US Spirits/Beer "On-premise channel focus: another round of deterioratio..."

Research evidence excerpt

US Spirits/Beer "On-premise channel focus: another round of deterioratio..."

Global Research

11 June 2026ab

US Spirits/Beer Equities

GlobalOn-premise channel focus: another round of

deterioration for both beer and spirits Beverage

Sanjeet Aujla

Analyst

sanjeet.aujla@ubs.com

US on-premise channel trends +44-20-7567 4529

In this report, we highlight the latest US Spirits and Beer on-premise channel data Peter Grom

covering the 4wks to 18th of April as tracked by NielsenIQ (previously CGA), which lags Analyst

the off-premise channel data by around 1 month. We estimate the data covers c78% of peter.grom@ubs.com

the US on-premise channel (excludes stadiums and resorts), which in turn makes up +1-212-713 3482

c20% of the US Spirits industry volumes, and c15% of the US Beer industry. Given Arnaud Autier

the on-premise channel is more discretionary, we think it provides important insights Associate Analyst

into the broader health of the US consumer. arnaud.autier@ubs.com

+44-20-7901 6849

L4W spirits and beer trends deteriorates; Campari still growing volumes;

ABI share trend deteriorate while Diageo Beer still outperforms

We think it is more insightful to focus on the volume trends, as we think the on-trade

channel pricing is less captured by the suppliers, and more by the retailers. The latest

US NielsenIQ on-premise channel data covering the 4-week period to 18th April shows

US Spirits vols -7% deteriorating vs prev 4W -3.2% and Q1 -2.4%. Price/mix at +6.9%

L4W slightly improving vs prev4W +6.5% and Q1 +6.5%. Thus sales -0.6% turning

negative vs prev 4W +3.1% and Q1 +3.9%. Diageo still underperforms the industry

(down -11% L4W vs prev 4w -7.1% and Q1 -7.6%), while Campari continues to

outperform on dynamic trends (+2.7% L4W vs prev4w +1.8% and Q1 +5.2%). In Beer/