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- **$175M Copra Acquisition**: Adds super premium Thai Nam Hom segment with $100M+ annual sales, 90% private label. Expected to be EBITDA accretive post-integration.
- **28% Q2 Sales Growth**: Driven by 21% Vita Coco and 83% private label. U.S. retail scan growth 29%, Europe 65%.
- **Gross Margin Expansion**: 49% Q2 gross margin (vs. 36% YoY), but H2 margin pressure from packaging, logistics, and energy costs.
- **Supply Chain Resilience**: 1% production loss from Philippines earthquake, 50% ocean freight coverage secured for H2.
- **Updated Guidance**: Full-year net sales $790-$805M, EBITDA $154-$161M. Private label growth 90-100%, Vita Coco 15-20%.

**【Mike Kermin - Executive Chairman】**
- **Acquisition of Copra Inc.**: Acquired Copra, a leading player in the super premium Thai Nam Hom coconut water segment, for $175 million upfront with additional earn-out potential. Copra’s 2026 net sales are projected above $100 million, with 90% of revenue from private label.
- **Category Growth**: U.S. coconut water retail dollar growth of 29% YTD, with Vita Coco growing 29% in the same period. Europe saw 65% growth, with Vita Coco up 57%.
- **Strategic Positioning**: Focus on active hydration positioning, leveraging coconut water’s 3x electrolyte advantage over sports drinks. Targeting long-term growth through supply chain mastery and capacity expansion.

**【Martin Roper - CEO】**
- **Q2 Financials**: Net sales up 28% YoY to $216 million, driven by 21% growth in Vita Coco Coconut Water and 83% surge in private label. U.S. shipment growth offset by a major club promotion shift to Q1.
- **Supply Chain Challenges**: 1% annual production loss due to Philippines earthquake, impacting Q2 inventory. Secured 50% ocean freight coverage for H2 with fixed rates, but surcharges remain uncertain.
- **Guidance Update**: Full-year net sales raised to $790-$805 million, with Vita Coco Coconut Water growing 15-20% and private label up 90-100%. Gross margin expected to decline in H2 due to cost inflation.

**【Corey Baker - CFO】**
- **Financial Highlights**: Q2 gross profit $105 million (49% margin), up 1,200bps YoY due to tariff refunds and lower freight costs. Net income $49 million ($0.82 EPS), up 126% YoY. Adjusted EBITDA $67 million (31% of sales), up 124% YoY.
- **Cost Dynamics**: Year-to-date benefits from $10 million tariff refunds and lower ocean freight, offset by 10% packaging cost increases. Full-year gross margin expected at 40%, down from 2025’s 36% due to higher domestic logistics and energy costs.
- **Copra Synergies**: Acquired factory in Thailand to double extraction capacity, with $11 million in planned CapEx. Integration expected to be accretive to EBITDA margins, with minimal SG&A overlap.

**【Q&A Highlights】**
- **Ocean Freight Concerns**: CFO noted Q3/Q4 cost increases from surcharges, but expects rates to stabilize in 2027. CEO emphasized 95% capacity utilization, limiting near-term growth but investing in 2028 capacity.
- **Copra Integration**: Focus on operational efficiency and leveraging retail relationships. Private label dominates Copra’s business, but brand growth potential exists in the super premium segment.
- **Category Outlook**: U.S. category growth expected at 20%, with international markets (UK, Germany) driving higher rates. Long-term algorithm unchanged: mid-teens branded growth, high-teens EBITDA expansion.


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The Vita Coco (COCO) Financials Overview

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