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].

Financial Performance - Net sales for the three months ended June 30, 2024, were $3,252.3 million, a slight decrease of 0.4% compared to $3,266.6 million for the same period in 2023[13] - Gross profit increased to $1,329.9 million for the three months ended June 30, 2024, up 9.1% from $1,218.9 million in the prior year[13] - Operating income rose to $599.6 million for the three months ended June 30, 2024, compared to $488.5 million in the same period last year, reflecting a 22.8% increase[13] - Net income attributable to Molson Coors Beverage Company for the three months ended June 30, 2024, was $427.0 million, up 24.7% from $342.4 million in the prior year[13] - The company reported a basic earnings per share of $2.03 for the three months ended June 30, 2024, compared to $1.58 for the same period in 2023, representing a 28.5% increase[14] - Net income for the six months ended June 30, 2024, increased to $635.2 million, up from $419.3 million in the same period last year, representing a growth of 51.5%[21] - Net income for the six months ended June 30, 2024, was $634.8 million, with a net income including noncontrolling interests of $636.2 million[27] - Income before income taxes improved by 26.5% and 80.9% for the three and six months ended June 30, 2024, respectively, due to increased net pricing and cost savings initiatives[127] Cash and Liquidity - Cash and cash equivalents increased to $1,647.3 million as of June 30, 2024, compared to $868.9 million at the end of 2023, indicating strong liquidity[19] - The balance of cash and cash equivalents at the end of the period was $1,647.3 million, compared to $960.9 million at the end of the previous year[21] - The company had a net positive cash position of $61.7 million as of June 30, 2024, compared to $59.0 million as of December 31, 2023[62] - Total cash and cash equivalents increased to $1,647.3 million as of June 30, 2024, compared to $960.9 million as of June 30, 2023[138] Assets and Liabilities - Total assets as of June 30, 2024, were $27,394.2 million, up from $26,375.1 million at the end of 2023, reflecting growth in the asset base[19] - Total current assets increased to $2,942.2 million from $1,814.3 million as of December 31, 2023, representing a significant growth[151] - Total current liabilities rose to $3,760.7 million, up from $3,048.4 million as of December 31, 2023[151] - Long-term debt increased to $6,161.5 million as of June 30, 2024, compared to $5,312.1 million at the end of 2023, indicating a rise in leverage[19] - Long-term debt increased to $6,108.0 million from $5,257.6 million as of December 31, 2023, indicating a rise in leverage[151] Expenses and Cost Management - Marketing, general and administrative expenses for the three months ended June 30, 2024, were $728.5 million, a slight decrease of 0.9% from $734.9 million in the previous year[100] - Cost of goods sold decreased by 6.1% for the three months ended June 30, 2024, attributed to lower financial volumes and a 2.1% improvement in cost of goods sold per hectoliter[110] - Marketing, general and administrative (MG&A) expenses decreased by 0.9% for the three months ended June 30, 2024, primarily due to lower incentive compensation expenses[112] Shareholder Returns - The company declared dividends totaling $90.1 million during the second quarter of 2023[23] - The company declared dividends of $0.44 per share on May 16, 2024, and $0.88 per share for the six months ended June 30, 2024[33] - The share repurchase program authorized up to $2.0 billion of Class B common stock, with $263.3 million repurchased in the three months ended June 30, 2024[34] Market Performance - The Americas segment reported net sales of $2,575.9 million for the three months ended June 30, 2024, compared to $2,621.7 million in the same period of 2023[93] - EMEA&APAC segment net sales increased to $683.3 million for the three months ended June 30, 2024, from $649.0 million in the prior year[93] - Financial volume in hectoliters decreased by 4.1% to 22.430 million hectoliters for the three months ended June 30, 2024, compared to 23.385 million hectoliters in the same period last year[100] - Americas net sales decreased by 1.7% for the three months ended June 30, 2024, driven by lower financial volumes and unfavorable foreign currency impacts[118] - EMEA&APAC net sales increased by 5.3% for the three months ended June 30, 2024, driven by favorable price and sales mix as well as higher financial volumes[124] Future Outlook - The company anticipates continued focus on cost reduction strategies and market share trends in future operations[10] - Future projections include expectations for funding capital expenditures and maintaining effective tax rates, with a commitment to environmental initiatives[10] - The company plans to acquire the remaining 49.9% ownership interest in Cobra Beer Partnership, Ltd. in the third quarter of 2024[43] Tax and Compliance - The effective tax rate for the three months ended June 30, 2024, was 24%, up from 22% in the same period of 2023, primarily due to the recognition of tax expense items[80] - The company is required to maintain a maximum leverage ratio of 4.00x, and as of June 30, 2024, it was in compliance with all debt covenants[66]

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, 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 nam ...

NEWS RELEASE Molson Coors Beverage Company Reports 2024 First Quarter Results Delivers First Quarter Top-Line Growth of 10.7% with Growth Across Both Business Units First Quarter Income Before Income Taxes Increases 160.5%, while Underlying Income Before Income Taxes Increases 68.8% on a Constant Currency Basis Reaffirms 2024 Full Year Guidance for Top-Line and Bottom-Line Growth Golden, Colorado and Montréal, Québec – April 30, 2024 – Molson Coors Beverage Company ("MCBC," "Molson Coors" or "the Company") ...

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, 2023 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 ...

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, 2023 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________ FORM 10-Q 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 name of registrant as specified in its charter) Delaware (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT ...

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, 2023 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 nam ...

Table of Contents (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, 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 Company (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________ ...