CDP group discloses 20.1% Zevia (ZVIA) stake in Schedule 13D update

Rhea-AI Filing Summary

CDP Investissements Inc. and Caisse de depot et placement du Quebec filed Amendment No. 3 to their Schedule 13D on Zevia PBC, reporting beneficial ownership of 13,550,428 shares of Class A Common Stock, representing 20.1% of the class.

They report shared voting and dispositive power over all 13,550,428 shares and no sole power. The ownership percentage is based on 67,389,166 Zevia Class A shares outstanding as of October 31, 2025, as disclosed in Zevia’s Form 10-Q for the quarter ended September 30, 2025.

The amendment updates identity and background information for controlling persons and restates their interest in Zevia’s securities. It also notes that transactions in the last 60 days are listed in Annex B and, other than those, no additional trades were made during that period.

Insights

Equity ownership & governance analyst

CDP group reaffirms a sizable 20.1% minority stake in Zevia.

The filing shows CDP Investissements Inc. as direct beneficial owner of 13,550,428 Zevia Class A shares, with Caisse de depot et placement du Quebec sharing voting and dispositive power. This equates to 20.1% of Zevia’s Class A shares based on 67,389,166 shares outstanding as of October 31, 2025.

A holding above 20% is a significant minority position, suggesting meaningful influence potential in shareholder matters, although no specific strategic intentions are described here. The amendment primarily refreshes ownership data and background information, and references recent transactions summarized in Annex B without detailing them in this excerpt.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Zevia PBC

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

98955K104

(CUSIP Number)

Soulef Hadjoudj
Caisse de depot et placement du Quebec, 1000, place Jean-Paul-Riopelle
Montreal, A8, H2Z 2B3
(514) 847-5998

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/27/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 98955K104

1

Name of reporting person

CDP Investissements Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

QUEBEC, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 13,550,428.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 13,550,428.00

11

Aggregate amount beneficially owned by each reporting person

13,550,428.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

20.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 98955K104

1

Name of reporting person

Caisse de depot et placement du Quebec

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

QUEBEC, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 13,550,428.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 13,550,428.00

11

Aggregate amount beneficially owned by each reporting person

13,550,428.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

20.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock
(b)	Name of Issuer: Zevia PBC
(c)	Address of Issuer's Principal Executive Offices: 15821 Ventura Blvd., Suite 145, Encino, CALIFORNIA , 91436.
Item 1 Comment: This Amendment No. 3 (the "Amendment") amends the statement on Schedule 13D originally filed by the Reporting Persons on August 5, 2021, as amended by Amendment No. 1 filed by the Reporting Persons on July 2, 2025 and Amendment No. 2 filed by the Reporting Persons on September 30, 2025 (as amended, the "Schedule 13D"). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings ascribed to such terms in the Schedule 13D. Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged.
Item 2.	Identity and Background
(f)	Item 2(f) of the Schedule 13D is amended and restated as follows: The citizenship of the natural persons who are officers, directors or controlling persons of each of the Reporting Persons is set forth in Annex A.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is amended and restated as follows: CDPI is the direct beneficial owner of 13,550,428 shares of Class A Common Stock, which represents approximately 20.1% of the Issuer's outstanding Class A Common Stock, based on 67,389,166 shares of Class A Common Stock outstanding as of October 31, 2025 as disclosed in the Issuer's Quarterly Report for the quarterly period ended September 30, 2025 on Form 10-Q (File No. 001-40630) filed with the Securities and Exchange Commission on November 5, 2025.
(c)	Item 5(c) is amended and restated as follows: The transactions by the Reporting Persons in the shares of Class A Common Stock during the past sixty days are set forth in Annex B. Except as otherwise disclosed therein, the Reporting Persons have not effected any transaction in the shares of Class A Common Stock in the last 60 days.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CDP Investissements Inc.

Signature:	/s/ Soulef Hadjoudj
Name/Title:	Soulef Hadjoudj/Authorized Signatory
Date:	01/29/2026

Caisse de depot et placement du Quebec

Signature:	/s/ Soulef Hadjoudj
Name/Title:	Soulef Hadjoudj/Authorized Signatory
Date:	01/29/2026

FAQ

What percentage of Zevia (ZVIA) does CDP Investissements report owning?

CDP Investissements Inc. reports beneficial ownership of 20.1% of Zevia’s Class A Common Stock. This corresponds to 13,550,428 shares, calculated using 67,389,166 Zevia Class A shares outstanding as of October 31, 2025, as disclosed in Zevia’s Form 10-Q.

How many Zevia (ZVIA) shares are beneficially owned by CDP Investissements?

CDP Investissements Inc. is the direct beneficial owner of 13,550,428 Zevia Class A shares. This stake represents 20.1% of Zevia’s outstanding Class A Common Stock, using 67,389,166 shares outstanding as of October 31, 2025, as the reference share count.

Which entities are the reporting persons in this Zevia (ZVIA) Schedule 13D/A?

The reporting persons are CDP Investissements Inc. and Caisse de depot et placement du Quebec. Both are organized in Quebec, Canada and report shared voting and shared dispositive power over 13,550,428 Zevia Class A Common Stock shares through this Schedule 13D amendment.

What voting and dispositive power do the reporting persons have over Zevia (ZVIA) shares?

Both reporting persons report zero sole voting and dispositive power and full shared power. They disclose shared voting power over 13,550,428 Zevia Class A shares and shared dispositive power over the same amount, reflecting coordinated control over this 20.1% stake.

On what share count is the 20.1% Zevia (ZVIA) ownership based?

The 20.1% ownership figure is based on 67,389,166 Zevia Class A shares outstanding. This outstanding share count is taken from Zevia’s Form 10-Q for the quarter ended September 30, 2025, which reported shares outstanding as of October 31, 2025.

What does Amendment No. 3 to the Zevia (ZVIA) Schedule 13D change?

Amendment No. 3 updates ownership and background information for the reporting persons. It restates their 13,550,428-share, 20.1% beneficial stake, revises identity and citizenship details for controlling persons, and references recent transactions summarized in Annex B, leaving other prior disclosure items unchanged.