Financial Data and Key Metrics Changes - Depletions decreased by 1% compared to the first quarter of the previous year, while shipments increased by 5.3% [33][34] - Revenue for the quarter increased by 6.5% due to volume and price increases [34] - Gross margin for the first quarter was 48.3%, an increase of 460 basis points year over year, attributed to lower brewery processing costs and pricing savings [35][37] Business Line Data and Key Metrics Changes - Twisted Tea grew dollar sales by 1% in measured channels, maintaining over 86% market share in the hard tea category [17] - Hard seltzer category sales declined by 5% in the first quarter, with Truly's performance not meeting expectations [21][22] - Samuel Adams and Dogfish Head brands showed flat depletions, with Dogfish Head's new product launch achieving significant media impressions [24][25] Market Data and Key Metrics Changes - The broader beer category is experiencing a decline, with larger beer category down by 5% [18][22] - The hard seltzer category continues to decline, impacting Truly's performance [21] - The company noted a shift in consumer behavior, with health and wellness trends affecting the beer category [10][11] Company Strategy and Development Direction - The company is focusing on supporting category-leading brands, launching strong innovations, and expanding gross margins [11][12] - Increased advertising investment is planned for 2025 to improve market share trends and support new product launches [12][21] - The strategy includes nurturing core brands and pursuing fewer, better innovations while transforming the supply chain [14][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macroeconomic environment impacting consumer confidence and spending [10][11][81] - The company expects the beer category to remain relevant with growth opportunities in the "beyond beer" segment [10] - Future performance is anticipated to improve, particularly in the second half of the year, driven by summer selling season [46][108] Other Important Information - The company repurchased $61 million in shares year to date, with a remaining authorization of approximately $367 million [51][52] - Full year 2025 earnings per diluted share are expected to be between $8 and $10.50, with tariff impacts estimated at $20 million to $30 million [44][46] - The company is investing significantly in advertising for new products like SunCruiser, which has received positive feedback [27][28] Q&A Session Summary Question: Can you unpack the gross margin performance in the quarter? - Management indicated that stronger shipments contributed to the gross margin uplift, but the main driver was ongoing gross margin initiatives [55][57] Question: What is driving the cost pressure from tariffs? - Key components include the cost of aluminum and point of sale materials from countries with higher tariffs, particularly China [60][61] Question: How much did Sun Cruiser and Truly Unruly contribute to shipment volume? - Management did not break out specific contributions but noted that Sun Cruiser is meeting expectations and is margin accretive [66][67] Question: What gives confidence in Twisted Tea's growth after a slowdown? - Management cited heavy investments in advertising and the introduction of new products as key factors for expected growth [70][71] Question: Are there assumptions about changes in consumer demand due to tariffs? - Management stated that current guidance does not include changes in demand, as it is too early to assess [76] Question: What is the outlook for Twisted Tea and Truly? - Management emphasized ongoing innovation and marketing efforts to regain market share and improve performance for both brands [88][90]

Financial Data and Key Metrics Changes - Depletions decreased by 1% compared to the first quarter of the previous year, while shipments increased by 5.3% [33][34] - Revenue for the quarter increased by 6.5% due to volume and price increases [34] - Gross margin for the first quarter was 48.3%, an increase of 460 basis points year over year, attributed to lower brewery processing costs and pricing savings [35][37] Business Line Data and Key Metrics Changes - Twisted Tea grew dollar sales by 1% in measured channels, maintaining over 86% market share in the hard tea category [17] - Hard seltzer category sales declined by 5% in the first quarter, with Truly experiencing performance challenges [21][22] - Samuel Adams and Dogfish Head brands showed flat depletions, with Dogfish Head's new product launch achieving significant media impressions [24][25] Market Data and Key Metrics Changes - The broader beer category is expected to remain relevant, with growth opportunities in the "beyond beer" segment [10] - The hard seltzer category continues to decline, impacting Truly's performance [21] - The company noted a pullback in consumer spending, particularly among Hispanic consumers, affecting overall market dynamics [81] Company Strategy and Development Direction - The company is focusing on increasing advertising investments in 2025 to improve market share and support new product launches [12][10] - There is a commitment to innovation, particularly with the vodka-based hard tea SunCruiser and the expansion of Twisted Tea [15][27] - The company aims to enhance gross margins through procurement savings and improved brewery efficiencies [39][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macroeconomic environment, with inflation and economic uncertainty impacting consumer behavior [11][82] - The company expects to see positive depletions in the second half of the year, driven by increased brand support and marketing efforts [108] - Future guidance remains cautious, with anticipated tariff impacts and a dynamic market environment [44][46] Other Important Information - The company repurchased $61 million in shares year to date, with a remaining authorization of approximately $367 million [51][52] - Capital expenditures for 2025 are expected to be between $90 million and $110 million [51] Q&A Session Summary Question: Can you unpack the gross margin performance in the quarter? - Management indicated that stronger shipments contributed to the gross margin uplift, but the main driver was ongoing gross margin initiatives [55][57] Question: What is driving the cost pressure from tariffs? - Key components include the cost of aluminum and point of sale materials from countries with higher tariffs, particularly China [60][61] Question: How much did Sun Cruiser and Truly Unruly contribute to shipment volume? - Management did not provide specific breakout figures but confirmed that Sun Cruiser is meeting expectations and is margin accretive [66][67] Question: What are the main drivers of the slowdown in Twisted Tea? - The slowdown is attributed to increased competition and macroeconomic challenges, but management is confident in recovery through marketing investments [68][70] Question: Are you making any assumptions about changes in consumer demand due to tariffs? - Current guidance does not include changes in demand, as it is too early to assess the impact [76] Question: What is the outlook for Twisted Tea's growth? - Management is optimistic about reaccelerating growth through innovation and marketing, despite recent performance challenges [88][90] Question: Will you absorb the incremental tariff costs or take pricing action? - The company is assessing the situation and is prepared to implement solutions as needed, including potential pricing adjustments [96][97] Question: What is the distribution status of Sun Cruiser? - Most current volume is in untracked channels, with expectations to triple points of distribution in measured channels by mid-summer [99][100]

Boston Beer (SAM) came out with quarterly earnings of $2.16 per share, beating the Zacks Consensus Estimate of $0.78 per share. This compares to earnings of $1.04 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of 176.92%. A quarter ago, it was expected that this brewer would post a loss of $1.18 per share when it actually produced a loss of $1.68, delivering a surprise of -42.37%. Over the last four quarters, the company has s ...

Financial Data and Key Metrics Changes - Depletions decreased by 1% compared to the first quarter of the previous year, while shipments increased by 5.3% [22][7] - Revenue for the quarter increased by 6.5% due to volume and price increases [23] - Gross margin for the first quarter was 48.3%, an increase of 460 basis points year over year [24] - Earnings per diluted share (EPS) was $2.16, more than double compared to the prior year [25] Business Line Data and Key Metrics Changes - Twisted Tea grew dollar sales by 1% in measured channels and maintained an over 86% share in the hard tea category [12] - Hard seltzer category sales declined by 5% in the first quarter, impacting Truly's performance [14] - Samuel Adams and Dogfish Head brands achieved flat depletions, with Dogfish Head's Grateful Dead Juicy Pale Ale launch being particularly successful [17] Market Data and Key Metrics Changes - The broader beer category is expected to remain relevant, but inflation and economic uncertainty are significant drivers of recent weakness [8] - The hard seltzer category continues to decline, with Truly facing challenges in maintaining market share [14][15] Company Strategy and Development Direction - The company is focusing on supporting category-leading brands, launching strong innovations, and expanding gross margins [8] - Increased advertising investment in 2025 aims to improve market share trends and ensure successful product launches [9] - The strategy includes nurturing core brands and pursuing a "fewer things better" approach to innovation [10] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment is challenging, with inflation and consumer confidence impacting performance [8][62] - Management remains confident in the strategies and team in place to deliver on 2025 plans and generate long-term sustainable growth [9] - The company expects to see improvements in depletions in the second half of the year, driven by increased brand support [84] Other Important Information - The company has repurchased $61 million in shares year to date [7] - Tariffs are expected to have an unfavorable cost impact of approximately $20 million to $30 million in 2025 [29] - The company ended the quarter with a cash balance of $152.5 million and an unused credit line of $150 million [34] Q&A Session Summary Question: Can you unpack the gross margin performance in the quarter? - Management indicated that stronger shipments contributed to the gross margin uplift, but the main driver was ongoing gross margin initiatives [38][39] Question: What is driving the cost pressure from tariffs? - Key drivers include the cost of aluminum and point of sale materials from countries with higher tariffs, particularly China [41][42] Question: Can you break out the contribution of Sun Cruiser and Truly Unruly to shipment volume? - Management typically does not break out shipments by product but confirmed that Sun Cruiser is meeting expectations and is margin accretive [48][49] Question: What gives confidence in Twisted Tea's growth after a slowdown? - Management noted the presence of smaller competitors and emphasized ongoing investments in advertising and innovation to regain market share [52][53] Question: How is the company addressing changes in consumer demand? - Management acknowledged the impact of macroeconomic trends and consumer behavior changes, including reduced sociability and health concerns [62] Question: Will depletions flip positive in the second half of the year? - Management expects depletions to improve, potentially flipping positive in the second quarter or second half of the year [84]

Investor Relations Contact: Media Contact: Jennifer Larson Dave DeCecco (617) 368-5152 (914) 261-6572 jennifer.larson@bostonbeer.com dave.dececco@bostonbeer.com Exhibit 99 BOSTON BEER REPORTS FIRST QUARTER FINANCIAL RESULTS BOSTON (April 24, 2025) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the first quarter ended March 29, 2025. Key results were: First Quarter 2025 Summary: Capital Structure "Our business remained resilient despite subdued category trends," said Chair ...

Core Viewpoint - The Boston Beer Company is expected to report revenue growth for Q1 2025, but a decline in earnings year over year is anticipated [1][2]. Revenue and Earnings Estimates - The Zacks Consensus Estimate for revenues is $432.3 million, reflecting a 1.5% increase from the previous year's quarter [2]. - The consensus estimate for earnings per share (EPS) is 89 cents, indicating a decline of 14.4% from the year-ago quarter [2]. Challenges Facing the Company - Boston Beer is experiencing challenges due to a slowdown in the hard seltzer category and weakening demand for its Truly brand [3]. - Consumer preferences are shifting towards other beverage options and more affordable premium light beers, impacting Truly's performance [3]. - Macroeconomic factors such as inflation and reduced discretionary spending are contributing to a decline in hard seltzer volumes [4]. Shipment and Sales Performance - In Q4 2024, Boston Beer saw a slight drop in product shipments, primarily due to Truly Hard Seltzer's poor performance, although other brands like Twisted Tea and Hard Mountain Dew showed growth [5]. - For Q1 2025, shipments are expected to be stronger than usual due to inventory replenishment, but consumer takeaway is likely to remain flat year over year [6]. Strategic Positioning and Future Outlook - Despite current challenges, Boston Beer is positioned for improved performance through strong price realization and cost optimization initiatives [7]. - The company is focusing on strategic pricing, product innovation, and brand development to enhance its market position [8]. - Boston Beer is expanding its presence in the Beyond Beer category, which is expected to continue growing and solidifying its competitive edge [8]. Valuation Perspective - Boston Beer stock is trading at a premium with a forward 12-month price-to-earnings ratio of 22.26X, compared to the industry average of 16.01X [11]. - The stock has shown a downward trend, losing 4.6% in the past three months, while the industry has grown by 15.5% [11].

Wall Street expects a year-over-year decline in earnings on higher revenues when Boston Beer (SAM) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 24. On th ...

Core Insights - Sun Cruiser Iced Tea & Vodka is expanding its product line with the introduction of Sun Cruiser Lemonade & Vodka, featuring four flavors made with real fruit and premium vodka, targeting the growing demand for refreshing, spirits-based beverages [1][2][3] Product Details - The new Sun Cruiser Lemonade & Vodka lineup includes four flavors: Lemonade, Pink Lemonade, Strawberry Lemonade, and Lemonade + Iced Tea [7] - Each 12 oz. serving contains 100 calories, 1g of sugar, and has an alcohol by volume (ABV) of 4.5%, making it a light and refreshing option for summer activities [3] Market Position - Sun Cruiser has quickly established itself as the 1 new ready-to-drink (RTD) brand family of 2024 and holds the title of the fastest-moving vodka iced tea 8-pack in its Classic Iced Tea style [2][3] - The brand was recently awarded Best Alcoholic Beverage at the Bar & Restaurant Expo in Las Vegas, indicating strong market acceptance and consumer preference [2] Brand Strategy - The expansion into lemonade products is aimed at enhancing the brand's appeal to consumers seeking high-quality, spirits-based options for outdoor and social occasions [3][5] - Sun Cruiser is marketed as a companion for spontaneous fun and adventure, aligning with lifestyle trends that favor casual, outdoor drinking experiences [3][5] Company Background - The Boston Beer Company, founded in 1984, is recognized as one of the largest craft brewers in the U.S., with a diverse portfolio that includes not only beer but also hard cider, hard seltzer, and hard tea [6] - The company emphasizes quality and innovation in its product offerings, leveraging its experience in craft brewing to develop new beverage categories [6]

The Boston Beer Company, Inc. (SAM) , a prominent player in the craft beer industry, is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 21.45X, which positions it at a premium compared with the industry’s average of 15.22X. The valuation indicates that the stock is overvalued.Image Source: Zacks Investment ResearchBoston Beer’s shares have plunged 11.8% in the past six months, slightly outperforming the industry’s 15.2% dip but underperforming the broader Consumer Staples sector, ...

Core Viewpoint - Investors in the Beverages - Alcohol sector should consider Molson Coors Brewing (TAP) as a more attractive option compared to Boston Beer (SAM) for undervalued stocks [1] Valuation Metrics - Molson Coors Brewing has a Zacks Rank of 1 (Strong Buy), while Boston Beer has a Zacks Rank of 5 (Strong Sell), indicating a stronger earnings outlook for TAP [3] - TAP has a forward P/E ratio of 9.42, significantly lower than SAM's forward P/E of 23.20, suggesting TAP is undervalued [5] - TAP's PEG ratio is 1.55, while SAM's PEG ratio is 1.92, indicating TAP's expected earnings growth is more favorable [5] - TAP's P/B ratio is 0.92, compared to SAM's P/B of 3.01, further highlighting TAP's relative undervaluation [6] - TAP has a Value grade of A, while SAM has a Value grade of D, reinforcing the conclusion that TAP is the better investment option for value investors [6]