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CELSIUS HOLDINGS, INC.

2018 Investor Presentation

NASDAQ:CELH

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This presentation may contain statements that are not historical facts and are considered forward-looking within the meaning

of the Private Securities Litigation Reform Act of 1995. These forward-looking statements contain projections of Celsius

Holdings’ future results of operations and/or financial position, or state other forward-looking information. In some cases you

can identify these statements by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”

“may,” “should,” “will,” “would,” or similar words. You should not rely on forward-looking statements since Celsius Holdings’

actual results may differ materially from those indicated by forward-looking statements as a result of a number of important

factors. These factors include, but are not limited to: general economic and business conditions; our business strategy for

expanding our presence in our industry; anticipated trends in our financial condition and results of operation; the impact of

competition and technology change; existing and future regulations affecting our business; and other risks and uncertainties

discussed in the reports Celsius Holdings has filed previously with the Securities and Exchange Commission. Celsius

Holdings does not intend to and undertakes no duty to update the information contained in this presentation.

This document includes certain non-GAAP financial measures. Management considers GAAP financial measures as well as

such non-GAAP financial information in its evaluation of the Company’s financial statements and believes these non-GAAP

measures provide useful supplemental information to asses the Company’s operating performance and financial position.

These measures should be viewed in addition to, and not in lieu of, the Company’s diluted earnings per share, operating

performance and financial measures as calculated in accordance with GAAP.

SAFE HARBOR STATEMENT2018 INVESTOR PRESENTATION

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OUR MISSION

Celsius Holdings, Inc. (Nasdaq: CELH), founded in

April, 2004, is a global company, with a proprietary,

clinically proven formula for flagship brand

CELSIUS®.

Our mission - to become the global leader of a

branded portfolio which is proprietary, clinically

proven or innovative in its category, and offers

significant health benefits.

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BRAND BASICS

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UNIQUE BRAND ATTRIBUTES

T R E N D F O RWAR D P O S I T O N

• NO SUGAR

• NO HIGH FRUCTOSE CORN SYRUP

• NO ASPARTAME

• NO PRESERVATIVES

• NO ARTIFICIAL COLORS

• NO ARTIFICIAL FLAVORS

• VERY LOW SODIUM

• VITAMIN-INFUSED

• GLUTEN-FREE

• VEGAN

THERMOGENIC

ACCELERATES METABOLISM

BURNS BODY FAT

BURNS CALORIES

PROVIDES HEALTHY ENERGY

PROPRIETARY MetaPlus® BLEND

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HOW DOES IT WORK?

CELSIUS’ proprietary MetaPlus® formula,including green tea with EGCG,ginger and guarana seed, turns onthermogenesis, a process that boostsyour body’s metabolic rate.†*

Drinking CELSIUS® prior to fitnessactivities is proven to energize, acceleratemetabolism, burn body fat and calories. †*

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CLINICAL STUDIES: PROVEN

PEER REVIEWED CLINICAL STUDIES VALIDATING CLAIMS

S t u d y 1 . O h i o R e s e a r c h : P u b l i s h e d I n Jo u r n a l o f

I n t e r n a t i o n a l S o c i e t y o f S p o r t s N u t r i t i o n

S t u d y 2 . U n i v e r s i t y o f O k l a h o m a : P u b l i s h e d I n

J o u r n a l o f I n t e r n a t i o n a l S o c i e t y o f S p o r t s

N u t r i t i o n

S t u d y 3 . U n i v e r s i t y o f O k l a h o m a : P u b l i s h e d

I n Jo u r n a l o f I n t e r n a t i o n a l S o c i e t y o f S p o r t s

N u t r i t i o n

S t u d y 4 . U n i v e r s i t y o f O k l a h o m a : P u b l i s h e d I n

J o u r n a l o f I n t e r n a t i o n a l S o c i e t y o f S p o r t s

N u t r i t i o n

S t u d y 5 . U n i v e r s i t y o f O k l a h o m a : P u b l i s h e d I n Jo u r n a l

o f T h e A m e r i c a n C o l l e g e o f N u t r i t i o n

S t u d y 6 . U n i v e r s i t y o f O k l a h o m a : P u b l i s h e d I n

T h e J o u r n a l o f S t r e n g t h a n d C o n d i t i o n i n g

A s s o c i a t i o n

S t u d y 7 . M i a m i R e s e a r c h A s so c i a t e s

Studies reviewed and approved by the National Advertising Division (NAD) of the Advertising Self-Regulatory Council

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TIME AWARD WINNER21

INNOBEV, GLOBAL AWARD WINNER, APRIL 2017

BEST FUNCTIONAL DRINK

WINNER OF THE YEAR

2017 BEVERAGE INDUSTRY

INNOVATIONOF THE YEAR

AWARD!

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PRODUCTSPOSITIONPLACEMENTPROMOTION

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PIONEERING POSITION: FITNESS DRINK

Conventional Energy FunctionalHealthier Energy

CELSIUS pioneers new ground

CLINICALLY PROVEN FUNCTION

+

HEALTHY ENERGY

CELSIUS is a proven Fitness Drink

Consumers are ready for ENERGY 2.0 (natural & healthy)

Masses are leaving artificial or sugary CSDs and other categories in droves

Sugary Energy Exit is NOW…CELSIUS is here

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CELSIUS HEAT POSITION: TRAINER’S GRADE

CELSIUS HEAT is a Carbonated Pre-Workout and a Proven Thermogenic with METAPLUS.

HEAT has: 100mg more caffeine than the original line, + 2,000mg L-Citruline.

Multi-Platinum recording artist FLO RIDA is the a brand ambassador kicking off the

new PROVEN campaign, a nod to both his work & CELSIUS HEAT’s clinical status.

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BUSINESS STRATEGY

INTRO

PRODUCT LAUNCHES

LAUNCH NEW ITEMS

&

SEED PIPELINES

EXPAND AT RETAIL

&

CONSUMER

MARKETING PUSH

REPEAT

(INNOVATE NEW ITEMS)

ORIGINALS CELSIUS HEAT™

NATURALS ON-THE-GO Powders

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“AMAZON’S CHOICE” when searching

Healthy Energy (Organic)

1,500+ lifetime reviews, 4.3 Star Rating

+84% increase in case sales YOY

+63% powder sales YOY

TOP SELLER ON AMAZON

# 1

CELSIUS was ahead of

the curve with its

relationship with Amazon.

Our brand is on PRIME +

Subscribe & Save.

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CELSIUS BRAND PERFORMANCE VS. CATEGORYCONVENIENCE CHANNEL

CATEGORY GROWTH 1.3%

OVER 200+ BRANDS

CATEGORY: SHELF STABLE FUNCTIONAL BEVERAGESCHANNEL: CONVENIENCE

Latest 52 Weeks Ending 1.28.2018; SS ENERGY & OTHER FUNCTIONAL BEVERAGES; TPL; SPINS Scan Conventional Markets; Total US - CONVENIENCE

TOTAL CATEGORY

$11.2 BILLION

CELSIUS SIGNIFICANTLY OUTPACING CATEGORY GROWTH RATE

BRAND CELSIUS +44.1% with 9.4 ACV points

* OUTPACING CATEORY GROWTH BY 33.8X

RANKED 30TH TOP BRAND WITH ONLY 9.4 ACV

15Latest 52 Weeks Ending 12.31.2017; SHELF STABLE FUNCTIONAL BEVERAGES; SPINSscan Conventional Markets; TOTAL US - MULO

CELSIUS IS THE #1 FITNESS DRINK BRAND IN AMERICA, PIONEERING THIS NEW, TREND FORWARD SUB-SEGMENT

CELSIUS IS THE LEADER IN THE HEALTHY ENERGY & FUNCTIONAL SPACE

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DISTRIBUTION CHANNELSSAMPLING OF KEY CUST OMERS IN EACH CHANNEL

NATURAL CHANNEL -2017

CONVENIENCECONVENTIONAL

GROCERY

FITNESSVITAMIN

SPECIALTYMILITARY E-COMMERCE

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ROUTE TO MARKETSAMPLING OF KEY DIST RIBUT ORS AND W HOLESALERS

SUPPLY CHAIN, DISTRIUBITON / WHOLESALER NETWORK FOUNDATION

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PLACEMENT: ENERGY, FUNCTIONAL

EACH CHANNEL HAS A DEFINED PLACEMENT STRATEGY.

CELSIUS IS SOLD AMBIENT AND COLD ACROSS CHANNELS, IN GROCERY OR PHARMACY IN MULTIPACKS. IN FITNESS / EMERGING CHANNELS, COLD.

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PROMOTION

THE MAKING OF AN ICON

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INCREASING BRAND AWARENESS

• PARTCIPATED AS A PRESENTING SPONSOR

• OVER 250,000 “TOUGH MUDDER LEGIONEERS” PARTICIPATING + SPECTATORS

• 37 EVENTS

• MULTIPLE CITIES ACROSS THE US

• SAMPLING TO THE CORE CONSUMERS DURING A CRITICAL USAGE OPPORTUNITY

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CONSUMER ADS – FITNESS TARGETS

ON TREND FOR FITNESS LIFESTYLERS

HONING IN ON TARGET DEMO WITH KEY BRAND MESSAGING

GLOBAL EXPANSION

NORDIC HONG KONGCHINA

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PARTNERS WITH DEFINED TERRITORIES WHICH CURRENTLY PROVIDE

MARKETING AND SALES SUPPORT WITHIN THEIR TERRITORY.

Established:

• Sweden - #1 selling FITNESS drink in Sweden, #2 ENERGY

• Finland expansion launched in Q2 2016 adds incremental growth

• Norway launch announced February of 2018

• NEW 2nd product line: CELSIUS BCAAs, debuts MARCH 2018

Additional international opportunities with identified distribution partners

EUROPE DISTRIBUTION PARTNERS

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PARTNERS WITH DEFINED TERRITORIES WHICH CURRENTLY PROVIDE

MARKETING AND SALES SUPPORT WITHIN THEIR TERRITORY.

Established:

• Hong Kong launched through AS Watson Water distributors in Q3 2017

• China market launched with nationwide distribution through

partnership with Qifeng Food Technology (Beijing) Co. Ltd., a national

wholesale distributor of foods and beverages in Q4 ‘17

• China production facility opened to support Asian market

Additional opportunities with identified distribution partners

ASIA DISTRIBUTION PARTNERS

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GEOGRAPHICAL ACCESS

18Provinces

80+Cities

Celsius® already available in 35 cities

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GO TO MARKET & CHANNEL ACCESS

Qifeng manages e-commerce directly. Its network of over 500sub-distributors offers access to over 40,000 points of sales.

NATIONAL

REGIONAL

LOCAL

CELSIUS ® AVAIALBLE IN OVER 8,000 POINTS OF DISTRIBUITON THROUGH 50 SUB-DISTRIBUORS

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CONNECTING WITH CONSUMERS (CHINA)

Workout and Yoga APPs together with KOL’s have connected with Chinese consumers nationally.

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CONNECTING WITH CONSUMERS (CHINA)

Local retailers offer distribution across 35 cities while e-commerce addresses availability gap

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Strategy Objectives and Growth Roadmap

Brand Building

• Build Brand Equity• Increase Portfolio Breath• Channel Expansion• ACV Gains

Supply chain

• Improve Margins• Data Analytics• Operational Focus• Transform for Scale

Team Value

• Focused• Disciplined• Result Orientated• Purpose Driven

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CELSIUS FINANCIALS

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R E S O U N D I N G C O N S U M E R D E M A N D - T R E N D F O R WA R D

E x p a n d e d p r o d u c t o f f e r i n g

R AP I D LY G R O W I N G R E V E N U E S AN D G R O S S P R O F I T S

KEY TAKE AWAYS

I n t e r n a t i o n a l e x p a n s i o n c o n t i n u e s t o e x p a n d m a r k e t o p p o r t u n i t y

$1.8 $2.0

$1.5 $1.7 $1.5

$2.8 $2.9 $2.6

$2.4

$4.6 $4.7

$3.8

Q1'15

Q2'15

Q3'15

Q4'15

Q1'16

Q2'16

Q3'16

Q4'16

Q1'17

Q2'17

Q3'17

Q4'17

( $ i n m i l l i o n s )

R e v e n u e G r o s s P r o f i t

Q4 ‘17 Revenue of $9.1 million, up 46% compared to $6.3 million in the year ago quarter

• Domestic revenue increased 92% to a record $6.7 million, up from $3.5 million in the year ago quarter

• International revenue decreased 12% to $2.4 million, down from $2.8 million in the year ago quarter due to order timing

Q4 ‘17 Gross profit of $3.8 million

• Up 49% from the year ago period of $2.6 million

• Gross profit margins increased 0.6% to 41.6% from 41.0% in the year ago period

INCOME STATEMENT SUMMARY

02468

1012

Q1'15

Q2'15

Q3'15

Q4'15

Q1'16

Q2'16

Q3'16

Q4'16

Q1'17

Q2'17

Q3'17

Q4'17

US Int. Total

STRONG FINANCIAL RESULTS

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

+72%

+37%

Net Sales FY17(% Change vs PY)

+59%

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

InternatRetailer

Health &Fitness

Retail

+84%

+143%

+49%

Domestic Channel Net Sales FY17

(% Change vs PY)

GROSS PROFIT INCREASED 59% TO $15.4 MILLION, AND GROSS MARGIN REMAINED STEADY AT 42.7% IN 2017

(GROSS PROFIT TOTALED 51.8% EXCLUDING OUTBOUND FRIEGHT OF $3.3 MILLION INCLUDED GROSS PROFIT)* NOTE – “ADJUSTED” FINANCIAL MEASURE ARE NON-GAAP. SEE THE END OF THIS PRESENTATION FOR A RECONCILIATION OF THESE MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES.

NET NON-GAAP ADJUSTED EBITDA* TOTAL $2.7 MILLION (EXCLUDING NET ASIA INVESTMENTS OF $7.3 MILLION)

STRONG FINANCIAL RESULTS

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

Current Assets FY17Total $27M

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

AccountsPayable &Accrued

AccruedPrefereed

& other

Long TermDebt

Liabilities FY17Current $6.5m

LT $3.5m

AS OF DECEMBER 31ST 2017- WORK IN CAPTIAL $20.6 M- STOCKHOLDERS EQUITY $17.1 M- SHARES OUTSTANDING 45.7 M

()

FOCUS ON DRIVING GROWTH

Realize Productivity

MarginInnovation

PortfolioMix

TradeOptimization

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KEY INVESTORS

L I K A - S H I N G C A R L D e S A N T I S

Former Founder and Chairman of ReXall Sundown Inc. which he built into the world’s leading nutritional supplement supplier, sold for $1.8 billion in 2000

K I M O R A L E E S I M M O N S

Celebrity & business mogul (several companies), powerful brand builder & influencer

Horizon Ventures: investment arm of Mr. Li Ka-Shing. Asia’s wealthiest individual. Assets include over 15,000 health & beauty retail locations

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CELSIUS MANAGEMENTP E O P L E = D I F F E R E N C E M A K E R S

JOHN FIELDLY - CFO & INTERIM CEO John Fieldly was named Chief Financial Officer of Celsius Holdings, Inc. in 2012 and is presently the company’s interimPresident and CEO. He brings nearly 20 years’ experience in business management and corporate financial leadershipto his role where he oversees the company’s finances, public reporting requirements and operations. His expertisestems from a strong background in financial leadership, public reporting requirements, operational process andprocurement improvement strategies to maximize resources to drive revenue and operational efficiencies. Prior tojoining Celsius Holdings he was Corporate Controller of Oragenics, Inc. a publicly traded nutraceutical company wherehe was responsible for all financial functions and implemented procurement strategies to maximize operations. Prior tothat Mr. Fieldly held leadership positions at Lebhar-Friedman-the B2B leading media and marketing company servingthe retail industry, foodservice, and healthcare over the last 90 years and prior to that he served various leadership rolesat Eckerd Corporation. Mr. Fieldly is a Certified Public Accountant in Florida.

VANESSA WALKER - EXECUTIVE VP OF MARKETING & INNOVATIONMs. Walker has served as EVP of Marketing & Innovation. With over 24 years in beverage and retail, she was formerEVP Sales & Marketing, LaCroix Sparkling Water, National Beverage, (‘08-’16). She revitalized the MW regional brand,building the marketing and sales infrastructure, strategy and plans. LaCroix became the fastest growing sparkling waterin the US ($35m in ‘08 to +$195m ’15, Nielsen), outpacing Nestle owned Perrier & San Pellegrino in all channels of trade.Previous to 2008, Ms. Walker served as Director of Marketing for Big Red of Texas, (2006-2007), before their sale,relaunching Red JAK energy through DPSU. Prior, she was SVP Sales / Marketing, at start up Manhattan Beverage Co.,NY, NY. Ms. Walker was also a part of start up IN ZONE Brands Inc., VP National Accounts, as then BellyWashers &TummyTicker brands, grew from $1m to over $90m (’01-’04). She began her career after college with Target Stores,serving as Regional Buyer (‘97-01) foods/beverages, and store executive (’94-’97).

JON MCKILLOP – SENIOR VICE PRESIDENT OF SALES – NORTH AMERICAJon McKillop has been recently promoted to Senior Vice President of Sales for North America, joining the CELHExecutive team. Previously McKillop served as Vice President of Sales for the company’s non-traditional channels oftrade, to include Fitness, Military, Vending, Travel and Food Service. McKillop’s career has spanned over 15 years inbeverage and consumer packaged goods in both traditional and non-traditional channels of trade. Prior to his arrival atCelsius on May 3, 2016, McKillop served in a variety of management roles at Glanbia Performance Nutrition, a leadingcompany in the branded sports nutrition space, most recently as National Director of Sales for the organizationsAmerican Body Building brand. Before that, McKillop held management posts at large corporations Pepsi Americas,Core-Mark International and Keurig. He holds an undergraduate degree in Marketing from Southern Oregon University.

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MANAGEMENT BENCH STRENGTH

FOCUSED • DISIPLINED • RESULTS ORIENTATED • PURPOSE DRIVEN

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Insurance

Banking

Public official

A BREADTH OF INDUSTRY, FINANCIAL, & EXECUTIVE MANAGEMENT EXPERTISE

Christopher LaiCO-CHAIRMAN

Nick CastaldoDIRECTOR

Thomas E. LynchDIRECTOR

Finance and accounting

President CDS International Holdings

Financial career includes roles with: Price Waterhouse, General Cinema Corp, Pepsi, independent bottler

New product development

TV show “Shark Tank” alumniLaunched over 500 products“As seen on TV” infomercial pioneer

Horizons Ventures

Asian market expert

IB professional, M&A

William H. MilmoeCO-CHAIRMAN

Kevin HarringtonDIRECTOR

Consumer services business

Chain restaurant, banking and retailingFormer Denny’s VP

Marketing

Hal KravitzDIRECTOR

CEO of AQUA hydrate

Former Officer of Coca-Cola

BOARD OF DIRECTORS

John FieldlyDIRECTOR

Corporate Finance

Celsius CFO, Interim CEO

Career includes roles with: Oragenics leader in novel antibiotics and proprietary OTC probiotics, Lebhar-Friedman leader in B2B publishing, Eckerd Corporation

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KEY TAKE AWAYS

• RESOUNDING CONSUMER DEMAND

• STRONG PURPOSE TO BE THE LEADING FITNESS BRAND

• INCREASING DISTRIBUTION

• INCREASING GLOBAL EXPANSION

• INNOVATIVE PORTFOLIO CAPITALIZING ON HEALTH & WELLNESS TRENDS

• TRANSFORMING OPERATIONS FOR SCALE

• DISIPLINED DATA DRIVEN TEAM

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I N V E S T O R R E L AT I O N S

Cameron Donahue, Par tner

Hayden IR

651.653 .1854

cam eron@hayden i r . com

VISIT OUR NEW INVESTOR W EBSIT E:

CELSIUSHo ld ings INC.CO M

C O M PA N Y C O N TA C T

John F ie ld l y , CFO & In ter im CEO

Cels ius Ho ld ings , Inc .

561.276 .2239

j f ie ld l y@c e ls ius .c om

CELSIUS HOLDINGS, INC.

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INCOME STATEMENTCelsius Holdings, Inc. and Subsidiaries Consolidated Statements of Operations

For the three months ended December 31,

For the year ended December 31,

(Unaudited) Audited 2017 2016 2017 2016 Revenue $ 9,140,941 $ 6,252,890 $ 36,164,064 $ 22,760,987 Cost of revenue 5,334,589 3,691,851 20,733,387 13,031,153 Gross profit 3,806,352 2,561,039 15,430,677 9,729,834 Selling and marketing expenses 7,338,162 1,966,418 16,611,369 8,675,763 General and administrative expenses 1,637,581 962,758 6,899,275 3,899,031 Total operating expenses 8,975,743 2,929,176 23,510,644 12,574,794 Income (Loss) from operations (5,169,391) (368,137) (8,079,967) (2,844,960 ) Other Income (Expense): Interest expense (38,421) (57,500) (160,616) (228,750 ) Gain from the sales of equipment - 6,095 - 6,095 Total Other Income (Expense) (38,421) (51,405) (160,616) (222.655 ) Net Income (Loss) (5,207,812) (419,542) (8,240,583) (3,067,615 )

Preferred stock dividend (92,252) (89,890) (365,995) (366,154 ) Net income (Loss) available to common stockholders $ (5,300,064) $ (509,432) $ (8,606,578) $ (3,433,769 )

Income (Loss) per share:

Basic $ (0.12) $ (0.01) $ (0.19) $ (0.09 )

Diluted $ (0.12) $ (0.01) $ (0.19) $ (0.09 )

Weighted average shares outstanding: Basic 45,869,244 38,680,944 44,419,162 38,568,088

Diluted 45,869,244 38,680,944 44,419,162 38,568,088

The accompanying notes are an integral part of these unaudited consolidated financial statements

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BALANCE SHEET Celsius Holdings, Inc. Consolidated Balance Sheets

December 31,

2017 December 31,

2016 ASSETS

Current assets: Cash $ 14,186,624 $ 11,747,138 Accounts receivable, net 6,375,658 2,787,732 Inventories, net 5,305,505 2,211,370 Prepaid expenses and other current assets 1,180,444 937,349

Total current assets 27,048,231 17,683,589 Property and equipment, net 62,642 33,533

Total Assets $ 27,110,873 $ 17,717,122

LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $ 6,311,824 $ 1,754,207 Accrued preferred dividend 133,883 353,666 Deferred revenue and other current liabilities 17,921 214,612

Total current liabilities 6,463,628 2,322,485 Long-term liabilities: Line of credit note payable-related party 3,500,000 4,500,000

Total Liabilities 9,963,628 6,822,485 Stockholders’ Equity: Preferred Stock, $0.001 par value; 2,500,000 shares authorized, 6,760 and 6,380 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively 7 6 Common stock, $0.001 par value; 75,000,000 shares authorized, 45,701,593 and 39,999,784 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively 45,702 40,000 Additional paid-in capital 79,101,824 64,208,963 Accumulated other comprehensive loss (39,378) - Accumulated deficit (61,960,910) (53,354,332)

Total Stockholders’ Equity 17,147,245 10,894,637 Total Liabilities and Stockholders’ Equity $ 27,110,873 $ 17,717,122

The accompanying notes are an integral part of these consolidated financial statements

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RECONCILIATION OF NON-GAAP ADJUSTED EBITDA

2017 2016

Net income (loss) available to common stockholders (GAAP measure) $ (8,606,578) $ (3,433,769)

Add back:

Depreciation and amortization expense 20,425 16,951

Net interest expense 160,616 228,750

Preferred stock dividend 365,995 366,154

Stock-based compensation 2,569,042 1,579,045

Non-GAAP Adjusted EBITDA $ (5,490,500) $ (1,242,869)

Total non-recurring one-time charges 822,717 - Non-GAAP Adjusted EBITDA excluding one-time charges $ (4,667,783) $ (1,242,869)

Net Asia investment 7,340,980 --

Net Non-GAAP adjusted EBITDA excluding net Asia investment* 2,673,197 (1,242,869)

twelve months ended Dec 31,