Molson Coors Beverage Company · NYSE:TAP
Molson Coors Beverage — Q1 2023 Earnings Presentation
19 slides from Molson Coors Beverage's earnings presentation, May 2, 2023
Slide 1: Q1 FY 2023 Results & Outlook
Q1 FY 2023 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: Iconic Core Brands Remain Strong
ICONIC CORE BRANDS REMAIN STRONG UNITED STATES CANADA UNITED KINGDOM Collectively, Coors Light and Miller Lite grew Molson Canadian and Coors Light grew Carling continues to be the number revenue double digits, and Miller Lite was a brand volume in the first quarter one beer by volume in the U.K. to
Slide 5: Above Premium Beer Portfolio Benefits from Innovation
ABOVE PREMIUM BEER PORTFOLIO BENEFITS FROM INNOVATION MADRI PERONI Madri Excepcional continued to grow Successful February launch of Peroni share in the first quarter, in both the on 0.0 in select U.S. markets with a new and off premise marketing campaign Innovations Focus on High-Growth Categories
Slide 6: Building a Strong Above Premium Portfolio in Flavor
BUILDING A STRONG ABOVE PREMIUM PORTFOLIO IN FLAVOR SIMPLY SPIKED, a Top 10 Flavored Malt Beverage Brand TOPO CHICO, Expanding into Spirits-based RTDs Expanding Presence into Hard Teas SIMPLY SPIKED SIMPLY SPIKED TOPO CHICO TOPO CHICO PEACE ARNOLD PALMER PEACH LEMONADE HARD SELTZER SPIRITED HARD TEA
Slide 7: Beyond Beer Continues to Scale
BEYOND BEER CONTINUES TO SCALE ZOA Five Trail Whiskey and Barmen Bourbon After doubling its volume in 2022, ZOA launches new and vibrant Continue to expand in full-strength spirits with our award-winning packaging to build on performance in 2023 Five Trail whiskey and our new Barmen bourbon expected
Slide 8: Our Commitment to Total Beverage Drives Innovation and Growth
Our Commitment to Total Beverage Drives Innovation and Growth ü Continuing investment in new flavor-packing capabilities ü Modernizing our team structure to unlock the next phase of growth ü Growing capabilities in key areas 8
Slide 9: Focus on Consistency and Stability to Drive Sustainable Growth
Focus on • Growing our core brands consistently Consistency • Premiumizing our portfolio through and Stability innovation to Drive • Offering consumers a range of winning brands across price tiers Sustainable and preferences Growth 9
Slide 10: Consolidated First Quarter Fiscal Year 2023 Results
CONSOLIDATED FIRST QUARTER FISCAL YEAR 2023 RESULTS Q1 2023* % CHANGE NET SALES REVENUE $2,346 +8.2%** UNDERLYING INCOME BEFORE INCOME TAXES*** $158 +82.8%** UNDERLYING EARNINGS PER SHARE*** $0.54 +86.2% UNDERLYING FREE CASH FLOW*** ($174) +51.6% UNDERLYING EBITDA TO NET DEBT RATIO AS OF MARCH 31, 2
Slide 11: Consolidated Q1 2023 Revenue
CONSOLIDATED Q1 2023 REVENUE NET SALES REVENUE BRAND VOLUME (CONSTANT CURRENCY)* (HL IN MILLIONS) -2.1% +8.2% 16.5 16.2 Price Mix Volume Strong global net pricing due to rollover Financial volume declined 0.2% as Consolidated brand volume declined 2.1%. pricing benefits from several increases lower
Slide 12: Consolidated Q1 2023 Underlying COGS/HL
CONSOLIDATED Q1 2023 UNDERLYING COGS/HL UNDERLYING COGS / HL* UNDERLYING COGS / HL DRIVERS* (CONSTANT CURRENCY) Employing our levers to help +7.4% Deleverage mitigate the impact of inflation Mix Pricing Inflation Premiumization & Other** Hedging Cost savings Inflation/Other**, including higher mater
Slide 13: Americas: Q1 2023 Results
AMERICAS: Q1 2023 RESULTS Q1 2023* YOY % CHANGE YOY GROWTH IN NSR & NSR/HL ON A FINANCIAL NET SALES REVENUE $1,939 +6.5%** VOLUME BASIS FOR U.S. AND CANADA** UNDERLYING INCOME BEFORE INCOME TAX*** $234 +37.7%** FINANCIAL VOLUME 12.9 -0.5% BRAND VOLUME 12.2 -1.5% 7.1% 8.7% Americas Net Sales/HL incre
Slide 14: EMEA & APAC: Q1 2023 Results
EMEA & APAC: Q1 2023 RESULTS Q1 2023* YOY % CHANGE YOY GROWTH IN NSR & NSR/HL ON A FINANCIAL NET SALES REVENUE $410 +16.1%** VOLUME BASIS FOR EMEA & APAC** UNDERLYING (LOSS) BEFORE INCOME TAX*** ($22) +27.6%** FINANCIAL VOLUME 4.1 +0.8% BRAND VOLUME 3.9 -3.9% 15.1% Positive net pricing including 202
Slide 15: Capital Allocation Priorities
INVESTING IN THE BUSINESS Capital expenditures paid of $181 million directed toward Golden brewery modernization and Fort Worth production capability to support innovation and growth initiatives, increase efficiencies and advance sustainability goals Capital REDUCING NET DEBT Ended Q1 2023 with a ne
Slide 16: Reaffirming Our 2023 Financial Guidance
Reaffirming 2023E Net Sales Revenue, on a constant currency basis Low-Single Digit Growth Our 2023 Underlying Income Before Income Taxes, on a constant currency basis Low-Single Digit Growth Financial Underlying Free Cash Flow Capital Expenditures Incurred $1B +/- 10% $700M +/-5% Guidance Underlying
Slide 17: Proud and Confident
PROUD of our Ability to Navigate Near-Term Macro Challenges While Investing in Our Business CONFIDENT in our Ability to Achieve Sustainable Top and Bottom-Line Growth 17
Slide 18: Questions & Answers
Questions & Answers 18
Slide 19: Molson Coors
MOLSON COORS canary
Molson Coors Beverage Company — Q1 2023 Earnings Presentation on 6ix