SCHEDULE: CDPQ Affirms 25.3% Stake in Zevia PBC

Caisse de depot et placement du Quebec and its subsidiary CDP Investissements Inc. reaffirmed their beneficial ownership of 25.3% of Zevia PBC's Class A Common Stock.

Summary

• CDP Investissements Inc. (CDPI) and Caisse de depot et placement du Quebec (CDPQ) filed Amendment No. 2 to their Schedule 13D.
• CDPI directly beneficially owns 17,050,428 shares of Zevia PBC's Class A Common Stock.
• This represents approximately 25.3% of Zevia PBC's outstanding Class A Common Stock.
• The percentage is based on 67,318,542 shares of Class A Common Stock outstanding as of August 6, 2025, as disclosed in Zevia's Form 10-Q.
• CDPQ may be deemed to share voting and dispositive power over these shares through its ownership of CDPI.
• No transactions in Zevia's Class A Common Stock were effected by the Reporting Persons in the last 60 days.

Sentiment

Score: 5

Explanation: The filing is a routine update of beneficial ownership, confirming an existing significant stake without indicating any new strategic moves, acquisitions, or disposals.

Positives

• A significant institutional investor, Caisse de depot et placement du Quebec, maintains a substantial 25.3% stake in Zevia PBC, indicating continued confidence.

Negatives

• No negative information regarding Zevia PBC was disclosed in this beneficial ownership update.

Risks

• The information provided in the cover page is not deemed filed for Section 18 liabilities of the Securities Exchange Act of 1934 but is subject to all other provisions of the Act.

Future Outlook

No forward-looking statements or guidance from Zevia PBC or the reporting persons regarding Zevia's future operations or financial performance.

Industry Context

This filing is a routine update on beneficial ownership by a major institutional investor and does not provide insights into broader industry trends or competitive landscape for Zevia PBC.

Stakeholder Impact

• Shareholders: Confirms a significant, stable institutional ownership stake, which can be viewed positively for long-term stability.

Key Dates

Recommendation

This filing is a routine amendment to a Schedule 13D, confirming the existing significant beneficial ownership stake of Caisse de depot et placement du Quebec in Zevia PBC. It does not introduce new information regarding Zevia's operational performance, strategic direction, or financial health that would warrant a change in investment thesis. The absence of transactions in the last 60 days suggests a stable holding, thus a "hold" recommendation is appropriate as there are no new catalysts for a "buy" or "sell" decision based solely on this update.

Keywords

Zevia PBC, ZVIA, Class A Common Stock, Beneficial Ownership, Schedule 13D, Institutional Investor, CDPQ, CDP Investissements, Equity Stake