Goodwill ImpairmentsTAP's increased M&A emphasis under new CEO Rahul Goyal entails risk, as evidenced by ~$3.9B of goodwill impairments from prior acquisitions.
Industry ChallengesStructural pressures on alcohol consumption in the US are from demographics, health & wellness trends (including GLP-1s), and cannabis substitution.
Revenue And ProfitabilityTAP now expects FY25 revenue, underlying pretax income, EPS, and FCF to be at the low end of prior guidance, which is slightly worse than consensus but broadly in-line with market expectations given continued weakness in the US beer market and TAP market share losses amid improved performance from ABI.