Molson Coors Beverage Company · NYSE:TAP
Molson Coors Beverage — CAGNY 2026
28 slides from Molson Coors Beverage's conference presentation, Feb 18, 2026
Slide 1: CAGNY 2026
MOLSON COORS =
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: Rahul Goyal, President and Chief Executive Officer
Rahul Goyal President and Chief Executive Officer 3
Slide 4: Who We Are and Where We Operate
Who We Are and Where We Operate Top 5 OUR PURPOSE 15 GLOBAL BREWER* $100M BRANDS** Uniting People to Celebrate All Life’s Moments >80 ~73M COUNTRIES ANNUAL VOLUME (hl) First Choice for Our People, Our Consumers and Our Customers 19 OUR AMBITION >16,000 MAJOR BREWERIES EMPLOYEES * Estimated for FY 20
Slide 5: Our Journey since 2020
Step change in core portfolio in 2023 and have 01 RETAINED MAJORITY OF OUR SHARE Our Journey All of this resulting in since 2020 We have meaningfully expanded BEYOND BEER through M&A and strategic TSR of +22% 02 vs 2020, which is Laying the partnerships, progressing toward 10% of our NSR generated b
Slide 6: 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 DEP
Slide 7: 2026 Underlying Pretax Income Assumptions
2026 Underlying Pretax* Income Assumptions ~ FLAT Historically elevated Midwest Premium (MWP) increasing our aluminum costs and driving pressure ~7% on COGS Expectations for higher short-term incentive compensation -16.50% expenses given lapping the lower attainment in 2025 ~9-10% Expecting to bridg
Slide 8: Our Medium-Term Growth Objectives
Medium-Term Growth Algorithm Net Sales Revenue Our (constant currency basis) +LSD*% Medium-Term Underlying Income Before Growth Income Taxes +MSD*% Objectives (constant currency basis) Underlying Earnings per Share** +HSD*% * LSD represents Low Single-Digit growth; MSD represents Mid Single-Digit gr
Slide 9: 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 10: Build a Scaled Portfolio of Strong Brands
Build a Scaled Portfolio of Strong Brands GROW NSR AND PROFIT DRIVE PROFIT ON OUR ON CORE POWER BRANDS VALUE BRANDS STRENGTHEN CORE AND VALUE ACCELERATE ABOVE PREMIUM BEER SCALE IN BEYOND BEER TRANSFORM ABOVE PREMIUM BEER AND BEYOND BEER 10
Slide 11: 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 12: Commercial Execution
Commercial Execution BEER IS LOCAL CENTRAL & U.S. CANADA U.K. & IRELAND EASTERN EUROPE ACCOUNTABILITY PRECISION SPEED People closest to the customer Tailoring spend to specific Adjusting investment in days, owning their P&L outcomes retailers, channels and occasions not quarters to drive the most ef
Slide 13: Modernizing Our Capabilities
Modernizing Our Capabilities Enhanced data and analytics to drive data-driven decision-making COMMERCIAL closest to the market CAPABILTIES Leverage AI to modernize marketing and drive effectiveness Enabled by Supply chain automation, core technology SUPPLY service and quality to move faster, CHAIN S
Slide 14: Champion Beer and Beer Occasions
Champion Beer and Beer Occasions Category captaincy across 60%* of distributor network revenue for U.S. chain beer * Reflects internal estimates for Calendar Year 2025 14
Slide 15: Evolution Towards a Culture of Ownership
Evolution Towards a Culture of Ownership LEARN EVERY DAY BE BOLD & DECISIVE TO EMPOWER OUR PEOPLE OUR to move with urgency and speed to make an PUT PEOPLE FIRST VALUES impact on our business and the communities TAKE in which we operate ACCOUNTABILITY CELEBRATE TOGETHER 15
Slide 16: Proof Points We Expect You Will See as We Deploy Our Strategy
Proof Points We Expect You Will See as We Deploy Our Strategy 01 Improving share of beer industry in key markets MEDIUM -TERM GROWTH ALGORITHM 02 Accelerate portfolio transformation LSD* Net Sales Revenue*** 03 Cost savings and disciplined investment MSD* Underlying Income Before Income Taxes*** 04
Slide 17: Tracey Joubert, Chief Financial Officer
Tracey Joubert Chief Financial Officer 17
Slide 18: 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 19: Strong Cash Flow Generation to Enable Capital Allocation Priorities
Strong Cash Flow Generation to Enable Capital Allocation Priorities 2025: Delivered $1.1B of FCF* 2026: Targeting $1.1B of FCF +/- 10% HIGHLY CASH Intend to build on the strong FCF GENERATIVE through profitable growth and BUSINESS cost savings program Strengthened balance sheet enables flexibility i
Slide 20: 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, AMERICAS procurement and World Class Supply Chain Supply Chain • Invest in technology to drive efficiency and cost savings SAVINGS ARE EMBEDDED IN MEDIUM- • Optimize structure to streamline
Slide 21: Investing in the Business
CAPITAL ALLOCATION Investing in the Business CAPITAL PORTFOLIO EXPENDITURES TRANSFORMATION EXPECTATIONS via M&A that: rebased to ~$650M • Targets 1-2% NSR* per year • Is bottom line accretive * Targeting M&A that would add 1-2% of Consolidated Net Sales Revenue annually 21
Slide 22: Reducing Net Debt
CAPITAL ALLOCATION Reducing Net Debt NET DEBT TO UNDERLYING EBITDA* Net Debt increased by ~$226 million 4.8X compared to December 31, 2024**, ending the year at $5.4 billion*** 2.5x Target Net Debt to Underlying 2.2X 2.1X 2.3X EBITDA ratio of 2.3x at year end 2025 was in alignment with long-term lev
Slide 23: Returning Cash to Shareholders
CAPITAL ALLOCATION Returning Cash to Shareholders YOY DIVIDEND CHANGE CUMULATIVE DOLLARS INVESTED IN SHARE REPURCHASES 72% 45% $0.47 $0.48 $0.44 $0.41 $0.38 Straight-line Scenario** Actual** Repurchased ~26.3 million shares** for a total of ~$1,440 million* of our up to $2 billion share repurchase p
Slide 24: Returning Cash to Shareholders: up to $4 billion
CAPITAL ALLOCATION Returning Cash to Shareholders Increased Authorization Aggregate for Buybacks authorization Initial We believe this drives authorization up to earnings power and $2 billion $4 billion* demonstrates confidence in Authorization now runs through our business December 31, 2031 * Inclu
Slide 25: Appendix
MOLSON Appendix
Slide 26: 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 27: 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 a
Slide 28: 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