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AB's Mich Ultra and Busch Light remain the top 2 growth brands in beer this year thru most of April scans. Mich Ultra grew 5.4% to 33 mil cases while Busch Light grew 3% to 20 mil cases YTD thru Apr 20 in Circana multi-outlet + convenience data. Mich Ultra Zero is AB's other big growth brand this yr, adding nearly 337K cases of incremental sales YTD. Collectively those 3 brands gained 2.6 mil cases and snagged an incremental 1.2 share of total beer volume. They account for 35% of AB's beer volume in MULC. Yet AB volume still slipped 4% in scans YTD and gained just 0.1 share of volume in a down industry. So all other AB brands collectively declined 8%, 9 mil cases and shed 1.1 share. Bud Light Family Down 10%, 4.4 Mil Cases; Core BL Volume -9.5%, Extensions Down 16% Bud Light and all of its extensions (Chelada, Platinum, Lime, Seltzers, Next, etc.) account for nearly half of those drops. They collectively slipped 10%, 4.4 mil cases YTD. Bud Light down 9.5%, 3.7 mil cases to 35.4 mil cases total. Remarkably, Bud Light's still the #1 brand by volume in Circana MULC channels. Tho Mich Ultra (33 mil) and Modelo Especial (30 mil) are hot on its tail (and all-channel is another story). Bud Light Seltzer (-57%), Platinum (-10%), Lime (-11%), Next (-23%) and Platinum Seltzer (-18%) are the other main drags on volume for Bud Light family, shedding another ~580K cases between 'em YTD. Bud Light Chelada family lost over 50K cases, but volume is down just 4% vs yr ago, holding share of industry volume, including original Bud Light Chelada down just 1% and Chelada Extra Lime up 3%. In scans, there are still 52 Bud Light brands tracked, tho over 3/4 are down steep double digits and/or in the process of getting phased out. Four brands, Bud Light (91%), Bud Light Chelada original (2.8%), Bud Light Platinum (2.5%) and Bud Light Lime (1.6%), account for 98% of Bud Light family's volume.Budweiser & Natty Fams Collectively Shed Near 3 Mil Cases YTD Budweiser and Natural Light/Natty Daddy brands have been another tuff drag on AB sales so far this yr. Core Budweiser volume declined 8%, 1.45 mil cases and Natty Light volume slipped 6%, nearly 900K cases. Bud extensions like Zero (-1%), Chelada (-10%), Select (-8.5%) and Select 55 (-9%) collectively lost another 100K cases or so. And while Natty Daddy grew 3%, other extensions like Natty Ice (-10%) and Naturdays (-46%) wiped out that growth. Altogether, Budweiser family declined 8%, 1.55 mil cases and Natty family slipped 6%, 1.3 mil cases.Other Busch & Mich Ultra Brands Down Nearly 1 Mil Cases Aside from flagship Mich Ultra, Mich Ultra Zero and Busch Light, other brands in those respective families were soft too. Busch regular volume slipped 11%, 725K cases, Busch Ice (-6%) shed another 46K cases YTD, and return of Busch Light Apple hasn't yet kicked in enough to offset Busch Light Peach (but it's ramping up quick). Busch NA grew 1.5% off a relatively small base. Other Mich Ultra extensions collectively down 9%, ~180K cases, primarily from Mich Ultra Seltzer (-24%), Lime Cactus (-7%), Infusions (-85%) and Amber Max (-64%). Pure Gold volume is flattish and remains Ultra's biggest extension. These Busch and Mich Ultra extensions collectively shed over 960K cases so far this yr.Stella Soft Post Super Bowl & Estrella Dipped as AB Craft Stabilizing; FMBs Down 2% AB's High End and beyond beer malt bev biz units are mixed bags this yr, but ultimately shedding volume and share as well. Stella Artois, AB's 2d largest above premium brand behind Mich Ultra, is down 8%, 200K cases. Stella 0.0 continues to grow double digits (+24%) off a small base, but far from offsetting flagship Stella's dip. After yrs of growth, AB's main Mexican lager in the US, Estrella Jalisco, slipped 5% YTD including an 8% decline for last 4 wks.On the other hand, several AB craft brand families are growing in scans including Goose Island, Elysian, Wicked Weed and Four Peaks. Other focus brands Kona Big Wave and Golden Road Mango Cart continue to grow too, but their total brand fams are down this yr amid SKU rationalization. And Devils Backbone, Wynwood, Omission, Cisco and Platform are all down double digits. So net-net, AB craft volume is down 1% but gaining share. Similarly, AB flavored malt bev portfolio is down 2% YTD in 2025. Cantaritos hard sodas (-46%) plus discontinued brands are wiping out growth of Ritas (+7%), MD 2020 Spiked (+40%), Hoop Tea (+74%) and other new brews. AB FMBs are collectively losing share of the segment but outpacing industry declines as co continues to fine-tune its portfolio.Culling Brands/SKUs as AB Maintains Megabrand Focus There are other puts and takes across AB's wide-ranging portfolio, whether it's Rolling Rock and O'Douls declines or King Cobra and Ziegenbock gains. Plus, Cutwater and NUTRL's consistent double digit growth and new Skimmers vodka tea play a bigger role in AB's total alc bev sales these days, accounting for about 2% of AB's alc bev $$ mix. AB's still working thru rightsizing the longer tail of its portfolio while maintaining focus on its megabrands and innovating on a smaller scale during earlier stages. That's still weighing on co's overall sales in early 2025. But AB megabrands - Mich Ultra, Busch Light, Bud Light, Bud, Stella Artois, Kona Big Wave, Estrella Jalisco, Cutwater and NUTRL - are collectively down just 2.5% by volume with $$ down 1% YTD in MULC. Can AB bring that key group of brands back to growth? How long might it take to get there?

Mich Ultra, Busch Light & Mich Ultra Zero Collectively Up 2.6 Mil Cases YTD; All Other AB Brands Down 8%, 9 Mil Cases in MULC

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