Molson Coors Beverage Company (TAP) Morgan Stanley Global Consumer & Retail Conference summary

Strategic priorities and progress

• Focus remains on core brands, above premium mix, Beyond Beer expansion, and capability building, with capital allocation and balance sheet management as ongoing priorities.

• Core brands have shown strong momentum in the U.S., Canada, and Europe, with significant market share gains retained after last year's industry disruption.

• Above premium portfolio mix increased from 23% to 27%, with a target to reach about one-third of global mix in coming years.

• Banquet brand achieved 13 consecutive quarters of share gains, driven by distribution expansion and consistent marketing.

• International operations, especially in Canada and the U.K., are leveraging core brand strategies and innovation to sustain growth.

Portfolio and innovation

• Blue Moon and Leinenkugel's are main craft focus areas, with packaging and marketing updates to drive growth.

• Simply Spiked remains a $100 million brand, with new flavors and C-store strategies planned for further expansion.

• Beyond Beer strategy includes both alcoholic (flavored) and non-alcoholic segments, with Zoa and Naked Life as key non-alc brands.

• String of pearls M&A approach continues, with recent investments in Zoa and Blue Run Spirits to diversify the portfolio.

• Further brand development or acquisitions are expected to strengthen the Beyond Beer segment.

Financial outlook and capital allocation

• Long-term targets include low single-digit revenue growth, mid-single-digit pre-tax growth, and high single-digit EPS growth from the 2023 base.

• Pricing in the U.S. expected to remain in the 1%-2% range, with mix and efficiency gains supporting margins.

• Exit from Pabst business will be a top-line headwind but a margin tailwind due to reduced complexity and higher efficiency.

• Share buyback program is ahead of schedule, with 30% completed in the first year and leverage below target.

• Capital allocation prioritizes debt reduction, business investment, and shareholder returns through dividends and buybacks.