CFO Roundtable: Current conditions, industry assumptions, possible organizationa

Research evidence excerpt

CFO Roundtable: Current conditions, industry assumptions, possible organizationa

June 23, 2026

• Honey is now a 2M case brand and Apple just crossed 1M

➢ While Mr. Peters hasn’t had the chance to visit international markets yet, he is upbeat on the

opportunity for BF and highlighted his background in Europe, Asia, and South America

➢ Need to decide where to invest more – see capital allocation priorities below

▪ Outlined his capital allocation priorities, which are broadly in-line with prior commentary

➢ Expect normal levels of maintenance capex as investment in distilleries has been great over

the years

➢ Opportunity to grow the dividend

➢ Opportunistic buybacks but looking for growth opportunities first

➢ M&A always a consideration but nothing significant looming – prioritizing organic investment

▪ Distributor changes progressing well

▪ Can grow margins despite mix shift headwinds

➢ Mix is tougher for BF as RTDs are growing more quickly than full strength

▪ Sitting on more expensive inventory but getting to peak levels – expecting cost pressures to fall

soon. Will also see the benefits from outsourcing the cooperage come into numbers

➢ Input costs will fall as inventory costs decline

What he is looking to change

▪ First focus is growth but believes that BF needs to do a better job looking for efficiencies, with

continuous opportunities vs. one-offs needs. Mr. Peters highlighted that some of the cost moves

were reactionary, but he wants a more structured environment for savings

➢ Leveraging experience at Whirlpool with productivity

➢ Goal to get packaging right in a cost-effective way

➢ Costs can be a tailwind within the organization but may have lost focus when GMs were

60%+

▪ International: Looking to invest more behind brands and create brand awareness