Core Insights - Angry Orchard Hard Cider and Horror, Inc. have collaborated to create a short-form vignette titled "Sweet Revenge," featuring real fans as victims of the iconic horror character Jason Voorhees, marking a unique marketing strategy [1][2][3] Company Collaboration - The partnership aims to engage diehard fans by allowing them to participate in the filming, thus creating a memorable experience that aligns with both brands' identities [2][4] - The collaboration celebrates the 45th anniversary of the Jason franchise, enhancing brand visibility and fan engagement [15][19] Product Launch - Angry Orchard is introducing a new 12-can Thriller Variety Pack, which includes a new Blood Orange cider inspired by Jason, featuring glow-in-the-dark packaging [4][5] - The Variety Pack includes three new cider flavors: Blood Orange, Berry Bewitched, and Headless Pumpkin, alongside the returning fan-favorite Cinnful Apple [10] Marketing Strategy - The marketing campaign leverages social media to scout fans, creating a buzz around the collaboration and enhancing brand loyalty [2][3] - The limited-edition designs for the cans feature Jason's hockey mask, appealing to both cider lovers and horror fans [5][10] Distribution and Availability - The new products will be available at retailers nationwide starting September 1, with a focus on seasonal marketing [5] - Fans can view the "Sweet Revenge" vignette on the Angry Orchard website and the Jason Universe YouTube channel, integrating digital engagement into the marketing strategy [6]

The kit includes everything a commissioner needs to rule a league: a gavel to rule the draft, a coin to settle start- or-bench debates, an official commissioner's vest and a bottle cooler vest – because even your beer deserves to suit up. As a nod to the upcoming football season, fantasy fans can head to SamuelAdams.com to get their own Fall Legends Commissioner's Kit for $25.26 while supplies last [2]. ### "For me, fall officially begins when two things return: fantasy football and Samuel Adams Octoberfest ...

Leadership Change - Michael Spillane will step down as CEO of Boston Beer Company effective August 15, 2025, to focus on personal matters, but will remain on the board as a non-executive director [1][6] - Jim Koch, the founder and chairman of the board, will take over as CEO, a position he previously held from 1984 until January 2001 [2][6] Company Performance - Under Spillane's leadership, Boston Beer delivered one of its most profitable quarters in many years during the second quarter [3] Company Background - Boston Beer Company, founded in 1984, is one of the largest craft brewers in the United States, known for its high-quality products and innovation in the craft beer and flavored malt beverage categories [4][7] - The company has expanded its offerings to include hard cider, hard seltzer, and hard tea, with core brands such as Angry Orchard, Dogfish Head, Samuel Adams, Truly Hard Seltzer, and Twisted Tea [7]

Core Viewpoint - Starcore International Mines Ltd. reported strong financial results for the year ending April 30, 2025, with significant income from mining operations and positive outlook for the upcoming fiscal year [2][4]. Financial Highlights - The company reported revenues of $32.2 million for the year, an increase from $28.3 million in the previous year, representing a growth of approximately 10% [3]. - Income from mining operations for the year was $6.3 million, compared to $2.4 million in the previous year, indicating a substantial increase [3][4]. - The total income for the fourth quarter was $1.6 million, or $0.02 per share, while the total income for the year was $0.2 million, or $0.00 per share [4]. - Administrative expenses rose to $7.5 million for the year from $4.1 million in the previous year [3]. - The company reported total assets of $56.0 million, up from $52.0 million in the previous year [3]. Production Highlights - Gold production for the year was 8.3 thousand ounces, down from 9.4 thousand ounces the previous year, while silver production decreased to 49.3 thousand ounces from 58.0 thousand ounces [7]. - The mine operating cash cost per equivalent ounce was $1,936 for the year, compared to $1,686 the previous year [10]. - The EBITDA for the year was reported at $2.8 million, with an EBITDA margin of 8.6% [4][3]. Operational Insights - The company completed carbon circuit testing and announced recent acquisitions, which are expected to enhance operations in the coming fiscal year [2]. - The mine's gold recovery rate was 83.1% for the year, while the silver recovery rate was 53.0% [7]. Company Overview - Starcore International Mines focuses on precious metals production, primarily in Mexico, and is involved in exploration and development projects across North America and Côte d'Ivoire [8]. - The company emphasizes corporate social responsibility and aims to increase long-term shareholder value [8].

Company Overview - The Boston Beer Company, Inc. (SAM) is experiencing significant activity in the options market, particularly with the Sep 19, 2025 $115.00 Call option showing high implied volatility, indicating potential for a major price movement [1][3] Implied Volatility Insights - Implied volatility reflects market expectations for future price movements, suggesting that investors anticipate a significant change in Boston Beer shares, possibly due to an upcoming event [2][4] Analyst Sentiment - Boston Beer currently holds a Zacks Rank of 4 (Sell) within the Beverages - Alcohol industry, which is in the bottom 38% of the Zacks Industry Rank. Over the past 60 days, no analysts have raised their earnings estimates for the current quarter, while one has lowered the estimate from $4.82 to $4.77 per share [3][4]

Core Insights - Boston Beer Company, Inc. (SAM) reported second-quarter 2025 results with earnings per share of $5.45, exceeding the Zacks Consensus Estimate of $4.37 and showing a 241% year-over-year improvement [3][9] - Net revenues reached $587.9 million, a 1.5% increase from the prior-year quarter, but fell short of the Zacks Consensus Estimate of $597 million [4] - Despite a 5% decline in depletions due to economic uncertainty and adverse weather, the company gained market share through a diversified brand portfolio and strong innovation [2][7] Financial Performance - Gross profit improved by 9.8% year over year to $292.5 million, with gross margin expanding by 380 basis points to 49.8% [11] - Advertising, promotional, and selling expenses rose by 10.7% to $15.5 million, while general and administrative expenses decreased by 4.7% to $2.3 million [12] - Year-to-date depletions are estimated to have declined by 3% year over year, with distributor inventory levels deemed appropriate [10] Market Position and Guidance - The company raised its gross margin guidance for 2025, now projecting a gross margin of 46-47.3% including tariffs, up from the previous estimate of 44% to 46.5% [17] - Capital spending expectations have been reduced to $70 to $90 million, reflecting a more disciplined investment approach [19] - The company anticipates depletions and shipments to decline in the high single digits to low single digits for 2025, with price increases remaining unchanged at 1% to 2% [16]

Core Viewpoint - Boston Beer (SAM) reported quarterly earnings of $5.45 per share, exceeding the Zacks Consensus Estimate of $4.37 per share, and showing an increase from $4.39 per share a year ago, representing an earnings surprise of +24.71% [1][2] Financial Performance - The company posted revenues of $587.95 million for the quarter ended June 2025, which was 1.48% below the Zacks Consensus Estimate, compared to $579.1 million in the same quarter last year [2] - Over the last four quarters, Boston Beer has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Performance - Boston Beer shares have declined approximately 30.7% since the beginning of the year, contrasting with the S&P 500's gain of 8.1% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $4.77, with expected revenues of $595.8 million, and for the current fiscal year, the EPS estimate is $9.11 on revenues of $2.05 billion [7] Industry Context - The Beverages - Alcohol industry is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting that the outlook for the industry can significantly impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - Depletions in the second quarter decreased by 5%, while shipments decreased by only 0.8% compared to the previous year, primarily driven by declines in the Truly Hard Seltzer and Sam Adams brands [30] - Revenue for the quarter increased by 1.5% due to increased pricing and favorable product mix, partially offset by lower volumes [31] - Gross margin for the second quarter was 49.8%, an increase of 380 basis points year over year, benefiting from improved brewery efficiencies and price increases [31] - Earnings per share (EPS) was reported at $5.45, a 24.1% increase compared to the prior year [32] Business Line Data and Key Metrics Changes - Twisted Tea held share in the overall FMB category, with dollar sales declining by 4% in measured channels last quarter [15] - Sun Cruiser has quickly grown to a 4% share of the RTD spirits category and continues to grow volumes week over week as distribution expands [20] - Dogfish Head grew depletions in the second quarter for the first time in many years, driven by the successful launch of Grateful Dead juicy pale ale [25] - Angry Orchard returned to growth in depletions, driven by increased investment and new sponsorships [26] Market Data and Key Metrics Changes - The overall beer industry is estimated to be down over 4%, while the company gained share [8] - The hard seltzer category declined by 7% in dollars in the second quarter as consumer preferences shift towards more premium RTD spirits [22] - The Hispanic consumer segment has been under pressure, impacting overall volume performance [14] Company Strategy and Development Direction - The company is focusing on long-term growth opportunities in the Beyond Beer category, which represents over 85% of its volume [7] - Continued investment in brand support and innovation is emphasized, particularly for Sun Cruiser and Twisted Tea [10][19] - The company is committed to a disciplined approach to investments, only pursuing clear opportunities [10] Management's Comments on Operating Environment and Future Outlook - The management acknowledges a challenging macroeconomic environment, with factors such as economic uncertainty and poor weather negatively impacting consumer demand [6][7] - Despite near-term challenges, the management remains confident in the company's strategies and innovation pipeline to create long-term value for shareholders [11][28] - The company has updated its volume guidance to reflect a more dynamic industry environment, expecting volume to be down in the high single digits to low single digits for the year [33] Other Important Information - The company generated over $125 million in operating cash flow in the first half, enabling investments in brands and cash returns to shareholders [9] - The company ended the quarter with a cash balance of $212.4 million and an unused credit line of $150 million, providing flexibility for future investments [40] Q&A Session Summary Question: Update on business performance and Twisted Tea's decline - Management acknowledged a slow start to summer and noted that the industry is down 4-5%, but the company has gained volume and dollar share [46] - The decline in Twisted Tea is partially attributed to competition from the vodka tea category, but management believes the brand can recover as the market normalizes [49][51] Question: Clarification on updated guidance and depletion trends - Management explained that the updated guidance reflects softer depletion trends in Q2, leading to a wider range for future expectations [56][58] Question: Long-term growth potential for Sun Cruiser - Management expressed confidence in Sun Cruiser's growth potential, emphasizing a measured approach to its rollout and strong consumer reception [66][70] Question: Impact of tariffs on financial outlook - Management discussed the complexities of tariff impacts, noting adjustments based on supplier negotiations and changes in aluminum pricing [72][76] Question: Future gross margin potential - Management indicated that while current margins are strong, future performance will depend on tariff impacts and volume recovery [82][83] Question: Strategic actions in response to industry challenges - Management acknowledged the need for potential strategic actions in the industry due to ongoing structural headwinds [104]

Financial Data and Key Metrics Changes - Depletions in Q2 2025 decreased by 5%, while shipments decreased by only 0.8% compared to the previous year, primarily due to declines in Truly Hard Seltzer and Sam Adams brands, partially offset by growth in Sun Cruiser and Dogfish Head brands [28] - Revenue for the quarter increased by 1.5% due to increased pricing and favorable product mix, despite lower volumes [29] - Gross margin for Q2 was 49.8%, an increase of 380 basis points year over year, benefiting from improved brewery efficiencies and procurement savings [29] - EPS for Q2 was $5.45, a 24.1% increase compared to the prior year, driven by higher gross margins and lower share count [30] Business Line Data and Key Metrics Changes - Twisted Tea held share in the FMB category, with dollar sales declining by 4% in measured channels last quarter, while Sun Cruiser has quickly grown to a 4% share of the RTD spirits category [15][19] - Dogfish Head saw growth in depletions for the first time in years, driven by the successful launch of Grateful Dead juicy pale ale [23] - Angry Orchard returned to growth in depletions, supported by increased investment and new sponsorships [24] Market Data and Key Metrics Changes - The overall beer industry is estimated to be down over 4%, while the company's depletions were down only 3% in the first half of the year [8] - The hard seltzer category declined by 7% in dollars in Q2, indicating a shift in consumer preferences towards more premium RTD spirits [21] - Economic uncertainty and household budget tightening are negatively impacting consumer demand across the beer industry [7] Company Strategy and Development Direction - The company is focusing on long-term growth opportunities in the Beyond Beer category, which represents over 85% of its volume [7] - A culture of innovation has been built over 40 years, allowing the company to quickly adapt to consumer demand [7] - Increased brand investments are planned to support the national launch of Sun Cruiser and ensure the full portfolio is well-positioned for future industry improvements [10] Management's Comments on Operating Environment and Future Outlook - The management acknowledges a challenging macroeconomic environment, with factors such as economic uncertainty and poor weather impacting consumer demand [6][7] - Despite near-term challenges, the company remains confident in its strategies and team, focusing on brand investments and productivity initiatives [11] - The company expects shipment declines in the second half of the year as shipments rebalance in line with depletion trends [10] Other Important Information - The company generated over $125 million in operating cash flow in the first half of the year, enabling investments in brands and cash returns to shareholders [9] - The company has lowered its capital expenditure guidance for 2025 to between $70 million and $90 million, focusing on productivity programs [38] Q&A Session Summary Question: Update on business rate and Twisted Tea vs. Sun Cruiser - Management noted that the start of summer was slow, with industry depletions down 4-5%, but the company gained volume and dollar share [42][44] - Twisted Tea is experiencing a decline, but Sun Cruiser is expected to offset some of that loss as it attracts new consumers [47][48] Question: Clarification on updated guidance and depletion trends - The company widened its depletion guidance range due to the unpredictable market environment and softer Q2 depletions [94][96] - Management indicated that Twisted Tea is not expected to grow low single digits this year, with a decline anticipated instead [95] Question: Strategic actions in response to industry challenges - The company is exploring opportunities outside of alcohol but has not found attractive options yet [108] - Management is open to innovation and strategic moves but does not foresee immediate M&A actions [108] Question: Future gross margin potential - Management expressed confidence in maintaining high gross margins despite tariff headwinds and volume reductions [80][81] - The company is benefiting from a favorable product mix, particularly from Sun Cruiser [81] Question: Twisted Tea's long-term prospects - Management remains optimistic about Twisted Tea's long-term potential, despite recent challenges, and plans to continue strong support for the brand [90]

Exhibit 99 Investor Relations Contact: Media Contact: Nora Doherty Dave DeCecco (617) 368-5390 (914) 261-6572 nora.doherty@bostonbeer.com dave.dececco@bostonbeer.com BOSTON (July 24, 2025) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the second quarter ended June 28, 2025. Key results were: Second Quarter 2025 Summary: BOSTON BEER REPORTS SECOND QUARTER FINANCIAL RESULTS Year-to-date 2025 Summary: Capital Structure "Our depletions declined by 5% in the second quarter as ...