Molson Coors Beverage Company · NYSE:TAP
Molson Coors Beverage — Q4 2025 Earnings Presentation
28 slides from Molson Coors Beverage's earnings presentation, Feb 18, 2026
Slide 1: Q4 & FY 2025 Results & Outlook
Q4 & FY 2025 RESULTS & OUTLOOK
Slide 2: Forward Looking Statements & Other Information
FORWARD LOOKING STATEMENTS & OTHER INFORMATION This presentation includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Generally, the words "expects," "intends," "goals," "plans," "believes," "confidence", "views," "continues," "may," "anticipate," "seek," "es
Slide 3: Consolidated Fourth Quarter and Full Year 2025 Results
CONSOLIDATED FOURTH QUARTER AND FULL YEAR 2025 RESULTS YoY % YoY % Q4 2025* Change** 2025* Change** FINANCIAL VOLUME (HL) 17.146 -7.7% 72.810 -8.6% BRAND VOLUME (HL) 18.028 -4.5% 74.553 -5.4% NET SALES REVENUE $2,662 -4.0%*** $11,141 -4.8%*** UNDERLYING INCOME $297 -13.8%*** $1,385 -14.7%*** BEFORE
Slide 4: Consolidated Q4 and Full Year 2025 Revenue and Volume
CONSOLIDATED Q4 AND FULL YEAR 2025 REVENUE AND VOLUME Q4 NET SALES REVENUE (NSR) 2025 NET SALES REVENUE (NSR) (CONSTANT CURRENCY) (CONSTANT CURRENCY) Consolidated NSR (4.0%)* Consolidated NSR (4.8%)* -4.0% Financial volume decline (7.7%), partly offset -4.8% Financial volume decline (8.6%), partly o
Slide 5: Consolidated Q4 and Full Year 2025 Brand Volume
CONSOLIDATED Q4 AND FULL YEAR 2025 BRAND VOLUME Q4 BRAND VOLUME % CHANGE 2025 BRAND VOLUME % CHANGE EMEA& Consolidated Brand Volume (4.5%) EMEA& Consolidated Brand Volume (5.4%) U.S. Canada APAC U.S. Canada APAC (0.9%) Americas Brand Volume (4.3%) (2.3%) Americas Brand Volume (4.9%) U.S. brand volum
Slide 6: Consolidated Q4 2025 Underlying COGS/HL
CONSOLIDATED Q4 2025 UNDERLYING COGS/HL UNDERLYING COGS/HL UNDERLYING COGS/HL DRIVERS (CONSTANT CURRENCY) +6.6% Exit of Pabst / Labatt Contract Volume Inflation & Other* Mix Volume Deleverage Q4 2024 Q4 2025 (unfavorable) (unfavorable) (unfavorable) Americas +7.0% due to cost inflation related to ma
Slide 7: Consolidated Full Year 2025 Underlying COGS/HL
CONSOLIDATED FULL YEAR 2025 UNDERLYING COGS/HL UNDERLYING COGS/HL UNDERLYING COGS/HL DRIVERS (CONSTANT CURRENCY) +5.2% Exit of Pabst / Labatt Contract Volume Inflation & Other* Mix Volume Deleverage FY 2024 FY 2025 (unfavorable) (unfavorable) (unfavorable) Americas +4.8% due to cost inflation relate
Slide 8: Americas Q4 and Full Year 2025 Results
AMERICAS Q4 AND FULL YEAR 2025 RESULTS KEY METRICS UNDERLYING INCOME BEFORE YOY % Q4 2024* YOY % Q4 2025* 2025* INCOME TAX DRIVERS CHANGE CHANGE NET SALES REVENUE $2,066 -5.0%** $8,713 -5.5%** Q4: Lower financial volumes, cost inflation related to materials and manufacturing expenses (including ~$20
Slide 9: EMEA&APAC Q4 and Full Year 2025 Results
EMEA&APAC Q4 AND FULL YEAR 2025 RESULTS KEY METRICS UNDERLYING INCOME BEFORE YOY % YOY % Q4 2025* 2025* INCOME TAX DRIVERS CHANGE CHANGE NET SALES REVENUE $603 +0.1%** $2,456 -2.3%** Q4: Lower MG&A spend as a result of lower short- term incentive compensation (~$10M) and targeted cost reductions as
Slide 10: Capital Allocation: Investing in Our Business
CAPITAL ALLOCATION INVESTING IN OUR BUSINESS ANNUAL CAPITAL EXPENDITURES* Capital Expenditures incurred for 2025 of $667 million included various efforts designed to improve capabilities, and drive $721 efficiencies, cost $689 $667 savings and our sustainability initiatives FY 2023 FY 2024 FY 2025 *
Slide 11: Capital Allocation: Maintaining Leverage Ratio Below 2.5x
CAPITAL ALLOCATION MAINTAINING LEVERAGE RATIO BELOW 2.5X* NET DEBT TO UNDERLYING EBITDA* Net Debt increased by ~$226 million compared to December 31, 2024** ending the year at $5.4 billion*** Net Debt to Underlying 4.8x 4.4x 3.8x 3.6x 3.5x 3.1x EBITDA ratio of 2.33x at year end 2.9x 2.5x Target 2025
Slide 12: Capital Allocation: Returning Cash to Shareholders
CAPITAL ALLOCATION RETURNING CASH TO SHAREHOLDERS YOY DIVIDEND CHANGE DOLLARS INVESTED IN SHARE REPURCHASES +6.8% Repurchased ~12.9 million +7.3% Quarterly cash shares for a total of ~$652 dividend of million* throughout 2025, of which $0.47 per share, we repurchased ~6.9 million up 6.8% YoY, paid s
Slide 13: Select Q&A
SELECT Q&A Q: How did year-end U.S. distributor inventory levels compare to expectations? A: As previously indicated, we expected our U.S. year-end distributor inventory levels would be lower compared to year-end 2024. The magnitude of the inventory reduction was in line with expectations. Excluding
Slide 14: 2026 Guidance
2026 GUIDANCE FULL YEAR OUTLOOK 2026E* NET SALES REVENUE GROWTH, CONSTANT CURRENCY Flat +/-1% UNDERLYING INCOME BEFORE INCOME TAXES -15% to -18% Decline GROWTH, CONSTANT CURRENCY UNDERLYING DILUTED EARNINGS PER SHARE GROWTH -11% to -15% Decline UNDERLYING FREE CASH FLOW $1.1B +/- 10% UNDERLYING DEPR
Slide 15: Key 2026 Guidance Assumptions and Drivers
KEY 2026 GUIDANCE ASSUMPTIONS AND DRIVERS* U.S. Beer Industry / Share Price / Mix Midwest Premium We expect industry performance We continue to expect U.S. annual We are expecting a meaningful to improve vs the approximate 5%* pricing of 1% to 2%, in line with increase in aluminum costs with the dec
Slide 16: Disciplined Cost Savings to Fund the Future; $450M Over 3 Years
DISCIPLINED COST SAVINGS TO FUND THE FUTURE; $450M OVER 3 YEARS* • Productivity gains via Capital Investments, procurement, AMERICAS and World Class Supply Chain Supply Chain • Invest in technology to drive efficiency and cost savings SAVINGS • Optimize structure to streamline and put resources are
Slide 17: Molson Coors
MOLSON COORS fina
Slide 18: Appendix
Appendix 18
Slide 19: Midwest Premium Spot Price
MIDWEST PREMIUM SPOT PRICE* 2025 Trend Through 2/10/2026 $1.03 $1.05 $0.95 $0.85 $0.75 USD / LB $0.65 $0.55 $0.45 $0.35 $0.25 $0.24 $0.15 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Source: The CME Group * The Midwest Premium is a component of th
Slide 20: Use of Non-GAAP Measures
Use of Non-GAAP Measures In addition to financial measures presented on the basis of accounting principles generally accepted in the U.S. (“U.S. GAAP”), we also use non-GAAP financial measures, as listed and defined below, for operational and financial decision making and to assess Company and segme
Slide 21: Use of Non-GAAP Measures Continued
Use of Non-GAAP Measures Continued Underlying free cash flow (Closest GAAP Metric: Net Cash Provided by (Used in) Operating Activities) – Measure of the Company’s operating cash flow calculated as Net Cash Provided by (Used In) Operating Activities less Additions to property, plant and equipment and
Slide 22: Net Debt to Underlying EBITDA Reconciliation
Net Debt to Underlying EBITDA Reconciliation In millions (except net debt to underlying EBITDA) 12/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016* Current portion of long-term debt and short-term 2,434.1 32.2 911.8 397.1 514.9 1,020.1 928.2
Slide 23: Reconciliation to Nearest U.S. GAAP Measures by Line Item
RECONCILIATION TO NEAREST U.S. GAAP MEASURES Reconciliation by Line Item (In millions, except per share data) (Unaudited) For the three months ended December 31, 2025 Marketing, Net income general and Income (loss) (loss) Diluted Cost of goods administrative before income attributable to earnings pe
Slide 24: Reconciliation for the Year Ended December 31, 2025
(In millions, except per share data) (Unaudited) For the year ended December 31, 2025 Marketing, Net income Net income (loss) general and Income (loss) (loss) attributable to Cost of goods administrative before income attributable MCBC per diluted sold expenses taxes to MCBC share(5) Reported (U.S.
Slide 25: Reconciliation to Underlying Income Before Income Taxes by Segment
(In millions, except per share data) (Unaudited) For the year ended December 31, 2024 Marketing, Net income Net income (loss) general and Income (loss) (loss) attributable to Cost of goods administrative before income attributable MCBC per diluted sold expenses taxes to MCBC share Reported (U.S. GAA
Slide 26: Underlying Depreciation and Amortization Reconciliation
(In millions) (Unaudited) For the three months ended December 31, 2024 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ 361.8 $ 23.5 $ (39.0) $ 346.3 Cost of goods sold (1) (6.3) — (6.2) (12.5) Marketing, general & administrative 0.5 — — 0.5 Other non-GAAP ad
Slide 27: Underlying Net Interest and Effective Tax Rate Reconciliation
Underlying (Non-GAAP) Net Interest Income (Expense) Reconciliation (In millions) (Unaudited) For the three months ended For the years ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 U.S. GAAP Interest income (expense), net $ (56.2) $ (54.6) $ (227.3) $ (247.3) Adjustmen
Slide 28: Net Debt and Net Debt to Underlying EBITDA Ratio
Net Debt (Non-GAAP) and Net Debt (Non-GAAP) to Underlying (Non-GAAP) EBITDA Ratio (In millions except net debt (Non-GAAP) to underlying (Non-GAAP) EBITDA ratio) (Unaudited) As of December 31, 2025 December 31, 2024 U.S. GAAP Current portion of long-term debt and short-term borrowings $ 2,434.1 $ 32.
Molson Coors Beverage Company — Q4 2025 Earnings Presentation on 6ix