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Sierra Nevada's strong start to 2025, fueled by its first-ever natl incentive program and core brand focus, propelled co to outperform craft segment and total beer all year as it focused most on core pillars while reinvesting in own capabilities and people, weathering the storm in a more challenging period for the category. So main message to distribs in co's recent virtual meeting: Sierra Nevada's "commitment will remain to beer. And not just beer, but making the best craft beer," said CCO Ellie Preslar to kick off. "While beer seems to have a little bit of a soft period, we do believe it is a cycle, and that through the focus and energy that we can bring with all of you, we can turn that around," she added. In a down industry, Sierra Nevada is "obsessively focused" on gaining share of total beer category, said CEO Pryce Greenow. Co's doing just that since he joined in 2024, finishing with shipments up 2% last year and continuing to grow $$ YTD in 2025 vs yr ago. Sierra Nevada $$ grew nearly 1% in tracked off-prem channels YTD thru early Aug, including growth in key channels like US Food, +0.6%, C-stores, +2.5%, and Club/Mass up nearly 5%, VP of Sales Jon Wilks highlighted. All-channel volume grew in 20 states thru July, including 43% of distribs up on volume, 50% that grew Sierra's effective distribution and 70% that grew Hazy Little Thing distribution. Hazy Little Thing IPA is on track to post its 8th consecutive year of growth, which is basically unheard of in beer innovation these days, Jon pointed out. As part of co's incentive program push, Hazy Little Thing on-prem volume grew 4% with distribution up 18%.Co's still fighting to get flagship Sierra Pale Ale back to growth, but it's encouraged to see Pale gain share in 25 of 43 states in NIQ xAOC data, and on-premise draft volume grew 6% in Q2 2025 with distribution up 11%. Newer pillars like Sierra Pils and non-alc are providing additional legs of growth while also keeping emphasis on legacy seasonal program strength. Execs expressed extra emphasis on incremental oppys for Sierra Pils in particular, with 2d-generation owner and chief brewer Brian Grossman touting its ability to "round out the portfolio," "really focused on the premium side of this beer." And co's continuing to innovate thoughtfully across the portfolio. All with new campaign "Taste What Matters" driving messaging across the portfolio going forward, noted VP of Brand Lesley Albright.Goal for Hazy Little Thing is to win more drinkers thru music-led occasions and tie-ins, looking to build out its Hazy Little Hideaway program across the country from major music fests to small retail and on prem accounts. Big Little Thing back to growth and improving trend by 16% from Apr-Jul 2025 vs Dec 2024 thru Mar 2025. Citra Little Thing IPA is the next Hazy Little Thing rotator, launching Nov thru Apr 2026. And refreshed Little Things variety pk, the "fastest growing [craft] variety pack" in US scans, will feature Rad Little Thing and Peachy Little Thing as exclusives to the pack.Sierra Pale Ale will narrow in on its mission to "protect the outdoors" thru relationship with Natl Park Foundation and more, and test unique 8pk of 16oz cans in NorCal and upstate NY, the "Perfect Pint Pack," to see if it can resonate more broadly. Trail Pass became the #2 craft NA beer portfolio behind only Athletic, outgrowing the category at +42% YTD thru 7/10 in NIQ. Co aims to keep gaining ground thru "Trail Your Way" campaign, featuring World Beer Cup gold-medal winning Trail Pass Hazy IPA alongside gold medalist Hazy Little Thing in communications, new non-alc mix pack with exclusive Trail Pass Juicy IPA in the mix, plus Golden, Brewveza and Hazy IPA. Brewveza will get a standalone 6pk in select mkts. Hop Splash recently launched new variety pk with refreshed portfolio. And Pils emphasis on 8.4oz serving size "is not a gimmick," sr director of insights and innovation Kyle Ingram stressed. This beer can "stand out from a crowd" and is "just getting started," partnering with renowned culinary foundation, James Beard, to give brand "culinary credibility" including exclusive events in LA, SF, Boston and NYC.New spring seasonal, Springfest IPA, will specifically focus on brewing a beer that "honor[s] the farmers and fields that make craft beer possible," as part of its bigger initiative to source half of all Sierra Nevada's ingredients thru sustainable farming by 2030. Torpedo family is getting a refreshed variety pk with two new exclusive SKUs, Dual Torpedo DIPA and Rye Torpedo IPA, nationally available Feb 2026. Pacific Torpedo is an all-new west coast IPA available in 6pk 12oz cans at 6.5% ABV in select mkts starting in Mar. But Sierra's experimenting beyond the core too, debuting West Ghost "Modern West Coast IPA," a 7.2% ABV beer that's been a best-seller at co's taprooms for yrs, testing in 4pk 16oz cans that sport a cartoon ghost on the label with an "intentionally differentiated" look and feel from "traditional" Sierra Nevada branding. And not talked about during the meeting, but brief showcase of a slide shows Sierra's interest in ~3%-ABV mid-strength beer too.Awarded Wholesalers by Tier: VA's Blue Ridge, UT's General, Keg 1 MO and PA's LT Verrastro Lookin' at the 2025 "wholesaler of the year awards" by tier, Blue Ridge Beverage in VA was the winner among distribs doing 100K cases/yr or more of Sierra Nevada biz. Its Sierra volume grew 11% including Hazy Little Thing up 12% and Sierra Pale up 2%. In the 50-100K cases/yr tier, General Dist in UT grew Sierra volume by 14% with on premise leading the way, up 26%, and total distribution up 40%. In the 20-50K cases tier, Keg 1 Missouri grew total volume nearly 23% for Sierra Nevada with total distribution up 14%. Hazy Little Thing surged up 42% in their territory. And among 1-20K cases/yr distribs, PA's LT Verrastro was awarded as it grew total volume by 41%, Hazy Little Thing up 120% and Pale Ale up 42% as on premise distribution rose 170%."Volatile" Mkt Could Continue "For Some Time"; "Stick to Our Guns" & "Reinvest" to "Carry Us Forward" The market "continues to be volatile" and they "anticipate [it] will be volatile for some time," CEO Pryce Greenow acknowledged. But Pryce and co vowed to bring "new news" to its "trusted staples," "better-for-you options" and "innovations" to win "incremental consumers." Bringing the right pack to the right account thru data-driven insights & sales tools is something Sierra takes "incredibly seriously," Pryce assured, restating co's "ambition" to be a trusted "craft-category captain." The natl incentive program success "really demonstrates where we're headed" and "what we can do together," and Pryce aims to be "properly resourced" at natl levels with "flawless" execution while driving "premium margin brands that have velocity" to build "mutually profitable, sustainable" growth. Being confident about craft and its role in beer is "incredibly important" to Sierra Nevada, added Pryce, citing Colin Powell's famous line on optimism as "a force multiplier." Gotta "remind people why they fell in love with craft," and Pryce asked distribs to "challenge us to make sure we're providing those selling stories" in a differentiated way."If we stick to our guns," Sierra Nevada will "weather this storm and come out stronger on the other side," said Brian Grossman. Co's "taking this time to reinvest in ourselves," and its "people, rounding out the team" with "the right people" as well as enhanced digital and production capabilities as co's "trying to modernize ourself" to "carry us forward for hopefully the next few generations," he declared.

Sierra Nevada Focused On Outperforming Beer, Leading in Craft, Investing for Future, Innovating Thoughtfully

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