Molson Coors Beverage Company · NYSE:TAP
Molson Coors Beverage — Q3 2025 Earnings Presentation
27 slides from Molson Coors Beverage's earnings presentation, Nov 4, 2025
Slide 1: Q3 FY 2025
@ MOLSON COORS ch w4 [@) 12) = — => {@) of n i a =) ny Ww a4
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," "confidence", "view," "continues," "may," "anticipate," "seek," "esti
Slide 3: Consolidated Third Quarter 2025 Results
CONSOLIDATED THIRD QUARTER 2025 RESULTS YoY % YoY % Q3 2025* Change** YTD 2025* Change** FINANCIAL VOLUME (HL) 19.385 -6.0% 55.664 -8.8% BRAND VOLUME (HL) 20.366 -4.5% 56.525 -5.7% NET SALES REVENUE $2,973 -3.3*** $8,478 -5.1%*** UNDERLYING INCOME $426 -11.9%*** $1,089 -14.9%*** BEFORE INCOME TAXES*
Slide 4: Consolidated Q3 2025 Revenue and Volume
CONSOLIDATED Q3 2025 REVENUE AND VOLUME NET SALES REVENUE (NSR) (CONSTANT CURRENCY) Consolidated NSR (3.3%)* Financial volume decline (6.0%), partly offset by favorable sales mix and net pricing -3.3%* Americas NSR (3.5%)* Financial volume decline (6.5%) led by U.S. (5.5%) due to lower brand volume
Slide 5: Consolidated Q3 2025 Brand Volume
CONSOLIDATED Q3 2025 BRAND VOLUME BRAND VOLUME % CHANGE Consolidated brand volume (4.5%) U.S. Canada EMEA&APAC Americas brand volume down (4.4%) U.S. brand volume impacted by industry softness and lower share performance across our portfolio; Canada brand volume also declined on industry softness (4
Slide 6: Consolidated Q3 2025 Underlying COGS/HL
CONSOLIDATED Q3 2025 UNDERLYING COGS/HL UNDERLYING COGS/HL UNDERLYING COGS/HL DRIVERS (CONSTANT CURRENCY) +3.7% Exit of Pabst / Labatt Contract Volume Inflation & Other* Mix Volume Deleverage Q3 2024 Q3 2025 (favorable) (unfavorable) (unfavorable) Americas +3.1% due to direct materials and manufactu
Slide 7: Americas Q3 2025 Results
AMERICAS Q3 2025 RESULTS KEY METRICS Q3 2025* YOY % CHANGE NET SALES REVENUE $2,260 -3.5%** UNDERLYING INCOME $388 -7.1%** BEFORE INCOME TAX FINANCIAL VOLUME 13.7 -6.5% BRAND VOLUME 14.7 -4.4% PERFORMANCE DRIVERS Lower financial volume and cost inflation related to materials and manufacturing expens
Slide 8: EMEA & APAC Q3 2025 Results
EMEA & APAC Q3 2025 RESULTS KEY METRICS Q3 2025* YOY % CHANGE NET SALES REVENUE $721 -2.4%** UNDERLYING INCOME $89 -15.1%** BEFORE INCOME TAX FINANCIAL VOLUME 5.6 -4.9% BRAND VOLUME 5.7 -5.0% PERFORMANCE DRIVERS Lower financial volume, partially offset by lower MG&A expense driven by lower incentive
Slide 9: Capital Allocation: Investing in Our Business
CAPITAL ALLOCATION INVESTING IN OUR BUSINESS ANNUAL CAPITAL EXPENDITURES* Capital Expenditures incurred for Q3 YTD 2025 of $405 million included various efforts designed to improve capabilities, and drive $688.6 $720.8 efficiencies, cost $404.5 savings and our sustainability initiatives FY 2023 FY 2
Slide 10: 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 ~$165 million since December 31, 2024** ending the 2.5x quarter at $5.3 billion Target Net Debt to Underlying EBITDA ratio of 2.28x at the end of 2.23x 2.10x 2.28x Q3 2025 in alignment with
Slide 11: Capital Allocation: Returning Cash to Shareholders
CAPITAL ALLOCATION RETURNING CASH TO SHAREHOLDERS YOY DIVIDEND CHANGE DOLLARS INVESTED IN SHARE REPURCHASES +6.8% Repurchased ~6.0 million shares +7.3% Quarterly cash for a total of ~$330 million* dividend of Q3 YTD 2025 $0.47 per share, up 6.8% YoY, paid Repurchased ~19.4 million on September 19th
Slide 12: 2025 Guidance
2025 GUIDANCE FULL YEAR OUTLOOK 2025E* NET SALES REVENUE GROWTH, 3% to 4% Decline CONSTANT CURRENCY UNDERLYING INCOME BEFORE INCOME 12% to15% Decline 2025E TAXES GROWTH, CONSTANT CURRENCY Refined UNDERLYING DILUTED EARNINGS 7% to 10% Decline Low end PER SHARE GROWTH of range UNDERLYING FREE CASH FLO
Slide 13: Key 2025 Guidance Assumptions and Drivers
KEY 2025 GUIDANCE ASSUMPTIONS AND DRIVERS* U.S. BEER INDUSTRY U.S. SHIPMENTS PRICING Continue to expect U.S. category Now expect US STW trend to Continue to expect U.S. annual down from 4% to 6% for 2H trail US STR trend in Q4 (excluding pricing of 1% to 2%, in line with 2025, with more difficult co
Slide 14: Key 2025 Guidance Assumptions and Drivers
KEY 2025 GUIDANCE ASSUMPTIONS AND DRIVERS* MARGIN MG&A Continue to expect mix benefits Continue to expect to be down for 2025 as lower incentive (lower contract brewing and compensation more than offset Non-Alc infrastructure increased premiumization) and cost investments and 1H 2025 Fever-Tree 1x c
Slide 15: Focusing Forward
FOCUSING FORWARD Amid a challenging macro New leadership Strong foundation environment, well positioned Focused on building a implementing structural from which to build - with a healthy balance portfolio of strong and changes to drive commercial with iconic brands sheet and compelling cash scalable
Slide 16: Molson Coors
MOLSON COORS fnray
Slide 17: Appendix
Appendix 17
Slide 18: Midwest Premium Spot Price
MIDWEST PREMIUM SPOT PRICE* 2025 Trend $0.85 $0.81 $0.75 $0.65 $0.55 USD / LB $0.45 $0.35 $0.25 $0.24 $0.15 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Source: The CME Group * The Midwest Premium is a component of the cost of aluminum in the U.S. 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 and
Slide 21: Net Debt to Underlying EBITDA Reconciliation
Net Debt to Underlying EBITDA Reconciliation In millions (except net debt to underlying EBITDA) 9/30/2025 9/30/2024 9/30/2023 Current portion of long-term debt and short-term borrowings 2,407.2 37.7 878.8 Add: Long-term debt 3,884.8 6,203.0 5,301.1 Less: Cash and cash equivalents 950.2 1,021.7 801.7
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 September 30, 2025 Marketing, Net income Net income (loss) general and Income (loss) (loss) attributable to Cost of goods administrative before income
Slide 23: Reconciliation for the Nine Months Ended September 30
(1) During the third quarter of 2024, we made the decision to wind down or sell certain of our U.S. craft businesses and related facilities and recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation. We also recognized a loss of $
Slide 24: Reconciliation to Underlying (Non-GAAP) Income
(In millions, except per share data) (Unaudited) For the Nine Months Ended September 30, 2024 Marketing, Net income general and Income (loss) (loss) Diluted Cost of goods administrative before income attributable to earnings per sold expenses taxes MCBC share Reported (U.S. GAAP) $ (5,395.5) $ (2,06
Slide 25: Underlying (Non-GAAP) Depreciation and Amortization Reconciliation
(In millions) (Unaudited) For the Nine Months Ended September 30, 2025 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ (2,597.9) $ (64.8) $ (121.6) $ (2,784.3) Cost of goods sold (1) — — (37.0) (37.0) Marketing, general & administrative (0.2) — — (0.2) Goodw
Slide 26: Underlying (Non-GAAP) Effective Tax Rate Reconciliation
(1) During the three months ended September 30, 2024, we recorded an increase in interest expense driven by a $45.8 million adjustment recorded to interest expense to increase our mandatorily redeemable NCI liability related to CBPL to its final redemption value. Underlying (Non-GAAP) Effective Tax
Slide 27: Underlying (Non-GAAP) EBITDA Reconciliation
Underlying (Non-GAAP) EBITDA Reconciliation (In millions) (Unaudited) For the Three Months Ended September 30, 2025 September 30, 2024 U.S. GAAP Net income (loss) $ (2,936.9) $ 228.8 Interest expense (income), net 56.0 93.1 Income tax expense (benefit) (558.6) 102.6 Depreciation and amortization 179
Molson Coors Beverage Company — Q3 2025 Earnings Presentation on 6ix