百富门-A 2025年度报告

A Word on Fiscal 2026 THOUGHTS FROM LAWSON E. WHITING,President and Chief Executive Officer Dear Shareholders, Our theme for this year,“In our own words,”isa statement of authenticity, transparency, andaccountability. In the pages that follow this letter,you will see the reflection of a year in which our teamnavigated a complex global environment by focusingintensely on the variables within our control. While total distilled spirits faced continuedpressure, particularly across developed marketswhere we saw general contraction, Brown-Formandemonstrated remarkable resilience. We beganthe year with a cautious outlook, yet throughour execution of a disciplined organizationalevolution, a generational U.S. route-to-consumertransformation, and meaningful innovation, we didmore than just weather the storm — we performednear the top of our industry. This performance was fueled by a deliberatebalance of heritage and innovation. We honored our156-year history not by standing still, but by movingforward with agility. The successful launch of JackDaniel’s Tennessee Blackberry is a prime example ofour ability to engage consumers with authenticity whiledriving meaningful top-line growth. “Our theme this year, ‘In our own words,’ reflects our steadfast commitment toauthenticity as we balance our deep heritage with the innovation requiredto lead an evolving industry. Driven by bold route-to-consumer transformations,meaningful innovation, and an exceptionally talented team, we deliveredperformance near the top of our industry. We move into a new fiscal year as amore agile, resilient organization, focused on executing with excellence to drivelong-term shareholder value.” During the year, we also evaluated opportunities to further accelerate our long-term strategy.As we confirmed in March, this included discussions with Pernod Ricard regarding a potentialbusiness combination. We approached these discussions thoughtfully and with the long-terminterests of our shareholders in mind, though ultimately were unable to reach mutually agreeableterms. But let me assure you, this outcome does not change who we are or our ability tocompete — and win — in this industry. Brown-Forman is built on a foundation of iconic brands and a talented team that remainsfocused on unlocking future growth, and our financial discipline is a cornerstone of ourvalue proposition. Despite last year’s volatile operating environment, we grew free cashflow significantly, increased the regular cash dividend, and completed a $400 million sharerepurchase program, reinforcing our commitment to returning cash to shareholders even ina challenging cycle. As we look ahead, we do so as the authors of our own future. The structural changes we madethis past year have forged a more agile, resilient Brown-Forman — one that remains deeplyrooted in our heritage of authenticity while moving with the speed required of a modernindustry leader. I want to extend my deepest gratitude to our team of employees around theworld, whose commitment never wavered as we worked to position the company for its nextchapter of growth. We move forward now with a sharpened focus, a stronger foundation, andan unwavering commitment to delivering the excellence that has defined us for generations. We are proud of what we have built, but we are even more excited about where we are going.Thank you for your continued confidence in Brown-Forman. Sincerely, LAWSON E. WHITING President and Chief Executive Officer A CENTURY-PLUS TRADITIONOF STRONG GOVERNANCE Our confidence in the future comes in part from the wisdom of the past. Brown-Forman is apublicly listed, family-controlled company with actively engaged shareholders now includingthe sixth generation of descendants from our founder, George Garvin Brown. Our long-termshareholders provide a perspective that reinforces the company’s resilience and success. Brown-Forman leadership consists of our Board ofDirectors and Executive Leadership Team (ELT). Inaddition, Brown family members engage with thecompany through the Brown-Forman/Brown FamilyShareholders Committee. We believe the purposefulrelationships between these three groups contributesto our growth and ability to create long-term valuefor our stockholders. AFramework ThatKeepsUs Focused The Family Shareholders Committee, establishedin 2007 and co-chaired by Board of DirectorsChairman Marshall B. Farrer and President andCEO Lawson E. Whiting, provides an ongoingopportunity for communications between theBrown family and the company. In all that we do, Brown-Forman is anchoredby our integrated strategy, uniting our fourstrategic pillars with our commitment toresponsible business practices. A foundation of financial discipline servesus well in challenging times and allows us tocapitalize on future opportunities. We are proudto retain our status as a member of the S&P 500Dividend Aristocrats Index while maintainingstrong cash flow and a solid balance sheet. 82 42consecutive years ofi