BOSTON BEER CO INC

Previous wording

The Company sources some of its goods and services from countries impacted from the tariff programs announced by the U.S. government as of April, 2 2025 and expects these tariffs to have an adverse effect on the Company’s business and financial results during the 2025 fiscal year and possibly beyond. The Company has reviewed its supply chain and business and based on information currently available, the Company believes the primary impact of these tariffs will be higher costs of ingredients, packaging, promotional materials and capital equipment which are currently sourced from China, Mexico, Canada, Chile, United Kingdom and European Union. The Company has estimated the higher costs due to tariffs and the impact to its statement of operations in the 2025 fiscal year will be between $20 million and $30 million. These estimates could materially change and the Company will closely monitor the tariff environment and continue to evaluate and explore opportunities to mitigate these negative impacts but there is no guarantee that these efforts will be effective.

Current wording

The Company sources some of its goods and services from countries impacted from the tariff programs announced by the U.S. government and expects these tariffs to have an adverse effect on the Company’s business and financial results during the 2025 fiscal year and possibly beyond. The Company has reviewed its supply chain and business and based on information currently available, the Company believes the primary impact of these tariffs will be higher costs of ingredients, packaging, promotional materials and capital equipment which are currently sourced from Canada, European Union, China, and Mexico. The Company has estimated the higher costs due to tariffs and the impact to its statement of operations in the 2025 fiscal year will be between $15 million and $20 million. These estimates could materially change and the Company will closely monitor the tariff environment and continue to evaluate and explore opportunities to mitigate these negative impacts but there is no guarantee that these efforts will be effective.

Previous wording

In addition, 6% of the Company’s revenue is from countries outside the United States with the majority of this revenue in Canada. The Company currently produces most of its Canadian volume in Canada and currently estimates that its supply chain in Canada is not expected to experience significantly higher costs due the recently announced tariff programs.

Current wording

In addition, 6% of the Company’s revenue is from countries outside the United States with the majority of this revenue in Canada. The Company currently produces most of its Canadian volume in Canada and currently estimates that its supply chain in Canada is not expected to experience significantly higher costs due to the recently announced tariff programs.

Previous wording

In 1998, the Company's Board of Directors ("the Board") authorized the Company's share buyback program. In October 2024, the Board authorized an increase in the share buyback expenditure limit set for the program from $1.2 billion to $1.6 billion. The Board did not specify a date upon which the authorization would expire. Share repurchases for the periods included herein were effected through open market transactions.

Current wording

In 1998, the Company's Board of Directors ("the Board") authorized the Company's share repurchase program. In October 2024, the Board authorized an increase in the share repurchase expenditure limit set for the program from $1.2 billion to $1.6 billion. The Board did not specify a date upon which the authorization would expire. Share repurchases for the periods included herein were effected through open market transactions.

Previous wording

As of April 18, 2025, the Company had repurchased a cumulative total of approximately 15.1 million shares of its Class A Common Stock for an aggregate purchase price of $1.2 billion and had $367 million remaining on the $1.6 billion share buyback expenditure limit set by the Board.

Current wording

As of July 18, 2025, the Company had repurchased a cumulative total of approximately 15.4 million shares of its Class A Common Stock for an aggregate purchase price of $1.28 billion and had $317 million remaining on the $1.6 billion share repurchase expenditure limit set by the Board.

Previous wording

During the thirteen weeks ended March 29, 2025, the Company repurchased and subsequently retired 201,625 shares of its Class A Common Stock, including 378 unvested investment shares issued under the Investment Share Program of the Company’s Employee Equity Incentive Plan, as illustrated in the table below:

Current wording

During the twenty-six weeks ended June 28, 2025, the Company repurchased and subsequently retired 419,329 shares of its Class A Common Stock, including 656 unvested investment shares issued under the Investment Share Program of the Company’s Employee Equity Incentive Plan, as illustrated in the table below:

Previous wording

As of April 18, 2025, the Company had 9.1 million shares of Class A Common Stock outstanding and 2.1 million shares of Class B Common Stock outstanding.

Current wording

As of July 18, 2025, the Company had 8.8 million shares of Class A Common Stock outstanding and 2.1 million shares of Class B Common Stock outstanding.