SCHEDULE: CDPQ Maintains 20.1% Stake in Zevia PBC

CDP Investissements Inc. and Caisse de depot et placement du Quebec filed an amendment to their Schedule 13D, reaffirming a 20.1% beneficial ownership in Zevia PBC.

Summary

• CDP Investissements Inc. and Caisse de depot et placement du Quebec (collectively, the "Reporting Persons") filed Amendment No. 3 to their Schedule 13D regarding Zevia PBC.
• The Reporting Persons beneficially own 13,550,428 shares of Zevia PBC's Class A Common Stock.
• This ownership represents approximately 20.1% of Zevia PBC's outstanding Class A Common Stock.
• The percentage is calculated based on 67,389,166 shares of Class A Common Stock outstanding as of October 31, 2025, as disclosed in Zevia PBC's Form 10-Q.
• No transactions in Zevia PBC's Class A Common Stock were effected by the Reporting Persons during the past sixty days.
• The amendment updates Item 2(f) to refer to Annex A for the citizenship of officers, directors, or controlling persons of the Reporting Persons.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral-to-slightly-positive update. The maintenance of a significant 20.1% stake by a major institutional investor like CDPQ suggests continued confidence in Zevia PBC, without any new negative developments.

Positives

• The Reporting Persons, including Caisse de depot et placement du Quebec, maintain a significant 20.1% stake in Zevia PBC, indicating continued confidence in the company.

Negatives

• No negative information was disclosed in this amendment to the Schedule 13D.

Risks

• The filing does not explicitly mention specific risks related to Zevia PBC, but the investment itself carries inherent market risks associated with holding public equity.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Zevia PBC's future performance or the Reporting Persons' investment strategy beyond maintaining their current stake.

Industry Context

StockSavvy.ai notes that institutional investors like Caisse de depot et placement du Quebec often take significant stakes in companies they believe have long-term growth potential. Maintaining a 20.1% stake in Zevia PBC, a company in the beverage industry, suggests a continued strategic interest in the sector or Zevia's specific market position, particularly in the sugar-free and naturally sweetened beverage segment.

Comparison to Industry Standards

• This filing primarily concerns an institutional investor's stake and does not provide performance metrics for direct comparison to industry standards or competitors. However, a 20.1% stake is a substantial minority interest, often indicative of a strategic investment rather than a purely passive one, similar to large institutional holdings seen in companies like Coca-Cola (KO) or PepsiCo (PEP) by major asset managers, though the scale and specific intent may differ.

Corporate Governance

Stakeholder Impact

• Shareholders: The continued significant stake by CDPQ may be viewed positively, signaling institutional confidence in Zevia PBC's long-term prospects.
• Management: The stable ownership structure provides continuity and potentially reduces concerns about activist investor pressure from this particular large shareholder.

Key Dates

Recommendation

This filing is an administrative update to an existing Schedule 13D, confirming the maintenance of a significant stake by a major institutional investor. It does not contain new information that would fundamentally alter the investment thesis for Zevia PBC, nor does it indicate any immediate catalysts for significant price movement. Therefore, a 'hold' recommendation is appropriate, as existing investors would likely maintain their positions based on broader company fundamentals rather than this specific filing.

Keywords

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