UBS US Spirits tracker: June saw better sell-out trends driven by world cup and lower comps and Casamigos volumes improving significantly

Research evidence excerpt

UBS US Spirits tracker: June saw better sell-out trends driven by world cup and lower comps and Casamigos volumes improving significantly

Global Research

31 July 2026ab

UBS US Spirits tracker Equities

GlobalJune saw better sell-out trends driven by world

cup and lower comps and Casamigos volumes Beverage

improving significantly SanjeetAnalystAujla

sanjeet.aujla@ubs.com

+44-20-7567 4529

UBS US Spirits tracker update Peter Grom

Analyst

In this report, we update our UBS US Spirits tracker for June, which integrates volume peter.grom@ubs.com

and value sell-out data from NielsenIQ (including the liquor channel) and NABCA (17 +1-212-713 3482

control states). We estimate our tracker now covers c70% of US Spirits industry $ value.

Arnaud Autier

We believe this provides investors with the most comprehensive US Spirits industry

Associate Analyst

dataset on the sell-side (available upon request). arnaud.autier@ubs.com

+44-20-7901 6849

US Spirits category June trends improved compared to May; world cup effect

We present data for June, which shows Spirits industry value excl RTDs -2.3%,

improving vs May -5.5% showing Q2 -4.2% vs Q1 -4.5%. June volumes are less

negative -2.2% while price/mix -0.1% improved vs May -1%. per NielsenIQ ex RTDs,

June shows value trends were -3.3%, which compares to -0.1% per NABCA ex RTDs

selling day adjusted. Overall Q2 is sequentially better vs Q1 in Nielsen (-5% vs -5.3%)

and NABCA -2.6%. As noted in our most recent Nielsen report (link), world cup

supported industry trends. However, we note that in NABCA, comps in June was more

favourable and further helped.

Pricing and downtrading - price/mix still negative in June: Industry price/mix ex-

RTDs showed improvement across almost all categories, showing -0.1% in June, while

May was -1%.