Welcome in, today is Friday, October twenty-third, and we begin with Boston Beer lowering its full-year guidance in its own third-quarter report. Boston Beer has cut its fiscal twenty twenty-six shipment and depletions guidance, after declines continued through the third quarter. That is Brewbound, reporting on results the company put out Thursday for the quarter ended September twenty-sixth. The brewer's own release confirms the quarter was reported; the revised figures are not in the material we have seen. Treat it as a supplier-stated reset of the planning baseline distributors will build year-end orders against, and a read from the largest craft-and-beyond-beer supplier on how hard seltzer and flavored malt volumes are tracking into the close of the year. A recurring frame in industry reaction is that this reads less as a company stumble than a category maturing. Some draw a parallel to the same brewer's repeated guidance cuts a decade ago, when craft's own success drew in more competitors than the segment could sustain, and suggest the better-beer tier may be entering a similar sorting-out phase. Also today, a development in the Heineken damages ruling we reported yesterday. The one hundred eleven point two million euro award is enforceable while Heineken appeals, per the legal publication ICLG's account of the Amsterdam District Court judgment, which rejected the argument that Macedonian Thrace Brewery might be unable to repay the sum if it were later overturned. The two brewers are jointly and severally liable, so the claimant can recover the full amount from either. The same account says the court applied the Court of Justice's April ruling in Wenzel Logistics against Mercedes-Benz Group to reopen its earlier refusal of interest for the period before proceedings, holding that interest runs from when the losses began. Legal-sector reaction fixes less on the headline figure than on that composition, with some reading elapsed time to judgment, rather than the underlying harm, as the dominant cost in long-running competition claims. Het Parool reports Heineken's latest annual report accounts for a maximum claim of three hundred three million euros. The brewer neither confirmed nor denied whether that covers this award plus a separate Amsterdam claim by Carlsberg's Greek unit, Olympic. Separately, beyond-beer lines are offsetting softer beer volumes for distributors, while returning beer to growth remains their stated priority. That was the argument from five distributor leaders on a panel at the National Beer Wholesalers Association convention in Orlando, per Brewbound, which reports shifting portfolio mix and the safeguard of supplementing beyond beer ran through the discussion. That read follows our earlier report on the association's incoming chair calling beer the trump card while distributors need the whole deck. It describes portfolio intent rather than committed shifts, but it is the signal suppliers get on how warehouse space, route capacity and sales attention are being weighed for twenty twenty-seven. Staying with the data, most beer segments improved as the final quarter opened this month, and that did not carry through to every large vendor. Brewbound reports Mark Anthony and Diageo accelerated growth while top vendors overall made a mixed start. That account carries no figures beyond the direction of travel. It follows our earlier report on top-heavy losses outweighing gains among the largest vendors through August, and it sharpens the same split. Category momentum is not transferring evenly to brands, which is the distinction fourth-quarter depletion targets and shelf conversations now turn on. Now, a few more headlines moving the trade today. Southern Glazer's has taken on VDKLYTE, a four and a half percent vodka-and-ade RTD from hemp-THC marketer Mac Brands, per Brewbound and Shanken News Daily. Cider and non-alcoholic growth held up as October's occasions began, according to NIQ's latest off-premise scans, via Brewbound. Carlsberg is expected to file publicly this week for a Carlsberg India listing of roughly seven hundred million dollars, possibly all offer for sale, News9 reports. And finally, the Supreme Court agreed Monday to review the eighteen sixty-eight federal ban on home distilling, after two appeals courts split on it this year, per Fox News.