Brown-Forman (BFB) Investor Day 2025 summary

Strategic priorities and brand evolution

• Introduced new global strategic priorities for Jack Daniel's, focusing on meaningful difference, portfolio development, on-premise leadership, and operational excellence, all updated or significantly changed since the last Investor Day 18 months ago.

• Emphasized balancing short-term growth with long-term brand building, leveraging the brand's heritage while modernizing for new consumer expectations.

• Launched the largest and most far-reaching campaign in brand history, "That's What Makes Jack Jack," across major markets representing 74% of retail sales value, to reinforce the brand's unique identity and drive engagement across generations.

• Shifted marketing strategy to a consumer-obsessed, omnichannel approach, prioritizing digital, social, and experiential activations over traditional media.

• Strategic priorities include winning consumer loyalty, evolving on-premise presence, portfolio innovation and premiumization, and operational excellence at the point of purchase and consumption.

Innovation, portfolio, and market expansion

• Rolled out Jack Daniel's Tennessee Blackberry, a new flavor innovation, with strong early results and plans for global expansion.

• Continued premiumization and renovation of the portfolio, including packaging redesign and new high-end expressions like Bonded and Heritage Barrel.

• RTDs (ready-to-drink) are a key growth lever, with Jack Daniel's leading in several international markets and new partnerships like Jack & Coke RTD.

• Innovation strategy includes scalable products for broad appeal and limited editions to reinforce whiskey-making credentials, with all innovation required to positively impact the Jack Daniel's trademark.

• Geographic expansion targets underdeveloped markets such as India, Asia, and Latin America, where Jack Daniel's has significant headroom for growth.

Financial guidance, capital deployment, and performance

• Reaffirmed commitment to long-term growth but acknowledged that doubling operating income will take longer than initially targeted due to recent market headwinds.

• Focused on maintaining Dividend Aristocrat status and returning excess capital to shareholders, including a recent $400 million share repurchase.

• Major U.S. distributor transformation completed, the largest in 60 years, to improve focus, reduce portfolio conflicts, and drive value growth, with changes in 14 states and expanded relationships.

• Jack Daniel's family of brands continues to grow value share, with price gains aligned to the premium whiskey category and a 4-year CAGR of 1.5-1.7%.

• Margin improvement expected from pricing discipline, cost savings in barrel sourcing, and normalization of agave costs, supporting future investment and profitability.