Molson Coors Beverage Company · NYSE:TAP
Molson Coors Beverage — Q1 2025 Earnings Presentation
24 slides from Molson Coors Beverage's earnings presentation, May 8, 2025
Slide 1: Q1 FY 2025 Results & Outlook
MOLSON Q1 COORS=s= | FY 2025 7 RESULTS & OUTLOOK . = S \ =
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," "intend," "goals," "plans," "believes," "continues," "may," "anticipate," "seek," "estimate," "outlook," "tre
Slide 3: Quarterly Business Highlights
QUARTERLY BUSINESS HIGHLIGHTS Macro-economic U.S. core power Advancing Taking actions to impacts on the brand collective premiumization priority Continued to invest in mitigate consumer in key volume share is up and adding meaningful the business and markets plus short-term macro 1.9 points vs. 2023
Slide 4: Acceleration Plan Designed to Support Continued Growth
ACCELERATION PLAN DESIGNED TO SUPPORT CONTINUED GROWTH DRIVES PREMIUMIZATION Grow Core Power Aggressively Scale and Expand Brand Net Revenue Premiumize in Beyond Beer Our Portfolio Support Our People, Invest in Our Capabilities Communities, and Planet STRATEGIC ORGANIZATIONAL 4
Slide 5: Consolidated First Quarter 2025 Results
CONSOLIDATED FIRST QUARTER 2025 RESULTS YoY % Q1 2025* Change** FINANCIAL VOLUME (HL) 15.409 -14.3% BRAND VOLUME (HL) 15.547 -8.0% NET SALES REVENUE $2,304 -10.4*** UNDERLYING INCOME $131 -49.5%*** BEFORE INCOME TAXES UNDERLYING EARNINGS $0.50 -47.4% PER DILUTED SHARE UNDERLYING FREE CASH FLOW -$265
Slide 6: Consolidated Q1 2025 Revenue and Volume
CONSOLIDATED Q1 2025 REVENUE AND VOLUME NET SALES REVENUE (NSR) (CONSTANT CURRENCY) Consolidated NSR (10.4%)* Financial volume decline (14.3%), partly offset by favorable -10.4% sales mix and global pricing Americas NSR (11.5%)* Financial volume decline (15.6%) led by U.S. (15.7%) due Volume to lowe
Slide 7: Consolidated Q1 2025 Brand Volume
CONSOLIDATED Q1 2025 BRAND VOLUME BRAND VOLUME % CHANGE Consolidated brand volume (8.0%) U.S. Canada EMEA&APAC Americas brand volume down (7.4%) U.S. brand volume impacted by industry softness, cycling (2.7%) double-digit growth in our core power brands in the prior year and the impacts of one less
Slide 8: Consolidated Q1 2025 Underlying COGS/HL
CONSOLIDATED Q1 2025 UNDERLYING COGS/HL UNDERLYING COGS/HL UNDERLYING COGS/HL DRIVERS (CONSTANT CURRENCY) +6.1% Exit of Pabst / Labatt Contract Volume Inflation & Other* Mix Volume Deleverage Q1 2024 Q1 2025 (favorable) (unfavorable) (unfavorable) Americas +6.3% due to volume deleverage, direct mate
Slide 9: Americas Q1 2025 Results
AMERICAS Q1 2025 RESULTS KEY METRICS Q1 2025* YOY % CHANGE NET SALES REVENUE $1,882 -11.5%** UNDERLYING INCOME $203 -36.8%** BEFORE INCOME TAX FINANCIAL VOLUME 11.7 -15.6% BRAND VOLUME 11.9 -7.4% PERFORMANCE DRIVERS Lower U.S. financial volumes, cost inflation and higher MG&A (including costs relate
Slide 10: EMEA & APAC Q1 2025 Results
EMEA & APAC Q1 2025 RESULTS KEY METRICS Q1 2025* YOY % CHANGE NET SALES REVENUE $427 -4.9%** UNDERLYING INCOME -$19 -22.5%** BEFORE INCOME TAX FINANCIAL VOLUME 3.7 -9.7% BRAND VOLUME 3.6 -9.8% PERFORMANCE DRIVERS Lower financial volume, partially offset by lower MG&A expenses and favorable net prici
Slide 11: Capital Allocation: Investing in Our Business
CAPITAL ALLOCATION INVESTING IN OUR BUSINESS Capital Expenditures incurred for Q1 2025 of $131 million included various efforts designed to improve capabilities, and drive efficiencies, cost savings and our sustainability initiatives 11
Slide 12: 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 ~$650 million since December 31, 2024** ending the quarter at $5.8 billion Net Debt to Underlying EBITDA ratio of 2.47x at the end of 2.98x Q1 2025 was in alignment with 2.29x 2.47x long-te
Slide 13: Capital Allocation: Returning Cash to Shareholders
CAPITAL ALLOCATION RETURNING CASH TO SHAREHOLDERS YOY DIVIDEND CHANGE DOLLARS INVESTED IN SHARE REPURCHASES +6.8% Announced a Repurchased ~1.0 million +7.3% quarterly cash shares for a total of dividend of ~$60 million* for the quarter $0.47 per share, up 6.8% YoY paid Repurchased ~14.4 million on M
Slide 14: 2025 Guidance
2025 GUIDANCE FULL YEAR OUTLOOK 2025E* 2025E Updated Prior NET SALES REVENUE GROWTH, Low-Single-Digit Decline Low-Single-Digit Growth CONSTANT CURRENCY UNDERLYING INCOME BEFORE INCOME TAXES GROWTH, Low-Single-Digit Decline Mid-Single-Digit Growth CONSTANT CURRENCY UNDERLYING DILUTED EARNINGS PER Low
Slide 15: Key 2025 Guidance Assumptions and Drivers
Favorable net pricing and mix benefits (lower contract brewing and higher premiumization) and incremental Non-Alc volume, more than offset by financial volume declines due to macro- economic factors impacting the consumer in key markets as 1 well as cycling 1.9M HL of Americas contract brewing that
Slide 16: Molson Coors
MOLSON COORS fina
Slide 17: Appendix
Appendix 17
Slide 18: Core U.S. Brands Absolute Volume Share
Core U.S. Brands Absolute Volume Share Circana L4W share of beer/beer alt, as of 03/30/25. “YE” labels are L4W as of the respective year-ends. 18
Slide 19: 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 20: 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, ne
Slide 21: Net Debt to Underlying EBITDA Reconciliation
Net Debt to Underlying EBITDA Reconciliation In millions (except net debt to underlying EBITDA) 3/31/2025 3/31/2024 3/31/2023 Current portion of long-term debt and short-term borrowings 83.2 905.5 412.7 Add: Long-term debt 6,154.6 5,312.2 6,177.7 Less: Cash and cash equivalents 412.7 458.4 328.2 Net
Slide 22: 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, 2025 Marketing, Net income Net income (loss) general and Income (loss) (loss) attributable to Cost of goods administrative before income attr
Slide 23: Underlying Depreciation and Amortization Reconciliation; Underlying Free Cash Flow
For the Three Months Ended March 31, 2024 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ 320.6 $ (11.0) $ (44.2) $ 265.4 (1) Cost of goods sold — — (0.8) (0.8) Marketing, general & administrative 0.5 — — 0.5 (2) Other non-GAAP adjustment items — (6.3) — (6.
Slide 24: Net Debt and Net Debt to Underlying EBITDA Ratio
Net Debt and Net Debt to Underlying EBITDA Ratio (In millions except net debt to underlying EBITDA ratio) (Unaudited) As of March 31, 2025 March 31, 2024 U.S. GAAP Current portion of long-term debt and short-term borrowings $ 83.2 $ 905.5 Add: Long-term debt 6,154.6 5,312.2 Less: Cash and cash equiv
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