Molson Coors Beverage Company · NYSE:TAP
Molson Coors Beverage — Q2 2026 Earnings Presentation
27 slides from Molson Coors Beverage's earnings presentation, Aug 6, 2026
Slide 1: Results & Outlook Q2 2026
MOLSON RESULTS & OUTLOOK Q2 2026
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: Horizon 2030
HORIZON 2030 Building to Growth through Accountability, Capability & Discipline Build a Scaled Portfolio of Strong Brands GROW NSR AND PROFIT DRIVE PROFIT ON OUR ACCELERATE AP BEER SCALE IN BEYOND BEER ON CORE POWER BRANDS VALUE BRANDS Strategic Pillars Champion Beer and Beer Drive Commercial Modern
Slide 4: Consolidated Second Quarter 2026 Results
CONSOLIDATED SECOND QUARTER 2026 RESULTS YoY % YoY % Q2 2026* Change** YTD 2026* Change** FINANCIAL VOLUME (HL) 19.734 -5.4% 34.698 -4.4% BRAND VOLUME (HL) 19.628 -4.8% 34.696 -4.0% NET SALES REVENUE $3,097 -3.6*** $5,448 -2.1%*** UNDERLYING INCOME $383 -27.8%*** $531 -19.0%*** BEFORE INCOME TAXES U
Slide 5: Consolidated Q2 2026 Revenue and Volume
CONSOLIDATED Q2 2026 REVENUE AND VOLUME NET SALES REVENUE (NSR) (CONSTANT CURRENCY) Consolidated NSR (3.6%)* Financial volume decline (5.4%), partly offset by net pricing in the Americas and favorable global sales mix (3.6%)* Americas NSR (4.1%)%* Financial volume decline (6.4%) led by U.S. (6.7%)**
Slide 6: Consolidated Q2 2026 Brand Volume
CONSOLIDATED Q2 2026 BRAND VOLUME BRAND VOLUME % CHANGE Consolidated brand volume (4.8%) U.S.* Canada* EMEA&APAC Americas brand volume down (5.3%) U.S. brand volume impacted by lower share performance in (3.0%) (3.4%) core and value segments; Canada brand volume also declined on industry softness (6
Slide 7: Consolidated Q2 2026 Underlying COGS/HL
CONSOLIDATED Q2 2026 UNDERLYING COGS/HL UNDERLYING COGS/HL UNDERLYING COGS/HL DRIVERS (CONSTANT CURRENCY) +6.3% Inflation & Other* Mix Volume Deleverage Q2 2025 Q2 2026 (unfavorable) (unfavorable) (unfavorable) Americas +6.4% due to cost inflation related to materials, logistics Inflation & Other* 3
Slide 8: Americas Q2 2026 Results
AMERICAS Q2 2026 RESULTS KEY METRICS Q2 2026* YOY % CHANGE NET SALES REVENUE $2,402 -4.1%** UNDERLYING INCOME $396 -22.6%** BEFORE INCOME TAX FINANCIAL VOLUME 14.3 -6.4% BRAND VOLUME 14.2 -5.3% PERFORMANCE DRIVERS Lower financial volume, cost inflation related to materials, logistics and manufacturi
Slide 9: EMEA&APAC Q2 2026 Results
EMEA&APAC Q2 2026 RESULTS KEY METRICS Q2 2026* YOY % CHANGE NET SALES REVENUE $701 -2.0%** UNDERLYING INCOME $41 -44.3%** BEFORE INCOME TAX FINANCIAL VOLUME 5.4 -2.8% BRAND VOLUME 5.4 -3.4% PERFORMANCE DRIVERS Unfavorable mix (primarily channel mix), lower financial volume and cost inflation related
Slide 10: Capital Allocation: Investing in Our Business
CAPITAL ALLOCATION INVESTING IN OUR BUSINESS ANNUAL CAPITAL EXPENDITURES* Capital Expenditures incurred for Q2 YTD 2026 of $227 million** included various efforts designed to improve $721 capabilities, and drive $667 efficiencies, cost savings and our $227 ** sustainability initiatives FY 2024 FY 20
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 ~$180 million since December 31, 2025** ending the 2.5x Target quarter at $5.6 billion Net Debt to Underlying EBITDA ratio of 2.53x at the end of 2.41x 2.53x Q2 2026 approximating the re 2.
Slide 12: Capital Allocation: Returning Cash to Shareholders
CAPITAL ALLOCATION RETURNING CASH TO SHAREHOLDERS YOY DIVIDEND CHANGE DOLLARS INVESTED IN SHARE REPURCHASES Repurchased ~4.4 million shares Quarterly cash for a total of ~$207 million* $0.48 dividend of Q2 YTD 2026 $0.47 $0.48 per share, paid on June 12th Repurchased ~30.7 million shares or 15.3% of
Slide 13: Disciplined Cost Savings to Fund the Future; $450M Targeted Over 3 Years
DISCIPLINED COST SAVINGS TO FUND THE FUTURE; $450M TARGETED OVER 3 YEARS* • Productivity gains via capital investments, procurement and world class supply chain AMERICAS • Invest in technology to drive efficiency and cost savings Supply Chain • Increasing operational efficiency through business proc
Slide 14: Monaco: Expanding Our U.S. Beyond Beer Portfolio With Atomic Brands Acquisition
MONACO Expanding Our U.S. Beyond Beer Portfolio With Atomic Brands Acquisition WHY WE BELIEVE IT FITS • Highly incremental addition to our Expected to be incrementally Beyond Beer portfolio profitable in year one** with nine months in the portfolio • Natural fit within our U.S. route-to-market and c
Slide 15: 2026 Guidance
2026 GUIDANCE REAFFIRMED 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% UNDE
Slide 16: Key 2026 Guidance Assumptions and Drivers
KEY 2026 GUIDANCE ASSUMPTIONS AND DRIVERS* U.S. Beer Industry* Price / Mix Midwest Premium We continue to expect the full year We continue to expect U.S. annual MWP costs remain elevated vs. 2025, 2026 US industry volume trend to pricing of 1% to 2%, in line with peaking in Q2 as anticipated. We exp
Slide 17: Molson Coors
MOLSON COORS a3 We
Slide 18: Appendix
Appendix 18
Slide 19: Midwest Premium Spot Price
MIDWEST PREMIUM SPOT PRICE* 2025 TREND THROUGH 7/31/2026 $1.19 ** $1.15 $0.95 USD / LB $0.75 $0.55 $0.35 $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 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Source: The CME Group * The Midwest Premium is a c
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) 6/30/2026 6/30/2025 6/30/2024 Current portion of long-term debt and short-term borrowings 2,037.1 62.3 894.2 Add: Long-term debt 5,672.5 6,257.0 6,161.5 Less: Cash and cash equivalents 2,128.1 613.8 1,647
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 June 30, 2026 Marketing, Net income general and Income (loss) (loss) Diluted Cost of goods administrative before income attributable to earnings per so
Slide 24: Reconciliation, Three Months Ended June 30, 2025
(In millions, except per share data) (Unaudited) For the three months ended June 30, 2025 Marketing, Net income general and Income (loss) (loss) Diluted Cost of goods administrative before income attributable to earnings per sold expenses taxes MCBC share Reported (U.S. GAAP) $ (1,918.9) $ (693.1) $
Slide 25: Reconciliation to Underlying Income Before Income Taxes by Segment
(2) During the second quarter of 2026, we made the decision to exit a brand in our Americas segment and, as a result, recorded $8.1 million of accelerated amortization of the brand intangible. (3) During the first quarter of 2025, our Americas segment made an investment in Fevertree Drinks plc and h
Slide 26: Effective Tax Rate and Depreciation and Amortization Reconciliation
(In millions) (Unaudited) For the six months ended June 30, 2026 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ 597.5 $ (13.8) $ (105.9) $ 477.8 Cost of goods sold (1) — — 1.8 1.8 Other non-GAAP adjustment items (2) 29.4 $ 22.1 $ — 51.5 Total non-GAAP adjus
Slide 27: Underlying Free Cash Flow and Net Debt Reconciliation
During the third quarter of 2024, we made the decision to wind down or sell certain U.S. craft businesses and related facilities within the Americas segment. As a result, we recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation o
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