Welcome in, today is Wednesday, September twenty-third, and we begin with Reuters at Anheuser-Busch InBev's capital markets day. Anheuser-Busch InBev will sell smaller pack sizes, add protein and electrolytes to some beers, and push further beyond beer. Reuters reports executives set that out for investors at a capital markets event on Tuesday, framing it against shifting drinking habits, strained incomes and a move toward health and wellness. When the largest brewer resets pack architecture, shelf and assortment plans downstream reset with it. Chief marketing officer Marcel Marcondes said the biggest opening sits with infrequent, budget-conscious drinkers, and that the company will push both smaller packs and larger packs offering more volume for less. Per that same account, zero-alcohol beers with lower calories, new flavours and added protein or electrolytes are aimed at casual meal occasions. A protein version of Spaten is already out in Brazil. In the United States, the push beyond beer runs through Cutwater and energy drinks, with energy alone potentially adding twenty-five billion dollars to the addressable market. Industry reaction leans toward reading packaging and co-packing capacity, rather than marketing spend, as the binding constraint. Also today, more detail on Sazerac's agreement to buy Germany's Berentzen Group, following our earlier report on the signed combination agreement. Food Dive puts the five euros fifty-five per share offer at about six dollars thirty-one, with closing expected at year end and shareholder approval still required. That account describes Berentzen as one of Germany's oldest producers, more than two hundred fifty years old, selling in more than sixty countries, and carrying non-alcoholic and juice brands alongside its schnapps and Puschkin vodka. The buying pattern is the story here. Per that reporting, this is Sazerac's second European acquisition in a year after Au Vodka, on top of Last Drop Distillers in the United Kingdom and Hawk's Rock Distillery in Ireland. The companies expect the combination will also lift investment at Berentzen's existing sites. Industry reaction reads it as a platform purchase rather than a brand purchase, with some pointing to the target's non-alcoholic capability as the more telling part. Now to California, where softening wine demand is showing up at the vine. The Associated Press reports about half of this year's wine grape crop entered harvest with no buyer contract, against seventy to eighty percent contracted in a typical year, per Allied Grape Growers. That is the figure that sets bulk pricing and contract renewals into the next cycle. Growers have pulled or stopped farming roughly a quarter of the state's vineyard acreage since a pandemic peak near six hundred thousand acres, and some are replanting almonds, pistachios and olives. Per that same reporting, United States wine case sales fell twenty-three percent between twenty twenty and twenty twenty-five, and spending fell twenty-two percent to seventy-four billion dollars, citing First Citizens Bank. Uncontracted fruit clears, when it clears, at a loss to concentrate buyers. Some practitioners read unsold-fruit listings on grower marketplaces as a faster oversupply signal than official crush estimates, though others note listings are not sales. Separately, White Claw is changing wholesale hands in Denver. Brewbound reports Mark Anthony Brands has announced an impending transition to RBG Spirits and Wine of Colorado, a Reyes Beverage Group subsidiary, ending its relationship with Coors Distributing Company, which Molson Coors owns. That report is brief, and it carries no transition date or volume detail. A leading ready-to-drink brand moving off a brewer-owned distributor in a major market is the kind of territory change competing suppliers and wholesalers read for precedent on their own agreements. Now, a few more headlines moving the trade today. Brewbound reports Hoplark's parent company has filed for Chapter Seven bankruptcy liquidation, and teased a potential lawsuit against Brooklyn Brewery alleging it violated a licensing agreement and its fiduciary duties. Also, the Toasts Not Tariffs coalition has written to President Trump urging a permanent United States and Canada settlement to restore two-way market access, per Shanken News Daily, following our earlier report on the import ban. Off-premise beverage alcohol sales returned to the black in the week ending September thirteenth after a disappointing Labor Day weekend, according to Circana's latest weekly report, via Brewbound. And finally, Master of Malt has confirmed that customer data was accessed in a cyber breach. Just Drinks has it, with no scope detailed yet.