BLUE DOG DISTRIBUTING LLC DBA BLUE DOG BEVERAGE

s of Team Sledd. The Plans allow employees to make voluntary contributions up to 100 % of their compensation, subject to Internal Revenue Service limits. Under the AMCON Plan, the Company matches 100 % of the first 2 % contributed and 50 % of the next 4 % contributed for a maximum match of 4 % of employee compensation. Under the Team Sledd Plan, the Company matches 100 % of employee contributions up to 5 %. The Company made matching contributions (net of employee forfeitures) to the Plans of approximately $ 2.1 million in fiscal 2025 and $ 2.0 million in fiscal 2024. ​ 53 Table of Contents 11. COMMITMENTS AND CONTINGENCIES: Liability Insurance The Company carries property, general liability, vehicle liability, directors’ and officers’ liability and workers’ compensation insurance. Addition

ittee of the Company’s Board of Directors awarded 15,100 shares of restricted stock to members of the Company’s executive management team, which are subject to a three-year graded vesting schedule. 56 Table of Contents ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE ​ None. ​ ITEM 9A. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in company reports filed or submitted under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s (“SEC”) rules and forms. Discl

e of sales for fiscal years 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Years ​ 2025 2024 Sales 100.0 % 100.0 % Cost of sales 93.3 ​ 93.3 ​ Gross profit 6.7 ​ 6.7 ​ Selling, general and administrative expenses 5.9 ​ 5.7 ​ Depreciation and amortization 0.3 ​ 0.3 ​ Operating income 0.5 ​ 0.7 ​ Interest expense 0.4 ​ 0.4 ​ Change in fair value of mandatorily redeemable non-controlling interest ​ 0.0 ​ 0.0 ​ Other (income), net ​ 0.0 ​ 0.0 ​ Income from operations before income taxes 0.1 ​ 0.3 ​ Income tax expense 0.1 ​ 0.1 ​ Net income available to common shareholders 0.0 % 0.2 % ​ The following table presents selected statement of operations data for fiscal years 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in millions) 2025 2024 Incr (Decr) (2) CONSOLIDATED: ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales (1) ​ $ 2,816.7 ​ $

nce of stock options to purchase up to an aggregate of 3,600,000 shares of common stock. Options may be granted for such consideration as determined by the Board of Directors. The vesting schedule and exercise price of these options are tied to the recipient’s ownership level of common stock, the terms generally allow for the reduction in exercise price upon each vesting period and the options generally expire after ten years. The Board of Directors has also authorized the issuance of options to purchase up to 100,000 shares of common stock to be issued at the direction of the Chairman. The Key Employee Equity Partnership Program (“KEEP Program”) provides for the granting of stock options to purchase up to 480,000 shares of common stock to key employees, consultants, directors and officers

gross profit per case increased and gross margin remained constant at 37.0% for both Fiscal 2026 and Fiscal 2025. Shipping and handling costs are included in selling, general and administrative expenses, the classification of which is consistent with many beverage companies. However, our gross margin may not be comparable to companies that include shipping and handling costs in cost of sales. See Note 1-Significant Accounting Policies, of Notes to the Consolidated Financial Statements. Selling, General and Administrative Expenses Selling, general and administrative expenses for Fiscal 2026 decreased $1.3 million to $207.2 million from $208.5 million for Fiscal 2025. The decrease was primarily due to a decrease in administrative and shipping and handling costs, partially offset by an incre