johnnie Walker collaboration with celebrated Indian couturier Rahul Mishra, continuing a shared commitment to craftsmanship, creativity and progressive design. The Johnnie Walker Blue Label Indian Festive Blend will be available starting late October at participating liquor stores in Canada for consumers of legal drinking age while supplies last.

T.A.C. Consumer, or TACC, has announced the establishment of a joint venture named TACC Plus Company, holding an 80% stake with an investment value of 48 million baht, together with Mrs. Worajan Thiangtham, a producer and distributor of alkaline water and Thailand's first and only water sommelier, who holds 20%. The venture aims to penetrate the natural alkaline water beverage market under the brand Eight Plus, targeting sales of 1 billion baht within 5 years and aiming to raise the revenue share from the direct-to-consumer, or B2C, business from less than 5% currently to 30% within 5 years. Ms. Tritip Sivakriskul, Co-Chief Executive Officer, stated that Eight Plus is alkaline water from a natural water source in Phanom Thuan District, Kanchanaburi Province, which has been certified by the Ministry of Natural Resources and Environment and has received quality certification from the German Water Sommelier Association. TACC will handle product distribution through 7-Eleven stores, Premium MT, 5-star hotels, and online channels, with official sales starting on October 8. The brand's presenter is the famous male actor Mark Prin, and Eight Plus alkaline water is priced at 20 baht per 500-milliliter size, compared with around 7 baht for regular drinking water and around 12 baht for mineral water. Overall, the current drinking water market has a total value of more than 60 billion baht, with regular drinking water growing about 1.9% per year, while the premium drinking water and mineral water segment grows 3.1% per year. The company also confirmed that flooding has not affected deliveries, as its inventory management system at distribution centers covers 7 to 14 days of sales.

TACC Consumer Public Company Limited, or TACC, has announced the establishment of a subsidiary named TACC Plus Company Limited, or TACC Plus, with an investment of 48 million baht, to expand into the health and wellness beverage business. Its first product is Eight Plus, a 100% natural alkaline water, which will go on sale this October through 7-Eleven, premium modern trade, five-star hotels, and online channels. Ms. Tritip Siwakritkul, Co-Chief Executive Officer of TACC, said this investment reinforces the company's plan to expand from B2B into B2C and own-brand business under the TACC 2.0 direction. She added that TACC Plus aims for total revenue to exceed 1 billion baht within five years, and the company will begin recognizing revenue from the natural alkaline water immediately in the final quarter of this year. The company also plans to extend the Eight Plus line into functional drinks and other flavors, as well as pursue M&A and joint ventures to accelerate growth, and it is preparing to expand exports to Oceania markets such as Australia over the next three to five years. It confirmed it will not compete in price wars, and aims to raise the share of revenue from B2C to 30% from less than 5% currently, compared with more than 90% from B2B.

TACC Consumer Public Company Limited, or TACC, has announced a major business restructuring plan over the next 3-5 years, aiming to raise the share of revenue from B2C channels from less than 5% currently to 30%, in order to reduce reliance on B2B revenue, which currently accounts for more than 90% of total revenue. Ms. Tritip Sivakriskul, Co-Chief Executive Officer of TACC, disclosed that the company has established TACC Plus to market the Eight Plus brand of alkaline water, a 100% natural alkaline mineral water, with a revenue target of 1 billion baht within 5 years, or during 2026-2030. The product will be launched in the fourth quarter of 2026, with revenue expected to begin being recognized from 2027 onward. The company targets breaking even within no more than 5 years and expects a return on investment, or ROI, of 15%. It will allocate approximately 28% of sales to marketing and sales promotion budgets, and plans to expand into overseas markets, especially Australia. As for first-half 2026 operating results, TACC reported total revenue of 1.32547 billion baht and net profit of 203.98 million baht, representing a net profit margin of 15.39%.

TACC has launched the Eight Plus brand of 100% natural alkaline mineral water through a joint venture model establishing TACC Plus, with Ms. Tritip Sivakriskul, Co-Chief Executive Officer of T.A.C. Consumer Public Company Limited, or TACC, setting a revenue target for the brand of 1 billion baht within 5 years, or during 2026-2030. The launch begins in the fourth quarter, with revenue expected to be recognized from next year onward. The company aims to raise the B2C market share to 30% within 3-5 years from below 5% currently, while reducing the B2B share to 70%. It also targets breaking even within no more than 5 years and expects a return on investment of 15%. Thailand's drinking water market is valued at more than 60 billion baht, growing at an average of 1.9%, of which mineral water and premium drinking water account for about 3.1 billion baht, while the alkaline water market is a niche segment making up roughly 2-3% of the premium group. The company has set a marketing and sales promotion budget at 28% of sales and plans to export to Oceania, particularly Australia. As for the flood situation, TACC confirmed that logistics are unaffected, as it has stocked 7-14 days of inventory in advance at distribution centers.

Triphip Siwakritkul, Co-Chief Executive Officer of T.A.C. Consumer Public Company Limited, or TACC, disclosed that the company has jointly invested in establishing a subsidiary named TACC Plus Company Limited, or TACC Plus, with an investment of 48 million baht, to expand into a new business in the Health & Wellness Beverage group. The goal is to seriously expand its core B2B business into the B2C market, starting with its first product, Eight Plus, a 100% natural alkaline water, which will be officially launched in October 2026 and distributed through 7-Eleven, Premium MT, five-star hotels, and online channels. Revenue and profit from the alkaline water product will begin to be recognized immediately after launch and distribution. Meanwhile, in the final quarter of this year, TACC Plus will begin recognizing revenue from natural alkaline water right away, and the company has set a target for TACC Plus's total revenue to reach 1 billion baht within 5 years.

T.A.C. Consumer Public Company Limited, or TACC, announced a joint investment to establish a new subsidiary called TACC Plus Company Limited, with an investment of 48 million baht, to expand into the new Health & Wellness Beverage business. Ms. Tritip Sivakriskul, Co-Chief Executive Officer, said the creation of TACC Plus aims to seriously expand the core B2B business into the B2C market, starting with its first product, Eight Plus, a 100% natural alkaline water, which will be officially launched in October 2026 and distributed through 7-Eleven, Premium MT, five-star hotels, and online channels. Revenue and profit from the alkaline water product will be recognized immediately after launch and distribution. The company targets total revenue of TACC Plus reaching 1 billion baht within five years, noting that the alkaline water market overseas is growing and gaining acceptance, while Thailand still lacks a clear alkaline water category, presenting an opportunity to create and develop the alkaline water market domestically before expanding into the international market in the future.

Coca-Cola has regained a long-term Marriott hotel beverage contract in 2026 after several decades without the agreement, while advancing an African bottling refranchising program that shifts more local production and distribution to regional partners. Management has reported consecutive earnings beats in recent quarters and has raised earnings guidance for the current financial year. The company has guided to 9% to 10% comparable earnings growth for 2026 and about 5% organic revenue growth, and how closely reported figures track those targets will show whether the Marriott contract, African refranchising and recent execution are feeding through as planned. Coca-Cola is one of the largest beverage producers globally, selling a broad range of nonalcoholic drinks across the US and international markets, and the regained Marriott deal plugs it back into a long-duration, high-visibility hotel channel. The Marriott win and African bottling refranchising sit inside a narrative stressing an asset-light system, emerging market penetration and higher-margin categories, with analysts modeling a $94.70 fair value.

TACC Consumer Public Company Limited, or TACC, has announced the establishment of a new subsidiary named TACC Plus Company Limited, or TACC Plus, with an investment of 48 million baht to expand into the new Health & Wellness Beverage business, targeting total sales for TACC Plus of more than 1 billion baht within 5 years. Ms. Tritip Sivakriskul, Co-Chief Executive Officer, stated that this investment reinforces the company's plan to expand from B2B into B2C and Own Brand under the TACC 2.0 direction, in order to create a New Growth Engine supporting long-term growth. The first product from TACC Plus is Eight Plus, a 100% natural alkaline water, which will be officially launched in October 2026 and distributed through 7-Eleven, Premium MT, 5-star hotels, and online channels. It will begin recognizing revenue and profit immediately after its launch in the final quarter of this year. The company views that the alkaline water market in Thailand still lacks a clear category, presenting an opportunity to create and develop the market, before elevating the natural alkaline water product to the regional market and eventually to the international stage in the future.

Reed's announced Wednesday that it has refinanced its $9.25M senior secured credit facility. The company entered into a second amendment to its senior secured facility with funds managed on behalf of Whitebox Advisors, LLC, as lenders, and Cantor Fitzgerald Securities as administrative agent and collateral agent. Under the amended Senior Secured Facility, the existing revolving credit commitments were converted into a $9.25M term loan, and the maturity date was extended to June 30, 2027, with an optional three-month extension to September 30, 2027, if certain conditions are satisfied. The term loan accrues interest at an annual rate of 8.75%, rising to 9.25% during the optional extension period, while the amendment also eliminates the unused revolving loan fee and waives the company's inventory plus accounts receivable liquidity covenant through November 6, 2026. Reed's is required under the amended facility to receive aggregate cash equity contributions of at least $10.0 million on or before November 6, 2026.

PepsiCo has appointed Joaquin Duato, Chairman and CEO of Johnson & Johnson, to its Board of Directors. Duato currently leads Johnson & Johnson, a major global healthcare group with a large portfolio of consumer and pharmaceutical brands. His appointment adds senior healthcare and international experience to PepsiCo's board as the business focuses on health oriented product lines. Duato's experience with complex, global operations is also relevant to PepsiCo's heavy investment in AI, ERP and supply chain integration, where execution risk has been flagged. The clearest early signal to watch is how PepsiCo's board and management talk about health oriented innovation and North America productivity in 2027 guidance and in earnings calls following Duato's December 1, 2026 start.

T.A.C. Consumer Public Company Limited, or TACC, is preparing to launch Eight Plus, a natural alkaline water brand, as a new brand under TACC Plus, the flagship of its Health & Wellness business group, on Thursday, 1 October 2026, from 1:00 p.m. to 3:00 p.m. at NEXTOPIA, 5A floor, Siam Paragon shopping centre. The launch strengthens the company's health beverage business portfolio. At the event, Ms. Tritip Sivakriskul, Co-Chief Executive Officer of T.A.C. Consumer Public Company Limited, or TACC, will share her vision and the direction for TACC's business expansion, as well as the role of TACC Plus, the new direction for the Eight Plus brand, along with its strategy and growth targets.

Among the individual announcements made on the 29th, Taiyo Yuden revealed that it will sign a business alliance agreement with TDK covering joint development of electronic components and other areas. Sekichu raised its standalone operating profit forecast for the fiscal year ending February 2027, while Ito En will abolish its shareholder benefit program. Honey's Holdings posted a sharp profit decline in its consolidated results for the first quarter of the fiscal year ending May 2027, covering June to August 2026. BB Tower won a large order from a global IP company for storage products and maintenance services, with the order value at approximately 3.8 billion yen. Bank Innovate announced a consolidated operating profit forecast of 2.02 billion yen for the fiscal year ending September 2026, down 6.2 percent from the previous year, figures it had previously left undisclosed, and Nifco announced it will cancel treasury shares equivalent to 9.78 percent of its total issued shares, effective October 7.

In late trading on September 29, the beverage and dairy sector strengthened, with Juneyao Health hitting the daily limit, while Royal Group, Yangyuan Beverage, and Zhuangyuan Pasture also rose. Juneyao Health, whose main business is probiotic health foods and beverages, began to rally around 2:25 p.m., surging straight to the daily limit on several large orders. At 2:24 p.m., the company's official WeChat account published an article about a human clinical study of the J26 Lactobacillus plantarum strain, saying the research had been published in a Nature-affiliated journal and had become the world's first self-developed single strain to complete a randomized controlled trial on weight loss and muscle gain in people with metabolic syndrome. After the intervention, the J26 group showed a significant decrease in fat mass and a significant increase in muscle mass. After the market close, Dazhong Securities News sought confirmation from Juneyao Health's securities department on whether the share price movement was related to the WeChat article. A company staff member said the article was posted by the marketing department and that the timing was indeed coincidental, but that this could not be equated with a definite link between the two. In its 2026 interim report, Juneyao Health described the J26 probiotic as a star strain, but did not disclose sales of related products. The company posted losses for two consecutive years in 2024 and 2025, with cumulative losses of 219 million yuan. In the first half of this year, net profit attributable to the parent company fell 39.74 percent year on year to 4.4991 million yuan. A research note from Guotai Haitong pointed out that the probiotic raw material segment has high added value, with strains being the key to pricing, and that domestic companies' research efforts are expected to promote local substitution.

Coca-Cola reported 5% unit case volume growth in the second quarter of 2026, with gains across every operating unit and nearly all beverage categories. North America volume rose 3%, Latin America gained both value and volume share, and EMEA and Asia Pacific each posted volume growth across all operating units. Management attributed the quarter to favorable weather in certain markets, easier year-ago comparisons and FIFA World Cup activation, which helped drive 5% Trademark Coca-Cola volume growth and 8% Powerade growth globally, though on a two-year basis volume growth was 2%. Among peers, PepsiCo's global convenient foods organic volume rose 3% and global beverages 2% in the quarter, with International Beverage Franchise volume up 5%, while Keurig Dr Pepper's U.S. Refreshment Beverages and international volume mix each rose 6.5%. Coca-Cola shares have rallied 32.9% in the past year versus the industry's 19.3% growth, and the stock trades at a forward price-to-earnings ratio of 25.34X against the industry's 18.95X.

PepsiCo plans to invest $1B in Colombia over the next five years, an announcement made by Colombian President Abelardo De La Espriella over the weekend. The investment will be centered on expanding production, modernizing operations, and strengthening distribution. De La Espriella said the commitment will boost employment, support more than 2,000 farmers, and strengthen Colombia's small shopkeepers. PepsiCo makes and distributes snacks and drinks in Colombia, with production plants in Funza and Guarne, and its business also buys crops from Colombian farmers and supplies small retailers. Shares of PepsiCo edged 0.2% lower in premarket trading to $128.39, against a 52-week range of $126.90 to $171.48.