Molson Coors Beverage Company ("MCBC," "Molson Coors" or "the Company") (NYSE: TAP, TAP.A; TSX: TPX.A, TPX.B) today reported results for the 2025 third quarter.

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2025 THIRD QUARTER FINANCIAL HIGHLIGHTS1

• Net sales decreased 2.3% reported and 3.3% in constant currency.
• U.S. GAAP loss before income taxes of $3,495.5 million declined $3,826.9 million from income before income taxes in the prior year largely driven by a $3,645.7 million non-cash partial goodwill impairment charge as well as $273.9 million non-cash intangible asset impairment charges.
• Underlying (Non-GAAP) income before income taxes was $426.0 million, a decrease of 11.9% in constant currency.
• U.S. GAAP net loss attributable to MCBC of $2,927.6 million, $14.79 loss per share on a diluted basis. Underlying (Non-GAAP) diluted EPS of $1.67 decreased 7.2%.

CEO AND CFO PERSPECTIVES

Rahul Goyal, President and Chief Executive Officer Statement:

"Our third quarter performance was largely aligned with our expectations for the second half of the year for the industry and our share performance in the U.S. We continue to believe that the incremental softness in the industry this year is cyclical. And we believe we are well positioned with a healthy balance sheet, strong free cash flow, and great brands that serve a wide range of consumer occasions and preferences to help us navigate these near-term macroeconomic headwinds while investing in our business to support long-term growth."

"We recognize the challenges and opportunities ahead of us, and we are moving with a sense of urgency and a clear purpose to address them. Since I assumed the role of CEO on October 1, we have announced decisive moves to the leadership team and our Americas organizational structure that are designed to create a leaner, more agile organization while advancing our ability to reinvest in the business and return cash to shareholders."

"Results will take some time, but we are confident that we have the right brands and plans to be successful, and we look forward to sharing more detail on our strategy and objectives in the coming months."

Tracey Joubert, Chief Financial Officer Statement:

"Our underlying quarterly financial results were largely as expected with lower financial volumes driven by a challenging industry and increased competition as well as cycling the prior year contract brewing volumes along with continued pressure on our commodity pricing, partly offset by lower incentive compensation costs. Based on these results, we are reaffirming our full year guidance, but we now expect to come in at the low end of the ranges for our key metrics."

"In recent years, we have greatly enhanced our financial flexibility, and we remain committed to improving total shareholder returns. With a disciplined approach to capital deployment, we intend to balance investments to enhance our product portfolio, while continuing to return cash to shareholders through our share repurchase program and our dividend."

CONSOLIDATED PERFORMANCE - THIRD QUARTER 2025

QUARTERLY CONSOLIDATED HIGHLIGHTS (VERSUS THIRD QUARTER 2024 RESULTS)

• Net sales: The following table highlights the drivers of the change in net sales for the three months ended September 30, 2025, compared to September 30, 2024 (in percentages):

Net sales decreased 2.3%, driven by lower financial volume, partially offset by favorable price and sales mix and favorable foreign currency impacts. Net sales decreased 3.3% in constant currency.

Financial volume decreased 6.0%, primarily due to lower shipments in both the Americas and EMEA&APAC segments. Brand volume decreased 4.5%, including a 4.4% decrease in the Americas segment as well as a 5.0% decrease in the EMEA&APAC segment.

Price and sales mix favorably impacted net sales by 2.7%, primarily due to favorable sales mix and increased net pricing. Net sales per hectoliter increased 4.0% reported and 2.9% on a constant currency basis.

• Cost of goods sold ("COGS"): decreased 2.2% on a reported basis, primarily due to lower financial volume, partially offset by higher cost of goods sold per hectoliter and the unfavorable foreign currency impact of $19.4 million. COGS per hectoliter: increased 4.1% on a reported basis, primarily due to cost inflation related to materials and manufacturing expenses, unfavorable mix driven by lower contract brewing volume in the Americas segment and premiumization as well as volume deleverage, partially offset by cost savings initiatives and favorable changes in our unrealized mark-to-market commodity derivative positions. Underlying (Non-GAAP) COGS per hectoliter: increased 3.7% in constant currency, primarily due to cost inflation related to materials and manufacturing expenses, unfavorable mix and volume deleverage, partially offset by cost savings initiatives.
• Marketing, general & administrative ("MG&A"): increased 0.3%on a reported basis, primarily due to the timing of marketing investment and the unfavorable foreign currency impact of $6.7 million, partially offset by lower general and administrative expenses as a result of lower incentive compensation expense. Underlying (Non-GAAP) MG&A: decreased 0.6% in constant currency.
• Goodwill impairment: During the third quarter of 2025, we identified a triggering event that indicated it was more likely than not that the carrying value of the Americas reporting unit exceeded its fair value resulting in a $3,645.7 million partial goodwill impairment charge.
• Other operating income (expense), net: Other operating expense, net increased $209.4 million on a reported basis, primarily due to intangible asset impairments of $273.9 million, partially offset by the cycling of a prior year loss on the decision to wind down or sell certain of our U.S. craft businesses. During the third quarter of 2025, we identified triggering events that indicated that the carrying values of the Staropramen family of brands and the Blue Run Spirits asset group exceeded their respective fair values resulting in intangible asset impairment charges.
• U.S. GAAP income (loss) before income taxes: U.S. GAAP loss before income taxes of $3,495.5 million declined $3,826.9 million on a reported basis from income before income taxes in the prior year, primarily due to a $3,645.7 million partial goodwill impairment charge, intangible asset impairments of $273.9 million, lower financial volume and cost inflation related to materials and manufacturing expenses, partially offset by the cycling of the prior year decision to wind down or sell certain of our U.S. craft businesses and related restructuring costs, cycling of a prior year $45.8 million adjustment recorded to interest expense to increase our mandatorily redeemable noncontrolling interest ("NCI") liability to the final redemption value related to the Cobra Beer Partnership, Ltd. ("CBPL") buyout, cycling of a prior year settlement loss of $34.0 million recorded as a result of Canadian pension plan annuity purchases, increased net pricing, cost savings initiatives and favorable mix.
• Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes decreased 11.9% in constant currency, primarily due to lower financial volume, cost inflation related to materials and manufacturing expenses, partially offset by increased net pricing, cost savings initiatives and favorable mix.
• Effective Tax Rate and Underlying (Non-GAAP) Effective Tax Rate

The decrease in our third quarter U.S. GAAP effective tax rate was primarily due to the impact of the $3,645.7 million partial goodwill impairment, which a portion of the goodwill was not deductible for tax purposes. The decrease was also due to the cycling of a $16.4 million valuation allowance which was recorded on deferred tax assets in the third quarter of 2024 as a result of the prior year decision to wind down or sell certain of our U.S. craft businesses and generated a capital loss for U.S. tax purposes, as well as the cycling of a $45.8 million increase in the mandatorily redeemable NCI liability of CBPL to the final redemption value, which was recorded to interest expense in the third quarter of 2024 and was non-deductible for tax purposes.

The decrease in our third quarter Underlying (Non-GAAP) effective tax rate was primarily driven by the impact of discrete tax benefits recorded during the third quarter of 2025.

• Net income (loss) attributable to MCBC per diluted share: Net loss attributable to MCBC per diluted share of $14.79 declined $15.75 from net income attributable to MCBC per diluted share in the prior year, primarily due to a higher U.S. GAAP loss before income taxes and a decrease in the weighted average diluted shares outstanding driven by share repurchases, partially offset by a decrease in the effective tax rate and the recording of a redemption value adjustment to net income (loss) attributable to noncontrolling interests.
• Underlying (Non-GAAP) net income (loss) attributable to MCBC per diluted share: Underlying net income attributable to MCBC per diluted share decreased 7.2%, primarily due to a lower underlying net income partially offset by a decrease in the weighted average diluted shares outstanding driven by share repurchases and a decrease in the underlying effective tax rate.

QUARTERLY SEGMENT HIGHLIGHTS (VERSUS THIRD QUARTER 2024 RESULTS)

Americas Segment Overview

The following tables highlight the Americas segment results for the three and nine months ended September 30, 2025, compared to September 30, 2024:

Americas Segment Highlights (Versus Third Quarter 2024 Results)

• Net sales: The following table highlights the drivers of the change in net sales for the three months ended September 30, 2025, compared to September 30, 2024 (in percentages):

Net sales decreased 3.6%, driven by lower financial volume, partially offset by favorable price and sales mix. Net sales decreased 3.5% in constant currency.

Financial volume decreased 6.5%, primarily due to lower brand volume and an approximate 3% impact from lower contract brewing volume resulting from the exit of a contract brewing arrangement in the U.S. as well as a contract brewing arrangement in Canada at the end of 2024, partially offset by favorable timing of U.S. shipments. Americas brand volume decreased 4.4%, including a 4.9% decrease in the U.S., impacted by the macroeconomic environment resulting in industry softness as well as lower share performance.

Price and sales mix favorably impacted net sales by 3.0%, primarily due to favorable sales mix as a result of lower contract brewing volume and positive brand mix as well as increased net pricing. Net sales per hectoliter increased 3.1% reported and 3.2% on a constant currency basis.

• U.S. GAAP income (loss) before income taxes: U.S. GAAP loss before income taxes of $3,345.4 million declined $3,699.2 million on a reported basis from income before income taxes in the prior year, primarily due to a $3,645.7 million partial goodwill impairment charge, a $75.3 million full impairment charge to our definite-lived intangible asset related to the Blue Run Spirits asset group, lower financial volume, cost inflation related to materials and manufacturing expenses, partially offset by the cycling of the prior year decision to wind down or sell certain of our U.S. craft businesses and related restructuring costs, favorable mix, increased net pricing and cost savings initiatives.
• Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes decreased 7.1% in constant currency, primarily due to lower financial volume and cost inflation related to materials and manufacturing expenses, partially offset by favorable mix, increased net pricing and cost savings initiatives.

EMEA&APAC Segment Overview

The following tables highlight the EMEA&APAC segment results for the three and nine months ended September 30, 2025, compared to September 30, 2024:

EMEA&APAC Segment Highlights (Versus Third Quarter 2024 Results)

• Net sales: The following table highlights the drivers of the change in net sales for the three months ended September 30, 2025, compared to September 30, 2024 (in percentages):

Net sales increased 2.4%, driven by favorable foreign currency impacts as well as price and sales mix, partially offset by lower financial volume. Net sales decreased 2.4% in constant currency.

Financial and brand volume decreased 4.9% and 5.0%, respectively, primarily due to lower volume across all regions driven by soft market demand and a heightened competitive landscape.

Price and sales mix favorably impacted net sales by 2.5%, primarily due to premiumization, geographic mix and higher factored brand volume. Net sales per hectoliter increased 7.6% reported and 2.6% on a constant currency basis.

• U.S. GAAP income (loss) before income taxes: U.S. GAAP loss before income taxes of $110.4 million declined $162.0 million on a reported basis from income before income taxes in the prior year, primarily due to the partial impairment charge of $198.6 million to the indefinite-lived intangible asset related to the Staropramen family of brands, lower financial volume and unfavorable foreign currency impacts partially offset by the cycling of a prior year $45.8 million adjustment recorded to interest expense to increase our mandatorily redeemable NCI liability to the final redemption value related to the CBPL buyout and lower MG&A expense driven by lower incentive compensation and cost savings.
• Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes decreased 15.1% in constant currency, primarily due to lower financial volume, partially offset by lower MG&A expense driven by lower incentive compensation and cost savings.

CASH FLOW AND LIQUIDITY HIGHLIGHTS

• U.S. GAAP cash from operations: Net cash provided by operating activities of $1,243.7 million for the nine months ended September 30, 2025, decreased $172.1 million compared to $1,415.8 million for the nine months ended September 30, 2024. The decrease in net cash provided by operating activities was primarily due to lower net income adjusted for non-cash items, a $60.6 million payment as final resolution of the Keystone litigation case and higher interest paid, partially offset by lower payments for prior year annual incentive compensation and lower income taxes paid primarily due to the passage of the One Big Beautiful Bill Act in the U.S.
• Underlying (Non-GAAP) free cash flow: Cash provided of $782.1 million for the nine months ended September 30, 2025, represents a decrease of $73.9 million from the prior year, which was primarily due to a decline in operating cash flows, partially offset by the $60.6 million payment (non-GAAP adjusted) as final resolution of the Keystone litigation case.
• Debt: Total debt as of September 30, 2025, was $6,292.0 million and cash and cash equivalents totaled $950.2 million, resulting in net debt of $5,341.8 million and a net debt to underlying EBITDA ratio of 2.28x. As of September 30, 2024, our net debt to underlying EBITDA ratio was 2.10x.
• Dividends: We paid cash dividends of $285.7 million and $279.4 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.
• Share Repurchase Program: We paid $332.8 million and $437.4 million, including brokerage commissions, for share repurchases during the nine months ended September 30, 2025 and September 30, 2024, respectively.

2025 OUTLOOK

We continue to expect to achieve the following key financial targets for full year 2025 and we anticipate being at the low end of the range for certain of those key metrics:

• Net sales (high to low end of range): 3% to 4% decline on a constant currency basis anticipating being at the low end of the range.
• Underlying (Non-GAAP) income (loss) before income taxes (high to low end of range): 12% to 15% decline on a constant currency basis anticipating being at the low end of the range.
• Underlying (Non-GAAP) diluted earnings per share (high to low end of range): 7% to 10% decline anticipating being at the low end of the range.
• Underlying (Non-GAAP) net interest expense: $225 million, plus or minus 5%.
• Capital expenditures: $650 million incurred, plus or minus 5%.
• Underlying (Non-GAAP) free cash flow: $1.3 billion, plus or minus 10% anticipating being at the low end of the range.
• Underlying (Non-GAAP) depreciation and amortization: $675 million, plus or minus 5%.
• Underlying (Non-GAAP) effective tax rate: in the range of 22% to 24%.

SUBSEQUENT EVENT

On October 20, 2025, the Company announced an Americas restructuring plan designed to create a leaner, more agile Americas segment while advancing its ability to reinvest in the business and position the Company for future growth. The restructuring plan involves the planned elimination of approximately 400 salaried positions across the Americas segment by the end of December 2025. In connection with the restructuring, the Company currently expects to incur certain restructuring charges, in the range of $35 million to $50 million, which are expected to be future cash expenditures to be made over the next 12 months. Substantially all of the charges are expected to be related to severance payments and post-employment benefits to be incurred in the fourth quarter of 2025.

NOTES

Unless otherwise indicated in this release, all $ amounts are in U.S. Dollars, and all quarterly comparative results are for the Company’s third quarter ended September 30, 2025, compared to the third quarter ended September 30, 2024. Some numbers may not sum due to rounding.

2025 THIRD QUARTER INVESTOR CONFERENCE CALL

Molson Coors Beverage Company will conduct an earnings conference call with financial analysts and investors at 8:30 a.m. Eastern Time today to discuss the Company’s 2025 third quarter results. The live webcast will be accessible via our website, ir.molsoncoors.com. An online replay of the webcast is expected to be posted within two hours following the live webcast. The Company will post this release and related financial statements on its website today.

OVERVIEW OF MOLSON COORS BEVERAGE COMPANY

For more than two centuries, we have brewed beverages that unite people to celebrate all life’s moments. From our core power brands Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko to our above premium brands including Madrí Excepcional, Staropramen, Blue Moon Belgian White and Leinenkugel’s Summer Shandy, to our economy and value brands like Miller High Life and Keystone Light, we produce many beloved and iconic beers. While our Company's history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer, spirits like Five Trail whiskey and non-alcoholic beverages. We also have partner brands, such as Simply Spiked, ZOA Energy, Fever-Tree, among others, through license, distribution, partnership and joint venture agreements. As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions.

To learn more about Molson Coors Beverage Company, visit molsoncoors.com.

ABOUT MOLSON COORS CANADA INC.

Molson Coors Canada Inc. ("MCCI") is a subsidiary of Molson Coors Beverage Company. MCCI Class A and Class B exchangeable shares offer substantially the same economic and voting rights as the respective classes of common shares of MCBC, as described in MCBC’s annual proxy statement and Form 10-K filings with the U.S. Securities and Exchange Commission. The trustee holder of the special Class A voting stock and the special Class B voting stock has the right to cast a number of votes equal to the number of then outstanding Class A exchangeable shares and Class B exchangeable shares, respectively.

FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Generally, the words "expects," "intend," "goals," "plans," "believes," "confidence," "view," "continues," "may," "anticipate," "seek," "estimate," "outlook," "trends," "future benefits," "potential," "projects," "strategies," "implies," and variations of such words and similar expressions are intended to identify forward-looking statements. Statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements, and include, but are not limited to, statements under the headings "CEO and CFO Perspectives" and "2025 Outlook," with respect to, among others, expectations and impacts of cost inflation and tariffs, limited consumer disposable income, consumer preferences, overall volume and market share trends, our competitive position, pricing trends, macroeconomic forces, beverage industry trends, cost reduction strategies including the Americas restructuring plan announced in October of 2025 and the expected benefits of the restructuring and estimated range of related savings, charges and position eliminations and timing of such savings, charges, and position eliminations, contributions by the President and Chief Executive Officer and related expectations (financial or otherwise), execution of our strategic priorities, shipment levels and profitability, the sufficiency of capital resources, anticipated results, expectations for funding future capital expenditures and operations, effective tax rate, debt service capabilities, timing and amounts of debt and leverage levels, Preserving the Planet and related initiatives, expectations regarding the impact of the One Big Beautiful Bill Act on our cash tax payments and expectations regarding future dividends and share repurchases. In addition, statements that we make in this press release that are not statements of historical fact may also be forward-looking statements.

Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s historical experience, and present projections and expectations are disclosed in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the risks discussed in our filings with the SEC, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

MARKET AND INDUSTRY DATA

The market and industry data used, if any, in this press release are based on independent industry publications, customer specific data, trade or business organizations, reports by market research firms and other published statistical information from third parties, including Circana (formerly Information Resources, Inc.) for U.S. market data and Beer Canada for Canadian market data (collectively, the “Third Party Information”), as well as information based on management’s good faith estimates, which we derive from our review of internal information and independent sources. Such Third Party Information generally states that the information contained therein or provided by such sources has been obtained from sources believed to be reliable.

APPENDIX

STATEMENTS OF OPERATIONS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

BALANCE SHEETS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

CASH FLOW STATEMENTS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

SUMMARIZED SEGMENT RESULTS (hectoliter volume and $ in millions) (Unaudited)