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As AB holds Mich Ultra pricing relatively flattish in off-prem channels for the 3d consecutive yr, its price gap with Bud Light and other top premium lights has notably narrowed. Increasingly, Mich Ultra 24pks (suitcases) are showing up in various mkts at similar or lower prices than Bud Light, Miller Lite and Coors Light during key holiday periods, especially in largest chain Walmart. Moves like this are pinning Mich Ultra closer to "mainstream" positioning from a pricing perspective. But whatever it's doing is working. Mich Ultra $$ and volume continue to grow more than any other beer brand this year as it pulls further ahead of the pack as the largest beer brand by volume in the US. Mich Ultra avg price/case rose just 0.4% in 2024, 2025 and 2026 YTD vs prior yrs in Circana multi-outlet + convenience data, currently averaging $29.64 per case. That's less than $4 ahead of Bud Light's $25.72 per case. As recently as 2019-2020, Ultra was over $5/case more expensive than Bud Light on avg. But gap narrowed by almost 1/4 since. Bud Light price/case rose nearly 3% in 2021, 5.6% in 2022, 3.8% in 2023, 1.6% in 2024 and a little over 1% in 2025 and YTD 2026 while Ultra % increases consistently trailed Bud Light's by around 1 pt each yr.Gap didn't close quite as much with MC's Coors Light and Miller Lite, currently selling at $25.26/case and $24.91/case on avg. But both Coors Light and Miller Lite prices continue to rise over 1% vs yr ago in 2026 scans, outpacing Ultra price increase. Bud Light, Coors Light and Miller Lite avg prices each rose about $4/case, 18-19% since 2019 vs Mich Ultra up $3/case, 11% same time. Side note, Bud Light price gap is widening a bit vs MC light lagers this yr; nearly $0.50/case more than Coors Light and over $0.80/case more than Miller Lite YTD.Mich Ultra 24pks Lower than Bud Light in Walmarts Thruout Multiple Mkts How's all that playing out in mkt? For the holidays at least, it's becoming relatively commonplace to find Mich Ultra 24pks at lower prices than Bud Light in certain big chains across several states. Particularly in largest chain Walmart, where Ultra suitcases were priced lower than Bud Light across FL, MI, NC, IA, AL, plus Dallas, TX and upstate NY, among other mkts INSIGHTS spotted. Goin' anywhere from $19.87/case in Dallas stores, $20.53 in MI, $20.57 in NC, $22.37 in FL and IA, or $22.73-22.83 in upstate NY. That's without rollbacks in NY. In SoCal, Mich Ultra 24pks were on sale for just $16.87, $2.50 lower than Bud Light/Bud 24pks there. But 36pks of Bud Light/Bud were on sale for just $23.57, still lower-priced per can.Other instances of Ultra nearing premium light levels were spotted in Chicago Jewel Osco, with Bud, Miller, Coors, Michelob and Yuengling suitcases all on sale for just $13.99 each when you buy two. In MI Meijers, Mich Ultra was on sale for $14.99 with a $6 rebate, $0.50 above Bud Light, Miller Lite, Coors Light 24pks on sale for $14.49 with a $5 rebate. But thruout the country, there are plenty of markets where Ultra 24pks were still higher-priced. And smaller packs of Mich Ultra are still universally priced above premium lights, as far as we've seen.Mich Ultra $1.65 Below Total Beer's Avg Price/Case; Pulling Away as #1 Brand by Volume As the beer industry continues to premiumize at a faster pace, Mich Ultra is now $1.65 below total beer's avg price/case. Back in 2019, Ultra was nearly $2 above total beer avg price, which was then just $24.73 in MULC. But total beer rose more than $6.50/case since then vs Ultra up $3. So the script flipped in relatively short order, gradually shifting away from the distinction of being a "high-end" brand, even if it remains "above premium." That's as it takes greater hold of the reins as the #1 beer brand by volume. Its volume grew 6.7% to 45.6 mil cases YTD thru May 17 in Circana multi-outlet + convenience data, almost 5mil cases ahead of Bud Light and over 5 mil cases ahead of Modelo Especial in these channels. Modelo Especial still #1 by $$, ahead of Ultra by almost $150 mil YTD with avg price nearly $7.50/case higher. But Ultra's growth is rapidly narrowing that gap.

Is Mich Ultra Becoming "Mainstream"? Price Gap vs Premium Light Keeps Narrowing; Suitcases Below Bud Light in Several Mkts for Memorial Day; Sales Remain Red Hot

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