Uncertainty Abounds in 2025, But Long Term View is Still Positive 

Dear Client: Uncertainty has been a key theme in 2025, coupled with lackluster performance across the board.  Most of Bernstein's coverage companies experienced a tough Q2 (March 31 to July 4), with Remy Cointreau, Campari and Cuervo as standout performers. Indeed, here's a quick look at Q2 rankings among spirits companies in calendar Q2:  KEY THEMES. In a recent Bernstein note on the Americas, analysts revisited a few themes they predicted would be important this year, and a few new