Molson Coors Beverage Company (NYSE:TAP) Q1 2022 Earnings Conference Call May 3, 2022 11:00 AM ET Company Participants Greg Tierney – Vice President of FP&A and Investor Relations Gavin Hattersley - President and Chief Executive Officer Tracey Joubert - Chief Financial Officer Conference Call Participants Kevin Grundy - Jefferies Nadine Sarwat - Bernstein Lauren Lieberman - Barclays Laurent Grandet - Guggenheim Bryan Spillane - Bank of America Eric Serotta - Morgan Stanley Robert Ottenstein - Evercore Steve ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ . Commission File Number: 1-14829 Molson Coors Beverage Com ...

Financial Data and Key Metrics Changes - Consolidated net sales revenue increased by 13.7%, driven by EMEA and APAC growth of 56.5% and Americas growth of 7.1% [34] - Underlying EBITDA increased by 21.9% [41] - Consolidated net sales revenue for the full year increased by 4.7%, with Americas up 2% and EMEA and APAC up 19.6% [41][42] - Underlying free cash flow was $1.1 billion for the year, a decrease of $183 million from the prior year [47] Business Line Data and Key Metrics Changes - Coors Light grew net sales revenue by 4.4% and Miller Lite by 7.6% in the U.S. [17] - Above premium net sales revenue grew over 15% in 2021 [18] - Hard seltzer portfolio grew triple digits in 2021, with Topo Chico Hard Seltzer and Vizzy among the top five brands in the U.S. [19][21] Market Data and Key Metrics Changes - U.S. on-premise net sales revenue was approximately 86% of December 2019 levels, down from approximately 88% in the third quarter [33] - Canada was approximately 60% of December 2019 net sales revenue, down from approximately 80% in the third quarter [33] - UK net sales revenue was below 80% after being close to 100% in the third quarter [33] Company Strategy and Development Direction - The company aims to become a total beverage company, with beyond beer products contributing approximately $800 million to 2021 net sales revenue [25] - Continued investment in marketing and brand innovation is planned to support long-term growth [28] - The company expects to deliver mid-single-digit net sales revenue growth and high single-digit underlying income before income taxes growth in 2022 [51] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the Omicron variant and government restrictions impacting on-premise sales [11][12] - The company is optimistic about consumer return to on-premise venues as restrictions ease [71] - Management expressed confidence in the revitalization plan, indicating that the business is fundamentally more sound than before [62] Other Important Information - The company reduced net debt by nearly $1 billion in 2021, improving financial flexibility [49] - A dividend of $0.58 per share was declared, an increase of 12% [55] - A share repurchase program was approved, authorizing the purchase of up to $200 million of common stock [55] Q&A Session Summary Question: Sales guidance breakdown and outlook for Coors Light and Miller Lite - Management expects a mix shift into above premium and emerging growth, with price increases of 3% to 5% implemented [59][60] - Coors Light and Miller Lite ended the year with top-line growth, indicating a strong position heading into 2022 [62] Question: Business start in January and impact of Omicron - Management attributed January's challenges primarily to Omicron, with consumer behavior improving in February [71] Question: G&A savings and EBITDA guidance - Management clarified that while inflationary pressures exist, a robust hedging program and cost savings initiatives are in place to mitigate impacts [78][80] - The decision to provide guidance based on net income before tax aligns with the revitalization plan goals [86] Question: COGS outlook and inflation impact - Management expects continued inflation on commodities and packaging materials, but benefits from volume leverage and a robust hedging program are anticipated [104] Question: Gross margin expectations - Management indicated that gross margins may face pressure but expects pricing and positive mix to help offset COGS pressures [113]

Financial Performance - Q4 2021 - Net Sales Revenue (NSR) increased by 13.7% due to EMEA & APAC growth of 56.5% and Americas growth of 7.1%[29] - Underlying EBITDA increased by 21.9%[28] - Underlying COGS/HL increased by 5.2% due to cost inflation and mix impacts from premiumization[30] Financial Performance - Full Year 2021 - NSR increased by 4.7%, with Americas up 2.0% and EMEA & APAC up 19.6%[38] - NSR/HL grew by 3.8%, with the U S showing a 4.4% increase due to net pricing growth and success in Above Premium products[38] - Underlying EBITDA decreased by 3.5%[37] Brand Performance - Coors Light net sales revenue increased by 4.4% in the U S [11] - Miller Lite net sales revenue increased by 7.6% in the U S [11] - Emerging Growth business aims for $1 billion in revenue by 2023[17] Strategic Initiatives and Outlook - Molson Coors plans to deliver the highest top- and bottom-line growth in over a decade in 2022[21] - The company reduced net debt by nearly $1 billion in 2021[42] - The company is targeting a net debt to underlying EBITDA ratio below 3.0x by the end of 2022[45] - The company anticipates mid single-digit Net Sales Revenue growth and high single-digit Underlying Income before Income Tax growth in 2022, on a constant currency basis[44]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ . Commission File Number: 1-14829 Molson Coors Beverage Company ...

| --- | --- | --- | --- | |------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | Q3 FY 2021 Results & Outlook October 28, 2021 | | | | | | | | | Forward Looking Statements This presentation includes "forward-looking statements" within the meaning of the U.S. federal securities laws. Generally, the words "believe," "aims," "expect," "intend," "anticipate," "project," "will," "outlook," and similar expressions identify forward-looking statements, w ...

Molson Coors Beverage Co (NYSE:TAP) Q3 2021 Earnings Conference Call October 28, 2021 11:00 AM ET Company Participants Greg Tierney - VP, SP&A and IR Gavin Hattersley - President, CEO & Director Tracey Joubert - CFO Conference Call Participants Lauren Lieberman - Barclays Bank Robert Ottenstein - Evercore ISI Nadine Sarwat - Sanford C. Bernstein & Co. Steve Powers - Deutsche Bank Laurent Grandet - Guggenheim Securities Bryan Spillane - Bank of America Merrill Lynch Kevin Grundy - Jefferies Kaumil Gajrawala ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ . Commission File Number: 1-14829 Molson Coors Beverage ...

| --- | --- | --- | --- | --- | --- | --- | |------------------------------------|-------|-------|-------|-------|-------|------------------| | MOLSON \nCOORS beverage | | | | | | | | | | | | | | | | Investor Relations September 2021 | | | | | | VITH ANTIOXIDANT | THE ROCKIES Forward Looking Statements This presentation includes "forward-looking statements" within the meaning of the U.S. federal securities laws. Generally, the words "believe," "aims," "expect," "intend," "anticipate," "project," "will," "ou ...

| --- | --- | --- | |---------------------------------------------|-------|-------| | | | | | | | | | MOLSON D COORS beverage | | | | Q2 FY 2021 Results & Outlook July 29, 2021 | | | | | | | | | | | Forward Looking Statements 2 This presentation includes "forward-looking statements" within the meaning of the U.S. federal securities laws. Generally, the words "believe," "aims," "expect," "intend," "anticipate," "project," "will," "outlook," and similar expressions identify forward-looking statements, which g ...