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, 2025 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 (Exact ...

NEWS RELEASE Molson Coors Beverage Company Reports 2025 Third Quarter Results _________________________________________________________________________________________________________________________________________ Golden, Colorado and Montréal, Québec – November 4, 2025 – 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. 2025 THIRD QUARTER FINANCIAL HIGHLIGHTS 1 CEO AND CFO PERSPECTIVES Rahul Goy ...

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 Commission File Number: 1-14829 Molson Coors Beverage Company For the quarterly period ended June 30, 2025 (Exact name of registrant as specified in its charter) OR Delaware ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

NEWS RELEASE Molson Coors Beverage Company Reports 2025 Second Quarter Results _________________________________________________________________________________________________________________________________________ Golden, Colorado and Montréal, Québec – August 5, 2025 – 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 second quarter. 2025 SECOND QUARTER FINANCIAL HIGHLIGHTS 1 See Appendix for definitions and ...

Financial Performance - Net sales for Q1 2025 were $2,304.1 million, a decrease of 11.3% from $2,596.4 million in Q1 2024[19] - Gross profit for Q1 2025 was $850.9 million, down 11.7% from $963.5 million in Q1 2024[19] - Net income attributable to Molson Coors Beverage Company for Q1 2025 was $121.0 million, a decline of 41.8% compared to $207.8 million in Q1 2024[19] - Basic earnings per share for Q1 2025 were $0.60, down from $0.98 in Q1 2024, representing a decrease of 38.8%[19] - Consolidated net sales for the three months ended March 31, 2025, were $2,304.1 million, compared to $2,596.4 million for the same period in 2024[102] - The company reported a net income attributable to MCBC of $121.0 million for the three months ended March 31, 2025[102] - Operating income decreased by 40.7% to $186.3 million for the three months ended March 31, 2025, compared to $314.3 million in the prior year[114] - The Americas segment net sales decreased by 12.3% to $1,881.8 million for the three months ended March 31, 2025, compared to $2,145.4 million in the prior year[132] Cash Flow and Liquidity - Net cash used in operating activities for Q1 2025 was $(90.7) million, compared to $25.4 million in Q1 2024[25] - Net cash used in investing activities for Q1 2025 was $(341.3) million, an increase from $(212.5) million in Q1 2024[25] - As of March 31, 2025, the company had total cash and cash equivalents of $412.7 million, a decrease from $969.3 million as of December 31, 2024[153] - The company reported a net positive cash position of $31.1 million from bank overdrafts and cash as of March 31, 2025, down from $46.0 million as of December 31, 2024[73] - Total current assets decreased to $1,601.7 million from $1,859.8 million as of December 31, 2024, indicating a reduction in liquidity[174] Assets and Liabilities - Total assets as of March 31, 2025, were $25,930.5 million, a slight decrease from $26,064.3 million as of December 31, 2024[23] - Total current liabilities decreased to $2,505.3 million from $2,673.9 million, indicating improved short-term financial health[174] - Long-term debt as of March 31, 2025, was $6,154.6 million, an increase from $6,113.9 million as of December 31, 2024, reflecting a growth of 0.67%[72] - The total balance of equity method investments decreased from $108.9 million as of December 31, 2024, to $94.0 million as of March 31, 2025[55] Investments and Capital Expenditures - The company made an investment of $88.1 million in Fevertree Drinks plc, aligning with its strategy to expand beyond the beer aisle[48] - The company incurred $175.3 million in capital expenditures for the Americas segment during the three months ended March 31, 2025[103] - Capital expenditures for the three months ended March 31, 2025, were $130.6 million, a decrease of $13.3 million compared to $143.9 million in the same period of 2024[175] Shareholder Returns - Dividends paid in Q1 2025 were $99.2 million, slightly higher than $96.8 million in Q1 2024[25] - The company declared a dividend of $0.47 per share on February 12, 2025, compared to $0.44 per share declared during the same period in 2024[38] - The company repurchased a total of 1,036,630 shares of Class B common stock during the three months ended March 31, 2025, at an average price of $57.47 per share[191] - The Board approved a share repurchase program of up to $2.0 billion for Class B common stock, with an expected term of five years[191] Legal and Compliance - The company is involved in various legal proceedings and environmental litigation, which may affect future financial performance[176] - The company had an accrued contingent liability of $9.8 million related to litigation and environmental issues, down from $71.1 million as of December 31, 2024[89] - The company paid $60.6 million on January 29, 2025, to resolve a trademark infringement lawsuit filed by Stone Brewing Company[90] Market and Operational Insights - Financial volume decreased by 14.3% to 15.409 million hectoliters for the three months ended March 31, 2025, compared to 17.974 million hectoliters in the prior year[114] - The cost of goods sold for the Americas segment was $1,169.9 million for the three months ended March 31, 2025[102] - The company incurred incremental accelerated depreciation of $17.9 million during the three months ended March 31, 2025, related to the wind down or sale of certain U.S. craft businesses[111] - The company obtained exclusive rights to produce, market, and sell Fever-Tree products in the U.S. effective February 1, 2025, aligning with its strategy to expand beyond the beer aisle[110]

NEWS RELEASE Molson Coors Beverage Company Reports 2025 First Quarter Results _________________________________________________________________________________________________________________________________________ Golden, Colorado and Montréal, Québec – May 8, 2025 – 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 first quarter. 2025 FIRST QUARTER FINANCIAL HIGHLIGHTS 1 CEO AND CFO PERSPECTIVES Gavin Hattersl ...

Financial Performance - Total sales for the year ended December 31, 2024, were $13,734.3 million, a decrease of 1.1% from $13,884.6 million in 2023[352]. - Net sales for 2024 were $11,627.0 million, compared to $11,702.1 million in 2023, reflecting a decline of 0.6%[352]. - Gross profit increased to $4,533.4 million in 2024, up from $4,368.8 million in 2023, representing a growth of 3.8%[352]. - Operating income for 2024 was $1,753.2 million, an increase of 22% from $1,438.2 million in 2023[352]. - Net income attributable to Molson Coors Beverage Company for 2024 was $1,122.4 million, compared to $948.9 million in 2023, marking a rise of 18.3%[352]. - Basic earnings per share for 2024 were $5.38, up from $4.39 in 2023, indicating a growth of 22.5%[352]. - Net income for the year ended December 31, 2024, was $1,157.7 million, an increase of 21% compared to $956.4 million in 2023[354]. - Comprehensive income attributable to Molson Coors Beverage Company was $879.8 million for 2024, down from $1,038.1 million in 2023, reflecting a decrease of 15.3%[354]. Debt and Interest - As of December 31, 2024, the company had $4.9 billion in USD denominated fixed rate debt and $1.2 billion in foreign currency denominated fixed rate debt[319]. - Interest expense increased to $282.7 million in 2024 from $234.0 million in 2023, reflecting a rise of 20.8%[352]. - Long-term debt increased to $6,113.9 million in 2024 from $5,312.1 million in 2023, an increase of 15.1%[356]. - The company issued EUR 800 million 3.8% senior notes on May 29, 2024, with a maturity of June 15, 2032, resulting in total proceeds of $863.7 million[507]. Cash Flow and Dividends - Net cash provided by operating activities was $1,910.3 million in 2024, compared to $2,079.0 million in 2023, a decrease of 8.1%[360]. - The company paid dividends totaling $369.2 million in 2024, an increase from $354.7 million in 2023[360]. - Dividends declared to eligible shareholders totaled $1.76 per share for the year ended December 31, 2024, compared to $1.64 per share in 2023[406]. - The company reported a net increase in cash and cash equivalents of $100.4 million for 2024, compared to an increase of $268.9 million in 2023[360]. Assets and Liabilities - Total assets decreased to $26,064.3 million as of December 31, 2024, from $26,375.1 million in 2023, a decline of 1.2%[356]. - Current liabilities decreased significantly to $3,045.2 million in 2024 from $4,092.6 million in 2023, a reduction of 25.6%[356]. - The company’s inventories, net, decreased to $727.8 million as of December 31, 2024, from $802.3 million as of December 31, 2023[480]. - Accounts payable and other current liabilities decreased from $3,180.8 million in 2023 to $3,013.0 million in 2024, a reduction of approximately 5.3%[502]. Risk Management - The company is exposed to volatility in interest rates, particularly U.S. Department of Treasury rates, Canadian government rates, and SOFR, impacting current and future debt offerings[317]. - The company manages foreign currency exposures through foreign currency forward contracts and net investment hedges[323]. - The company hedges its exposure to fluctuations in commodity prices, specifically for natural gas, barley, diesel, and aluminum[326]. - The company’s financial risk management policy aims to mitigate unfavorable impacts of exchange rates on earnings and cash flows[320]. - The company uses derivatives for risk management purposes only, not for trading or speculative purposes[424]. Acquisitions and Investments - The company increased its investment in ZOA to 51% for a cash consideration of $53 million, recorded as a business combination[369]. - The company acquired a 75% equity interest in Blue Run for $77 million, including $64 million in cash, to expand its presence in the spirits category[371]. - Cash payment of $89 million was made to acquire the remaining 49.9% ownership interest in CBPL on October 21, 2024[370]. - The company sold its 57.5% controlling interest in Truss to Tilray Brands, recognizing a loss of $11 million in the consolidated statement of operations[460]. Operational Expenses - Marketing, general, and administrative expenses decreased to $2,717.5 million in 2024 from $2,779.9 million in 2023, a reduction of 2.2%[352]. - Total marketing and advertising expenses, excluding depreciation and amortization, were approximately $1.1 billion for the years ended December 31, 2024 and 2023[393]. - The company’s cost of goods sold includes brewing materials, packaging materials, and manufacturing expenses, impacting overall profitability[392]. Goodwill and Intangible Assets - The goodwill balance related to the Americas reporting unit was $5,582 million as of December 31, 2024, with no impairment charge recorded[347]. - The company evaluates goodwill for impairment at least annually, with the last test performed on October 1, 2024[419]. - The total gross carrying amount of intangible assets decreased from $14,392.4 million in 2023 to $14,056.7 million in 2024, primarily due to the disposal of certain brands[486]. - Amortization expense for intangible assets was $206.4 million in 2024, slightly down from $207.3 million in 2023[488]. Employee and Pension Plans - The company maintains retirement plans for the majority of its employees, including defined benefit and defined contribution plans[434]. - The funded status of defined benefit pension and OPEB plans is recognized as an asset or liability on the balance sheets, with changes in status due to actuarial assumptions[435]. Regulatory and Accounting Changes - The company adopted ASU 2023-07 for segment reporting, enhancing disclosures about significant reportable segment expenses without impacting financial position[452]. - The company is assessing the impact of ASU 2024-03, which requires disaggregation of income statement expenses, effective for the year ending December 31, 2027[454].

Molson Coors Beverage Company Reports 2024 Fourth Quarter and Full Year Results Achieved or Exceeded All Full Year Guidance Metrics Fourth Quarter Net Sales Declined 2.0% Resulting in 0.6% Decline for Full Year, Achieving Revised Full Year Guidance Full Year Income before Income Taxes Improved 20.0%; Full Year Underlying Income before Income Taxes Increased 5.6% on a Constant Currency Basis, Achieving Full Year Guidance Full Year EPS Grew 22.4% to $5.35; Full Year Underlying EPS Grew 9.8% to $5.96 Exceeding ...

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, 2024 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 (Exact ...

Financial Performance - Net sales for the third quarter of 2024 decreased by 7.8% to $3,042.7 million compared to $3,298.4 million in the same period last year[2]. - U.S. GAAP income before income taxes fell by 39.1% to $331.4 million, while underlying income before income taxes decreased by 8.7% in constant currency to $479.5 million[2][15]. - The financial volume declined by 12.3%, primarily due to lower shipments, including a decrease in contract brewing volumes in the Americas[12]. - Net sales for the Americas segment decreased by 11.0% to $2,345.0 million for the three months ended September 30, 2024, compared to $2,633.4 million in the same period of 2023[23]. - U.S. GAAP income before income taxes declined by 26.8% to $353.8 million for the three months ended September 30, 2024, down from $483.5 million in the prior year[23]. - Underlying income before income taxes for the Americas segment decreased by 15.0% to $419.8 million for the three months ended September 30, 2024, compared to $494.1 million in 2023[23]. - Net sales for the EMEA&APAC segment increased by 5.1% to $704.4 million for the three months ended September 30, 2024, compared to $670.4 million in the same period of 2023[31]. - Underlying income before income taxes for the EMEA&APAC segment improved by 41.8% to $98.0 million for the three months ended September 30, 2024, compared to $69.1 million in 2023[31]. - Net income attributable to the company for the three months ended September 30, 2024, was $199.8 million, compared to $430.7 million in the same quarter of 2023[57]. - Basic net income per share attributable to the company for the three months ended September 30, 2024, was $0.96, down from $1.99 in the same quarter of 2023[57]. - Net income for the nine months ended September 30, 2024, was $864.0 million, compared to $850.9 million for the same period in 2023, reflecting an increase of 1.3%[59]. - Consolidated net sales for YTD 2024 were $8,891.4 million, a slight decrease of 0.2% compared to $8,911.3 million in YTD 2023[62]. Cost and Expenses - The cost of goods sold (COGS) decreased by 5.7% on a reported basis, while COGS per hectoliter increased by 7.5% due to volume deleverage and cost inflation[13]. - Marketing, general & administrative expenses decreased by 8.3% on a reported basis, primarily due to lower marketing investment and incentive compensation expenses[14]. - COGS for Q3 2024 was $1,840.2 million, a 5.7% decrease from $1,952.2 million in Q3 2023[62]. - Cost of goods sold (COGS) for YTD 2024 was $4,244.3 million, showing a slight decrease of 2.0% from $4,332.5 million in YTD 2023[60]. - The company's MG&A expenses for Q3 2024 were $163.0 million, up 3.5% from $157.5 million in Q3 2023[62]. - Interest expense increased significantly to $93.1 million, compared to $48.8 million in the previous year[96]. - Depreciation and amortization rose to $175.4 million, up from $168.7 million in the same quarter last year[96]. Shareholder Returns - The company returned $717 million in cash to shareholders in the first nine months of the year through dividends and share repurchases[7]. - Dividends per share increased to $0.44 for the three months ended September 30, 2024, compared to $0.41 in the same quarter of 2023[57]. Guidance and Projections - The company reaffirmed its underlying diluted earnings per share guidance for mid single-digit growth, narrowing to the higher end of the range[4]. - The company expects a net sales decline of approximately 1% for 2024 on a constant currency basis, a revision from previous guidance of low single-digit growth[42]. - Capital expenditures for 2024 are projected to be around $750 million, plus or minus 5%[43]. - The company expects a remaining headwind of approximately 0.5 million hectoliters to Americas financial volume due to the termination of the Pabst contract brewing agreement at year-end[45]. - Underlying COGS per hectoliter is anticipated to be higher in full year 2024 compared to full year 2023, driven by continued inflation and mix impacts from the wind down of contract brewing volume[45]. - Marketing, general and administrative expenses are projected to be lower than 2023, cycling higher marketing investments of approximately $50 million in Q4 of the previous year[46]. Debt and Cash Flow - Total debt as of September 30, 2024, was $6,240.7 million, with a net debt to underlying EBITDA ratio of 2.10x, down from 2.23x in the prior year[38]. - Net cash provided by operating activities was $1,415.8 million for the nine months ended September 30, 2024, a decrease of $188.7 million compared to the prior year[36]. - Underlying free cash flow decreased to $856.0 million for the nine months ended September 30, 2024, down $265.6 million from the previous year[37]. - The net debt as of September 30, 2024, was $5,219.0 million, a decrease from $5,378.2 million as of September 30, 2023, reflecting a reduction of 2.9%[95]. - The net debt to underlying EBITDA ratio improved to 2.10 as of September 30, 2024, compared to 2.23 as of September 30, 2023, indicating better leverage management[95]. Non-GAAP Measures - Non-GAAP adjustments included restructuring costs of $24.1 million and gains on other disposals amounting to $41.7 million for the three months ended September 30, 2024[84]. - The underlying effective tax rate was adjusted to exclude the tax impact of pre-tax non-GAAP adjustment items, providing a clearer view of the company's tax obligations[78]. - The company utilized constant currency measures to evaluate performance, excluding the impact of foreign currency movements, which is crucial for assessing underlying business performance[82]. - Non-GAAP Underlying EBITDA was $692.3 million, a decline of 6.8% from $742.9 million in the prior year[96]. - Non-GAAP underlying free cash flow for the nine months ended September 30, 2024, was $856.0 million, down from $1,121.6 million in the same period of 2023, representing a decrease of 23.7%[93].