Brewers Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › BREWERS

Operators Spend on Capacity and Mix While the Market Marks Brewers Down

What moved, what companies announced, and what the transaction record showed across September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Brewers Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › BREWERS

   Cover slide introducing the Brewers bi-weekly industry events & M&A update for September 14–28, 2026.

   We open with the two-week snapshot for Brewers, covering what changed, who moved, what transacted, and what it means. This sets the frame clients need before we walk through price moves, company news and the deal record in detail.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › BREWERS Operators Spend on Capacity and Mix While the Market Marks Brewers Down What moved, what companies announced, and what the transaction record showed across September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Brewers Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Capital Went into Breweries and Product Mix While Every Covered Name Traded Lower

   Summarizes that all nine covered brewers traded lower while capital flowed into brewery capacity and product mix.

   Every one of the nine covered brewers moved lower this period, with a median decline of -5.3% against a S&P 500 return of +0.8%. That gap tells us the pressure is sector-specific rather than a broader market rotation. At the same time, AB InBev put real capital into its Fort Collins and Los Angeles breweries, tied to a stated multi-year US commitment, and outlined a shift toward smaller packs and functional beers. Boston Beer ran flavoured malt and cider activations over the same window, reinforcing the mix story. So what: the disconnect between price and operating news is this period's central signal for anyone pricing brewer risk.

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   THE BI-WEEKLY BOTTOM LINE Capital Went into Breweries and Product Mix While Every Covered Name Traded Lower The two-week period in one page · 9 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Brewers Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 9 of 9 Covered Names Fell; The Median Move Was -5.3% The S&P 500 returned +0.8% over the same two-week period. On NeuraCap's read, that makes the pressure sector-shaped rather than market-wide. 2 Money Went into Breweries Rather than into Balance-Sheet Moves Anheuser-Busch InBev SA/NV (BUD) funded work at its Fort Collins brewery and at Los Angeles facilities, both tied to a stated multi-year US commitment, and added local manufacturing skills training at each site. 3 Beyond Beer Moved from Slogan to Stated Product Plan AB InBev executives said the company will sell smaller pack sizes, beers with added protein or electrolytes, and push further into drinks beyond beer. The Boston Beer Company, Inc. (SAM) ran flavoured malt and cider activations over the same window. 4 No Transactions This Period; The Existing Record Still Sets the Price Argument With nothing new announced, the trailing record of 40 precedent transactions and its 14.5x EV / EBITDA median remains the reference buyers and sellers argue from, against a CY2027E sector median of 9.3x. -2.4% Best mover — Diageo plc (DEO) worst: STZ -9.7% · 0 up / 9 down of 9 covered -5.3% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   The Steepest Decline of the Period Came Without a Trigger on the Record

   Shows each covered brewer's close-to-close price move for the period, highlighting that the steepest decline had no recorded trigger.

   Across the nine names, moves varied widely, with the sector median at -5.3% against a materiality bar of +7.9% on a sector-relative basis. The steepest decliner moved without any filing or headline on record to explain it, and we flag that absence rather than force an explanation. That matters because it tells clients the move can't be pinned to a single disclosed cause. So what: names outside the recorded-driver set deserve a closer look before clients act on price alone.

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   PUBLIC MARKET MOVERS The Steepest Decline of the Period Came Without a Trigger on the Record Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -5.3% · S&P 500 +0.8% · materiality bar ±7.9% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Brewers Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -5.3% Constellation Brands, Inc. (STZ) -9.7% No notable in-window news was identified that clearly explains the move. Constellation Brands, Inc. (STZ) fell -9.7%, steeper than the -5.3% median across the covered set, with its largest single day of -2.8% on Sep 18. A Core-tier name can lead the downside without a company event, which points to pressure across the set rather than one story. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Brewers Put Money into Breweries and Product Mix While Leadership Seats Move

   Lists the period's highest-impact company events, led by brewery investment and leadership changes.

   The period's most consequential events centered on capital going into breweries and product mix rather than into deals or restructurings. AB InBev funded work at its Fort Collins brewery and its Los Angeles facilities, both linked to a stated multi-year US commitment, alongside local manufacturing skills training. Leadership seats also moved during the window, which we track alongside the capital news. So what: this is where clients see the operating story that price action alone doesn't tell them.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Brewers Put Money into Breweries and Product Mix While Leadership Seats Move The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Brewers Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · WSJ Diageo names its next chief financial officer, with the handover set for 2027 Capital allocation across beer, spirits and ready-to-drink sits with that seat at a Premium-tier multi-category drinks house. A named successor well ahead of the change signals continuity in how the portfolio is funded. Portfolio owners are staffing for the next capital allocation cycle, not the last one. Sep 21 · NEWS · PRNewsWire Anheuser-Busch InBev funds a brewery upgrade in Fort Collins and expands local skills training Putting capital into an existing brewery is a capacity-and-mix decision. The company tied the spend to production of the brand it describes as its top-selling and fastest-growing US beer Utilisation and package flexibility are being bought with capital rather than rented from price. Sep 17 · NEWS · PRNewsWire Anheuser-Busch InBev invests in Los Angeles facilities and local manufacturing skills training This is the second US site investment inside the period, tied to the same stated multi-year commitment, and it is aimed at premium and ready-to-drink production. Brewery footprint decisions are following where the mix is going, not where the volume was. Sep 16 · NEWS · PRNewsWire Diageo's Buchanan's launches a coconut flavour with a music-led campaign and multi-city event series Flavour extensions paired with occasion marketing are how brand houses defend share of throat as consumers move between beer, spirits and ready-to-drink formats. Flavour and occasion are where brand houses are spending marketing dollars this period. Sep 28 · NEWS · GlobeNewsWire Boston Beer's Twisted Tea ties up with an outdoor apparel brand for limited-edition cans and merch Twisted Tea is the flavoured malt end of the portfolio, and limited-edition packaging is a low-cost way to defend cold-box position and distributor shelf sets heading into fall. Package novelty is doing work that price increases used to do in the flavoured malt aisle. Sep 25 · NEWS · CNBC Monster Beverage's North America operations leader departs for a larger beverage company Route-to-market and distribution leadership is the contested skill in this category, and a Premium-tier name losing that seat is a reminder of how tightly talent and distribution performance are linked. Distribution leadership is an asset both brand houses and bottlers compete for directly.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Deal Record Stayed Still, so Precedent Pricing Does the Talking

   Shows that no new deals were recorded this period, leaving the trailing precedent record and its 14.5x EV/EBITDA median as the active pricing reference.

   No new transactions were announced in this window, so we lean on the existing record: precedent deals with a median of 14.5x EV/LTM EBITDA. Against a CY2027E sector median of 9.3x, that gap is worth holding in mind for anyone framing a valuation conversation. Because the record didn't move, the multiple clients should anchor to hasn't moved either. So what: precedent pricing keeps doing the talking until a new deal resets it.

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   M&A & STRATEGIC ACTIVITY The Deal Record Stayed Still, so Precedent Pricing Does the Talking September 14–28, 2026 · precedent transactions: 40 recorded deals · median 14.5x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Brewers Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 40 precedent transactions carries a median of 14.5x EV / EBITDA, and that remains the reference point buyers and sellers argue from. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 14.5x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Broad Markdown and a Quiet Deal Record Mean for Operators, Buyers and Advisors

   Translates the broad price decline and quiet deal record into implications for operators, acquirers and advisors.

   For owners and operators, the period's real story was mix and utilisation — brewery investment, smaller packs, functional formats and flavoured activations — even as share prices fell together. For acquirers, the reference set didn't move, so the trailing precedent deals and their 14.5x EV/EBITDA median still frame any pricing discussion. For advisors, the operational evidence — two brewery investments and a stated smaller-pack, functional-format push — is the strongest lead-in for client conversations. So what: this page turns two weeks of data into three distinct next steps depending on where a client sits.

   Everything on this page

   WHAT IT MEANS What a Broad Markdown and a Quiet Deal Record Mean for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Brewers Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 9.3x 8 companies in the study 3 valuation tiers Standing thesis: Brewers split between multi-category drinks portfolios and adjacent models, with scale separate from pricing FOR OWNERS & OPERATORS Mix and Utilisation Carry the Period Companies in the space traded lower together while the operating news was about capacity and mix: brewery investment, smaller packs, functional formats and flavoured malt activations. FOR ACQUIRERS The Reference Set Is Unchanged This Period Nothing was added to the record, so the trailing 40 precedent transactions and their 14.5x EV / EBITDA median still frame pricing conversations. FOR ADVISORS Lead with Brand and Route-to-Market Evidence The period's hard evidence is operational: two US brewery investments, a stated move into smaller packs and functional formats, and flavour-led launches across cider and flavoured malt.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources, methodology and limitations behind the bi-weekly update's figures and attributions.

   Every figure in this update ties back to a recorded filing, publisher-sourced article, or market price through 2026-09-28. We want clients to be able to trace any number back to its source before acting on it. So what: this page lets a client verify our read rather than take it on faith.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Brewers Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T145412Z_510_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: wsj.com · prnewswire.com · globenewswire.com · cnbc.com · reuters.com

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