Brown-Forman Corp. (BF_B): Key Takeaways from mgmt meeting

Research evidence excerpt

Brown-Forman Corp. (BF_B): Key Takeaways from mgmt meeting

Equity Research

23 June 2026 | 7:02PM EDT

Brown-Forman Corp. (BF__B): Key Takeaways from mgmt meeting

Our View - We attended BF’s sell-side meeting today in NYC with recently appointed Bonnie Herzog

+1(212)902-0490 |

CFO Jim Peters and Director of IR Sue Perram. We came away optimistic that Mr. bonnie.herzog@gs.com

Goldman Sachs & Co. LLC

Peters has a good understanding of the company’s strategic priorities and organic

Ethan Huntley

growth opportunities including continued and consistent innovation, further growth +1(617)772-7940 |

in emerging markets, and leaning in more aggressively on price/pack architecture. ethan.huntley@gs.comGoldman Sachs & Co. LLC

We were impressed with his level of knowledge about the business and industry in Ankit Prasad

just a few short months as well as his thoughtful, measured, and disciplined +1(212)934-6394ankit.prasad@gs.com|

leadership style. Goldman Sachs India SPL

Shanika Paul

Longer term, mgmt has expressed optimism that spirits can continue to take share +1(212)902-7136shanika.paul@gs.com|

from beer/wine - with a further tailwind from premiumization. However, we remain Goldman Sachs & Co. LLC

Vidgercautious on trends for the business, particularly given ongoing pressures on Nicholas | +1(212)934-0631

consumption - which we think could ultimately prove to be a bit more structural in nicholas.vidger@gs.com Goldman Sachs & Co. LLC

nature (i.e., the historical ~+MSD% industry growth rate will realistically be lower

moving forward), introducing some concern over the feasibility of the company’s

current l.t. growth targets in the near term. We also see increased risk to gross

margins down the line from prior inflation flowing through the whiskey barrel cost