Celsius Holdings, Inc. receives investment from PepsiCo, Inc.

Basis

• USD 6.5bn enterprise value is a FundComb estimate. Public sources reviewed confirm the investment, but do not independently disclose every valuation input.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• Implied EV / revenue is 9.89x, calculated from USD 6.5bn value and USD 654m revenue.
• Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• The $550 million is the reported consideration for the preferred-stock investment, not a reported enterprise value. Grossing up that price by the presentation’s estimated 8.5% ownership implies an estimated whole-company equity value of $6,470,588,235, treated as estimated EV under FCR-211; the ownership estimate is on an as-converted basis. The approximately 9.89x value-to-revenue ratio uses this implied value and Celsius’s reported FY2022 consolidated revenue of $653.604 million. Revenue is for the full year ended December 31, 2022, while the investment closed August 1, 2022. No EBITDA figure or EBITDA multiple is reported here. Derived: $6,470,588,235 estimated whole-company value divided by $653,604,000 FY2022 consolidated revenue; approximately 9.89x. Revenue is reported in the issuer’s Form 10-K for the year ended December 31, 2022. The multiple is derived using that revenue and the estimated whole-company value; the revenue period extends beyond the transaction closing date.