Molson Coors Beverage Company (TAP) investor relations material

Executive summary

• Net sales rose 2.0% reported and 0.1% in constant currency year-over-year, driven by favorable price/mix and currency, offset by lower volumes.

• Net income attributable to shareholders was $151.3M ($0.80 diluted EPS); underlying diluted EPS increased 24.0% to $0.62.

• Underlying income before income taxes rose 16.2% in constant currency to $147.9M; operating income increased 38.6% to $258.3M.

• Executed strategic acquisition of Monaco Cocktails (Atomic Brands) and expanded share repurchase program.

• Strategic focus on premiumization, cost savings, and Beyond Beer portfolio expansion.

Financial highlights

• Gross profit increased 5.4% to $897.2M; gross margin improved year-over-year.

• Net sales per hectoliter increased 5.1% reported and 3.1% constant currency.

• Cost of goods sold per hectoliter rose 3.0% reported, mainly due to cost inflation and Midwest Premium pricing.

• MG&A expenses decreased 6.6% year-over-year, reflecting cost savings and lower integration costs.

• Cash and cash equivalents decreased to $382.6M, mainly due to capital expenditures, share repurchases, dividends, and debt payments.

Outlook and guidance

• 2026 net sales expected to be flat, plus or minus 1% versus 2025 on a constant currency basis.

• Underlying income before income taxes projected to decline 15–18% and underlying EPS to decline 11–15% versus 2025.

• Capital expenditures targeted at $650M (±5%); underlying free cash flow at $1.1B (±10%).

• Q2 U.S. financial volumes expected to be 6–9% lower year-over-year, with improvement in the second half.

• COGS to remain pressured by commodity costs, especially Midwest Premium and aluminum; largest inflationary impact in Q2.