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About 2 months in, this continues to be a very different start to the year in tracked off-prem channels, peppered with growth thruout the beer industry from cos of all shapes and sizes. Majority of top beer companies grew $$ yr-to-date thru Feb 22 in Circana multi-outlet + convenience, with top 25 beer vendors collectively up 1.5% by $$ with flattish volume. They represent 94 share of total beer $$ and 96 share of volume in this data. All other cos collectively grew a bit faster, up 1.9% by $$ with volume up 0.3%. Tho both groups saw sales dip in latest 4 wks, with long tail off a bit more (-0.7%) than top 25 (-0.4%). 3 of Top 4 Brewers Up YTD; STZ is Top Sales & Share Gainer; AB $$ Still Up 1% for 4 Wks w/ Spirits Three of the top 4 brewers &mdash; AB, Constellation and Mark Anthony &mdash; grew both $$ and volume YTD, with only MC down and shedding share. Constellation pulled further ahead as the industry's largest sales and share gainer thru Feb 22, with $$ up 5% and volume up 4% for the 8-wk period. Gained 0.65 share of $$. Gotta note, better trends in 2026 put STZ beer $$ up 3% with volume up 2% for 12-wk period, $$ nearly flat with volume down less than 2% for running 52 wks in scans that mirror co's fiscal Q4 (Dec-Feb) and full fiscal yr (Mar 2025 thru Feb 2026). Scans indicate a strong close to a more challenging chapter. Tho perhaps overstated in these channels vs all-channel, that's a heckuva outcome for STZ's relative year from hell.For latest 4 wks, Constellation and Mark Anthony $$ still grew more than 3% while AB's beer/malt sales declined slightly and MC slipped 4% for period as industry trends slowed. AB still managed to gain share, albeit slightly less than last yr. AB $$ share up 0.07 for 4 wks and 0.14 YTD, compared to 0.26 for 12 weeks thru Dec 28 and 0.17 for full yr 2025. Yet AB total alc bev sales remained up more than 1% for last 4 wks and +3.5% YTD, even before tacking on incremental BeatBox biz as that deal officially closed last wk. Cutwater and NUTRL add ~1.5 pts to AB's trend, accounting for over 3% of AB's $$ mix in these channels. Mark Anthony $$ sales up 5% and it gained more share than AB. Up 0.22 to just over 7 share YTD.Diageo Beer Led Next Tier of Top Gainers Among the slew of other top growth cos, Diageo Beer led the pack. Its $$ sales were still up 8% with volume up nearly 7% yr-to-date, barely slowin' in the latest 4 wks with Smirnoff Ice fam leading the charge in scans and Guinness fam up solidly. DBC's growth has been even stronger all-channel with major Guinness gains on premise, recently touted as "the fastest-growing beer in bars and restaurants across America" as co announced new limited-edition collab with PopUp Bagels for Guinness Chocolate Stout Cake Schmear in period surrounding St Paddy's Day.Then too, Kirin-Lion still off to a much better start this yr, up 4.5% by $$ with both New Belgium (+7%) and Bell's (+2%) posting healthy gains. Geloso and Athletic maintained steady trends thruout, up 9% and 19% YTD. Happy Dad remains the fastest grower among top 25 beer cos in MULC with $$ up nearly 37%. Phusion Projects is posting a solid 6% gain YTD, perhaps makin' an extra push as owners dress it up for a potential ~$400-mil sale. Sapporo USA grew 2% for the year, driven entirely by Sapporo Premium Draft, one of the rare brands top beer brands that accelerated in latest 4 wks, improving to +16.5% YTD. Sazerac malt bevs accelerated for last 4 wks too, improving to $$ up 0.5% for the year.

Growth Still Comin' from Both Top Cos and Long Tail YTD Thru Feb 22 in MULC Despite 4-Wk Pullback

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