Brewers Sector Outlook — September 2026

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CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › BREWERS

Brewers: Scale and Pricing Have Come Apart

The report shows where value sits across business models, operating profiles and precedent transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Brewers Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › BREWERS

   Brewers: Scale and Pricing Have Come Apart

   Cover slide introducing the Brewers sector report and its September 2026 data date.

   We open with the sector's central tension: scale and pricing have come apart for public brewers. This deck walks through where value sits today and why, using market data as of September 2026.

   Everything on this page

   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › BREWERS Brewers: Scale and Pricing Have Come Apart The report shows where value sits across business models, operating profiles and precedent transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five sections plus appendix.

   The report runs five sections plus an appendix, starting with the bottom line so a reader who stops there still gets the full story. From there we walk through the landscape, valuation, precedent deals and strategic implications in turn.

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   CONTENTS What This Report Covers 01 The Bottom Line Brewers Span Distinct Models, and Scale Does Not Define the Value Range 02 The Landscape The Brewer Label Covers Businesses with Different Routes to Value 03 Valuation & Situations The Premium End Spans Different Models but Shares a Durability Test 04 Precedent Transactions Precedent Transactions Put a Wide Range of Values on Brewing Assets 05 Strategic Implications Owners Can Strengthen Value Through Mix, Route to Market and Cost Discipline 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Brewers Split Between Multi-Category Drinks Portfolios and Adjacent Models, with Scale Separate from Pricing

   Summary page stating that brewers split between multi-category portfolios and adjacent models, with scale separate from pricing.

   Across the six rated names, EV/EBITDA multiples on CY2027E consensus span 16.9x at the premium end to 6.3x at the discount end, and that spread tracks durability more than raw scale. Multi-category drinks portfolios make up 75% of the approved set, while adjacent models pull the range wider. Even the faster-growth group commands only 9.9x against 8.8x for slower growers, keeping cash conversion central to the story. So the real question for any brewer is not how big it is, but how durable its earnings look.

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   01 · THE BOTTOM LINE Brewers Split Between Multi-Category Drinks Portfolios and Adjacent Models, with Scale Separate from Pricing The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Scale Alone Does Not Put a Name at the Top of the Range Across the 6 names with a forward estimate, the premium end sits at 16.9x versus 6.3x at the discount end. A forward EV / EBITDA multiple already credits forecast growth, so the remaining spread is associated with expected durability. 2 Different Business Models Widen the Value Debate Multi-category drinks portfolios represent 75% of the set, while adjacent models account for the balance. Brand mix, consumer occasions and route-to-market economics therefore matter alongside brewing scale. 3 Faster Growth Sits Alongside a Modest Premium Across the 6 names with a forward estimate, the faster-growth group sits at 9.9x versus 8.8x for the slower-growth group. The narrow separation keeps earnings durability and cash conversion central to the value case. 4 Route to Market Remains a Strategic Differentiator The transaction record spans brand portfolios, breweries and craft assets. Distributor alignment, shelf access and the balance between shipments and depletions remain central tests of revenue quality. 9.3x Sector median EV/EBITDA CY2027E consensus · 6 rated of 8 companies 16.9x Premium end EV/EBITDA vs 6.3x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 19 Transactions with disclosed terms 40 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the market-map section on brewer business models.

   The brewer label covers businesses with genuinely different routes to value. We use this section to map the segments before turning to pricing.

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   SECTION 02 02 THE LANDSCAPE The Brewer Label Covers Businesses with Different Routes to Value Multi-category drinks portfolios dominate the set, while adjacent models widen the pricing range. 02 of 06 Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   One Brewer Label, Two Routes to Value: Volume at Scale and Premium Pricing

   Groups the approved companies by business segment and shows each group's median EV/EBITDA.

   We group the approved companies by how they actually make money, not just by the brewer label. Volume-at-scale and premium-pricing routes coexist inside the same sector, and the group medians show where each model sits on EV/EBITDA. That grouping is what lets us compare like with like on the pages that follow.

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   02 · MARKET MAP One Brewer Label, Two Routes to Value: Volume at Scale and Premium Pricing 8 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 MULTI-CATEGORY DRINKS PORTFOLIOS WITH BEER AND SPIRITS BRANDS 6 cos median 8.8x Anheuser-Busch (BUD) Diageo (DEO) Ambev S.A. (ABEV) Constellation (STZ) Molson Coors (TAP) The Boston Beer (SAM) These businesses represent 75% of the set and combine beer economics with broader brand, occasion and route-to-market exposure. ADJACENT MODELS 2 cos 23.3x · 1 rated Monster Beverage (MNST) BJ's Restaurants (BJRI) The premium sits alongside the single adjacent name with an estimate at 23.3x, while the group also includes a brewery-restaurant model.

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   02 · LANDSCAPE

   Portfolio Breadth Dominates the Set, but Adjacent Models Stretch the Range

   Shows that portfolio-breadth companies dominate the set while adjacent models widen the valuation range.

   Multi-category drinks portfolios account for 75% of the approved universe, so they set the sector's centre of gravity. Adjacent models are fewer in number but stretch the range further than scale alone would predict. For a client benchmarking a single name, the right comparison depends on which side of that line it sits.

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   02 · LANDSCAPE Portfolio Breadth Dominates the Set, but Adjacent Models Stretch the Range Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Multi-category drinks portfolios with beer and spirits brands 6 75% 8.8x Anheuser-Busch InBev SA/NV (BUD) · Diageo plc (DEO) · +4 more Portfolio breadth anchors the set. These businesses combine beer with spirits or wider drinks portfolios. Premiumisation, beyond beer, distributor alignment and procurement scale shape how their earnings quality is assessed. Adjacent models 2 25% 23.3x n=1 Monster Beverage Corporation (MNST) · BJ's Restaurants, Inc. (BJRI) Adjacent models widen the lens. Energy brands and brewery-restaurants bring different occasions, cost structures and routes to market. Their economics should be assessed separately from large brewing portfolios.

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   SECTION 03

   03

   Divider introducing the valuation section on public market pricing.

   The premium end of the sector spans different business models but shares one thing: a durability test. We turn to public valuation next.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Spans Different Models but Shares a Durability Test Forward pricing separates companies whose brand and earnings stories extend beyond near-term scale. 03 of 06 Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Forward Pricing Sits with Durability Across More than One Business Model

   Ranks all rated companies on EV/EBITDA (CY2027E) against the sector median.

   Sorting all six rated names by EV/EBITDA on CY2027E consensus, the sector median lands at 9.3x, with the top of the range at 16.9x and the bottom at 6.3x. That spread is too wide to explain by scale alone. It tells us forward pricing is already crediting expected durability, not just size.

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   03 · PUBLIC MARKET VALUATION Forward Pricing Sits with Durability Across More than One Business Model EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 9.3x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 16.9x CORE · median 9.3x DISCOUNT · median 6.3x Sector median 9.3x WHAT SEPARATES THE TWO ENDS The top spans different models. Monster Beverage Corporation (MNST) and Diageo plc (DEO) form the premium end at 16.9x, showing that premium positioning is not confined to one operating model. The discount end needs proof. Ambev S.A. (ABEV) and Molson Coors Beverage Company (TAP) form the discount end at 6.3x. The operational debate is whether mix, volumes and cost per hectolitre can improve the earnings outlook. Forward pricing raises the bar. A forward EV / EBITDA multiple already credits forecast growth. A premium that remains therefore sits alongside expectations for durable brands, margins and cash conversion.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 34% Margin Line Carry 9.9x Against 6.7x Below It

   Splits the rated set by growth and by margin to show which driver moves valuation more.

   Cutting the rated set at its own median margin, names above the 34% margin line carry 9.9x against 6.7x below it — a wider gap than growth alone produces. Faster-growing names sit at 9.9x versus 8.8x for slower growers, a much narrower spread. So profitability, more than growth, is the driver associated with where a brewer sits in the range.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 34% Margin Line Carry 9.9x Against 6.7x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 3% · EBITDA-margin split at 34% Faster Growth Travels with a Modest Valuation Premium Among the 6 names with a forward estimate, the group above the 3% growth split sits at 9.9x versus 8.8x below it. The association is visible, but the gap leaves room for brand durability and cash conversion to matter. Mix Quality Matters Beyond Headline Volume Premiumisation, core and above-core brands, and credible beyond-beer exposure can improve revenue quality. Shipments versus depletions remain the practical check on whether demand is reaching consumers. Route-to-Market Strength Supports Resilience Distributor alignment, shelf presence and tap handles shape how quickly a brand can convert consumer pull into sales. Dependence on third-party attention can leave otherwise sound brands exposed. Capacity Discipline Protects Unit Economics Flexible brewing and packaging capacity can help companies respond to mix shifts. Underused assets, freight and input-cost pass-through lag can pressure cost per hectolitre.

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    03 · SITUATION MAP

    Higher Pricing Sits with Both Established Margins and Growth-Led Models

    Maps companies on EV/EBITDA versus the sector median against EBITDA margin versus the covered median.

    We cut the set on two lines at once: EV/EBITDA against the 9.3x sector median, and EBITDA margin against the 34% covered median. Higher pricing shows up alongside both established-margin names and growth-led names, not just one story. That means there's more than one credible route to the top of the range — the work is establishing which one applies to a given name.

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    03 · SITUATION MAP Higher Pricing Sits with Both Established Margins and Growth-Led Models Cut on EV / EBITDA vs the sector median (9.3x) (rows) and EBITDA margin vs the covered median (34%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Pricing, Higher Margin Above-median multiple · above-median EBITDA margin 2 names Anheuser-Busch InBev SA/NV (BUD) · Diageo plc (DEO) Anheuser-Busch InBev SA/NV (BUD) and Diageo plc (DEO) pair above-range pricing with above-range margins. Their task is to defend mix, brand pull and cash conversion. Premium Pricing, Lower Margin Above-median multiple · below-median EBITDA margin 1 names Monster Beverage Corporation (MNST) Monster Beverage Corporation (MNST) carries premium pricing with a below-range margin. The premium sits alongside its faster growth and adjacent brand model. Lower Pricing, Higher Margin Below-median multiple · above-median EBITDA margin 1 names Constellation Brands, Inc. (STZ) Constellation Brands, Inc. (STZ) combines a higher margin with below-range pricing. The value debate centres on whether revenue quality and earnings durability can close that gap. Lower Pricing, Lower Margin Below-median multiple · below-median EBITDA margin 2 names Ambev S.A. (ABEV) · Molson Coors Beverage Company (TAP) Ambev S.A. (ABEV) and Molson Coors Beverage Company (TAP) sit below both reference lines. Mix, volume quality and cost per hectolitre are the clearest operating levers to watch.

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    03 · THE AGENDA

    Product Mix, Route to Market and Brewing Capacity Are Where the Next Dollar Goes to Work

    Frames product mix, route to market and brewing capacity as the operating questions the data points to next.

    The cohort data points to three practical questions: where mix should shift, how route-to-market economics hold up, and whether brewing capacity matches demand. These are the levers that move the drivers shown earlier, not new variables. We frame them as questions an owner or acquirer should resolve, not as recommendations.

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    03 · THE AGENDA Product Mix, Route to Market and Brewing Capacity Are Where the Next Dollar Goes to Work NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Rebalance Toward Durable Occasions Test which core, above-core and beyond-beer products improve revenue quality without adding fad risk or diluting brand support. What changes the answer: Sustained depletions and sales-to-retailers across more than one consumer occasion. Strengthen Route-to-Market Alignment Prioritise distributor attention, shelf access and tap handles where consumer pull can support repeatable growth. What changes the answer: Depletions begin to outpace shipments without a build in distributor inventory. Match Capacity to Mix Align brewing, packaging and co-packing choices with demand shifts while protecting cost per hectolitre. What changes the answer: Capacity utilisation or packaging constraints begin to limit mix improvement. Direct Capital Toward Resilient Brands Compare brand investment, capacity spending and portfolio expansion against their effect on revenue quality and cash conversion. What changes the answer: A brand shows durable consumer pull and repeatable economics across channels.

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    SECTION 04

    04

    Divider introducing the precedent-transactions section.

    Precedent transactions put a wide range of values on brewing assets. Asset type, brand reach and route-to-market fit shape which benchmark actually applies.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Put a Wide Range of Values on Brewing Assets Asset type, brand reach and route-to-market fit shape the benchmark that matters. 04 of 06 Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Show What Buyers Agreed to Pay Across Different Assets

    Walks through transactions with disclosed terms as detailed case studies.

    We use two of the transactions with fully disclosed terms as case studies, because they show the reasoning behind price, not just the multiple. Deal multiples here are LTM at announcement, so they sit on a different basis to the CY2027E public multiples shown earlier — we don't claim a spread between the two. The full list of disclosed-terms transactions is in the appendix for anyone who wants to trace a specific deal.

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    04 · DEAL CASE STUDIES Precedent Transactions Show What Buyers Agreed to Pay Across Different Assets 2 of 19 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 17 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 21 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Dec-2025 $4.8B Asahi Group Holdings, Ltd Asahi Group Holdings, Ltd agreed to acquire East African Breweries plc in a sizeable brewing transaction. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests a geographic and brand-portfolio fit between a global drinks group and an established brewing platform. It also points to the strategic relevance of local route-to-market reach. HOW THE TARGET WAS VALUED $4.8B is the disclosed enterprise value. It benchmarks the transaction by absolute scale. Dec-2024 $186M Koscab Holdings Limited Koscab Holdings Limited agreed to acquire SLU Beverages LTD in a pending beverage transaction. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests interest in a beverage operating platform. The transaction adds a smaller asset to the precedent set. HOW THE TARGET WAS VALUED $186M is the disclosed value. It provides an absolute size reference for the transaction.

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    SECTION 05

    05

    Divider introducing the strategic-implications section.

    Owners can strengthen value through mix, route to market and cost discipline. We close on the practical agenda that follows from the data.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Owners Can Strengthen Value Through Mix, Route to Market and Cost Discipline The practical agenda is to improve revenue quality while protecting capacity economics. 05 of 06 Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Value Strengthens When Brand Pull, Distribution and Unit Economics Move Together

    Sets out where brand pull, distribution and unit economics need to move together to strengthen value.

    The data points to one operating agenda: brand pull, distribution and unit economics need to move together, not in isolation. For owners that means building proof around durable revenue; for management it means turning strategy into revenue and cost per hectolitre; for boards it means setting a clear portfolio agenda. Getting these three aligned is what the higher-pricing names in our sample appear to share.

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    05 · STRATEGIC IMPLICATIONS Value Strengthens When Brand Pull, Distribution and Unit Economics Move Together NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Build Proof Around Durable Revenue Higher pricing in the sample sits alongside durable brands, growth or established profitability. Focus the operating plan on mix, retention of consumer occasions and cash conversion. FOR MANAGEMENT Turn Strategy into Unit Economics Link premiumisation and beyond-beer choices to revenue per hectolitre, cost per hectolitre and capacity use. Test shipments against depletions before committing more capital. FOR BOARDS Set a Clear Portfolio Agenda Decide where organic brand investment, route-to-market partnerships or build-versus-buy choices can improve the quality and resilience of earnings.

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    SECTION 06

    06

    Divider introducing the appendix covering the full comparable set, methodology and sources.

    The final section carries the full universe, the methodology and every source behind the figures in this deck.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Lists all rated and unrated public comparables grouped by valuation tier on EV/EBITDA (CY2027E).

    This page carries every rated company plus the names without an eligible multiple, so a reader can see the full comparable set behind the sector median of 9.3x. Every ticker links back to its source. Use this table to check where any specific name in the set sits before applying the sector view to it.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (9.3x); amber marks below · 6 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.4x · median 16.9x · 2 companies Monster Beverage Corporation MNST Adjacent: non-alcoholic ready-to-drink and energy brands $78.9B 23.3x 10% 31% 41 Diageo plc DEO Multi-category drinks portfolios with beer and spirits… $71.5B 10.6x -1% 34% 34 CORE — 7.2x–10.4x · median 9.3x · 2 companies Anheuser-Busch InBev SA/NV BUD Multi-category drinks portfolios with beer and spirits… $242B 9.9x 4% 35% 40 Constellation Brands, Inc. STZ Multi-category drinks portfolios with beer and spirits… $30.9B 8.8x 1% 37% 39 DISCOUNT — <7.2x · median 6.3x · 2 companies Ambev S.A. ABEV Multi-category drinks portfolios with beer and spirits… $42.2B 6.7x 5% 34% 39 Molson Coors Beverage Company TAP Multi-category drinks portfolios with beer and spirits… $12.6B 6.0x 0% 19% 19

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, part one of two.

    Transactions with disclosed terms are listed here newest first, with deal values linking to the underlying filing. A number of these records carry data-quality flags, which we show as recorded rather than adjusting them. This is the primary reference for anyone benchmarking a specific deal structure.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (40 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 17 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 21 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 19 transactions shown; the rest are in the companion workbook. Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2025 Asahi Group Holdings, Ltd → East African Breweries plc $4.8B n/a n/a The announced transaction pairs Asahi Group Holdings, Ltd with East African Breweries plc at $4.8B. It provides an absolute scale reference for a sizeable brewing platform. Dec-2024 Koscab Holdings Limited → SLU Beverages LTD $186M n/a n/a The pending transaction pairs Koscab Holdings Limited with SLU Beverages LTD at $186M. It broadens the record beyond large multinational brewing assets. Oct-2024 JDH Capital Company → AB InBev Efes BV n/a n/a 6.5x The announced transaction involving JDH Capital Company and AB InBev Efes BV was recorded at 6.5x EV / EBITDA. Aug-2023 Pharmacosmos A/S → Anheuser-Busch craft-beer businesses n/a 3.4x n/a The announced transaction involving Pharmacosmos A/S and Anheuser-Busch craft-beer businesses was recorded at 3.4x EV / Revenue. The benchmark sits alongside a portfolio of craft-beer assets. Jan-2019 Asahi Group Holdings, Ltd. → Fuller, Smith & Turner P.L.C. Beer Business n/a n/a 23.6x The announced transaction involving Asahi Group Holdings, Ltd. and Fuller, Smith & Turner P.L.C. Beer Business was recorded at 23.6x EV / EBITDA. Aug-2018 nThrive, Inc. → Bebidas Bolivianas BBO S.A. n/a n/a 20.3x The announced transaction involving nThrive, Inc. and Bebidas Bolivianas BBO S.A. was recorded at 20.3x EV / EBITDA. Sep-2017 International Business Machines Corporation → Cervecería y Maltería Quilmes S.A. n/a 3.3x 18.8x The announced transaction involving International Business Machines Corporation and Cervecería y Maltería Quilmes S.A. was recorded at 3.3x EV / Revenue and 18.8x EV / EBITDA. Sep-2017 Cox Automotive, Inc. → Cerveceria Argentina Sociedad Anonima Isenbeck n/a 4.1x 19.4x The announced transaction involving Cox Automotive, Inc. and Cerveceria Argentina Sociedad Anonima Isenbeck was recorded at 4.1x EV / Revenue and 19.4x EV / EBITDA. Dec-2016 Asahi Group Holdings, Ltd. → Anheuser-Busch InBev SA/NV (CEE Brands) n/a n/a 14.8x The announced transaction involving Asahi Group Holdings, Ltd. and Anheuser-Busch InBev SA/NV (CEE Brands) was recorded at 14.8x EV / EBITDA.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the precedent-transaction list with disclosed terms, newest first, part two of two.

    This page completes the list of disclosed-terms transactions started on the previous page. The same data-quality flags and LTM-at-announcement basis apply throughout. Together the two pages give the complete disclosed-terms record behind the case studies shown earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (40 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 17 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 21 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 19 transactions shown; the rest are in the companion workbook. Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2015 Constellation Brands, Inc. → Ballast Point Brewing & Spirits, Inc. n/a n/a 31.5x Nov-2015 Molson Coors Brewing Company → MillerCoors LLC (58% stake) n/a n/a 11.5x Nov-2015 Anheuser-Busch InBev SA/NV → SABMiller plc n/a n/a 18.9x Jan-2014 Anheuser-Busch InBev SA/NV → Oriental Brewery Co. Ltd. n/a n/a 11.6x Jun-2012 Anheuser-Busch InBev SA/NV → Grupo Modelo, S.A.B. de C.V. (49.7% stake) n/a n/a 12.9x Sep-2011 SABMiller plc → Foster's Group Pty. Ltd. n/a n/a 14.5x Jul-2008 InBev N.V./S.A. → Anheuser-Busch Cos. Inc. n/a n/a 12.4x Jan-2008 Carlsberg A/S → Scottish & Newcastle Limited / Baltic Beverages Holding AB n/a n/a 12.2x Jan-2008 Heineken N.V. → Scottish & Newcastle Limited Assets n/a n/a 12.9x

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains the report's sources, valuation basis and what was excluded from the analysis.

    This page sets out how the report was built: the valuation basis, what was excluded and why, and where every figure's source sits. We link every figure to its underlying record wherever a link is possible. Use this page as the reference point for any figure worth tracing further.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Brewers Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Brewers and it clears the coverage gate with 6 of 8 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 2 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 356 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (355) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    The Sample Separates Scale from Pricing and Keeps Durability at the Centre.

    Closing page restating that the sample separates scale from pricing and keeps durability central.

    The sample separates scale from pricing and keeps durability at the centre of the value story. The companion tables carry the full universe and source index for any figure worth tracing further.

    Everything on this page

    The Sample Separates Scale from Pricing and Keeps Durability at the Centre. NeuraCap AI — Brewers Coverage September 2026 · Prepared by NeuraCap AI · Confidential Brewers Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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