Molson Coors Beverage Co

Under Horizon 2030, we said we'd take decisive action to strengthen our business, and we did just that in the first quarter, announcing the acquisition of Monaco Cocktails, closing a key portfolio gap through a disciplined approach and expanding our share-repurchase program to reinforce confidence in our long-term value.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

We remain disciplined in capital deployment and are committed to driving shareholder value through investing in our business while continuing to return cash to shareholders through a growing dividend and share repurchases.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

GAAP income before income taxes and a decrease in the weighted-average diluted shares outstanding driven by share repurchases.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

Underlying (Non-GAAP) net income (loss) attributable to MCBC per diluted share Underlying net income attributable to MCBC per diluted share increased 24.0% primarily due to an increase in underlying income before income taxes as well as a decrease in the weighted-average diluted shares outstanding driven by share repurchases.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

Un derlying (Non-GAAP) free cash flow Cash used of $212.9 million for the three months ended March 31, 2026, represented a decrease of $51.7 million from the prior year, primarily due to an increase in cash flows from operating activities and lower cash flows for capital expenditures.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

Debt Total debt as of March 31, 2026 was $6,271.9 million and cash and cash equivalents totaled $382.6 million, resulting in net debt of $5,889.3 million and a net debt to underlying EBITDA ratio of 2.51 x .

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

CEO AND CFO PERSPECTIVES Rahul Goyal, President and Chief Executive Officer Statement We delivered a solid start to the year while executing our strategy in a dynamic external environment with limited near-term visibility.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

As we head into summer, we recognize the external environment remains fluid and plan to approach the season's most important occasions with scale and impact across our global portfolio, while continuing to focus on returning Molson Coors to sustained growth.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

Expected phasing considerations in marketing, general and administrative expenses as well as delivery on our cost savings initiatives positively impacted our results, outweighing commodity cost inflation and lower financial volumes.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

We remain disciplined in capital deployment and are committed to driving shareholder value through investing in our business while continuing to return cash to shareholders through a growing dividend and share repurchases.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

COGS per hectoliter increased 3.0% on a reported basis, primarily due to cost inflation related to material and manufacturing expenses, including an approximate $30 million unfavorable impact attributable to Midwest Premium pricing which is a surcharge added to the base price of aluminum, unfavorable foreign currency impacts, unfavorable mix driven by premiumization, as well as volume deleverage, partially offset by favorable changes in our unrealized mark-to-market commodity derivative positions of $70.5 million and cost savings initiatives.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

The favorable changes in working capital were primarily driven by lower payments for prior year annual incentive compensation and the cycling of a $60.6 million payment as final resolution of the Keystone litigation case, partially offset by the timing of cash receipts.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

2026 OUTLOOK We continue to expect to achieve the following targets for full year 2026 despite the inherent uncertainties that exist with inflationary commodity cost pressures and uncertainty in the global macroeconomic environment.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

Non-GAAP adjustment items include goodwill and other intangible and tangible asset impairments, certain restructuring and integration related costs, unrealized mark-to-market gains and losses, adjustments to the redemption value of mandatorily redeemable noncontrolling interests, potential or incurred losses related to certain litigation accruals and settlements, impacts of settlement charges related to annuity purchases and gains and losses on sales of non-operating assets, among other items included in our U.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

(2) Includes payments made for restructuring activities for the three months ended March 31, 2026 and March 31, 2025 as well as a $60.6 million payment as final resolution of the Keystone litigation case during the three months ended March 31, 2025.

SEC original ↗Molson Coors Beverage Co — Earnings release (8-K exhibit)EX-99Apr 30, 2026

Legal Proceedings 41 Item 1A.

SEC original ↗Molson Coors Beverage Co — 10-Q Quarterly report10-QAug 6, 2026

Forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those indicated (both favorably and unfavorably).

SEC original ↗Molson Coors Beverage Co — 10-Q Quarterly report10-QAug 6, 2026