Fresh from their rather somber state-of-the-industry presentation, SipSource analysts Danny Brager and Dale Stratton help identify whether there are any areas of growth and promise in the wine and spirits business. Topics include:

• The performance of wine and spirits depletions in 2025 and the outlook for 2026.
• The surprising resilience of RTD growth rates.
• Prosecco's continuing strong performance.
• The wine industry trying more innovative marketing strategies.
• The importance of finding the right packaging formats.
• If consumers actually want low-alcohol products or if they want low-calorie and low-sugar products.

Have a question, qualm, or story to tell? Reach out via email: [email protected]

Sign up to access our written research: RaboResearch sign-up

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

Oliver Winery is one of the largest wine businesses in the United States. It is located in Indiana. In this episode, CEO Pat Brown shares how the unusual origins of the business have helped the company capture consumers who would otherwise be overlooked by the wine business, as well as the advantages of operating a winery outside the West Coast.

Have a question, qualm or story to tell, reach out via email: [email protected]

Sign up to access our written research: RaboResearch sign-up

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

Danny Wirtz, Co-Chairman of Breakthru Beverage Group, discusses how brands are rethinking national agreements and what success looks like when performance, not footprint, are the primary concern for suppliers' route-to-market strategy. Themes from the episode:

• How did Breakthru shift strategy after a planned merger with Republic National Distributing Company was terminated in 2019?
• What does geographic expansion look like in the current market? What is driving decisions about footprint?
• Are suppliers deprioritizing a national footprint? Are there still benefits from those national partnerships?
• How is the push from beer wholesalers and Reyes Beverage Group changing the strategies of wine and spirits wholesalers?
• What are Danny's thoughts, as CEO of the Chicago Blackhawks, about the boost his sport has received from the international phenomenon Heated Rivalry?

Have a question, qualm or story to tell, reach out via email: [email protected]

Sign up to access our written research: RaboResearch sign-up

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

We caught up with Francis Creighton, President and CEO of Wine & Spirits Wholesalers of America, on the floor at this year's Access Live conference in Las Vegas. In addition to helping its members navigate a very difficult business environment, the lobbying group representing US wine and spirits wholesalers in the US has a full advocacy agenda. Francis quickly brings us up to date on its legislative priorities and how wholesalers are dealing with the tough times.

Have a question, qualm or story to tell, reach out via email: [email protected]

Sign up to access our written research: RaboResearch sign-up

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

The team from Beer Business Daily and Beernet Radio offer candid coverage of the tumult and upheaval in the US beer wholesaler business.

In this episode, we touch on the following topics:

• How are big brands (AB InBev, Molson Coors, Constellation Brands) applying pressure differently to their wholesaler networks?
• What is the outlook for hemp beverages (né marijuana edibles)? Will they be legal in 2027, and are they actual profit drivers for wholesalers?
• Will wholesalers continue to diversify away from beer? Should this concern the biggest brands in their portfolio?
• Are wholesalers seeing a clear impact from the Trump administration's immigration crackdown?
• Should beer wholesalers move more aggressively into wine and spirits? Should those businesses be run separately from their beer business?

Have a question, qualm, or story to tell, reach out via email: [email protected]

Sign up to access our written research: RaboResearch sign-up

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

Economics power duo Jane Foley and Christian Lawrence return to discuss the first 12 months of the Trump administration and the 2026 outlook for economies in the US and Europe. As always, the conversation is far-reaching, touching on:

• The AI boom and its impact on business operations and economic growth.
• Inflation and the legacy of higher food, housing, and healthcare prices.
• Interest rates, currencies, and the threats to an independent Federal Reserve.
• The waning predictive power of consumer confidence surveys.
• The incomplete and lasting impact of tariffs and Trump's challenge to the geopolitical order.
• The impact of immigration policies on population growth and economic activity.

Have a question, qualm, or story to tell, reach out via email: [email protected]

Sign up to access our written research: RaboResearch sign-up

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

In this episode, we're joined by analyst Francois Sonneville and relationship manager Jonathan Magel to discuss the biggest news stories from the past 30 days, including:

1. The US issues new dietary guidelines for alcohol consumption. Will it impact consumption or regulatory pressure?
2. The CEO of Heineken will be stepping down later this year. Virtually every major alcohol business has seen executive turnover in the last 18 months. Does this signal a shift in our expectations for a quick return to growth or a resignation that the problems are more structural?
3. Recent reports suggest Republic National Distributing Company, the second-largest wine and spirits wholesaler in the US, will sell operations in seven states to Reyes Holdings, famously not a wine and spirits distributor. Could this signal an end or just the beginning of upheaval in the US wholesaler landscape?
4. The advent of GLP-1s in pill form and the lower pricing will inevitably lead to higher uptake. Should beverage companies have a "GLP-1 strategy"?

Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: [email protected]

Check out the rest of our written research: rabobank.com/knowledge

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

The end of 2025 marks the end of an era. Our dear friend and cohost Jim Watson returns for one last episode. We celebrate 10 years of ingenious, unparalleled drinks industry coverage with a very special episode, discussing the biggest story from each year of the past decade. And if you've appreciated Jim's work over 125+ episodes of this show, you should thank him directly at: [email protected].

Tune in to learn something and remember some pivotal beverage industry moments as we break down:

2016: The Anheuser-Busch acquisition of SABMiller

2017: Marijuana legalization in Canada and the US

2018: The Keurig Dr Pepper merger and the broader category blurring in soft drinks

2019: The year hard seltzers and RTDs took craft beer's momentum

2020: Ugh… nothing in particular

2021: The year of revenge spending and crazy valuations

2022: The year inflation took over the world

2023: The fallout from the anti-trans backlash against Bud Light

2024: The year of plummeting valuations and the wine and spirits industry starting to panic

2025: Trump Tariffs and RNDC pulling out of California

Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: [email protected]

Check out the rest of our written research: Rabobank.com/knowledge

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

Special guest Richard Withagen (Equity Analyst at Kepler Cheuvreux) joins us as we review the latest earnings results from the spirits industry (Diageo, Pernod Ricard, Brown-Forman, Campari, Rémy Cointreau, and Becle). Alongside individual company results, we discuss the broader impact of regulation on spirits sales, how long a transitory/cyclical downturn can be before it is considered structural, the sharp shift in fortunes between geographies, and the difficulty of off-loading unwanted brands when literally everyone else is doing the same thing.

Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: [email protected]

Check out the rest of our written research: rabobank.com/knowledge.

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

Craft spirits companies have seen an abrupt shift in fortune. Loaded with debt, rising cost of goods sold, and declining demand, many are struggling to survive. With help from our expert panel, we explore the greatest challenges craft distillers are facing and some of the financial and strategic decisions that could prove the difference between closure and living to sell another year. Guests on today's episode: Maria Pearman – Advisory Partner / fractional CFO, GHJ

Margie Lehrman – CEO, American Craft Spirits Association

Becky Harris – President & Chief Distiller, Catoctin Creek Distilling Company.

Want to sign up for our written research? Have a question, qualm or story to tell, reach out via email: [email protected]

Check out the rest of our written research: rabobank.com/knowledge

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

The odds are stacked against them. They have less money, less influence with distributors, and fewer R&D resources to alchemize the perfect drink, yet smaller RTD brands are going toe-to-toe and often winning the race to capture the fastest-growing space in the beverage alcohol business.

In this episode, Evan Burns, CEO at The Finnish Long Drink, and Clement Pappas, cofounder and CEO of Stateside Brands – the company that owns Surfside – explain how, against all odds, they built successful brands in the face of powerful competition. They share some of the hidden advantages that independent brands have over the powerful yet lumbering incumbents.

Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: [email protected]

Check out the rest of our written research: rabobank.com/knowledge.

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.