CEO Jim Koch discusses recent trends and SAM's portfolio strategy

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CEO Jim Koch discusses recent trends and SAM's portfolio strategy

Flash Note Consumer | Global Beverages

May 12, 2026

The Boston Beer Company, Inc Robert Ottenstein Greg Porter 212-653-9020 212-653-9042

SAM | $188.54 Robert.Ottenstein@evercoreisi.com Greg.Porter@evercoreisi.com

In Line | Target Price/Base Case: $240.00 JD Todd

Company Update 212-812-2912

JD.Todd@evercoreisi.com

Jim Koch, CEO of Boston Beer, spoke at an industry conference earlier today. He expanded on SAM’s 4/30

earnings report, recent industry trends, and portfolio considerations. See more detail below:

▪ Investing to drive long-term growth, with focus on the Beyond Beer space

➢ Beer is ~15% of volume, with Beyond Beer now the company’s growth engine

➢ On a case equivalent basis, Beyond Beer is sold at a higher price point, which helps drive

margin upside and incentivizes distributors

➢ Alcohol industry is becoming more fragmented and premium

▪ Would “probably not” consider M&A, with Dogfish Head deal in 2019 a unique proposition

➢ The seller is usually the winner, and SAM believes it has unmatched innovation capabilities

▪ SAM focuses on the on-premise, which is the company’s strength and where brands are built

➢ SAM is +MSD% in the channel, outpacing the off-premise trends

▪ For Memorial Day weekend, the World Cup, and America 250, SAM is looking to leverage

branding of its portfolio to drive demand

➢ Doesn’t expect a “burst of consumption” and thinks it’s likely <1% lift to the category

➢ Expects better sales due to the branding / promo activity associated with the events rather

than the events themselves – e.g., using the events to get displays

▪ Need to stabilize growth, which starts with improvement for Truly

➢ SAM doesn’t have an answer yet but working to address how it can better compete with