NACS 2026 Detailed Takeaways - Stepped-up innovation, flavors & energy in focus

We hosted our 13th annual guided tour of the National Association of Convenience Stores (NACS) conference with investors in Las Vegas on Oct 7, where we had an opportunity to speak directly with company reps & mgmt teams across many of the beverage, food & nicotine companies - incl. KO, PEP, STZ, SAM, ABI, MNST, CELH, & HSY (among many others). Key takeaways include: (1) It remains all about energy drinks again this year with MNST, CELH, KDP and several others stepping up their game with robust innovation, LTOs, flavors and functionality beyond energy (i.e. hydration & protein); (2) Energy drink category demand remains very robust with many players suggesting retailers will continue to add incremental space to the category next year; (3) MNST remains on track with another round of pricing actions (i.e. increase) in the US next month - with little/no retailer pushback - and we think CELH is also moving on pricing soon;