Molson Coors Beverage Company (TAP) UBS Global Consumer and Retail Conference summary

Strategic priorities and portfolio evolution

• Horizon 2030 strategy focuses on differentiated investment, local execution, and disciplined cost management to drive consistent top and bottom-line growth.

• Emphasis on core brands' health, with local execution tailored to regional market dynamics and consumer preferences.

• Value segment receives renewed attention to slow decline, leveraging strong local brands and meeting consumer demand for affordability.

• Premiumization and beyond beer initiatives target growth through innovation, with a focus on scaling successful brands and entering new categories.

• Capital allocation is shifting to support portfolio gaps, especially in above premium and beyond beer, with disciplined M&A and reinvestment.

Market outlook and category trends

• The beverage alcohol category remains volatile, with recent years marked by economic uncertainty and shifting consumer behavior.

• Optimism for 2026 is driven by major events (Olympics, World Cup, America's 250th), expected to create consumption occasions and support category improvement.

• On-premise performance is outpacing off-premise, with share gains indicating strong brand resonance.

• No significant shifts between on- and off-premise channels observed year-to-date.

Financial guidance and cost management

• 2026 guidance assumes flat constant currency NSR (±1%), with expectations for category improvement from 2025's -5% decline.

• $450 million cost savings program over three years targets procurement, supply chain, and organizational efficiencies.

• Midwest Premium aluminum costs present a significant headwind, with hedging challenges and regional exposure impacting profitability.

• Increased marketing and capability investments are planned, with foundational cost savings expected to ramp up benefits in subsequent years.