Molson Coors Beverage Company · NYSE:TAP
Molson Coors Beverage — Q3 2026 Earnings Presentation
26 slides from Molson Coors Beverage's earnings presentation, Nov 5, 2026
Slide 1: Results & Outlook Q3 2026
MOLSON COORS fact RESULTS & OUTLOOK Q3 2026
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: 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 4: Consolidated Third Quarter 2026 Results
CONSOLIDATED THIRD QUARTER 2026 RESULTS YoY % YoY % Q3 2026* Change** YTD 2026* Change** FINANCIAL VOLUME (HL) 18.809 -3.0% 53.507 -3.9% BRAND VOLUME (HL) 19.376 -4.9% 54.072 -4.3% NET SALES REVENUE $2,927 -1.2%*** $8,374 -1.8%*** UNDERLYING INCOME $349 -17.4%*** $880 -18.4%*** BEFORE INCOME TAXES U
Slide 5: Consolidated Q3 2026 Revenue and Volume
CONSOLIDATED Q3 2026 REVENUE AND VOLUME NET SALES REVENUE (NSR) (CONSTANT CURRENCY) Consolidated NSR (1.2%)* Financial volume decline (3.0%), partly offset by net pricing in the Americas and favorable global sales mix (1.2%)* Americas NSR (1.0%)* Financial volume decline (2.9%) led by U.S. (2.2%)**
Slide 6: Consolidated Q3 2026 Brand Volume
CONSOLIDATED Q3 2026 BRAND VOLUME BRAND VOLUME % CHANGE*** Consolidated brand volume (4.9%) U.S.* Canada* EMEA&APAC Americas brand volume down (5.3%) including a 5.6% decrease in U.S. brand volume, driven by our core and value (3.8%) brands, as well as industry softness (5.6%)** EMEA&APAC brand volu
Slide 7: Consolidated Q3 2026 Underlying COGS/HL
CONSOLIDATED Q3 2026 UNDERLYING COGS/HL UNDERLYING COGS/HL UNDERLYING COGS/HL DRIVERS (CONSTANT CURRENCY) +8.1% Q3 2025 Q3 2026 Inflation & Other* Mix Volume Deleverage (unfavorable) (unfavorable) (unfavorable) Americas +9.5% due to cost inflation related to materials, logistics Inflation & Other* 6
Slide 8: Americas Q3 2026 Results
AMERICAS Q3 2026 RESULTS KEY METRICS Q3 2026* YOY % CHANGE NET SALES REVENUE $2,233 -1.0%** UNDERLYING INCOME $314 -18.8%** BEFORE INCOME TAX FINANCIAL VOLUME 13.3 -2.9% BRAND VOLUME 13.9 -5.3% PERFORMANCE DRIVERS Cost inflation related to materials, logistics and manufacturing expenses (including ~
Slide 9: EMEA&APAC Q3 2026 Results
EMEA&APAC Q3 2026 RESULTS KEY METRICS Q3 2026* YOY % CHANGE NET SALES REVENUE $701 -2.0%** UNDERLYING INCOME $92 +5.5%** BEFORE INCOME TAX FINANCIAL VOLUME 5.5 -3.0% BRAND VOLUME 5.5 -3.8% PERFORMANCE DRIVERS Lower MG&A, partly offset by cost inflation related to logistics, materials and manufacturi
Slide 10: Capital Allocation: Investing in Our Business
CAPITAL ALLOCATION INVESTING IN OUR BUSINESS ANNUAL CAPITAL EXPENDITURES* Capital Expenditures incurred for Q3 YTD 2026 of $381 million** included various efforts designed to improve $721 capabilities, and drive $667 efficiencies, cost $381** savings and our sustainability initiatives FY 2024 FY 202
Slide 11: Capital Allocation: Maintaining Leverage Ratio Below 2.5x
CAPITAL ALLOCATION MAINTAINING LEVERAGE RATIO BELOW 2.5X* NET DEBT TO UNDERLYING EBITDA* Net Debt decreased by ~$9 million since December 31, 2025** ending the quarter at $5.4 billion 2.5x Target Net Debt to Underlying EBITDA ratio of 2.53x at the end of Q3 2026 approximating the 2.53x 2.28x long-te
Slide 12: Capital Allocation: Returning Cash to Shareholders
CAPITAL ALLOCATION RETURNING CASH TO SHAREHOLDERS QUARTERLY DIVIDEND PER SHARE DOLLARS INVESTED IN SHARE REPURCHASES Repurchased ~5.5 million shares Quarterly cash for a total of ~$250 million* dividend of $0.48 Q3 YTD 2026 $0.48 per share, $0.47 paid on September Repurchased ~31.8 million 18th shar
Slide 13: Disciplined Cost Savings to Fund the Future; $450M Targeted
DISCIPLINED COST SAVINGS TO FUND THE FUTURE; $450M TARGETED OVER 3 YEARS* • Productivity gains via capital investments, procurement and world class supply chain AMERICAS • Invest in technology to drive efficiency and cost savings Supply Chain • Increasing operational efficiency through business proc
Slide 14: 2026 Guidance
2026 GUIDANCE UPDATED FULL YEAR OUTLOOK 2026E* Prior NET SALES REVENUE GROWTH, -1% to -2% Decline Flat +/-1% CONSTANT CURRENCY UNDERLYING INCOME BEFORE INCOME TAXES GROWTH, -21% to -24% Decline -15% to -18% Decline CONSTANT CURRENCY UNDERLYING DILUTED EARNINGS -16% to -19% Decline -11% to -15% Decli
Slide 15: Key 2026 Guidance Assumptions and Drivers
KEY 2026 GUIDANCE ASSUMPTIONS AND DRIVERS* U.S. Beer Industry* Price / Mix Midwest Premium While the U.S. industry continues to We continue to expect U.S. annual For the full year, we continue to expect track modestly better than 2025 on a pricing of 1% to 2%, in line with Midwest Premium costs to e
Slide 16: Appendix
Appendix 16
Slide 17: Midwest Premium Spot Price
MIDWEST PREMIUM SPOT PRICE* 2025-2026 TREND THROUGH 10/30/2026 $1.19 ** $1.15 $1.08 $0.95 $0.75 USD / LB $0.55 $0.35 $0.24 $0.15 Source: The CME Group * The Midwest Premium is a component of the cost of aluminum in the U.S. ** Highest recent price noted at $1.19/lb on June 1, 2026 17
Slide 18: 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 19: Use of Non-GAAP Measures (Continued)
Use of Non-GAAP Measures (Continued) Underlying COGS (Closest GAAP Metric: COGS) – Measure of the Company’s COGS adjusted to exclude non-GAAP adjustment items (as defined above). Non-GAAP adjustment items include, among other items, unrealized mark-to-market gains and losses on our commodity derivat
Slide 20: Net Debt to Underlying EBITDA Reconciliation
Net Debt to Underlying EBITDA Reconciliation In millions (except net debt to underlying EBITDA) 9/30/2026 9/30/2025 9/30/2024 Current portion of long-term debt and short-term borrowings 330.4 2,407.2 37.7 Add: Long-term debt 5,665.4 3,884.8 6,203.0 Less: Cash and cash equivalents 602.2 950.2 1,021.7
Slide 21: Reconciliation to Nearest U.S. GAAP Measures by Line Item
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, 2026 Marketing, Net income general and Income (loss) (loss) Diluted Cost of goods administrative before income attributable to earnings p
Slide 22: Reconciliation for the Nine Months Ended September 30
(1) During the three months ended September 30, 2025, we identified a triggering event that indicated it was more likely than not that the carrying value of the Americas reporting unit exceeded its fair value. As a result, we recorded a partial goodwill impairment loss of $3,645.7 million, of which
Slide 23: Reconciliation to Underlying Income Before Income Taxes by Segment
(In millions, except per share data) (Unaudited) For the nine months ended September 30, 2025 Marketing, Net income Net income (loss) general and Income (loss) (loss) attributable to Cost of goods administrative before income attributable MCBC per diluted sold expenses taxes to MCBC share(5) Reporte
Slide 24: Underlying Effective Tax Rate Reconciliation
(In millions) (Unaudited) For the three months ended September 30, 2025 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ (3,345.4) $ (110.4) $ (39.7) $ (3,495.5) Cost of goods sold (1) — — (11.3) (11.3) Goodwill impairment 3,645.7 — — 3,645.7 Other non-GAAP a
Slide 25: Underlying D&A and Free Cash Flow Reconciliation
Underlying (Non-GAAP) Depreciation and Amortization Reconciliation (In millions) (Unaudited) For the three months ended For the nine months ended September 30, September 30, September 30, September 30, 2026 2025 2026 2025 U.S. GAAP depreciation and amortization $ 183.4 $ 179.8 $ 561.1 $ 530.2 Accele
Slide 26: Underlying EBITDA Reconciliation
Underlying (Non-GAAP) EBITDA Reconciliation ($ in millions) (Unaudited) For the three months ended September 30, September 30, 2026 2025 U.S. GAAP Net income (loss) $ 265.2 $ (2,936.9) Interest expense (income), net 62.9 56.0 Income tax expense (benefit) 77.0 (558.6) Depreciation and amortization 18
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