Investment Rating - The report indicates a negative trend in the total alcoholic beverage market, with a decline of -3.9% in sales for the two weeks ending May 31, 2025, compared to previous periods [1]. Core Insights - The total alcoholic beverage market is experiencing continued pressure on volumes, with a worsening trend of -5.9% in volume sales against a slight pricing growth of +2.2% [1]. - The beer category specifically saw a decline of -4.2% in sales, with volume down -5.8% and pricing growth remaining flat at +1.5% [2]. - The FMB (Flavored Malt Beverages) category faced a significant decline of -8.0% in sales, with hard seltzer sales down -10.5% [3]. - Spirit-based RTD (Ready-to-Drink) sales showed some growth at +12.8%, while wine-based RTD sales increased by +32.5% [6]. Summary by Category Total Alcoholic Beverage Market - Total U.S. market sales reached $73.699 billion, with a year-over-year decline of -3.9% in dollar sales and -5.9% in volume [7]. Beer Category - The beer category accounted for $38.656 billion, with a sales decline of -4.2% and volume down -5.8% [7]. - Notable brands like Bud Light experienced a significant sales drop of -10.8% year-over-year [2]. FMB and Hard Seltzer - The FMB category saw a decline of -8.0%, while hard seltzer sales decreased by -10.5% [3]. - Brands like Truly faced a substantial decline of -21.2% in sales [3]. Spirits and RTD - Spirit-based RTD sales increased by +12.8%, while wine-based RTD sales grew by +32.5% [6]. Promotional Spending - Total U.S. market promotional spending across alcoholic categories was 23.9%, remaining below 2019 levels [9].

Group 1 - Heineken Holding N.V. has initiated a share buyback program with a total value of approximately €750 million, of which the first tranche is up to €375 million [1][2] - As of April 11, 2025, a total of 556,151 shares have been repurchased under this program, amounting to a total consideration of €37,678,728 [2] - The average price for shares repurchased from April 7 to April 11, 2025, was €63.36, with a total of 72,990 shares bought during this period [1] Group 2 - Heineken Holding N.V. is primarily engaged in managing its interest in Heineken N.V. and does not conduct other activities [4] - The company is recognized as the world's most international brewer, with a diverse portfolio of over 340 beer and cider brands [4] - Heineken employs over 85,000 individuals and operates production facilities in more than 70 countries, emphasizing sustainability and innovation in its business practices [4]