PRESENTATION

C E L S I U S H O L D I N G S , I N C . | C A G N Y I N V E S T O R P R E S E N TAT I O N

In conjunction with moderate fitness activity, Celsius is clinically proven to accelerate metabolism and burn body fat
NON-GAAP MEASURES
Forward-Looking Statements advantage; anticipated trends in our financial condition and Adjusted diluted earnings per share, provides useful information estimates are derived from publicly available information
This investor presentation contains statements by Celsius results of operation; the impact of competition and technology to investors by allowing an understanding of measures that it uses released by third-party sources, as well as data from our internal
Holdings, Inc. (“Celsius”, “we”, “us”, “our” or the “Company”) that change; existing and future regulations affecting our business; the internally for operational decision-making, budgeting and research, and are based on assumptions made by us upon
are not historical facts and are considered forward-looking Company’s ability to comply with the rules and regulations of the assessing operating performance. reviewing such data, and our experience in, and knowledge of,
statements within the meaning of the Private Securities Litigation Securities and Exchange Commission (the “SEC”); and those other such industry and markets, which we believe to be reasonable,
Reform Act of 1995. These forward-looking statements may risks and uncertainties discussed in the reports we have filed with Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted diluted but we have not independently verified the accuracy of this
address, among other things, our prospects, plans, business the SEC, such as our Annual Report on Form 10-K, Quarterly earnings per share are not recognized terms under GAAP and information. Any industry forecasts are based on data (including
strategy and expected financial and operational results. You can Reports on Form 10-Q and Current Reports on Form 8-K. should not be considered as a substitute for net income or any third-party data), models and experience of various professionals
identify these statements by the use of words such as “anticipate,” Forward-looking statements speak only as of the date the other financial measure presented in accordance with GAAP. Non- and are based on various assumptions, all of which are subject to
“believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” statements were made. We do not undertake any obligation to GAAP financial measures have limitations as analytical tools and change without notice. In addition, projections, assumptions and
“will,” “would”, ”could”, ”project”, ”plan”, “potential”, ”designed”, update forward-looking information, except to the extent required should not be considered in isolation or as substitutes for analysis estimates of the future performance of the industry in which we
“seek”, “target”, variations of these terms, the negatives of such by applicable law. of Celsius’ results as reported under GAAP. Celsius strongly operate and our future performance are necessarily subject to
terms and similar expressions. These statements are based on encourages investors to review its financial statements and uncertainty and risk due to a variety of factors, including those
certain assumptions that we have made in light of our experience Use of Non-GAAP Measures publicly filed reports in their entirety and not to rely on any single described in “Forward-Looking Statements.” These and other
in the industry as well as our perceptions of historical trends, Celsius defines Adjusted EBITDA as net income before net financial measure. factors could cause results to differ materially from those
current conditions, expected future developments and other interest income, income tax expense (benefit), and depreciation expressed in the estimates made by the independent parties and
factors we believe are appropriate in these circumstances. These and amortization expense, further adjusted by excluding stock- Because non-GAAP financial measures are not standardized, by us.
forward-looking statements are based on our current based compensation expense, foreign exchange gains or losses, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted diluted
expectations and beliefs concerning future developments and distributor termination fees and legal settlement costs. Adjusted earnings per share as defined by Celsius, may not be comparable Preliminary Estimated Unaudited Financial Information
their potential effect on us. You should not rely on forward- EBITDA Margin is the ratio between the Company’s Adjusted to similarly titled measures reported by other companies. It This presentation contains certain preliminary estimated
looking statements because our actual results may differ EBITDA and net revenue, expressed as a percentage. Adjusted therefore may not be possible to compare Celsius’ use of these unaudited financial information for Alani Nu for the year ended
materially from those indicated by forward-looking statements as diluted earnings per share is GAAP diluted earnings per share net non-GAAP financial measures with those used by other December 31, 2024. This information is preliminary in nature
a result of a number of important factors. These factors include, of add backs and deductions for distributor termination, legal companies. based only upon information available at this time. Final results
but are not limited to: changes to our commercial agreements settlement costs, reorganization costs, acquisitions costs, and for Alani Nu remain subject to the completion of its closing
with PepsiCo, Inc.; management’s plans and objectives for penalties. Adjusted EBITDA, Adjusted EBITDA Margin, and No Offer or Solicitation procedures, final adjustments and developments that may arise
international expansion and global operations; general economic Adjusted diluted earnings per share are non-GAAP financial This presentation shall not constitute or form part of an offer to between now and the time the financial results are finalized. You
and business conditions; our business strategy for expanding our measures. sell or the solicitation of an offer to buy any securities of the must exercise caution in relying on this information and should
presence in our industry; our expectations of revenue; operating Company, nor shall there be any sale of any securities of the not draw any inferences from this information regarding financial
costs and profitability; our expectations regarding our strategy Celsius uses Adjusted EBITDA, Adjusted EBITDA Margin, and Company in any state or jurisdiction in which such offer, or operating data not provided. We cannot assure you that these
and investments; our ability to successfully integrate business Adjusted diluted earnings per share for operational and financial solicitation or sale would be unlawful prior to registration or preliminary estimated results will not differ materially from the
that we may acquire, including our pending acquisition of Alani decision-making and believes these measures are useful in qualification under the securities laws of any such state or information reflected in Alani Nu’s final financial statements for
Nutrition LLC (“Alani Nu”); our ability to achieve the benefits that evaluating its performance because they eliminate certain items jurisdiction. the year ended December 31, 2024. These preliminary estimates
we expect to realize as a result of our acquisitions, including Alani that management does not consider indicators of Celsius’ should not be viewed as substitutes for Alani Nu’s audited
Nu; the potential negative impact on our financial condition and operating performance. Adjusted EBITDA, Adjusted EBITDA Industry and Market Data consolidated financial statements prepared in accordance with
results of operations if we fail to achieve the benefits that we Margin, and Adjusted diluted earnings per share may also be used Unless otherwise indicated, information contained in this GAAP. In addition, they are not necessarily indicative of the results
expect to realize as a result of our business acquisitions, including by many of Celsius’ investors, securities analysts, and other presentation concerning our industry, competitive position and the to be achieved in any future period.
Alani Nu; liabilities of the businesses that we acquire that are not interested parties in evaluating its operational and financial markets in which we operate is based on information from
known to us; our expectations regarding our business, including performance across reporting periods. Celsius believes that the independent industry and research organizations, other third-
market opportunity, consumer demand and our competitive presentation of Adjusted EBITDA, Adjusted EBITDA Margin, and party sources and management estimates. Management

2
JOHN
FIELDLY
THEMES

CATEGORY LARGE AND COMPELLING STRONG CASH

DISRUPTOR GROWING TAM GROWTH STRATEGY GENERATION PROFILE
- - - -
Portfolio of disruptive, Attractively positioned Effective strategy and Deploy through
premium brands driving for expansion as an innovation to reach more disciplined capital
the functional beverage innovative leader in the people, in more places, allocation, driving continued
category with unparalleled large, growing functional more often growth and higher returns
innovation capabilities beverage category

EXPECTED TO BE ACCELERATED BY PENDING ACQUISITION OF ALANI NU

4
THE WORLD’S MOST
ON A MISSION TO INSPIRE PEOPLE TO LIVE FIT WITH THE ENERGY TO ACHIEVE THEIR GOALS

5
 AT A GLANCE
PREMIUM BRAND | FUNCTIONAL INGREDIENTS | ZERO SUGAR

A CATEGORY GROWTH LEADER FY 2024 FINANCIAL HIGHLIGHTS

• Celsius contributed 30.3%1 of all energy drink • Revenue: $1.36B
category growth YoY in 2024
• Gross Margin: 50.2%
• #3 energy drink brand in the U.S.1 with total
• Net Income: $145M
U.S. share of 11.8% in tracked channels in 2024
• Adjusted EBITDA: $256M
• 98.7% ACV1; Sold in over 241,000 outlets across
the United States • Adjusted EBITDA Margin: 18.9%

PRODUCT LINES: LIQUID REFRESHMENT GROWTH RETAIL

CORE | VIBE | ESSENTIALS BEVERAGE (LRB) BRAND IN SALES IN
ON THE GO POWDERS |
HYDRATION BRAND IN THE U.S.1 RTD ENERGY1 THE U.S.1

NOTES: 1 Circana ,TOTAL U.S. MULO+ W/C Full Year 2024 RTD Energy Ended 12.29.24 6
 2024 TOTAL BRAND RANKS
$ Retail Sales $ Retail Sales Chg.
Rank Trademark Year Founded
(Billions) YoY (Billions)

1 $14.22 $0.63 1886

BEVERAGE
2 $8.37 $0.41 1987

3 $7.68 ($0.01) 1965

BRAND
4 $6.33 ($0.02) 2002

5 $6.04 $0.04 1898

6 $5.44 $0.30 1885

CELSIUS IS GROWING ENERGY 7 $5.15 $0.02 1948

AND ENERGY IS GROWING 8 $3.62 $0.10 1961

BEVERAGE 9 $2.72 $0.49 2004

10 $2.53 $0.04 1996

#2 LRB GROWTH BRAND WITH RETAIL SALES +22.6% IN 2024

2020 2021 2022 2023 2024

LRB Rank 90 ↑44
46 ↑24
22 ↑11
11 ↑2
9
$ Sales (MM) $140 $413 $1,009 $2,214 $2,715
NOTES: Circana TOTAL U.S. Bev & RTD ENERGY MULO+ W/C Ending 12.29.2024 | Private Label represents an aggregate of all private label brands and is not representative of
a single entity, The Total $ Sales from all Private Label totals at $12.3B in Sales and $500M in growth
Third-party brand names, logos, and trademarks appearing in this presentation are the property of their respective owners. Their use is for informational and comparative 7
purposes only and does not imply endorsement, affiliation, or sponsorship by or with Celsius Holdings, Inc.
 BRAND ACCELERATION
DELIBERATE AND STRATEGIC ACTIONS TO ESTABLISH CATEGORY LEADERSHIP

INITIATED DRILL DEEP

MARKET STRATEGY
ENERGY FORWARD VIBE LINE ACQUIRED BIG
FOUNDED UPDATED CAN LAUNCHES BEVERAGE

INTERNATIONAL MODERNIZED NEW LAUNCHED

LAUNCH BRANDING WITH DISTRIBUTION HYDRATION
WHITE CAN MODEL WITH AGREEMENT TO
LAUNCH PEPSICO ACQUIRE ALANI NU

8
 BACKED BY SCIENCE
PREMIUM BRAND I FUNCTIONAL INGREDIENTS I ZERO SUGAR

GREEN TEA KEY ATTRIBUTES:

EXTRACT
• No Sugar • Essential Vitamins
GUARANA SEED • No High Fructose Corn Syrup • Kosher
EXTRACT • No Aspartame • Vegan
• No Artificial Colors or Flavors • Gluten Free
Very Low Sodium Soy Free
GINGER ROOT • •

VITAMIN B
IN CONJUNCTION WITH MODERATE FITNESS
ACTIVITY, CELSIUS IS CLINICALLY PROVEN TO:
VITAMIN C
• Accelerate Metabolism • Burns Calories & Body Fat
CHROMIUM

9
 OVER THE LAST 20 YEARS...
MORE CONSUMERS ARE RAPIDLY SEEKING

20 years ago
Male dominated Gender balanced

Predominately young Age balanced

Thrill seekers Lifestyle and functional focused

Niche Mainstream

10
 THE ENERGY DRINK
CATEGORY GROWTH SUGAR FREE HAS
U.S. RETAIL ENERGY DRINK SALES OUTPACED SUGAR
$11.1B $10.7B $11.2B
$11.7B
OVER THE PAST FIVE
YEARS…
$10.3B
$9.8B
$8.8B $8.6B

$7.1B

$5.6B

20.6% 23.1%
2.5% 5.8% 11.7%

Sugar Sugar Sugar Sugar Sugar Sugar Sugar Sugar Sugar Sugar
Free Free Free Free Free
2020 2021 2022 2023 2024

Sugar Energy Celsius Share of Sugar Free Energy Rest of Sugar Free Energy

NOTES: Circana Total U.S. MULO+ W/C ANNUAL RTD ENERGY $ SALES ENDED 12.29.24 11
ENERGY DRINK CATEGORY
CELSIUS RETAIL SALES ACROSS TRACKED CHANNELS1 CELSIUS CONTRIBUTION TO CATEGORY GROWTH BY YEAR2
(MULO+ W/C | BILLIONS) (MULO+ W/C)

100.0%
$2.70
90.0%

$2.21 80.0%

70.0%

60.0%

50.0%

40.0%
$1.01
30.0%
32.2%
30.3%
20.0% 24.8%
$0.41
$0.14 10.0%
9.9%
4.3%
0.0%
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024

NOTES: 1 Circana U.S. MULO+ W/C, RTD Energy full years 2019-2024, ended 12/29/24 2. Circana U.S. MULO+ W/C, RTD Energy full years 2019-2024, ended 12/29/24

12
STRONG COMPETITIVE
ADVANTAGES
1 Function, backed by science

2 A category leader in the growing health, wellness & fitness segment1

3 Strong brand affinity

4 Differentiated sales & marketing approach creates significant demand

5 Loyal consumer base

6 Continuous innovation with the introduction of new flavors & products

7 Best in class operations & supply chain capabilities

NOTES: 1. Circana U.S. MULO+ W/C, RTD Energy Full Year 2024 13
 STRATEGY

PEOPLE PLACES OFTEN

ATTRACTING NEW EXPANDING INCREASING
CONSUMERS INTO PRODUCT CONSUMPTION
THE ENERGY CATEGORY AVAILABILITY FREQUENCY

U N D E R P I N N E D B Y O P E R AT I O N A L E X C E L L E N C E

14
 PEOPLE

Invest strategically in marketing focused on maximizing ROI,

including plans to launch national healthy-halo campaign in 2025

Reach more consumers through Drill Deep strategy and

international expansion in 2025 and beyond

Accelerate innovation pipeline to further drive category growth

Bring in entry point consumers to brand through continued

execution of college and university program

15
 PLACES

Increase shelf space and cold presence in other channels such as

retail, food service, recreational, lodging & restaurants, etc.

Enhance & expand e-commerce initiatives & presence

& increasing brand awareness

Strengthen retail presence through enhanced distribution

partnership with PepsiCo

16
 OFTEN
Position our products to be consumed across a wide range of
day parts and occasions beyond traditional energy drink usage

Increase incremental consumption occasions like meal-time

by expanding availability in food service locations

Expand into adjacent categories and accelerate our

commitment to becoming a part of consumers' daily routines

17
CELSIUS
CREATING A LEADING BETTER-FOR-YOU, FUNCTIONAL LIFESTYLE PLATFORM

18
 ALANI NU
GROWING, PROFITABLE HEALTH & WELLNESS LIFESTYLE BRAND WITH
DIVERSE FUNCTIONAL PORTFOLIO & LOYAL FEMALE FOLLOWING

GROWTH HIGHLY PROFITABLE UNIQUE CONSUMER HEALTH & WELLNESS,

AT MODEL WITH BASE INCREMENTAL FUNCTIONAL LIFESTYLE
SCALE SYNERGY UPSIDE TO CATEGORY PLATFORM
- - - -
$595mm 2024A Net Sales $137mm 2024A fully Approachable brand with Multi-category
growing at ~50% CAGR synergized EBITDA1 92% female social media followers2 functional portfolio
from 2022-24A 23% margin and driving 49% repeat buyers3 powered by innovation

ENERGY PRE-WORKOUT STICK PACKS SHAKES SNACKS & OTHER

Energy-led
portfolio
driving 80%+
of sales

SOURCE: Company Information

NOTES: Represents preliminary, unaudited 2024 Alani financials; Please see “Use of Non-GAAP Measures” and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, both of which can be found in the appendix
1. Based on 2024A Alani Nu Adjusted EBITDA including estimated run-rate cost synergies of $50 million to be achieved over 2-years post-close (excluding cost to achieve)
2. Company Information; Instagram insights
3. Company Information; Represents LTM period as of August 2024 19
STRATEGIC RATIONALE
CREATES A LEADING BETTER-FOR-YOU, FUNCTIONAL LIFESTYLE
PLATFORM AT THE INTERSECTION OF CONSUMER MEGATRENDS

COMBINES TWO GROWING, SCALED ENERGY BRANDS WITH CLEAR

CATEGORY TAILWINDS

COMPLEMENTARY BRAND POSITIONING AND ATTRACTIVE CONSUMER

DEMOGRAPHICS, EXPECTED TO DRIVE INCREMENTAL CATEGORY GROWTH

LEVERAGES COMBINED STRENGTHS AND CAPABILITIES TO DRIVE THE

NEXT PHASE OF GROWTH

ENHANCES TOPLINE GROWTH ALGORITHM AND EXPECTED TO BE CASH

EPS ACCRETIVE IN YEAR ONE WITH MEANINGFUL SYNERGY OPPORTUNITY

20
 PLATFORM AT THE INTERSECTION OF CONSUMER MEGATRENDS

~$2bnSales Platform1
16%
Category Share2

Differentiated Portfolio Fastest Growing

in the Attractive Energy Category Portfolio of Scale
3

Attractive Consumer Demographics Driving Incremental Category Growth

Over-Indexed to Younger, Affluent And Female Consumers
SOURCE: Company information, Circana
NOTES: Represents preliminary, unaudited 2024 Alani financials
1. Represents 2024A combined company Pro-Forma sales
2. Combined company Pro-Forma category share based on Circana, MULO+ W/C RTD Energy LTM as of February 2025 21
3. Based on Top 10 players in Circana, MULO+ W/C RTD Energy 2024; Represents combined company Pro-Forma 2024 growth rate
 WITH
CLEAR CATEGORY TAILWINDS
DRIVING TRANSFORMATION OF US RTD ENERGY DRINK CATEGORY LONG-TERM
TRACKED RETAIL SALES 2024 YOY DOLLAR GROWTH1 TAILWINDS IN ENERGY
2024 YoY Growth ($ in millions)

DRIVING 50% OF TOTAL ENERGY DRINK

$489 CATEGORY GROWTH1
$90bn 10%
2024 Global Energy 2024-29 Global Energy Drink
$409 Drink Category3 Category CAGR3
16% PRO-FORMA CATEGORY POSITION
$324 WITH FURTHER UPSIDE2

SCALED PLATFORM TO CONTINUE TO

Increasing 37%
$156 DISRUPT CATEGORY Category Adoption US Household Penetration with
and Incrementality Significant Upside4
$92
$25 $16
SUGAR-FREE
Share of RTD Energy 5
($22)
($71)

39%
51%
2024 Tracked Retail Sales ($ in billions)
$2.7 $8.4 $0.8 $0.8 $0.7 $0.6 $0.5 $6.3 $0.7 ~1,220+ BPS
share gain
2024 YoY Growth (%) 2020 2024
22% 5% 64% 25% 16% 4% 3% (0%) (9%)

SOURCE: Circana, Euromonitor, Company information 3. Euromonitor as of February 2025, Global Energy Drink Category
NOTES: Excludes brands with less than $500mm in tracked retail sales in 2024 based on Circana data; Third-party brand names, logos, and trademarks appearing in 4. 2024 Household penetration for the RTD Energy category based on Circana MULOC syndicated panel data LTM as of January 2025
this presentation are the property of their respective owners. Their use is for informational and comparative purposes only and does not imply endorsement, 5. Based on Circana US MULOC RTD Energy
affiliation, or sponsorship by or with Celsius Holdings, Inc.
1. Combined company Pro-Forma 2024 sales based on Circana, MULO+ W/C RTD Energy
2. Combined company Pro-Forma category share based on Circana, MULO+ W/C RTD Energy LTM as of February 2025 22
 ENERGY & BEYOND
2

BEYOND RTD

11.0 SHARE1 4.8 SHARE1

15.8 SHARE
NOTES:
1. Circana U.S. MULO+ W/C, RTD Energy L4W ended 1/26/25
2. Celsius announced agreement to acquire Alani Nu on February 20, 2025. Closing is currently expected in Q2, subject to regulatory approval and other customary closing conditions.
23
 THESIS
1 A leading portfolio of premium, lifestyle energy & hydration beverages with strong &
growing consumer demand for functional & better-for-you, sugar-free energy solutions

2 Attractively positioned to capture opportunity in the large, growing functional beverage

category through strategic investments and innovation

3 Robust brand equity & awareness with opportunities to expand, driven by targeted
marketing initiatives & a loyal consumer base

4 Clear path to drive incremental revenue & profit growth through more people, more
places, more often strategy

5 Strong financial profile with a well-capitalized balance sheet, enabling sustained organic
growth, strategic vertical integration, technological advancements & value-accretive
acquisitions

24
KYLE
WATSON
MARKETING

LIVE FIT IN
WE DO 2 0 2 5 A N N U A L O P E R AT I N G P L A N
REPLACE WITH NEW

|
IMAGE

MARKETING
 CONSUMER
• GENDER BALANCED1
• 54% Female | 46% Male

• HIGH RESONANCE WITH MILLENNIALS & GEN-Z2

• 111 Index with Millennials
• 112 Index with Gen-Z

• HIGHER HOUSEHOLD INCOME2

• 10 pt higher Index than category

• MORE INTERESTED IN FITNESS, HEALTH & WELLNESS3

• SEEKING BETTER-FOR-YOU OPTIONS3

• MORE ONLINE1
NOTES:
1. Yougov Celsius Current Consumer Panel
2. Circana Syndicated Omnichannel Panel SS ENERGY DRINKS NON-ASEPTIC L52W Ended 12.29.24
3. Mintel Energy Drinks Report 2024
27
ARE LOYAL
REPEAT
+1.5M -1.2M
BUYERS
V YA

TRIPS PER -0.3% +1.2%

BUYER
V YA

EXCLUSIVE -4% -9%

HOUSEHOLDS
IN 2024

SOURCE: Circana Syndicated Omnichannel Panel SS ENERGY DRINKS NON-ASEPTIC L52W Ended 12.29.24

Third-party brand names, logos, and trademarks appearing in this presentation are the property of their respective owners. Their use is for informational and
comparative purposes only and does not imply endorsement, affiliation, or sponsorship by or with Celsius Holdings, Inc.
28
 DEMAND
GENERATION, ENGAGEMENT
AND POWERFUL BRAND
GROWTH

SOCIAL MEDIA SOCIAL MEDIA

MONTHLY VIDEO VIEWS MONTHLY IMPRESSIONS

SOCIAL MEDIA
TOTAL FOLLOWERS

29
AUDIENCE IS GROWING
MILLENNIALS AND GEN Z ARE BUYING
ENERGY BUYERS - GENERATION Z+MILLENIALS
(MONTHLY R52W)
36,600,000

36,500,000

36,400,000

36,300,000

36,200,000

36,100,000

36,000,000

35,900,000

35,800,000

35,700,000

35,600,000

35,500,000
1/1/2024

2/1/2024

3/1/2024

4/1/2024

5/1/2024

6/1/2024

7/1/2024

8/1/2024

9/1/2024
11/1/2023

12/1/2023

10/1/2024

11/1/2024

12/1/2024
SOURCE: Circana Total U.S. Panel Data, SS ENERGY DRINKS NON-ASEPTIC L52W Ended 12.29.24
30
 TO
INCREASE BRAND
AWARENESS LEVERAGE TARGETED MARKETING STRATEGIES
TO BROADER CONSUMER BASE

BRAND AWARENESS MAXIMIZE SOCIAL PRESENCE, SEO & CONTENT

TO INCREASE VISIBILITY
90

80

70
CONTINUE TO UTILIZE STRONG BRAND AFFINITY
60

50
INCREASE PRESENCE IN FOOD SERVICE &
40
ALTERNATIVE CHANNELS
30

20

10

0
COMPETITOR
AVERAGE*

SOURCE: Yougov Brand Index Beverages Sector Moving Avg L28 Days Ended 2.11.25
*Competitors include Red Bull and Monster
31
 DEMOGRAPHICS, EXPECTED
TO DRIVE INCREMENTAL CATEGORY GROWTH
TARGET AUDIENCE TARGET AUDIENCE

Gender-neutral, performance- Female-focused, lifestyle-oriented

driven with broad appeal to for consumers seeking a fun,
fitness enthusiasts and beyond approachable brand

BRAND POSITIONING BRAND POSITIONING

Functionality for athletes Centered around community,

and fitness-focused individuals empowerment and wellness for
young women

FLAVOR INNOVATION FLAVOR INNOVATION

Diverse portfolio of fruit-forward, Bright, playful

refreshing flavors flavors

AESTHETIC AESTHETIC

Sleek, minimalist design with broad Vibrant, pastel color

consumer appeal palette and feminine design

32
STRATEGY

33
 PEOPLE
ACQUIRING NEW USERS TO OUR BRAND & THE CATEGORY, INCLUDING GEN Z, MILLENNIAL & HISPANIC AUDIENCES

34
 PLACES
SHOWING UP IN PLACES & SPACES WHERE OUR CORE AUDIENCE TARGETS ARE

35
 OFTEN
BUILDING CONSUMER RELEVANCE & EXCITEMENT THROUGH MORE CONSUMPTION OPPORTUNITIES

Note: These images do not contain alcohol.

These images are for illustrative purposes only and do not imply a current or ongoing relationship between the respective third parties and Celsius Holdings, Inc.
36
INNOVATION IS THE FOUNDATION
OF OUR STRATEGY

SIGNIFICANT WHITESPACE FOR FURTHER INNOVATION IN ADJACENT CATEGORIES WITHIN AND BEYOND RTD
37
JARROD
LANGHANS
 More People: Attracting new consumers into the

IS DRIVING
energy drink category and converting existing energy
users to Celsius

SHAREHOLDER
More Places: Expanding product availability

VALUE More Often: Increasing consumption frequency

Driving EBITDA margin through operational

excellence initiatives, designed to deliver
strong cash flow generation

39
EXCELLENCE
Boosted innovation and production capabilities with the
acquisition of Big Beverages Contract Manufacturing in Nov. 2024

Driving innovation, global procurement, supply chain and global

marketing through our Center of Excellence

Investing in technology and AI-assisted tools to drive sales and

improve efficiencies

Executing talent strategy to support our growth initiatives

40
 TERMS - ALANI NU
REPRESENTS ATTRACTIVE VALUATION OF LESS THAN 3x ALANI NU 2024A REVENUE AND
APPROXIMATELY 12x FULLY SYNERGIZED ALANI NU 2024A ADJUSTED EBITDA1

Leadership continuity with TSA and consulting agreements in place at closing to help ensure a seamless
integration process
~8.7% PRO-FORMA OWNERSHIP SUBJECT TO LOCK-UP AGREEMENT, ALIGNING LONG-
TERM INTERESTS TO DRIVE FUTURE GROWTH AND VALUE CREATION

Expected to be accretive to Cash EPS in the first full year with enhanced scale and growth algorithm
alongside meaningful cost synergies

CASH EPS ACCRETIVE IN YEAR 1

Modest pro-forma net leverage with significant cash on balance sheet and strong cash flow generation to
preserve optionality and drive continued growth investment

~1.0x PF NET LEVERAGE2 WITH ~$500MM PF CASH ON BALANCE SHEET WITH STRONG
CASH FLOW GENERATION TO SUPPORT DELEVERAGING
SOURCE: Company information
NOTES: Represents preliminary, unaudited 2024 Alani financials; Please see “Use of Non-GAAP Measures” and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, both of which can be found in the appendix
1. Based on 2024A Alani Nu Adjusted EBITDA including estimated run-rate cost synergies of $50 million to be achieved over 2-years post-close (excluding cost to achieve) and purchase price net of ~$150 million tax benefit step-up (net present value)​
2. Based on 2024A combined company Pro-Forma Adjusted EBITDA including estimated run-rate cost synergies of $50 million (excluding cost to achieve). Excludes transaction fees & expenses
41
EPS ACCRETIVE IN YEAR ONE WITH MEANINGFUL SYNERGY OPPORTUNITY

INCREASED TOPLINE SCALE STRONG PRO-FORMA PROFITABILITY

(2024A NET SALES, $ IN BILLIONS) (2024A ADJ. EBITDA, $ IN MILLIONS)

Adj. EBITDA Margin (%):

19% 20%1 $50mm Expected to be

$2.0 Clearly Identified Cost Cash EPS
$393 Synergies with Accretive
Additional Upside1 In Year One

$1.4
$256

Anticipated
Significant
Acceleration of Cash Flow
Topline Growth Generation
Profile

+ + SOURCE: Company information

NOTES: Represents preliminary, unaudited 2024 Alani financials; Please see “Use of Non-GAAP Measures” and
reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, both of which can be
found in the appendix
1. Based on 2024A combined company Pro-Forma Adjusted EBITDA including estimated run-rate cost synergies of $50
million to be achieved over 2-years post-close (excluding cost to achieve) 42
 1 INVEST TO FUEL • Invest strategically in innovation &
marketing initiatives designed to
ORGANIC accelerate organic growth & maximize
GROWTH productivity
• Strengthen our capabilities & expertise,

CAPITAL
& cement a foundation for sustainable
growth

ALLOCATION
2 MAINTAIN STRONG
BALANCE SHEET &
DEBT PAYDOWN
• Robust liquidity position with pro-forma
net leverage of approximately 1.0x &
ample cash on the balance sheet post-
Alani Nu transaction1
• Strong cash flow management with goal
of reducing leverage

3
• Evaluate potential opportunities with
OPPORTUNISTIC strategic & financial discipline, ensuring
M&A strong value creation opportunities

STRATEGIC AND MEASURED APPROACH TO CAPITAL INVESTMENT

NOTES
1. Celsius announced agreement to acquire Alani Nu on February 20, 2025. Closing is currently expected in Q2, subject to regulatory approval and other customary closing conditions. 43
THEMES

CATEGORY LARGE AND COMPELLING STRONG CASH

DISRUPTOR GROWING TAM GROWTH STRATEGY GENERATION PROFILE
- - - -
Portfolio of disruptive, Attractively positioned Effective strategy and Deploy through
premium brands driving for expansion as an innovation to reach more disciplined capital
the functional beverage innovative leader in the people, in more places, allocation, driving continued
category with unparalleled large, growing functional more often growth and higher returns
innovation capabilities beverage category

EXPECTED TO BE ACCELERATED BY PENDING ACQUISITION OF ALANI NU

44
QUESTION & ANSWER
C E L S I U S H O L D I N G S , I N C . | C A G N Y I N V E S T O R P R E S E N TAT I O N
APPENDIX
C E L S I U S H O L D I N G S , I N C . | C A G N Y I N V E S T O R P R E S E N TAT I O N
FINANCIAL INFORMATION
The following table presents summary historical and unaudited pro forma condensed consolidated financial data for Celsius and Alani Nu, which are based on (i) Celsius’ unaudited financial
statements for the year ended December 31, 2024, and (ii) Alani Nu’s preliminary estimated unaudited financial statements for the year ended December 31, 2024.

This pro forma financial information reflects Celsius’ pending acquisition of Alani Nu as if the transaction (the “Transaction”) had occurred on January 1, 2024. This pro forma financial
information does not reflect the completion of the Transaction or Celsius’ capital structure following the completion of the Transaction and is not indicative of results that would have been
reported had the Transaction occurred as of January 1, 2024. This information is only a summary and should be read in conjunction with the information included in the section entitled
“Forward-Looking Statements” and Celsius historical financial information included in its earnings press release for the quarter and year ended December 31, 2024, and in Celsius’ filings with
the Securities and Exchange Commission.

The summary historical and unaudited pro forma condensed consolidated financial information that follows is presented for informational purposes only and is not intended to represent or be
indicative of the consolidated results of operations or financial position that would have been reported had the Transaction been completed as of January 1, 2024, and should not be taken as
representative of Celsius’ future consolidated results of operations or financial position had the Transaction occurred as of such date. These estimates are based on financial information
available at the time of the preparation of this press release. Based on the timing of the closing of the Transaction and other factors, Celsius cannot assure you that the actual adjustments will
not differ materially from the pro forma adjustments reflected in the summary unaudited pro forma combined financial information. It is expected that, following the consummation of the
Transaction, we will incur non-recurring expenses associated with the Transaction and integration of the operations of Alani Nu. These expenses and integration costs are not reflected in this
summary unaudited pro forma condensed consolidated financial information.

47
 PRO-FORMA EBITDA
SCHEDULE Twelve months ended
12/31/2024
(In thousands) Celsius Alani Combined 1 Selling, general and administrative expenses related to employee non-cash stock-based

Net Income (GAAP Measure) with buy-side adj $ 145,074 $ 68,091 $ 213,165 compensation expense. Stock-based compensation expense consists of non-cash charges for the
Add back / (Deduct): estimated fair value of unvested restricted share unit and stock option awards granted to employees
Net interest (income) expense (39,263) 4,867 (34,396) and directors. The Company believes that the exclusion provides a more accurate comparison of
operating results and is useful to investors to understand the impact that stock-based
Provision for income taxes 49,976 1,659 51,635 compensation expense has on its operating results.
Depreciation and amortization expense 7,274 5,559 12,833 2 Distributor termination represents reversals of accrued termination payments. The unused funds

Non-GAAP EBITDA 163,061 80,176 243,237 designated for termination expense payments to legacy distributors were reimbursed to Pepsi for
the quarter ended June 30, 2023.
Stock-based compensation1 19,591 - 19,591 3 2024 accrued expense for estimated liability in connection with an ongoing litigation during the

Foreign Exchange 1,734 - 1,734 quarter ended December 31, 2024. 2024 accrued expense for SEC settlement during the quarter
ended December 31, 2024. 2023 legal class action settlement pertained to the McCallion vs
Distributor termination2 - 2,911 2,911
Celsius Holdings class action lawsuit, which the company settled during the quarter ended June 30,
Legal Settlements Costs3 54,005 2,960 56,966 2023.
4 Reorganization costs represent international re-alignment costs incurred during the quarter ended
Reorganization cost4 5,965 - 5,965
December 31, 2024.
Acquisition Costs5 2,008 - 2,008 5 Acquisition costs include fees for Professional services received during the fourth quarter ended

Penalties6 9,350 - 9,350 December 31, 2024 related to a business acquisition.

6 Accrued expense in the quarter ended December 31, 2024 related to contractual co-packer
Other nonrecurring costs - 926 926 obligations.
Non-GAAP Adjusted EBITDA 255,714 86,973 342,687
Pro Forma Net Synergies 50,000 50,000
Pro Forma Adjusted EBITDA $ 305,714 $ 86,973 $ 392,687

The company reports financial results in accordance with generally accepted accounting principles in the United States (“GAAP”), but management believes that disclosure of Adjusted EBITDA, a non-GAAP financial
measures that management uses to assess our performance, may provide users with additional insights into operating performance. See “Use of Non-GAAP Measures” above 48
 ($ in thousands)
VALUATION METRICS
12x fully synergized 2024A adjusted EBITDA <3x 2024A Revenue Pro Forma net leverage

2024 Actual Alani Alani

Adjusted EBITDA1 86,973 2024 Revenue1 594,907 Net debt4 384,810
Pro Forma Net Synergies2 50,000 Net purchase price3 1,650,000 2024 Adjusted EBITDA5 392,687
Total Adjusted EBITDA 136,973 Revenue Multiple 2.8x Pro-forma net leverage 1.0x
Net purchase price3 1,650,000
Adjusted EBITDA Multiple 12.0x
New Debt 900,000

Unrestricted Cash 890,190

Purchase Price 1,625,000
Earnout 25,000 Cash used for Transaction 375,000
Including earnout 1,650,000 Net Cash 515,190
NPV of Tax 150,000 Net Debt 384,810
Total Purchase price 1,800,000

1 Represents preliminary, unaudited 2024 Alani financials

2 Estimated run-rate cost synergies to be achieved over two-years post close
3 Excludes ~$150 million net present value of tax benefits
4 Total principal debt outstanding less unrestricted cash
5 Based on 2024A Adjusted EBITDA including estimated run-rate synergies

The company reports financial results in accordance with generally accepted accounting principles in the United States (“GAAP”), but management believes that disclosure of Adjusted EBITDA, a non-GAAP financial
measures that management uses to assess our performance, may provide users with additional insights into operating performance. See “Use of Non-GAAP Measures” above 49