Slide 1: Fourth Quarter and Fiscal Year 2025
Fourth Quarter and Fiscal Year 2025 America’s Coffee
Slide 2: Forward-Looking Statements
DISCLAIMER Forward-Looking Statements This presentation contains forward-looking statements about BRC Inc. (the “Company,” “we,” “us,” and “our”) and its industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this presentation,
Slide 3: Today's Speakers
TODAY’S SPEAKERS Evan Chris Matthew Matt Hafer Mondzelewski Amigh McGinley Executive Chairman President and Chief Chief Financial Officer VP Investor Relations Executive Officer We exited 2025 with strong momentum across the business, driven by a clear focus on the areas where our brand and strategy
Slide 4: 2025 Fiscal Year Highlights
2025 FISCAL YEAR HIGHLIGHTS Gross Revenue Margin Net Revenue Gross Margin of $398.3 million 34.6% up 1.7% or $6.8M YoY compared to 41.2% in FY 2024 Wholesale Profitability Revenue Wholesale Revenue Adjusted EBITDA1 $258.0 million $21.4 million up 5.3% or $13.0M YoY down $15.6M or (42)% YoY up 13.4%
Slide 5: 2025 Fourth Quarter Highlights
2025 FOURTH QUARTER HIGHLIGHTS Gross Revenue Margin Net Revenue Gross Margin of $112.7 million 32.1% up 6.5% or $6.9M YoY compared to 38.1% in Q4 2024 Wholesale Profitability Revenue Wholesale Revenue Adjusted EBITDA1 $72.9 million $9.7 million up 8.4% or $5.7M YoY down $0.2M or (1.8)% YoY up 15.8%
Slide 6: Channel Highlights
Channel Highlights
Slide 7: Outpacing the Coffee Category Through Distribution and Velocity Gains
OUTPACING THE COFFEE CATEGORY THROUGH DISTRIBUTION AND VELOCITY GAINS PACKAGED COFFEE RETAIL SALES GROWTH1 BAGGED COFFEE VELOCITY2 BRCC Velocity as % of Category 34.2% 31.1% 100% 84% 12.9% 9.8% 77% 2025 Q4 2025 2023 2024 2025 Black Rifle Coffee Coffee Category Black Rifle Coffee Coffee Category Dist
Slide 8: "Land & Expand" Strategy a Proven, Scalable Growth Engine
“LAND & EXPAND” STRATEGY A PROVEN, SCALABLE GROWTH ENGINE DISTRIBUTION REACH - %ACV1 ASSORTMENT DEPTH – AVERAGE ITEMS CARRIED2 54.9 6 47.0 5 33.4 4 ACV % 24.9 3 2 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 LAND: Strong ACV
Slide 9: Unit Driven Growth Reflects Real Consumer Demand
UNIT DRIVEN GROWTH REFLECTS REAL CONSUMER DEMAND BRCC’s branding and focus on quality products have driven outsized growth compared to legacy brands PACKAGED COFFEE RETAIL SALES 507 200 2,107 643 1,895 359 245 879 77 489 504 Annual Retail Sales ($ millions)1 Retail Sales Growth - 20252 33.4% 29.8% B
Slide 10: Leveraging Digital Channels as a Strategic Enabler
LEVERAGING DIGITAL CHANNELS AS A STRATEGIC ENABLER Direct-to-Consumer channel strengthens brand access, engagement, and omni-channel performance New Subscriber +7% ~160k AOV +25% YoY Growth in Q4 Total Subscribers Higher than Existing Subscribers STRATEGIC SUMMARY EXCLUSIVE COFFEE SUBSCRIPTION • DTC
Slide 11: Gaining Ground in RTD Coffee Despite Category Headwinds
GAINING GROUND IN RTD COFFEE DESPITE CATEGORY HEADWINDS Black Rifle Ready-to-Drink Coffee Remains a Top-3 Brand in Category BRCC RTD ACV2 Dollar & Unit Growth - 20251 BRCC xAOC + Convenience Dollar Growth Unit Growth 55.9 2.3% 1.7% 45.9 42.3 37.4 ACV % (4.1)% (4.2)% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 12: Disciplined Energy Expansion for 2026
DISCIPLINED ENERGY EXPANSION FOR 2026 2025 execution creates a clear, return-focused path to 2026 growth BLACK RIFLE ENERGY INITIAL LAUNCH STATISTICS – DECEMBER 20251 ~22% 19,400 3,085 ~69% 11,900 ~7% 3,840 ~12% Doors of Walmart Convenience Convenience Grocery Store ACV Walmart ACV Grocery Stores Di
Slide 13: Operational Performance & Financial Results
Operational Performance & Financial Results
Slide 14: Annual Financials
ANNUAL FINANCIALS $ millions 2% (650) bps GROSS MARGIN $398.3 NET REVENUE 41.2% 34.6% $391.5 2024 2025 2024 2025 (42)% 220 bps WHOLESALE REVENUE MIX2 ADJUSTED EBITDA1 $37.1 65% 63% $21.4 2024 2025 2024 2025 14 1. 1. Refer to slide 28 for a reconciliation of “Adjusted EBITDA” 2. 2. Wholesale Revenue
Slide 15: Quarterly Financials
QUARTERLY FINANCIALS $ millions 7% (610) bps $112.7 38.1% GROSS MARGIN NET REVENUE 32.1% $105.9 Q4 2024 Q4 2025 Q4 2024 Q4 2025 (2)% 120 bps WHOLESALE REVENUE MIX2 ADJUSTED EBITDA1 $9.9 $9.7 65% 63% Q4 2024 Q4 2025 Q4 2024 Q4 2025 15 1. 1. Refer to slide 28 for a reconciliation of “Adjusted EBITDA”
Slide 16: Gross Margin Pressured Near-Term, 40%+ Target Intact
GROSS MARGIN PRESSURED NEAR-TERM, 40%+ TARGET INTACT 2025 Gross Margin Bridge Q4 Gross Margin Bridge 41.2% 38.1% (3.5)% (1.7)% 1.0% 34.6% (4.2)% (1.3)% 1.6% 32.1% (1.0)% (1.4)% (1.3)% (0.7)% 2024 Coffee Inflation Trade Other 1 Loyalty Productivity 2025 Q4 2024 Coffee Inflation 3PL Start-Up Extract O
Slide 17: Later-Year SG&A Savings Offset Gross Profit Pressure
LATER-YEAR SG&A SAVINGS OFFSET GROSS PROFIT PRESSURE $ millions 2025 Adj. EBITDA1 Q4 Adj. EBITDA1 $37.0 $9.9 $2.4 $9.7 9.5% EBITDA Margin 9.4% 8.6% $21.4 EBITDA Margin $(2.6) EBITDA Margin $5.3 5.4% $(20.9) EBITDA Margin 2025 Gross Profit SG&A 2025 Q4 2024 Gross Profit SG&A Q4 2025 Adj. EBITDA 1 Adj
Slide 18: Outlook
RIFLE COMPANY Outlook
Slide 19: 2026 Financial Guidance
2026 FINANCIAL GUIDANCE Net Revenues Gross Margin Adjusted EBITDA At least 7% 34 to 36% At least 30% Growth Compared to 2025 Expected Gross Margin Range Growth Compared to 2025 • Implies at least $425 million of • 2026 gross margin expected in the • Implies EBITDA of at least ~$28 million in revenue
Slide 20: Appendix
Appendix
Slide 21: Long-Term Financial Targets
LONG-TERM FINANCIAL TARGETS Revenues Gross Margin Adjusted EBITDA 10%-15% 40%+ 15%-25% Annual Revenue Growth Rate Target Gross Margin Annual EBITDA Growth Rate Long-term targets reflect the Company’s multi-year objectives and are not intended to represent perpetual annual growth rates. 21
Slide 22: Financial Highlights
FINANCIAL HIGHLIGHTS 1 Refer to slide 28 for a reconciliation of ”Adjusted EBITDA” 22
Slide 23: Consolidated Income Statements
CONSOLIDATED INCOME STATEMENTS 23
Slide 24: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS 24
Slide 25: Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS 25
Slide 26: Consolidated Statements of Cash Flows (Continued)
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) 26
Slide 27: Key Operational Metrics
KEY OPERATIONAL METRICS Revenue by Sales Channel (in thousands) Quarter Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Wholesale $ 72,867 $ 67,196 $ 258,005 $ 245,040 DTC 34,435 32,151 117,638 123,779 Outpost 5,437 6,530 22,620 22,671 Total net sales $ 112,739 $ 105,877 $ 398,263, $
Slide 28: Reconciliation of Net Loss to Adjusted EBITDA
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA 28
Slide 29: 2026 Outlook
2026 OUTLOOK For full-year fiscal 2026, the Company provides the following guidance: (in millions, except % data) FY2025 FY2026 Actual Guidance Net Revenue $ 398.3 At least 7% growth Gross Margin 34.6 % 34% to 36% Adj. EBITDA $ 214 At least 30% growth 29