Management attributed 2025 depletion declines of 4% to a 'black swan' year for the beer industry, driven by cautious consumer spending and pressure on Hispanic and lower-income demographics. The company successfully scaled Sun Cruiser into a top 5 RTD spirits brand, leveraging its on-premise strength where it represents over 40% of volume in some markets. Gross margin expansion of 410 basis points was driven by a multi-year productivity agenda, including increasing internal production to 86% of total ...