Cautious Hold on Vita Coco Despite Tariff Relief BenefitsWe adjusted our 2026 EBITDA estimate to attempt to reflect the impact of recently disclosed tariff relief. Trump administration announced a trade deal to provide relief from reciprocal tariffs for dozens of agricultural products, including coconut water, effective November 13, 2025. Coco provided an update outlining the impact of the administration’s decision. Management now expects the average rate on tariffs for goods it imports into the U.S. to be 6%, below a previously assumed rate of 23%.