Westrock Coffee Company — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated net sales were $300.2 million for the quarter ended September 30, 2026, a 15.4% decrease year-over-year, driven by $26.1 million in tariff refunds passed to customers and lower average green coffee prices.
• Gross profit was $41.5 million, representing a 0.2% increase year-over-year.
• Net loss was $10.0 million for the quarter, an improvement from a $19.1 million net loss in the prior year period.
• Consolidated Adjusted EBITDA was $26.4 million, up 14.0% compared to $23.2 million in the prior year period.
• For the nine months ended September 30, 2026, net sales were $914.7 million compared to $849.5 million in 2025.
• For the nine months ended September 30, 2026, net loss was $32.2 million compared to $67.9 million in 2025.
• For the nine months ended September 30, 2026, Consolidated Adjusted EBITDA was $73.7 million compared to $46.7 million in 2025.
• Capital expenditures were $8.8 million in the third quarter of 2026, down from $18.1 million in the same period of 2025.
• Cash and cash equivalents were $41.1 million as of September 30, 2026, down from $49.9 million as of December 31, 2025.
• Total liabilities were $869.2 million as of September 30, 2026, compared to $904.3 million as of December 31, 2025.
• Shareholders' equity deficit was $34.9 million as of September 30, 2026, compared to a deficit of $1.9 million as of December 31, 2025.

Guidance and Future Outlook:

• The Company reaffirmed its 2026 guidance for Consolidated Adjusted EBITDA of $90.0 million to $100.0 million.
• The Company provided preliminary 2027 guidance for Consolidated Adjusted EBITDA of approximately $130.0 million.
• The Company stated it cannot readily reconcile forecasted Consolidated Adjusted EBITDA to forecasted GAAP net income due to uncertain items such as market-to-market adjustments.

Business Segments and Product Lines:

• Beverage Solutions: Net sales were $220.1 million, a 16.3% decrease year-over-year, driven by tariff refunds and lower green coffee prices. Segment Adjusted EBITDA was $23.3 million, an increase of 13.9% year-over-year.
• Sustainable Sourcing & Traceability: Net sales were $80.1 million, a 12.8% decrease year-over-year. Segment Adjusted EBITDA was $3.2 million, down from $5.8 million in the prior year period.
• The Company serves the world's largest brands across packaged coffee, tea, ready-to-drink coffee, energy, and functional beverage categories.
• Operations span 10 countries with a digitally traceable supply chain.

Market and Competitive Landscape:

• The Company noted the pass-through of lower average green coffee prices during the third quarter compared to the prior year period.
• Tariff refunds expected to be passed through to customers were reported as a reduction in net sales.
• The Company operates as an integrated beverage solutions platform with a global manufacturing and sourcing footprint.

Risks and Challenges:

• Risks include changes in domestic and foreign business, market, financial, political, and legal conditions.
• Potential inability to secure adequate supplies of key raw materials (green coffee and tea) or supply chain disruptions from tariffs, trade restrictions, or global conflicts.
• Risks related to the uncertainty of projected financial information and the timing of expected business milestones.
• Risks regarding the commercialization of the Conway, Arkansas facility and generating positive operating cash flows within anticipated timeframes.
• Risks related to competition, industry consolidation, and the ability to issue equity or obtain debt financing.
• Risks of failing to comply with financial covenants in the credit agreement or attracting/retaining qualified personnel.
• Risks of litigation, legal disputes, and the potential loss of significant customers.

Management Commentary and Tone:

• Scott T. Ford, CEO and Co-founder, described the third quarter as another record quarter, marking the sixth consecutive quarter of year-over-year Consolidated Adjusted EBITDA growth.
• Management stated the Company is growing and generating cash.
• Management indicated the recently closed Beverage Solutions credit agreement has put the balance sheet on solid footing for the long-term.

Other Key Points:

• On October 21, 2026, the Company closed an upsized refinancing for its Beverage Solutions segment through a new credit agreement led by Rabobank.
• The new credit agreement provides a $300.0 million senior secured first lien term loan facility and a $300.0 million senior secured first lien revolving credit facility, totaling $600.0 million, up from $425.0 million under the prior agreement.
• The five-year credit facilities mature in October 2031.
• As part of the refinancing, the Company repurchased $40.0 million of its 5% convertible senior notes due 2029 for approximately $20.7 million in cash.
• The Company issued approximately 2.4 million shares of common stock in connection with the note repurchase.
• Amendments were entered into for the remaining $32.0 million of convertible notes, extending their maturity to January 2032 (now "2032 Notes").
• The amended notes allow the Company to optionally redeem them if shares trade at or above $14.25 for more than 120 consecutive trading days.
• Proceeds from the new credit agreement were used to repay debt under the prior agreement, cover transaction costs, and for general corporate purposes.
• The Company's Beverage Solutions Credit Agreement secured net leverage ratio was 3.07x as of September 30, 2026.