Molson Coors Beverage Company · NYSE:TAP
Molson Coors Beverage — Q1 2026 Earnings Presentation
25 slides from Molson Coors Beverage's earnings presentation, May 12, 2026
Slide 1: Results & Outlook
RESULTS & OUTLOOK MOLSON COORS frst
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 First Quarter 2026 Results
CONSOLIDATED FIRST QUARTER 2026 RESULTS YoY % Q1 2026* Change** FINANCIAL VOLUME (HL) 14.964 -2.9% BRAND VOLUME (HL) 15.068 -3.1% NET SALES REVENUE $2,351 +0.1%*** UNDERLYING INCOME $148 +16.2%*** BEFORE INCOME TAXES UNDERLYING EARNINGS $0.62 +24.0% PER DILUTED SHARE UNDERLYING FREE CASH FLOW -$213
Slide 5: Consolidated Q1 2026 Revenue and Volume
CONSOLIDATED Q1 2026 REVENUE AND VOLUME NET SALES REVENUE (NSR) (CONSTANT CURRENCY) Consolidated NSR +0.1%* Favorable global sales mix and net pricing in the Americas, partly offset by financial volume decline (2.9%) +0.1%* Americas NSR +0.4%* Favorable sales mix (positive brand mix) and net pricing
Slide 6: Consolidated Q1 2026 Brand Volume
CONSOLIDATED Q1 2026 BRAND VOLUME BRAND VOLUME % CHANGE Consolidated brand volume (3.1%) U.S.* Canada* EMEA&APAC Americas brand volume down (3.0%) U.S. brand volume impacted by lower share performance in core and value segments; Canada brand volume also (3.5%)** (3.4%) declined on industry softness
Slide 7: Consolidated Q1 2026 Underlying COGS/HL
CONSOLIDATED Q1 2026 UNDERLYING COGS/HL UNDERLYING COGS/HL UNDERLYING COGS/HL DRIVERS (CONSTANT CURRENCY) +5.6% Inflation & Other* Mix Volume Deleverage Q1 2025 Q1 2026 (unfavorable) (unfavorable) (unfavorable) Americas +5.4% due to cost inflation related to materials and Inflation & Other* 340-basi
Slide 8: Americas Q1 2026 Results
AMERICAS Q1 2026 RESULTS KEY METRICS Q1 2026* YOY % CHANGE NET SALES REVENUE $1,901 +0.4%** UNDERLYING INCOME $231 +14.5%** BEFORE INCOME TAX FINANCIAL VOLUME 11.4 -2.7% BRAND VOLUME 11.6 -3.0% PERFORMANCE DRIVERS Lower MG&A, increased net pricing and favorable mix, partially offset by cost inflatio
Slide 9: EMEA&APAC Q1 2026 Results
EMEA&APAC Q1 2026 RESULTS KEY METRICS Q1 2026* YOY % CHANGE NET SALES REVENUE $456 -1.2%** UNDERLYING INCOME -$33 -47.4%** BEFORE INCOME TAX FINANCIAL VOLUME 3.5 -3.5% BRAND VOLUME 3.5 -3.4% PERFORMANCE DRIVERS Lower financial volume and cost inflation related to materials and manufacturing expenses
Slide 10: Capital Allocation: Investing in Our Business
CAPITAL ALLOCATION INVESTING IN OUR BUSINESS ANNUAL CAPITAL EXPENDITURES* Capital Expenditures incurred for Q1 2026 of $98 million** included various efforts designed to improve $721 capabilities, and drive $667 efficiencies, cost savings and our $98 ** sustainability initiatives FY 2024 FY 2025 Q1
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 ~$485 million since December 31, 2025** ending the 2.5x Target quarter at $5.9 billion Net Debt to Underlying EBITDA ratio of 2.51x at the end of 2.29x 2.47x 2.51x Q1 2026 approximating the
Slide 12: Capital Allocation: Returning Cash to Shareholders
CAPITAL ALLOCATION RETURNING CASH TO SHAREHOLDERS YOY DIVIDEND CHANGE DOLLARS INVESTED IN SHARE REPURCHASES Repurchased ~3.4 million shares Quarterly cash for a total of ~$164 million* $0.48 dividend of Q1 2026 $0.47 $0.48 per share, paid on March 20th Repurchased ~29.7 million shares or 14.8% of Cl
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: 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 15: Atomic Brands Acquisition
ATOMIC BRANDS ACQUISITION Expanding Our U.S. Beyond Beer Portfolio WHY IT FITS Expected to contribute ~1% • Highly incremental addition to our to global NSR on a trailing Beyond Beer portfolio twelve-month basis* • Natural fit within our U.S. route-to-market and convenience-led footprint Expected to
Slide 16: Key 2026 Guidance Assumptions and Drivers
KEY 2026 GUIDANCE ASSUMPTIONS AND DRIVERS* U.S. Beer Industry / Share* Price / Mix Midwest Premium We continue to expect the full year We continue to expect U.S. annual On Midwest Premium, we continue to 2026 US industry volume trend to pricing of 1% to 2%, in line with expect the cost of Midwest Pr
Slide 17: Molson Coors
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Slide 18: Appendix
Appendix 18
Slide 19: Midwest Premium Spot Price
MIDWEST PREMIUM SPOT PRICE* 2025 Trend Through 4/24/2026 $1.15 $1.14 ** $1.05 $0.95 $0.85 $0.75 USD / LB $0.65 $0.55 $0.45 $0.35 $0.24 $0.25 $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 Source: The CME Group * The Midwest Premi
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) 3/31/2026 3/31/2025 3/31/2024 Current portion of long-term debt and short-term borrowings 2,423.4 83.2 905.5 Add: Long-term debt 3,848.5 6,154.6 5,312.2 Less: Cash and cash equivalents 382.6 412.7 458.4 N
Slide 23: Reconciliation to Nearest U.S. GAAP Measures
RECONCILIATION TO NEAREST U.S. GAAP MEASURES Reconciliation by Line Item (In millions, except per share data) (Unaudited) For the three months ended March 31, 2026 Marketing, Net income general and Income (loss) (loss) Diluted Cost of goods administrative before income attributable to earnings per s
Slide 24: Reconciliation to Underlying Income by Segment
(1) 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 depreciati
Slide 25: Underlying Free Cash Flow Net Debt Reconciliation
Underlying (Non-GAAP) Free Cash Flow (In millions) (Unaudited) For the three months ended March 31, 2026 March 31, 2025 U.S. GAAP Net Cash Provided by (Used In) Operating Activities $ 2.5 $ (90.7) Additions to property, plant and equipment, net(1) (231.7) (237.3) Cash impact of non-GAAP adjustment i
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