NATIONAL BEVERAGE Business Summary

National Beverage Corp (FIZZ) generates revenue through the development, production, and distribution of a diverse portfolio of non-alcoholic beverages, primarily sold through retail and wholesale channels. The company’s business is segmented into its high-growth "Power+ Brands," which include the flagship LaCroix sparkling water, Rip It energy drinks, and Everfresh juices, alongside its legacy Carbonated Soft Drink (CSD) brands such as Shasta and Faygo. This dual-segment strategy allows the company to leverage the stable cash flows of traditional sodas while capitalizing on the premium margins and health-conscious trends of the sparkling water market. Within the competitive landscape, National Beverage faces direct pressure from global giants like Coca-Cola, PepsiCo, Monster Beverage, and Keurig Dr Pepper. Relative to these competitors, FIZZ occupies a specialized niche as a lean, high-margin operator that prioritizes brand loyalty and flavor innovation over aggressive volume expansion, maintaining a nimble market position that allows for rapid response to evolving consumer wellness preferences. The company was founded in 1985 by Nick A. Caporella, who continues to serve as Chairman and Chief Executive Officer, bringing a pedigree of corporate leadership from his previous tenure as CEO of Burnup & Sims Inc. The executive team is characterized by extreme longevity, led by Joseph G. Caporella (President), George R. Bracken (Executive Vice President of Finance), and Julio Marrero (Chief Tech/Sci/R&D Officer). This leadership group is supported by a seasoned board of directors, which recently added Glenn J. Waldman following the retirement of long-time director Cecil D. Conlee in late 2025. National Beverage is a highly concentrated entity, with Nick Caporella maintaining controlling interest through IBS Partners Ltd., beneficially owning approximately 73% of outstanding shares. Other notable institutional investors include BlackRock, Vanguard, and Renaissance Technologies, though strategic direction remains firmly under the control of the founding family.