Added to $CELH at $26.79. Position up 7%, now 4.6% of the portfolio Stock is down ~60% from the 52w high. Q2 was ugly, no sugarcoating it. Revenue missed by ~$55M, CELSIUS brand down 12%, gross margin slipped to 48% on aluminum costs But zoom out on what you're actually buying here • ~20% share of US energy drinks across CELSIUS + Alani Nu • Alani Nu just passed $1B in tracked retail sales, +56% tracked $ growth in Q2 • Rockstar in the stable on top of that • ~20x forward earnings, ~$630M cash vs ~$670M debt • Buying back stock, $124M in H1 out of a $300M authorization The CELSIUS decline is mostly self-inflicted. Management admitted they went too deep on SKU cuts. That's fixable. Innovation pipeline lands in 2027 and comps ease from Q4 International is the part I'm watching closest. Still only ~3% of sales vs a 5yr target of 15%+. Sweden is putting up record sell-through, Suntory is building out Europe and Alani goes international in 2027. Long runway if they execute Insiders agree. CEO and other insiders bought ~$1.9M of stock at $27-28 in Aug and Sep. I'm adding below their cost Risks: Q3 is guided to look like Q2 so no quick fix. Margins are hostage to aluminum. And there's a leadership fight brewing with the Rockstar founder sitting on a 4.7% stake. If CELSIUS doesn't stabilize by early 2027 the thesis needs a rethink Small add on purpose. Not calling a bottom, just building into weakness while the multiple is this compressed Long $CELH
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Bought
CELH@$26.79
↑ position by 7%
4.28→4.55%
of total portfolio
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