Molson Coors Beverage Company · NYSE:TAP
Molson Coors Beverage — Q4 2023 Earnings Presentation
19 slides from Molson Coors Beverage's earnings presentation, Feb 13, 2024
Slide 1: FY 2023 Results & Outlook
MOLSON COORS mse FY 2023 A RESULTS & OUTLOOK
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation release includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Generally, the words "expects," "intend," "goals," "plans," "believes," "continues," "may," "anticipate," "seek," "estimate," "outlook," "trends," "futur
Slide 3: Gavin Hattersley, Chief Executive Officer
Chief Executive Officer Gavin Hattersley 3
Slide 4: Establishing a New Bottom-Line Base Years Ahead of Expectations
Establishing a New Bottom-Line Base … Years Ahead of Expectations UNDERLYING PRE-TAX INCOME (in millions) +5.6% Delivered CAGR* six years of growth above the mid-point of our long-term growth algorithm for $1,531 Underlying Pre-Tax Income in just one year! $1,105 2022 2028 2023 Actual Estimate Actua
Slide 5: 2023 in Review: Molson Coors Is Poised for Growth
2023 IN REVIEW: MOLSON COORS IS POISED FOR GROWTH Top five brands around the world drove over 2 million more hectoliters in 2023 than the prior year In addition to growing U.S. distribution and shelf space, our U.S. brands grew more on-premise share than any other brewer in 2023 per Nielsen CGA
Slide 6: Core Power Brands Remain Strong Across Our Markets
CORE POWER BRANDS REMAIN STRONG ACROSS OUR MARKETS UNITED STATES Coors Light, Coors Banquet and Miller Lite each grew brand volume by double digits in the quarter; Coors Light and Miller Lite each grew more dollar share of displays in 2023 than any other beer brand Coors Banquet grew brand volumes n
Slide 7: Madri Is Expanding & Driving Premiumization
MADRI IS EXPANDING & DRIVING PREMIUMIZATION Thoughtful expansion into new markets In Q4, Madri Excepcional was the begins with Canada in the first quarter fastest-growing major beer brand in the of 2024 with select European markets U.K. in both volume and value sales, to come during the year and gre
Slide 8: Flavor Innovation Supports Strength in Above Premium
FLAVOR INNOVATION SUPPORTS STRENGTH IN ABOVE PREMIUM SIMPLY SPIKED more than doubled its U.S. volume in 2023 and quickly grew segment share in Canada New innovation in flavor is coming SIMPLY SPIKED SIMPLY SPIKED SIMPLY SPIKED HAPPY THURSDAY STRONG LAUNCH PLANS PEACH Simply Spiked launch LIMEADE Non
Slide 9: Confident in the Momentum of Our Brands
Confident in the Momentum of our Brands, in our Plans for 2024, and in our Ability to Deliver Growth in 2024 and Beyond 9
Slide 10: Consolidated Fourth Quarter & Fiscal Year 2023 Results
CONSOLIDATED FOURTH QUARTER & FISCAL YEAR 2023 RESULTS % % Q4 2023* FY 2023* CHANGE CHANGE FINANCIAL VOLUME (HL) 19.849 +0.8% 83.772 +1.8% BRAND VOLUME (HL) 19.532 +4.3% 80.857 +2.2% NET SALES REVENUE $2,791 +5.0%** $11,702 +9.3%** UNDERLYING INCOME BEFORE INCOME TAXES $346 +2.1%** $1,531 +36.9%** U
Slide 11: Consolidated Q4 2023 Revenue and Volume
CONSOLIDATED Q4 2023 REVENUE AND VOLUME Favorable global net pricing and sales mix led to NET SALES REVENUE 4.2% consolidated net sales/hl growth on a (CONSTANT CURRENCY) constant currency basis. +5.0% Consolidated financial volume increased 0.8%, driven by U.S. domestic shipment growth of 4.3%. U.S
Slide 12: Consolidated Q4 2023 Brand Volume
CONSOLIDATED Q4 2023 BRAND VOLUME Consolidated brand volume was up 4.3% Americas brand volume was up 6.7%, led BRAND VOLUME Key: Q4 22 Q4 23 by 8.5% U.S. brand volume growth driven by core brands. Canada was up 0.7% on +8.5% above premium portfolio growth. Latin America was down 5.0% due to industry
Slide 13: Consolidated Q4 2023 Underlying COGS/hl
CONSOLIDATED Q4 2023 UNDERLYING COGS/HL UNDERLYING COGS/HL UNDERLYING COGS/HL DRIVERS (CONSTANT CURRENCY) +1.4% Volume Leverage (favorable) Q422 Q4 23 Inflation & Other* Mix (unfavorable) (unfavorable) Americas was down 0.7% as lower logistics costs, cost savings, and Mix shifts from lower contract
Slide 14: Consolidated Q4 2023 Underlying MG&A
CONSOLIDATED Q4 2023 UNDERLYING MG&A Marketing investment increased, supporting the strong momentum of our core brands and key innovations G&A increased due to incentive compensation as a result of strong operating performance 14
Slide 15: Underlying Free Cash Flow Was $1.4 Billion
Capital Expenditures incurred were approximately $690 million for the year. This was directed toward our Golden brewery modernization and expanding our capabilities to drive efficiencies, cost savings and Underlying our sustainability initiatives. Free Cash Flow was $1.4 Reduced our Net Debt by over
Slide 16: Issuing 2024 Guidance
ISSUING 2024 GUIDANCE FULL YEAR OUTLOOK 2024E Net Sales Revenue Growth, constant Low-Single Digits currency Underlying Income Before Income Taxes Mid-Single Digits Growth, constant currency Underlying Earnings Per Share Growth Mid-Single Digits Underlying Free Cash Flow $1.2B +/- 10% Underlying Depr
Slide 17: Key 2024 Guidance Assumptions and Drivers
KEY 2024 GUIDANCE ASSUMPTIONS AND DRIVERS Global net pricing increases in line Higher Underlying COGS/hl due to mix with historical averages by market impacts from premiumization and lower 1 along with mix benefits from 3 contract brewing volume as well as premiumization lower volume leverage Americ
Slide 18: Questions & Answers
Questions & Answers 18
Slide 19: MOLSON
MOLSON COORS finray
Molson Coors Beverage Company — Q4 2023 Earnings Presentation on 6ix