(Mark One) ____________________________________________________________ FORM 10-K Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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 (Ex ...

Financial Performance - Net sales for Q4 2025 decreased by 2.7% to $2,662.4 million, and by 4.0% in constant currency[8]. - U.S. GAAP net income attributable to Molson Coors for the full year 2025 was a loss of $2,139.6 million, translating to a loss of $10.75 per diluted share[9]. - Underlying (Non-GAAP) income before income taxes for Q4 2025 was $296.8 million, a decrease of 13.8% in constant currency[5]. - Financial volume decreased by 7.7% in Q4 2025, with brand volume down 4.5%[12]. - The Americas segment reported a net sales decline of 5.0% for Q4 2025, driven by lower financial volume[19]. - Total net sales decreased by 4.2% for the year ended December 31, 2025, primarily due to an 8.6% decline in financial volume[30]. - Net sales for 2025 were $11,140.8 million, a decrease from $11,627.0 million in 2024, reflecting a decline of approximately 4.2%[52]. - Consolidated net sales for the company decreased by 2.7% to $2,662.4 million in Q4 2025, with a full-year decline of 4.2% to $11,140.8 million[56]. - The company experienced a goodwill impairment of $3,645.7 million in 2025, significantly impacting net income[55]. - Net income for Molson Coors Beverage Company in 2025 was a loss of $2,180.2 million, compared to a profit of $1,157.7 million in 2024[55]. Cash Flow and Debt - The company generated $1,784.4 million in net cash from operating activities for the full year 2025[5]. - Cash dividends paid were $376.3 million for the year ended December 31, 2025, compared to $369.2 million for 2024[43]. - Net cash provided by operating activities decreased by $125.9 million to $1,784.4 million for the year ended December 31, 2025[37]. - Total debt as of December 31, 2025, was $6,299.5 million, resulting in a net debt to underlying EBITDA ratio of 2.33x[37]. - The balance sheet remains strong, with a net debt to underlying EBITDA ratio below the target of 2.5 times[7]. - The company’s underlying free cash flow is considered an important measure of its ability to generate cash and enhance shareholder value[68]. Cost and Expenses - Cost of goods sold (COGS) per hectoliter increased by 8.1% on a reported basis, primarily due to cost inflation and unfavorable mix[14]. - The company expects to achieve a cost savings program targeting up to $450 million starting in 2026 to mitigate inflation impacts[41]. - Underlying (Non-GAAP) net interest expense for the year ended December 31, 2025, was $227.3 million, compared to $200.8 million in 2024[91]. - U.S. GAAP depreciation and amortization for the year ended December 31, 2025, was $711.3 million, a decrease from $759.4 million in 2024[90]. Volume and Sales Mix - Financial volumes decreased by 8.5%, primarily due to lower brand volume and a 2% impact from lower contract brewing volume[20]. - Price and sales mix favorably impacted net sales by 3.8%, primarily due to favorable sales mix and increased net pricing[30]. - The company's total financial volume for the Americas segment fell by 9.2% to 53.507 million hectoliters in 2025, while brand volume decreased by 4.9% to 55.273 million hectoliters[60]. - Total worldwide brand volume decreased by 5.4% to 74.553 million hectoliters in 2025, with a notable decline in financial volume of 8.6%[60]. Future Outlook - The company anticipates top-line trends to improve in 2026, despite expected commodity inflation pressures[7]. - Underlying income before income taxes is expected to decline by 15% to 18% for 2026 compared to 2025[43]. - Underlying earnings per share are projected to decline by 11% to 15% for 2026[43]. Non-GAAP Measures - Non-GAAP measures are used for operational decision-making and assessing business performance, with reconciliations provided to nearest U.S. GAAP measures[64]. - Underlying income before income taxes excludes certain non-GAAP adjustment items, providing a clearer view of ongoing business performance[67]. - The total non-GAAP adjustment items for the year ended December 31, 2025, amounted to $3,903.4 million[88]. - Constant currency measures are utilized to evaluate performance without the impact of foreign currency fluctuations, providing a clearer view of underlying business performance[69]. Impairments and Charges - The company recorded a goodwill impairment loss of $3,645.7 million during the third quarter of 2025, with $77.5 million attributable to non-controlling interest (NCI)[76]. - Intangible impairment losses totaled $273.9 million, with $18.9 million attributable to NCI, identified in the Americas and EMEA&APAC segments[77]. - Restructuring charges related to the Americas Restructuring Plan totaled $28.7 million, with total expected charges around $35 million[71]. - The company incurred incremental accelerated depreciation of $17.9 million in the first quarter of 2025 due to the wind down of certain U.S. craft businesses[79].

Financial Performance - For the three months ended September 30, 2025, net sales decreased to $2,973.5 million from $3,042.7 million in the same period of 2024, representing a decline of 2.3%[19] - Gross profit for the nine months ended September 30, 2025, was $3,306.3 million, down from $3,495.9 million in 2024, reflecting a decrease of 5.4%[19] - The company reported a net loss of $2,936.9 million for the three months ended September 30, 2025, compared to a net income of $228.8 million in the same period of 2024[20] - The company’s comprehensive loss for the three months ended September 30, 2025, was $3,015.1 million, compared to a comprehensive income of $342.8 million in the same period of 2024[20] - Net income for the nine months ended September 30, 2025, was a loss of $2,389.5 million, compared to a profit of $864.0 million for the same period in 2024[25] - The net loss for the third quarter of 2025 was $2,922.0 million, compared to a net income of $865.7 million for the same period in 2023[28] - The company reported a net loss attributable to MCBC of $2,927.6 million for the three months ended September 30, 2025, compared to a net income of $199.8 million in the same period of 2024[116] - The company reported a net loss of $2,152.3 million for the nine months ended September 30, 2025[214] Goodwill and Impairments - Goodwill impairment of $3,645.7 million was recorded in the third quarter of 2025, significantly impacting the operating income[19] - Goodwill impairment recorded was $3,645.7 million, with no such impairment in the previous year[25] - A partial impairment charge of $198.6 million was recognized for the Staropramen family of brands intangible asset in the EMEA&APAC segment during the third quarter of 2025[111] - The carrying value of goodwill decreased to $1,943.5 million as of September 30, 2025, down from $5,582.3 million as of December 31, 2024, due to a partial impairment loss of $3,645.7 million recorded[63][64] - The Blue Run Spirits asset group experienced a full impairment of $75.3 million due to lower sales driven by a challenging macroeconomic environment[70] Assets and Liabilities - Total assets decreased to $22,873.4 million as of September 30, 2025, from $26,064.3 million at the end of 2024, a reduction of 12.3%[23] - Current liabilities increased to $5,344.8 million as of September 30, 2025, compared to $3,045.2 million at the end of 2024, indicating a rise of 75.5%[23] - The company’s total liabilities stood at $12,204.6 million as of September 30, 2025, down from $12,611.6 million at the end of 2024, a decrease of 3.2%[23] - Cash and cash equivalents were reported at $950.2 million as of September 30, 2025, slightly down from $969.3 million at the end of 2024[23] - Total current assets increased to $2,042.9 million from $1,859.8 million as of December 31, 2024[214] - Total current liabilities rose significantly to $4,969.6 million from $2,673.9 million as of December 31, 2024[214] - Total noncurrent liabilities decreased to $6,265.6 million from $8,950.8 million as of December 31, 2024[214] Cash Flow and Investments - Net cash provided by operating activities decreased to $1,243.7 million from $1,415.8 million year-over-year[25] - Net cash used in investing activities was $(635.1) million, compared to $(530.3) million in the prior year[25] - The balance of cash and cash equivalents at the end of the period was $950.2 million, down from $1,021.7 million at the end of the previous year[25] - The company made a minority investment of $88.1 million in Fevertree Drinks plc, with the investment recorded at a fair value of $127.4 million as of September 30, 2025[61] - Capital expenditures for the three months ended September 30, 2025, were $133.1 million, down from $170.8 million in the same period of 2024, indicating a decrease of approximately 22%[118] - Capital expenditures for the nine months ended September 30, 2025, were $404.5 million, a decrease from $424.2 million in the same period of 2024[215] Shareholder Actions - Dividends paid increased to $285.7 million from $279.4 million year-over-year[25] - The company declared dividends totaling $93.4 million in the third quarter of 2025, reflecting a significant cash outflow[28] - Payments for purchases of treasury stock decreased to $332.8 million from $437.4 million[25] - The share repurchase program in 2024 accounted for a total of $334.9 million, indicating a strategic move to enhance shareholder value despite losses[29] - For the three months ended September 30, 2025, the company repurchased 502,212 shares at an aggregate cost of $25.3 million, compared to 1,160,707 shares for $62.7 million in the same period of 2024[40] Market and Operational Challenges - The Americas restructuring plan will eliminate approximately 400 salaried positions by the end of December 2025, with expected restructuring charges between $35 million and $50 million[126] - The company continues to expand its product portfolio beyond traditional beer, including flavored beverages and spirits, aiming to cater to a wider range of consumer segments[119] - Financial volume decreased by 6.0% to 19.385 million hectoliters for the three months ended September 30, 2025, compared to 20.629 million hectoliters in the prior year[135] - Financial volume for the nine months ended September 30, 2025, decreased by 7.2% compared to the prior year, reflecting lower volume across all regions due to a heightened competitive landscape[180] Tax and Regulatory Matters - The effective tax rate for the three months ended September 30, 2025, was 16%, a decrease from 31% in the prior year, primarily due to a $3,645.7 million partial goodwill impairment[99] - The effective tax rate decreased to 14% for the nine months ended September 30, 2025, compared to 25% in the prior year, primarily due to the impact of the goodwill impairment[160] Debt and Financing - As of September 30, 2025, total long-term debt amounted to $6,255.4 million, an increase from $6,126.2 million as of December 31, 2024, reflecting a growth of approximately 2.1%[79] - The company maintained a maximum leverage ratio of 4.00x, calculated as net debt to EBITDA, and was in compliance with all debt covenants as of September 30, 2025[86] - The company had no outstanding borrowings on its $2.0 billion multi-currency revolving credit facility as of September 30, 2025, and December 31, 2024[84] - The company has long-term credit ratings of BBB/Stable Outlook, Baa1/Stable Outlook, and BBB/Stable Outlook from major rating agencies[207]

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 ...