The end of 2025 marks the end of an era. Our dear friend and cohost Jim Watson returns for one last episode. We celebrate 10 years of ingenious, unparalleled drinks industry coverage with a very special episode, discussing the biggest story from each year of the past decade. And if you've appreciated Jim's work over 125+ episodes of this show, you should thank him directly at: JCWatson334@gmail.com.

Tune in to learn something and remember some pivotal beverage industry moments as we break down:

2016: The Anheuser-Busch acquisition of SABMiller

2017: Marijuana legalization in Canada and the US

2018: The Keurig Dr Pepper merger and the broader category blurring in soft drinks

2019: The year hard seltzers and RTDs took craft beer's momentum

2020: Ugh… nothing in particular

2021: The year of revenge spending and crazy valuations

2022: The year inflation took over the world

2023: The fallout from the anti-trans backlash against Bud Light

2024: The year of plummeting valuations and the wine and spirits industry starting to panic

2025: Trump Tariffs and RNDC pulling out of California

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Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

Special guest Richard Withagen (Equity Analyst at Kepler Cheuvreux) joins us as we review the latest earnings results from the spirits industry (Diageo, Pernod Ricard, Brown-Forman, Campari, Rémy Cointreau, and Becle). Alongside individual company results, we discuss the broader impact of regulation on spirits sales, how long a transitory/cyclical downturn can be before it is considered structural, the sharp shift in fortunes between geographies, and the difficulty of off-loading unwanted brands when literally everyone else is doing the same thing.

Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: Bourcard.Nesin@rabobank.com

Check out the rest of our written research: rabobank.com/knowledge.

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

Craft spirits companies have seen an abrupt shift in fortune. Loaded with debt, rising cost of goods sold, and declining demand, many are struggling to survive. With help from our expert panel, we explore the greatest challenges craft distillers are facing and some of the financial and strategic decisions that could prove the difference between closure and living to sell another year. Guests on today's episode:

Maria Pearman – Advisory Partner / fractional CFO, GHJ

Margie Lehrman – CEO, American Craft Spirits Association

Becky Harris – President & Chief Distiller, Catoctin Creek Distilling Company.

Want to sign up for our written research? Have a question, qualm or story to tell, reach out via email: bourcard.nesin@rabobank.com

Check out the rest of our written research: rabobank.com/knowledge

Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services

Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.