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Sapporo-Stone "hit our numbers" and "did what we said we were going to do" in 2025, co's first year "free and clear" of any company-wide integrations and/or big capex projects, ceo Zach Keeling shared alongside chief revenue officer Tom McReavy yesterday. While there was still a bit of leftover impact from integration on 2025 shipments company-wide and strategic SKU cuts for Stone that led to an overall shipments dip for Sapporo-Stone, Sapporo brand rose low singles to 385K bbls in the US last yr. Depletions were much healthier company-wide as Sapporo brand grew high-single-digits, offsetting Stone's low-double-digit decline. Sapporo brand grew in 48 outta 50 states with PODs up 20% in off-prem channels, Tom added, in for another big increase this yr. For Sapporo brand, "everything's exciting right now," said Zach, as depletions rose double digits so far in early 2026. And after making "a lot of purposeful moves" to rightsize the Stone portfolio last yr, "we believe we can do better," said Zach. Only Top 100 Brand Accelerating Each of the Last 3 Yrs & Counting; Foodstore-Driven Here's the stat Zach and co wanna hang their hats on: Sapporo is the only top 100 brand in natl scans that's grown consecutively faster each of the last 3 yrs from 2023-2025, Zach underscored. And this yr it's accelerating in off-prem chains again as core Sapporo Premium Draft started out as the 87th largest brand in Circana multi-outlet + convenience with $$ up 15% (see Feb 5 issue). Growth is happening across channels, Zach and Tom stressed. But grocery remains the most developed channel by far, driven by its 12pk cans. In fact, Sapporo Premium Draft was already #62 beer brand by $$ in natl Circana foodstores, growing more than 30% YTD. That's driving virtually all of Sapporo's growth in scans.Kroger PODs Up More Than 30%; Publix PODs +25%; Sushi Counter & Lunar New Yr Displays; 19.2s Expanding There's still a lotta runway on distribution alone and co's picking up some major wins for spring resets. In Kroger stores, Sapporo points of distribution will increase by more than 30%, the 2d largest increase in PODs among import cos behind only Constellation. Publix is expanding placements by 25%. And more broadly, Sapporo's finding success driving unique displays next to sushi counters in grocery stores, and pushing the brand for Lunar New Year this Feb. Sapporo's ACV is still in the 40%-range overall while peers are in the 70s and 80s. C-store distribution has "always been tricky" for Sapporo brand, still just 5-6% ACV in that channel, but unique steel-body 19.2oz single-serve cans are "well positioned" at the right price point for both c-stores and on-prem venues, said Zach. Top chains like 7-Eleven and Circle K are "rallying behind" the pack, among others.Sapporo Nearly 75% of Asian Beer Mkt in US Scans; Looking to Compete with Other Top International Brands While there's growing competition from other Asian lager brands like Kirin Ichiban, Asahi and Tsingtao, Sapporo-Stone isn't thinking much about those competitors these days since it holds nearly 75% of total Asian beer sales in scans, gaining share of segment vs yr ago, Tom stressed. Instead, co set its "sights on some of the top import brands" in the country as the main benchmarks, he added. The "strategy is working" right now to build repeat purchases, working with distribs and retailers to "find those unique occasions" to get cases on the floor, bringing new people into the Sapporo tent thru partnerships like Ghost of Yotei Playstation video game, and "blocking and tackling" on execution with distribs to "stay relevant" and "grow distribution" in an increasingly complex mkt. With "even more heavy macro tailwinds" for Asian culture in the US thru movies, food, music, anime and more, plus strong execution, co feels this is "something that can be lasting."Moved to Hand Family in IL Too Asked about distributor networks that remain unconsolidated in many mkts for Sapporo and Stone brands, Tom acknowledged that "we have to always be thinking about this" in the current state of distribution landscape that's constantly evolving and consolidating on its own. Co made "thoughtful moves" that ended up being "ahead of the curve" in FL and DC last yr, switching from RNDC to Reyes (and more of JJ Taylor's territory). And it recently consolidated Chicagoland distribution, moving Sapporo brand to Stone's network with Hand Family Cos. Recall, Hand Family became Stone's largest distrib last yr when it acquired Stone Dist and Classic in SoCal last yr, tho Sapporo brand remains with Reyes in that territory. So between IL with Hand family and FL and DC with Reyes, Sapporo-Stone is showing some love to each of its key distrib partners. Co can have "strategic, thoughtful conversations" on a bigger scale, said Tom.No More Noise from Integration; "Revving Up the Car We'd Built" Nearly 3.5 yrs in since Sapporo bought Stone (closing on deal in late Aug 2022), there's no more noise from integrating the two cos, Zach underscored. There's a "really positive" working relationship with the parent co Sapporo Holdings including an upcoming board meeting with leadership in San Diego. Sapporo keeps piling up notable wins heading into 2026 spring resets. And Stone has gone thru tuffest part of refining its portfolio, execs noted, seeing positive performance from flagship Stone IPA to start the year as a result and planning to increase local mktg spend while testing seasonal program in SoCal and Stone IPA 15pks in TX and VA. Co still believes in the ability for Sapporo brand to double volume "if not more" from when Sapporo-Stone first formed, which would put it at or above 650K bbls alone, essentially as big as the total co was in 2025 on its own. The "investments are in the ground" and now it's about "revving up the car we'd built in both breweries," said Zach, "thankful" for its bi-coastal, US-based brewing footprint. While Sapporo-Stone remains "interested" in any oppys that may arise to expand its portfolio in the US thru M&A or otherwise, "for right now, we have two brands that we need to focus on," and have "our hands full," said Zach.

Sapporo STRs Up High Singles in 2025; Momentum Keeps Building as Stone Looks to Shore Up

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