Beer Marketer's Insights - MAB Ready for M&A, Spirits RTD Push On Top of Core Fam Build, Innovation; 2 Mil Bbls of High ABV and Counting

Mark Anthony's goal for 2026 and beyond is "super clear": to provide "consistent volume growth" while "playing offense every single day," said prexy David Barnett during co's annual distrib meeting in Chicago. Yet volume growth remains elusive in 2025, he acknowledged. Since peaking at 114 mil cases in depletions (~8.3 mil bbls) in 2020, it gradually declined each yr since, on track to dip to 102 mil cases (7.4 mil bbls) in 2025. Despite shedding ~900K bbls in that time, revenue grew thruout that stretch. While White Claw is down from its peak, it still sells 68 mil cases/yr (just under 5 mil bbls) alone, 3x bigger than next largest total alc bev seltzer brand High Noon, co estimates. That singlehandedly changed MAB's standings within the industry since launching in 2016, taking co from under 1 share of US beer/malt volume to 4 share now. It's the 4th largest supplier in malt bevs and remains the clear-cut #1 RTD supplier with 25 share of flavor, still gaining distribution in 2025 while smaller and less efficient brands get weeded out and off the shelves. Execs shared these stats to celebrate how far co's come while also conveying their relative infancy compared to legacy beer cos/brands, and their David vs Goliath mindset with just 2 share of total alc bev volume. They laid out several areas of perceived oppy for White Claw, Mike's and Cayman Jack, envisioning that White Claw could reach 100 mil cases/yr or more by winning in more beer occasions, building distribution/sales in small format, on premise and thru innovation and high ABV. Meanwhile Cayman Jack has pathway from 12 to 20 mil cases. Mike's Harder is stable, but Mike's Hard is down 25% this yr, "not anywhere near our expectations," said David. Next yr will see new campaigns, partnerships, and passion points while "going all in on cans," discontinuing nearly all of its bottle SKUs despite them still making up 80% of the mix, seeking to attract younger LDA consumers. It will launch "really groundbreaking innovation" in Mike's Dirty Lemonade, lookin' to capitalize on non-alc bev trend getting lots of press lately.But the race is on to find its "fourth power brand," David underscored. That includes bigger oppys with brands built from the ground up like MXD high-ABV cocktails, retooling Mas+ by Messi and White Claw Zero Proof non-alcs after falling short of initial ambitious goals, and spirit RTDs like Dillon's and Ol&eacute;. The latter is going natl in 2026 in hopes to become a leader in tequila RTDs. Spirit RTDs are an area "which we need to get meaningful in," David emphasized. And now more than ever, co's thinking about M&A oppys in that space and beyond to achieve its goals. Co has "zero debts" and a "powerful balance sheet" that "allows us to expand rapidly in M&A," founder Anthony von Mandl pointed out. "We will get into the spirits RTD business in a far more meaningful way," Anthony promised, signaling oppys in innovation and M&A alike. There are "tons of M&A opportunities out there," chairman Phil Rosse added. And to be "perfectly crystal clear," Anthony has "no interest in selling the company," he declared once again. "I've doubled down."MAB Sees Bigger High-ABV Oppys w/ Mike's Harder, White Claw Surge, Cayman Jacked & MXD Mark Anthony has built out a leading portfolio in high ABV in recent yrs and keeps adding to the arsenal. Co's high-ABV portfolio (8%-ABV and up) is collectively on track to sell nearly 27 mil cases (~2 mil bls) in 2025, big enuf to rank among top 10 brewers in the US by itself. That's over 1/4 of MAB volume. Mike's Harder has maintained its steady leadership position at 14 mil cases, while 8%-ABV White Claw Surge is on track for 9 mil cases this yr. It's up 26% in scans this yr, including +40% on single-serves, and would be a top 4 hard seltzer across total alc bevs on its own, marketing veep Kevin Brady shared. But Kevin and co see pathway to reach "at least" 20 mil cases/yr from Surge alone.Then too, Cayman Jacked 10% ABV version is a top 10 FMB innovation this year. Next yr, the Jacked lineup will intro new green packaging that differentiates the product from original Cayman Jack lineup, making it a "much stronger proposition," said David. And highest ABV brew of the bunch, MXD depletions are up 8% this yr, on track for 1.5 mil cases. This line "should be much, much bigger," added David. Co's launching 4pks, testing in the Great Lakes region while looking to better compete with other high-ABV spirit-based canned cocktails that've caught on.Mark Anthony C-store Growth Makes Up for Most of Its Food/All Other Channel Declines Mark Anthony malt bev $$ are down just 0.4% with volume down 3% YTD thru Sep 7 in Circana multi-outlet + convenience data. In a tuff year for the industry, that's good enuf to gain nearly 0.2 share of total beer $$ in this dataset, 2d only to Constellation (tho gaining less share of volume). Virtually all of Mark Anthony's growth and share gain comes from its c-store performance this yr. In Circana c-stores, MAB $$ grew 3% including White Claw up 4%, Mike's Harder flattish and Cayman Jack up nearly 11%. But in foodstores and all other outlets (mostly Walmart, Mass Merch, Club, Drug and Dollar), MAB $$ sales were down nearly 5%. In foodstores, White Claw family $$ are off 5% and Cayman Jack flattish vs yr ago. Yet nearly 60% of MAB's MULC sales mix is in c-stores alone vs 27% in foodstores and 13% in all other channels. Big part of that outperformance in c-stores remains single-serves, which mktg veep Kevin Brady called "the growth engine of beer and bev alc right now" at co's distrib mtg. MAB single-serve portfolio is outpacing the industry, up 9% vs industry +6% and total White Claw brand fam is rivaling Modelo to become #1 single serve in the biz.Flavor On Track to Be #1 Segment in Beer; MAB Journey in Alc Bevs & Non-Alc "Has Just Begun" "This meeting is really important" for MAB, to "recalibrate where we are today and where we're going together," and "create a renewed sense of belief and commitment" in MAB, David stated in opening remarks. Flavor is on track to become the #1 segment in beer, projected to grow 4X the rate of traditional beer, wine and spirits to reach $25 bil in retail annual sales and 465 mil cases over the next 4 yrs, he highlighted. With MAB's efficient, leading portfolio in flavor, co currently has 4 of the top 30 beer brand families by $$ in natl scan data with White Claw #7, Mike's Harder #16, Cayman Jack #24, and Mike's Hard #29. White Claw (+0.2%), Mike's Harder (+0.7%) and Cayman Jack (+6%) are 3 of just 9 brands growing by $$ in that group of top 30 fams YTD thru Sep 28 in MULC. MXD recently became a top 100 brand fam too. Between these bets and new seeds planted for 2026 and beyond, Anthony and co remain "convinced our journey in both" alc bevs and non-alc "has just begun."

MAB Ready for M&A, Spirits RTD Push On Top of Core Fam Build, Innovation; 2 Mil Bbls of High ABV and Counting

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