Molson Coors Beverage Company (TAP) 2024 dbAccess Global Consumer Conference summary

Strategic direction and business evolution

• The Acceleration Plan builds on the prior Revitalization Plan, focusing on core brands, above premium, beyond beer, and capability development.

• Core strategies remain consistent, aiming to accelerate growth on a strong foundation.

• Optimism remains high due to record quarters and reaffirmed guidance, despite recent industry softness.

• Summer performance is critical for industry assessment, with confidence in maintaining share gains.

• Internationally, Central and Eastern Europe show recovery, the UK remains resilient, and share gains are strong in Canada.

Financial outlook and operational trends

• 2024 guidance: low single-digit top-line growth, mid-single-digit bottom-line and EPS growth, $1.2B free cash flow ±10%.

• Q1 shipments outpaced STRs due to demand, inventory build for summer, and contingency planning.

• Pabst contract brewing volume exits by year-end, creating a top-line headwind but margin benefit.

• Inflation remains a headwind but is moderating; MG&A expected in line with 2023.

• CapEx guidance is $750M ±5%, with investments focused on supply chain and marketing efficiency.

Brand performance and portfolio strategy

• Core brands in Canada, UK, Croatia, and the US are gaining share and showing strong momentum.

• US brands Coors Light, Miller Lite, and Coors Banquet have retained most share gains post-2023, with new campaigns fueling momentum.

• Coors Banquet's distribution has expanded, driving velocity and performance.

• Above premium segment increased from 23% to 27% of global revenue, with a goal of reaching one-third.

• Madrí in the UK and other above premium brands are driving growth, with international expansion underway.