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2 months ago
Molson Coors Beverage Company présente ses résultats pour le premier trimestre de 2026April 30, 2026 6:30 AM
Business Wire
Molson Coors Beverage Company (« MCBC », « Molson Coors » ou la « Société ») (NYSE : TAP, TAP.A; TSX : TPX.A, TPX.B) a annoncé aujourd’hui ses résultats pour le premier trimestre de 2026.
FAITS SAILLANTS FINANCIERS DU PREMIER TRIMESTRE DE 20261
Chiffre d’affaires net en hausse de 2,0 pour cent sur la base des résultats déclarés, et de 0,1 pour cent en devises constantes.
Bénéfice avant impôt, selon les PCGR des États-Unis, de 194,7 millions de dollars, soit une augmentation de 24,6 pour cent.
Bénéfice avant impôt sous-jacent (mesure non conforme aux PCGR) de 147,9 millions de dollars, soit une hausse de 16,2 pour cent en devises constantes.
Bénéfice net attribuable à MCBC, selon les PCGR des États-Unis, de 151,3 millions de dollars, soit 0,80 dollar par action sur une base diluée. Bénéfice par action dilué sous-jacent (mesure non conforme aux PCGR) de 0,62 dollar, en hausse de 24,0 pour cent.
POINTS DE VUE DU CHEF DE LA DIRECTION ET DE LA CHEF DE LA DIRECTION FINANCIÈRE
Déclaration de M. Rahul Goyal, président et chef de la direction :
« Nous avons commencé l’exercice solidement tout en mettant en œuvre notre stratégie Horizon 2030 dans une conjoncture instable offrant peu de visibilité à court terme. Dans le cadre de cette stratégie, nous nous sommes engagés à prendre d’importantes mesures pour renforcer nos activités, et c’est précisément ce que nous avons fait au premier trimestre en annonçant l’acquisition de Monaco Cocktails, une transaction qui complète un segment clé de notre portefeuille au moyen d’une approche disciplinée, et en étendant notre programme de rachat d’actions pour raffermir la confiance dans notre valeur à long terme. À l’approche de l’été, nous sommes conscients que la conjoncture continue d’évoluer et nous entendons tirer profit des occasions les plus prometteuses durant cette saison pour favoriser l’essor et la mise en valeur de notre portefeuille à l’échelle mondiale, tout en continuant de faire en sorte que Molson Coors renoue avec une croissance soutenue. »
Déclaration de Mme Tracey Joubert, chef de la direction financière :
« Nos résultats financiers du premier trimestre ont été en grande partie conformes à nos attentes, malgré un contexte macroéconomique difficile. L’échelonnement prévu des frais de commercialisation, généraux et d’administration ainsi que la mise en œuvre de nos initiatives visant à réduire les coûts ont eu une incidence positive sur nos résultats, qui a plus que contrebalancé la hausse des coûts des marchandises et la baisse du volume financier. Compte tenu de ces résultats, nous réaffirmons nos indications pour l’ensemble de l’exercice. Nous continuons à déployer le capital de manière rigoureuse et demeurons déterminés à accroître la valeur pour les actionnaires en investissant dans nos activités tout en redonnant du capital aux actionnaires au moyen d’un dividende croissant et de rachats d’actions. »
____________________
1 Se reporter à l’Annexe du présent communiqué pour les définitions des mesures financières non conformes aux PCGR, ainsi que pour le rapprochement de ces mesures, y compris les devises constantes.
RÉSULTATS CONSOLIDÉS – PREMIER TRIMESTRE DE 2026
For the three months ended
($ in millions, except per share data)
(Unaudited)
March 31, 2026
March 31, 2025
Reported %
Change
Foreign
Exchange
Impact
Constant Currency
Increase (Decrease)(1)
Net sales
$
2,351.1
$
2,304.1
2.0
%
$
45.2
0.1
%
U.S. GAAP income (loss) before income taxes
$
194.7
$
156.3
24.6
%
$
(4.6
)
27.5
%
Underlying income (loss) before income taxes(1)
$
147.9
$
131.1
12.8
%
$
(4.5
)
16.2
%
U.S. GAAP net income (loss)(2)
$
151.3
$
121.0
25.0
%
Per diluted share
$
0.80
$
0.59
35.6
%
Underlying net income (loss)(1)
$
117.5
$
101.7
15.5
%
Per diluted share
$
0.62
$
0.50
24.0
%
Financial volume(3)
14.964
15.409
(2.9
)%
Brand volume(3)
15.068
15.547
(3.1
)%
(1)
Represents income (loss) before income taxes and net income (loss) attributable to MCBC adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
(2)
Net income (loss) attributable to MCBC.
(3)
See Worldwide and Segment Brand and Financial Volume in the Appendix for definitions of financial volume and brand volume as well as the reconciliation from financial volume to brand volume. Volume presented in millions of hectoliters.
PRINCIPAUX RÉSULTATS TRIMESTRIELS CONSOLIDÉS (PAR RAPPORT AUX RÉSULTATS DU PREMIER TRIMESTRE DE 2025)
Chiffre d’affaires net : le tableau suivant présente les facteurs qui expliquent la variation du chiffre d’affaires net pour le trimestre clos le 31 mars 2026 par rapport au trimestre clos le 31 mars 2025 (en pourcentage).
Net Sales Drivers (unaudited)
Financial volume
(2.9
)%
Price and sales mix
3.0
%
Currency
1.9
%
Total consolidated net sales
2.0
%
Le chiffre d’affaires net a augmenté de 2,0 pour cent, en raison de la composition favorable des prix et des ventes et de l’incidence favorable du change, contrebalancées en partie par la baisse du volume financier. Le chiffre d’affaires net a augmenté de 0,1 pour cent en devises constantes.
Le volume financier a diminué de 2,9 pour cent, ce qui s’explique par une diminution des livraisons dans les secteurs Amériques et EMOAAP. Les volumes liés aux marques ont diminué de 3,1 pour cent, reflétant une baisse de 3,0 pour cent dans le secteur Amériques et une baisse de 3,4 pour cent dans le secteur EMOAAP.
La composition des prix et des ventes a eu une incidence favorable de 3,0 pour cent sur le chiffre d’affaires net, surtout en raison de la composition favorable des ventes attribuable à la transformation du portefeuille en faveur des marques de qualité supérieure dans les secteurs Amériques et EMOAAP, ainsi que de la hausse des prix nets dans le secteur Amériques. Le chiffre d’affaires net par hectolitre a augmenté de 5,1 pour cent sur la base des résultats déclarés et de 3,1 pour cent en devises constantes.
Coût des produits vendus : coût stable sur la base des résultats déclarés, la hausse du coût des produits vendus par hectolitre ayant été contrebalancée par la baisse du volume financier. Coût des produits vendus par hectolitre : en hausse de 3,0 pour cent sur la base des résultats déclarés, ce qui s’explique surtout par la hausse des coûts liés aux matériaux et à la fabrication, qui comprend l’incidence défavorable d’environ 30 millions de dollars du prix de la prime Midwest (une surcharge ajoutée au prix de base de l’aluminium), par l’incidence défavorable du change, par la composition défavorable attribuable à la transformation du portefeuille en faveur des marques de qualité supérieure et par l’effet de levier négatif lié aux volumes, facteurs contrebalancés en partie par les variations favorables de 70,5 millions de dollars des profits ou pertes latents évalués à la valeur de marché liés à nos positions sur dérivés liés aux marchandises et par les initiatives visant à réduire les coûts. Coût des produits vendus par hectolitre sous-jacent (mesure non conforme aux PCGR) : en hausse de 5,6 pour cent en devises constantes, ce qui s’explique surtout par la hausse des coûts liés aux matériaux et à la fabrication, qui comprend l’incidence défavorable d’environ 30 millions de dollars du prix de la prime Midwest, par la composition défavorable attribuable à la transformation du portefeuille en faveur des marques de qualité supérieure et par l’effet de levier négatif lié aux volumes, facteurs contrebalancés en partie par les initiatives visant à réduire les coûts.
Frais de commercialisation, généraux et d’administration : en baisse de 6,6 pour cent sur la base des résultats déclarés, principalement en raison de la prise en compte de coûts de transition et d’intégration d’environ 30 millions de dollars liés à l’acquisition de Fevertree USA, Inc. à l’exercice précédent, de la baisse des coûts liés au personnel découlant de notre plan de restructuration touchant le secteur Amériques annoncé en octobre 2025 (le « plan de restructuration du secteur Amériques ») et de la diminution des frais de commercialisation, facteurs contrebalancés en partie par l’incidence défavorable du change et par les coûts engagés relativement à notre projet de mise en œuvre de notre planification des ressources de l’entreprise (PRE) modernisée à l’échelle mondiale. Frais de commercialisation, généraux et d’administration sous-jacents (mesure non conforme aux PCGR) : en baisse de 9,1 pour cent en devises constantes.
Bénéfice (perte) avant impôt selon les PCGR des États-Unis : le bénéfice avant impôt selon les PCGR des États-Unis a augmenté de 24,6 pour cent sur la base des résultats déclarés, ce qui s’explique surtout par les variations favorables de 70,5 millions de dollars des profits ou pertes latents évalués à la valeur de marché liés à nos positions sur dérivés liés aux marchandises, par la baisse des frais de commercialisation, généraux et d’administration, par la hausse des prix nets du secteur Amériques et par la composition favorable attribuable à la transformation du portefeuille en faveur des marques de qualité supérieure dans les secteurs Amériques et EMOAAP, facteurs contrebalancés en partie par la hausse des coûts liés aux matériaux et à la fabrication, qui comprend l’incidence défavorable d’environ 30 millions de dollars du prix de la prime Midwest, par les variations défavorables de 36,1 millions de dollars de la juste valeur de notre placement dans Fevertree Drinks plc, par la baisse du volume financier, ainsi que par les coûts engagés relativement à nos efforts de restructuration du secteur EMOAAP.
Bénéfice (perte) avant impôt sous-jacent (mesure non conforme aux PCGR) : le bénéfice avant impôt sous-jacent (mesure non conforme aux PCGR) a progressé de 16,2 pour cent en devises constantes, résultat qui s’explique essentiellement par la baisse des frais de commercialisation, généraux et d’administration, par la hausse des prix nets du secteur Amériques et par la composition favorable attribuable à la transformation du portefeuille en faveur des marques de qualité supérieure dans les secteurs Amériques et EMOAAP, facteurs contrebalancés en partie par la hausse des coûts liés aux matériaux et à la fabrication, qui comprend l’incidence défavorable d’environ 30 millions de dollars du prix de la prime Midwest, ainsi que par la baisse du volume financier.
Taux d’imposition effectif et taux d’imposition effectif sous-jacent (mesure non conforme aux PCGR)
(Unaudited)
For the three months ended
March 31, 2026
March 31, 2025
U.S. GAAP effective tax rate and Underlying (Non-GAAP) effective tax rate
23 %
21 %
(1)
See Appendix for definitions of non-GAAP financial measures.
Notre taux d’imposition effectif selon les PCGR des États-Unis et notre taux d’imposition effectif sous-jacent (mesure non conforme aux PCGR) ont augmenté pour le trimestre clos le 31 mars 2026, comparativement à l’exercice précédent, principalement en raison de la comptabilisation d’une économie d’impôt non récurrente moins élevée.
Bénéfice net (perte nette) par action dilué attribuable à MCBC : le bénéfice net par action dilué attribuable à MCBC a augmenté de 35,6 pour cent, surtout en raison d’une hausse du bénéfice avant impôt selon les PCGR des États-Unis et d’une diminution du nombre moyen pondéré d’actions dilué en circulation à la suite des rachats d’actions.
Bénéfice net sous-jacent (perte nette sous-jacente) par action dilué attribuable à MCBC (mesure non conforme aux PCGR) : le bénéfice net sous-jacent par action dilué attribuable à MCBC a augmenté de 24,0 pour cent, principalement en raison d’une augmentation du bénéfice avant impôt sous-jacent et d’une diminution du nombre moyen pondéré d’actions dilué en circulation à la suite des rachats d’actions.
PRINCIPAUX RÉSULTATS TRIMESTRIELS DES SECTEURS D’EXPLOITATION (PAR RAPPORT AUX RÉSULTATS DU PREMIER TRIMESTRE DE 2025)
Vue d’ensemble du secteur Amériques
Le tableau suivant présente les résultats du secteur Amériques pour le trimestre clos le 31 mars 2026 par rapport au trimestre clos le 31 mars 2025.
For the three months ended
($ in millions) (Unaudited)
March 31, 2026
March 31, 2025
Reported %
Change
FX Impact
Constant
Currency %
Change (2)
Net sales(1)
$
1,900.5
$
1,881.8
1.0
%
$
11.2
0.4
%
Income (loss) before income taxes(1)
$
207.4
$
209.3
(0.9
)%
$
(1.6
)
(0.1
)%
Underlying income (loss) before income taxes (1)(2)
$
230.8
$
202.8
13.8
%
$
(1.4
)
14.5
%
The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.
(1)
Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.
(2)
Represents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
Principaux résultats du secteur Amériques (par rapport aux résultats du premier trimestre de 2025)
Chiffre d’affaires net : le tableau suivant présente les facteurs qui expliquent la variation du chiffre d’affaires net pour le trimestre clos le 31 mars 2026 par rapport au trimestre clos le 31 mars 2025 (en pourcentage).
Net Sales Drivers (unaudited)
Financial volume
(2.7
)%
Price and sales mix
3.1
%
Currency
0.6
%
Total Americas net sales
1.0
%
Le chiffre d’affaires net a augmenté de 1,0 pour cent, en raison de la composition favorable des prix et des ventes et de l’incidence favorable du change, contrebalancées en partie par la baisse du volume financier. Le chiffre d’affaires net a augmenté de 0,4 pour cent en devises constantes.
Le volume financier a diminué de 2,7 pour cent, principalement en raison d’une baisse du volume financier aux États-Unis découlant de la performance moins solide au chapitre de la part de marché de nos marques principales et marques à prix modiques, contrebalancée en partie par le calendrier des livraisons. Le volume lié aux marques dans le secteur Amériques a diminué de 3,0 pour cent, ce qui tient compte de la diminution de 3,5 pour cent des volumes liés aux marques aux États-Unis attribuable à la performance moins solide au chapitre de la part de marché dans nos secteurs des marques principales et marques à prix modiques. Le volume lié aux marques au Canada a diminué de 4,0 pour cent en raison principalement de la performance modérée de l’industrie.
La composition des prix et des ventes a eu une incidence favorable de 3,1 pour cent sur le chiffre d’affaires net, surtout en raison de la composition favorable des ventes attribuable à la composition des marques positive ainsi que de la hausse des prix nets. Le chiffre d’affaires net par hectolitre a augmenté de 3,8 pour cent sur la base des résultats déclarés et de 3,2 pour cent en devises constantes.
Bénéfice (perte) avant impôt selon les PCGR des États-Unis : le bénéfice avant impôt selon les PCGR des États-Unis a diminué de 0,9 pour cent sur la base des résultats déclarés, ce qui s’explique surtout par la hausse des coûts liés aux matériaux et à la fabrication, qui comprend l’incidence défavorable d’environ 30 millions de dollars du prix de la prime Midwest, par les variations défavorables de 36,1 millions de dollars de la juste valeur de notre placement dans Fevertree Drinks plc, ainsi que par une baisse du volume financier, facteurs contrebalancés en partie par la baisse des frais de commercialisation, généraux et d’administration, par une hausse des prix nets et par la composition favorable. La baisse des frais de commercialisation, généraux et d’administration s’explique principalement par la prise en compte de coûts de transition et d’intégration d’environ 30 millions de dollars liés à l’acquisition de Fevertree USA, Inc. à l’exercice précédent, par les initiatives visant à réduire les coûts, y compris la baisse des coûts liés au personnel découlant de notre plan de restructuration du secteur Amériques, et par la baisse des frais de commercialisation, facteurs en partie contrebalancés par les coûts engagés relativement à notre projet de mise en œuvre de notre PRE modernisée à l’échelle mondiale.
Bénéfice (perte) avant impôt sous-jacent (mesure non conforme aux PCGR) : le bénéfice avant impôt sous-jacent a progressé de 14,5 pour cent en devises constantes, ce qui s’explique essentiellement par la baisse des frais de commercialisation, généraux et d’administration, par une hausse des prix nets et par la composition favorable, facteurs contrebalancés en partie par la hausse des coûts liés aux matériaux et à la fabrication, qui comprend l’incidence défavorable d’environ 30 millions de dollars du prix de la prime Midwest, et par la baisse du volume financier. La baisse des frais de commercialisation, généraux et d’administration s’explique principalement par la prise en compte de coûts de transition et d’intégration d’environ 30 millions de dollars liés à l’acquisition de Fevertree USA, Inc. à l’exercice précédent, par les initiatives visant à réduire les coûts, y compris la baisse des coûts liés au personnel découlant de notre plan de restructuration du secteur Amériques, et par la baisse des frais de commercialisation, facteurs en partie contrebalancés par les coûts engagés relativement à notre projet de mise en œuvre de notre PRE modernisée à l’échelle mondiale.
Aperçu du secteur EMOAAP
Le tableau suivant présente les résultats du secteur EMOAAP pour le trimestre clos le 31 mars 2026 par rapport au trimestre clos le 31 mars 2025.
For the three months ended
($ in millions) (Unaudited)
March 31, 2026
March 31, 2025
Reported
% Change
FX Impact
Constant
Currency %
Change (2)
Net sales(1)
$
456.1
$
427.3
6.7
%
$
34.0
(1.2
)%
Income (loss) before income taxes(1)
$
(51.7
)
$
(19.2
)
(169.3
)%
$
(5.4
)
(141.1
)%
Underlying income (loss) before income taxes (1)(2)
$
(32.7
)
$
(19.2
)
(70.3
)%
$
(4.4
)
(47.4
)%
The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.
(1)
Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.
(2)
Represents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
Principaux résultats du secteur EMOAAP (par rapport aux résultats du premier trimestre de 2025)
Chiffre d’affaires net : le tableau suivant présente les facteurs qui expliquent la variation du chiffre d’affaires net pour le trimestre clos le 31 mars 2026 par rapport au trimestre clos le 31 mars 2025 (en pourcentage).
Net Sales Drivers (unaudited)
Financial volume
(3.5
)%
Price and sales mix
2.3
%
Currency
7.9
%
Total EMEA&APAC net sales
6.7
%
Le chiffre d’affaires net a augmenté de 6,7 pour cent, en raison de l’incidence favorable du change et de la composition favorable des prix et des ventes, facteurs contrebalancés en partie par une diminution du volume financier. Le chiffre d’affaires net a diminué de 1,2 pour cent en devises constantes.
Le volume financier et le volume lié aux marques ont diminué de 3,5 pour cent et de 3,4 pour cent, respectivement, principalement en raison de la baisse du volume au Royaume-Uni attribuable à la faiblesse de la demande sur le marché et à un environnement de plus en plus concurrentiel.
La composition des prix et des ventes a eu une incidence favorable de 2,3 pour cent sur le chiffre d’affaires net, surtout en raison de la transformation du portefeuille en faveur des marques de qualité supérieure. Le chiffre d’affaires net par hectolitre a augmenté de 10,6 pour cent sur la base des résultats déclarés et de 2,4 pour cent en devises constantes.
Le change a eu une incidence favorable de 7,9 pour cent sur le chiffre d’affaires net, ce qui s’explique essentiellement par la dépréciation du dollar américain par rapport à la livre sterling, à l’euro et à la couronne de République tchèque.
Bénéfice (perte) avant impôt selon les PCGR des États-Unis : la perte avant impôt selon les PCGR des États-Unis a augmenté de 32,5 millions de dollars, ou 169,3 pour cent, sur la base des résultats déclarés, résultat s’expliquant essentiellement par la hausse des charges de restructuration, une baisse du volume financier, l’incidence défavorable du change et la hausse des coûts liés aux matériaux et à la fabrication.
Bénéfice (perte) avant impôt sous-jacent (mesure non conforme aux PCGR) : la perte avant impôt sous-jacente a augmenté de 9,1 millions de dollars, ou 47,4 pour cent, en devises constantes, en raison essentiellement de la baisse du volume financier et de la hausse des coûts liés aux matériaux et à la fabrication.
FAITS SAILLANTS LIÉS AUX FLUX DE TRÉSORERIE ET À LA TRÉSORERIE
Flux de trésorerie provenant des activités d’exploitation, selon les PCGR des États-Unis : les flux de trésorerie nets provenant des activités d’exploitation se sont chiffrés à 2,5 millions de dollars pour le trimestre clos le 31 mars 2026, en hausse de 93,2 millions de dollars par rapport à des flux de trésorerie affectés aux activités d’exploitation de 90,7 millions de dollars à l’exercice précédent. L’augmentation est principalement attribuable aux variations favorables du fonds de roulement et à la hausse du bénéfice net ajusté pour tenir compte des montants sans effet sur la trésorerie. Les variations favorables du fonds de roulement découlent surtout de la baisse des paiements au titre de la rémunération incitative de l’exercice précédent et de la prise en compte du paiement de 60,6 millions de dollars versé dans le cadre du règlement définitif du litige lié à la marque Keystone à l’exercice précédent, facteurs contrebalancés en partie par le calendrier des entrées de trésorerie.
Flux de trésorerie disponibles sous-jacents (mesure non conforme aux PCGR) : sorties de trésorerie de 212,9 millions de dollars pour le trimestre clos le 31 mars 2026, résultat qui représente une diminution de 51,7 millions de dollars par rapport à l’exercice précédent et qui tient principalement à une augmentation des flux de trésorerie provenant des activités d’exploitation et à une baisse des flux de trésorerie affectés aux dépenses d’investissement.
Dette : le total de la dette au 31 mars 2026 s’élevait à 6 271,9 millions de dollars, et la trésorerie et les équivalents de trésorerie totalisaient 382,6 millions de dollars, ce qui se traduit par une dette nette de 5 889,3 millions de dollars ainsi que par un ratio de la dette nette par rapport au BAIIA sous-jacent de 2,51 fois. Au 31 mars 2025, notre ratio de la dette nette par rapport au BAIIA sous-jacent était de 2,47 fois.
Dividendes : nous avons versé des dividendes en trésorerie de 93,6 millions de dollars et de 99,2 millions de dollars au cours des trimestres clos le 31 mars 2026 et le 31 mars 2025, respectivement.
Programme de rachat d’actions : au cours des trimestres clos le 31 mars 2026 et le 31 mars 2025, nous avons payé 168,5 millions de dollars et 59,6 millions de dollars, respectivement, y compris les commissions de courtage, pour des rachats d’actions.
PERSPECTIVES POUR 2026
Nous nous attendons toujours à atteindre les objectifs suivants pour l’ensemble de l’exercice 2026, et ce, malgré les incertitudes inhérentes aux pressions inflationnistes sur les prix des marchandises et l’incertitude macroéconomique mondiale.
Chiffre d’affaires net : stable, variation de plus ou moins 1 pour cent en devises constantes par rapport à 2025.
Bénéfice sous-jacent (perte sous-jacente) avant impôt : baisse de 15 à 18 pour cent en devises constantes par rapport à 2025.
Bénéfice par action sous-jacent : baisse de 11 à 15 pour cent par rapport à 2025
Dépenses d’investissement : 650 millions de dollars, plus ou moins 5 pour cent.
Flux de trésorerie disponibles sous-jacents : 1,1 milliard de dollars, plus ou moins 10 pour cent.
Dotation aux amortissements sous-jacente : 720 millions de dollars, plus ou moins 5 pour cent.
Charges d’intérêts nettes consolidées : 260 millions de dollars, plus ou moins 5 pour cent.
Taux d’imposition effectif sous-jacent : fourchette de 22 à 24 pour cent pour 2026.
Les perspectives de la Société tiennent compte des prévisions suivantes :
Au deuxième trimestre, le volume financier aux États-Unis devrait être inférieur de 6 pour cent à 9 pour cent à ceux de 2025, à la traîne des tendances prévues pour ce qui est du volume lié aux marques. Le volume financier devrait surpasser le volume lié aux marques au second semestre de l’exercice.
En ce qui concerne le coût des produits vendus, on s’attend à ce que le coût de la prime Midwest enregistre une hausse à chaque trimestre de l’exercice, la plus importante étant actuellement prévue au deuxième trimestre.
Du deuxième au quatrième trimestres, les frais de commercialisation, généraux et d’administration devraient augmenter par rapport à 2025 en raison d’une hausse des charges liées à la rémunération incitative; la plus importante augmentation étant prévue au deuxième trimestre.
ÉVÉNEMENTS POSTÉRIEURS À LA DATE DE CLÔTURE
Le 1er avril 2026, nous avons acquis Atomic Brands, Inc., le fabricant des cocktails Monaco (« Monaco »), pour un prix d’achat de 275 millions de dollars (sous réserve d’un ajustement au titre du fonds de roulement net). Monaco est une marque pionnière dans le secteur des cocktails prêts-à-boire, reconnue pour ses boissons combinant saveurs audacieuses, qualité et emballage prêt-à-boire pratique. L’acquisition s’inscrit dans notre stratégie visant à étendre nos activités au-delà du secteur brassicole, et en particulier dans celui des prêts-à-boire.
NOTES
Sauf indication contraire dans ce communiqué, tous les montants sont libellés en dollars américains, et tous les résultats comparatifs sont ceux du premier trimestre clos le 31 mars 2026 par rapport à ceux du premier trimestre clos le 31 mars 2025. Certains chiffres pourraient ne pas correspondre aux totaux en raison de leur arrondissement.
CONFÉRENCE TÉLÉPHONIQUE PORTANT SUR LES RÉSULTATS DU PREMIER TRIMESTRE DE 2026
Molson Coors Beverage Company tiendra une conférence téléphonique à l’intention des analystes financiers et des investisseurs aujourd’hui à 8 h 30, heure de l’Est, afin de discuter de ses résultats du premier trimestre de 2026. La diffusion Web sera accessible sur notre site Web, à l’adresse ir.molsoncoors.com. Une rediffusion en ligne devrait être disponible dans un délai de deux heures suivant la diffusion en direct. La Société affichera aujourd’hui le présent communiqué et les états financiers connexes sur son site Web.
À PROPOS DE MOLSON COORS BEVERAGE COMPANY
Depuis plus de deux siècles, nous brassons des bières qui unissent les gens pour célébrer tous les moments de la vie. De nos marques principales, soit la Coors Light, la Miller Lite, la Coors Banquet, la Molson Canadian, la Carling et la Ožujsko, à nos marques de qualité supérieure, notamment la Madrí Excepcional, la Staropramen, la Blue Moon Belgian White et la Leinenkugel’s Summer Shandy, en passant par les marques à prix modiques comme la Miller High Life et la Keystone Light, nous produisons plusieurs bières parmi les plus aimées et emblématiques. Notre histoire est ancrée dans le secteur brassicole; nous proposons toutefois un portefeuille moderne de produits qui s’étend au-delà de ce marché, lequel comprend des boissons aromatisées comme la Vizzy Hard Seltzer et la Monaco, des spiritueux ainsi que des breuvages non alcoolisés. Nous concluons aussi des ententes de co-marquage, notamment pour la Simply Spiked, la ZOA Energy et Fever-Tree, par l’entremise d’ententes de ventes sous licence, de distribution, de partenariat et de coentreprise. En tant qu’entreprise, notre ambition est d’être le premier choix pour nos gens, nos consommateurs et nos clients, et notre succès dépend de notre capacité à rendre nos produits disponibles pour répondre à la demande dans un large éventail de secteurs et d’occasions de consommation.
Pour de plus amples renseignements sur Molson Coors Beverage Company, visitez le site Web de la Société à l’adresse molsoncoors.com.
À PROPOS DE MOLSON COORS CANADA INC.
Molson Coors Canada Inc. (« MCCI ») est une filiale de Molson Coors Beverage Company. Les actions échangeables de catégorie A et de catégorie B de MCCI sont assorties en grande partie des mêmes droits économiques et de vote que les catégories d’actions ordinaires respectives de MCBC, comme il est décrit dans la circulaire de sollicitation de procurations annuelle de MCBC et dans le rapport sur formulaire 10-K déposés auprès de la Securities and Exchange Commission des États-Unis. Le porteur fiduciaire de l’action spéciale comportant droit de vote de catégorie A et de l’action spéciale comportant droit de vote de catégorie B a le droit d’exprimer un nombre de voix correspondant au nombre d’actions échangeables de catégorie A et d’actions échangeables de catégorie B alors en circulation, respectivement.
DÉCLARATIONS PROSPECTIVES
Le présent communiqué de presse contient des « déclarations prospectives » au sens des lois fédérales sur les valeurs mobilières aux États-Unis. En règle générale, des termes comme « prévoir », « avoir l’intention de », « objectifs », « plans », « croire », « confiance », « considérer comme », « continuer », « pouvoir », « s’attendre à », « chercher à », « estimer », « perspectives », « tendances », « avantages futurs », « potentiel », « projeter », « stratégies », « supposer » et des variations de ces expressions et d’autres expressions similaires, ainsi que l’utilisation du futur et du conditionnel, désignent des déclarations prospectives. Les déclarations qui ont trait aux projections visant notre performance financière future, notre croissance prévue et les tendances liées à nos activités, ainsi que les autres descriptions se rapportant à des événements ou circonstances futurs constituent des déclarations prospectives et comprennent, sans s’y limiter, les déclarations présentées aux rubriques « Points de vue du chef de la direction et de la chef de la direction financière » et « Perspectives pour 2026 » à l’égard, entre autres, des attentes et des incidences relatives aux forces macroéconomiques, aux tendances de l’industrie des boissons, à l’inflation et aux droits de douane, aux prix des marchandises, aux préférences des consommateurs et au revenu disponible limité des consommateurs, aux tendances générales concernant les volumes et la part de marché, à notre position concurrentielle, à la mise en œuvre de nos priorités stratégiques, aux résultats prévus, aux tendances en matière de prix, à nos stratégies de réduction des coûts, y compris le plan de restructuration du secteur Amériques annoncé en octobre 2025 et d’autres projets de restructuration de même que les charges et avantages prévus de la restructuration, aux volumes de livraison et à la rentabilité et à l’adéquation des sources de financement, des attentes concernant le financement de nos dépenses d’investissement et de nos activités futures, les capacités en matière de service de la dette, le montant et l’échelonnement de la dette, les niveaux de levier financier et l’initiative Préserver la planète et les initiatives environnementales connexes et le taux d’imposition effectif de même que des attentes relatives aux dividendes futurs et aux rachats d’actions. En outre, les déclarations que nous formulons dans le présent communiqué et qui ne sont pas des déclarations de faits historiques peuvent également constituer des déclarations prospectives.
Bien que la Société soit d’avis que les hypothèses sur lesquelles ces déclarations prospectives sont fondées sont raisonnables, elle ne peut garantir d’aucune façon leur exactitude. Certains facteurs importants qui pourraient faire en sorte que les résultats réels de la Société diffèrent de façon significative de l’expérience historique et des prévisions et attentes de la Société sont présentés dans les documents de la Société déposés auprès de la Securities and Exchange Commission (la « SEC »), et comprennent les risques dont il est fait état dans nos documents déposés auprès de la SEC, y compris notre plus récent rapport annuel sur formulaire 10-K et nos rapports trimestriels sur formulaire 10-Q. Toutes les déclarations prospectives que contient le présent communiqué de presse sont présentées expressément sous réserve des présentes mises en garde et par renvoi aux hypothèses sous-jacentes. Le lecteur ne doit pas se fier indûment aux déclarations prospectives, qui ne valent que pour la date à laquelle elles sont faites. La Société ne s’engage pas à publier une mise à jour des déclarations prospectives, que ce soit par suite d’informations nouvelles ou d’événements subséquents, ou autrement, sauf dans les cas exigés par la loi.
DONNÉES DU MARCHÉ ET DE L’INDUSTRIE
Les données du marché et de l’industrie utilisées dans le présent communiqué de presse, le cas échéant, sont basées sur des publications indépendantes de l’industrie, les données spécifiques aux clients et les données d’associations corporatives ou d’associations d’entreprises, les rapports de spécialistes en recherche commerciale et d’autres informations statistiques publiées par des tiers, y compris Circana (auparavant Information Resources, Inc.) pour les données concernant le marché américain et Beer Canada pour les données concernant le marché canadien (collectivement, l’« information obtenue de tierces parties »); ces données sont également basées sur des informations reposant sur des estimations effectuées de bonne foi par la direction, lesquelles découlent de notre examen d’informations internes et de sources indépendantes. Cette information obtenue de tierces parties affirme généralement reposer elle-même sur des sources considérées comme étant fiables.
ANNEXE
ÉTATS DU RÉSULTAT NET – MOLSON COORS BEVERAGE COMPANY ET FILIALES
États consolidés résumés du résultat net
(In millions, except per share data) (Unaudited)
For the three months ended
March 31, 2026
March 31, 2025
Sales
$
2,717.9
$
2,690.2
Excise taxes
(366.8
)
(386.1
)
Net sales
2,351.1
2,304.1
Cost of goods sold
(1,453.9
)
(1,453.2
)
Gross profit
897.2
850.9
Marketing, general and administrative expenses
(610.0
)
(653.2
)
Other operating income (expense), net
(32.1
)
(15.9
)
Equity income (loss)
3.2
4.5
Operating income (loss)
258.3
186.3
Interest income (expense), net
(57.6
)
(56.6
)
Other pension and postretirement benefit (cost), net
4.9
3.8
Other non-operating income (expense), net
(10.9
)
22.8
Income (loss) before income taxes
194.7
156.3
Income tax benefit (expense)
(44.6
)
(33.2
)
Net income (loss)
150.1
123.1
Net (income) loss attributable to noncontrolling interests
1.2
(2.1
)
Net income (loss) attributable to MCBC
$
151.3
$
121.0
Basic net income (loss) attributable to MCBC per share
$
0.80
$
0.60
Diluted net income (loss) attributable to MCBC per share
$
0.80
$
0.59
Weighted-average shares - basic
188.9
203.0
Weighted-average shares - diluted
189.4
204.0
Dividends per share
$
0.48
$
0.47
BILANS – MOLSON COORS BEVERAGE COMPANY ET FILIALES
Bilans consolidés résumés
(In millions, except par value) (Unaudited)
As of
March 31, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents
$
382.6
$
896.5
Trade receivables, net
798.2
703.0
Other receivables, net
173.7
187.3
Inventories, net
812.8
715.9
Other current assets, net
576.5
432.8
Total current assets
2,743.8
2,935.5
Property, plant and equipment, net
4,700.4
4,768.7
Goodwill
1,943.5
1,944.7
Other intangibles, net
11,882.2
11,991.1
Other assets
1,098.0
1,098.4
Total assets
$
22,367.9
$
22,738.4
Liabilities and equity
Current liabilities
Accounts payable and other current liabilities
$
2,700.6
$
2,876.7
Current portion of long-term debt and short-term borrowings
2,423.4
2,434.1
Total current liabilities
5,124.0
5,310.8
Long-term debt
3,848.5
3,865.4
Pension and postretirement benefits
419.9
427.1
Deferred tax liabilities
2,309.4
2,284.7
Other liabilities
300.8
307.7
Total liabilities
12,002.6
12,195.7
Redeemable noncontrolling interest
114.1
115.6
Molson Coors Beverage Company stockholders' equity
Capital stock
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued)
—
—
Class A common stock, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively)
—
—
Class B common stock, $0.01 par value (authorized: 500.0 shares; issued: 216.5 shares and 216.1 shares, respectively)
2.2
2.2
Class A exchangeable shares, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively)
100.8
100.8
Class B exchangeable shares, no par value (issued and outstanding: 7.1 shares and 7.1 shares, respectively)
266.9
266.9
Paid-in capital
7,244.4
7,247.2
Retained earnings
5,784.3
5,723.7
Accumulated other comprehensive income (loss)
(1,138.1
)
(1,071.6
)
Class B common stock held in treasury at cost (41.1 shares and 37.7 shares, respectively)
(2,204.7
)
(2,038.9
)
Total Molson Coors Beverage Company stockholders' equity
10,055.8
10,230.3
Noncontrolling interests
195.4
196.8
Total equity
10,251.2
10,427.1
Total liabilities and equity
$
22,367.9
$
22,738.4
TABLEAUX DES FLUX DE TRÉSORERIE – MOLSON COORS BEVERAGE COMPANY ET FILIALES
Tableaux consolidés résumés des flux de trésorerie
(In millions) (Unaudited)
For the years ended
March 31, 2026
March 31, 2025
Cash flows from operating activities
Net income (loss) including noncontrolling interests
$
150.1
$
123.1
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization
185.7
180.3
Amortization of cloud computing arrangements
3.8
3.2
Amortization of debt issuance costs and discounts
1.4
1.3
Share-based compensation
8.2
11.9
(Gain) loss on sale or impairment of property, plant, equipment and other assets, net
2.4
(8.2
)
Unrealized (gain) loss on foreign currency fluctuations, fair value investments and derivative instruments, net
(78.0
)
(45.8
)
Equity (income) loss
(3.2
)
(4.5
)
Income tax (benefit) expense
44.6
33.2
Income tax (paid) received
(16.8
)
(10.4
)
Interest expense, excluding amortization of debt issuance costs and discounts
58.8
60.0
Interest paid
(73.4
)
(74.2
)
Other non-cash items, net
0.8
(2.6
)
Change in current assets and liabilities (net of impact of business combinations) and other
(281.9
)
(358.0
)
Net cash provided by (used in) operating activities
2.5
(90.7
)
Cash flows from investing activities
Additions to property, plant and equipment
(231.7
)
(237.3
)
Proceeds from sales of property, plant, equipment and other assets
1.1
2.3
Acquisition of business, net of cash acquired
—
(20.8
)
Other
0.5
(85.5
)
Net cash provided by (used in) investing activities
(230.1
)
(341.3
)
Cash flows from financing activities
Dividends paid
(93.6
)
(99.2
)
Payments for purchases of treasury stock
(168.5
)
(59.6
)
Payments on debt and borrowings
(26.7
)
(3.1
)
Other
6.6
30.7
Net cash provided by (used in) financing activities
(282.2
)
(131.2
)
Effect of foreign exchange rate changes on cash and cash equivalents
(4.1
)
6.6
Net increase (decrease) in cash and cash equivalents
(513.9
)
(556.6
)
Balance at beginning of year
896.5
969.3
Balance at end of period
$
382.6
$
412.7
RÉSUMÉ DES RÉSULTATS DES SECTEURS (montants en millions de dollars et volumes en millions d’hectolitres) (non audité)
Americas
Q1 2026
Q1 2025
Reported %
Change
FX Impact
Constant
Currency %
Change(3)
Net sales(1)
$
1,900.5
$
1,881.8
1.0
$
11.2
0.4
COGS(1)(2)
$
(1,207.2
)
$
(1,169.9
)
(3.2
)
$
(7.4
)
(2.6
)
MG&A
$
(463.7
)
$
(514.3
)
9.8
$
(3.8
)
10.6
Income (loss) before income taxes
$
207.4
$
209.3
(0.9
)
$
(1.6
)
(0.1
)
Underlying income (loss) before income taxes(3)
$
230.8
$
202.8
13.8
$
(1.4
)
14.5
Financial volume(1)(4)
11.427
11.742
(2.7
)
Brand volume
11.575
11.931
(3.0
)
EMEA&APAC
Q1 2026
Q1 2025
Reported % Change
FX Impact
Constant Currency % Change(3)
Net sales(1)
$
456.1
$
427.3
6.7
$
34.0
(1.2
)
COGS(1)(2)
$
(341.4
)
$
(307.0
)
(11.2
)
$
(25.6
)
(2.9
)
MG&A
$
(146.3
)
$
(138.9
)
(5.3
)
$
(12.3
)
3.5
Income (loss) before income taxes
$
(51.7
)
$
(19.2
)
(169.3
)
$
(5.4
)
(141.1
)
Underlying income (loss) before income taxes(3)
$
(32.7
)
$
(19.2
)
(70.3
)
$
(4.4
)
(47.4
)
Financial volume(1)(4)
3.540
3.669
(3.5
)
Brand volume
3.493
3.616
(3.4
)
Unallocated & Eliminations
Q1 2026
Q1 2025
Reported % Change
FX Impact
Constant Currency % Change(3)
Net sales
$
(5.5
)
$
(5.0
)
(10.0
)
$
—
(10.0
)
COGS(2)
$
94.7
$
23.7
299.6
$
1.1
294.9
Income (loss) before income taxes
$
39.0
$
(33.8
)
N/M
$
2.4
N/M
Underlying income (loss) before income taxes(3)
$
(50.2
)
$
(52.5
)
4.4
$
1.3
1.9
Financial volume
(0.003
)
(0.002
)
N/M
Consolidated
Q1 2026
Q1 2025
Reported % Change
FX Impact
Constant Currency % Change(3)
Net sales
$
2,351.1
$
2,304.1
2.0
$
45.2
0.1
COGS
$
(1,453.9
)
$
(1,453.2
)
—
$
(31.9
)
2.1
MG&A
$
(610.0
)
$
(653.2
)
6.6
$
(16.1
)
9.1
Income (loss) before income taxes
$
194.7
$
156.3
24.6
$
(4.6
)
27.5
Underlying income (loss) before income taxes(3)
$
147.9
$
131.1
12.8
$
(4.5
)
16.2
Financial volume(4)
14.964
15.409
(2.9
)
Brand volume
15.068
15.547
(3.1
)
N/M = Not meaningful
The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.
(1)
Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.
(2)
The unrealized changes in fair value on our commodity swaps, which are economic hedges, are recorded as COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility.
(3)
Represents income (loss) before income taxes adjusted for non-GAAP items. See the Non-GAAP Measures and Reconciliations section for definitions and reconciliations of non-GAAP financial measures including constant currency.
(4)
Financial volume in hectoliters for the Americas and EMEA&APAC segments excludes royalty volume of 0.722 million hectoliters and 0.223 million hectoliters for the three months ended March 31, 2026, respectively, and excludes royalty volume of 0.673 million hectoliters and 0.220 million hectoliters for three months ended March 31, 2025, respectively.
VOLUME LIÉ AUX MARQUES À L’ÉCHELLE MONDIALE ET VOLUME FINANCIER
(In millions of hectoliters) (Unaudited)
For the three months ended
Americas
March 31, 2026
March 31, 2025
Change
Financial Volume
11.427
11.742
(2.7
)%
Contract brewing and wholesale/factored volume
(0.361
)
(0.385
)
6.2
%
Royalty volume
0.722
0.673
7.3
%
Sales-To-Wholesaler to Sales-To-Retail adjustment and other(1)
(0.213
)
(0.099
)
115.2
%
Total Americas Brand Volume
11.575
11.931
(3.0
)%
EMEA&APAC
March 31, 2026
March 31, 2025
Change
Financial Volume
3.540
3.669
(3.5
)%
Contract brewing and wholesale/factored volume
(0.270
)
(0.273
)
1.1
%
Royalty volume
0.223
0.220
1.4
%
Total EMEA&APAC Brand Volume
3.493
3.616
(3.4
)%
Consolidated
March 31, 2026
March 31, 2025
Change
Financial Volume
14.964
15.409
(2.9
)%
Contract brewing and wholesale/factored volume
(0.631
)
(0.658
)
4.1
%
Royalty volume
0.945
0.893
5.8
%
Sales-To-Wholesaler to Sales-To-Retail adjustment and other
(0.210
)
(0.097
)
116.5
%
Total Worldwide Brand Volume
15.068
15.547
(3.1
)%
The reported percent change in the above table are presented as (unfavorable) favorable to total brand volume.
(1)
Includes gross inter-segment volumes which are eliminated in the consolidated totals.
Le volume lié aux marques à l’échelle mondiale (ou le « volume lié aux marques » lorsqu’il est question d’un secteur) reflète les marques détenues ou activement gérées par la Société qui sont vendues à des clients externes non liés dans nos marchés géographiques (déduction faite des retours et rabais), le volume lié aux redevances et notre quote-part du volume lié aux marques à l’échelle mondiale mis en équivalence, lequel est calculé en fonction du volume lié aux marques détenues par MCBC. Le volume financier représente les marques détenues ou activement gérées par la Société qui sont vendues à des clients externes non liés dans nos marchés géographiques, déduction faite des retours et rabais, ainsi que le volume lié aux ententes de brassage et le volume de gros lié aux marques non détenues par la Société et le volume de distribution lié aux marques détenues par la Société. Le volume lié aux ententes de brassage et aux grossistes/marques distribuées est pris en compte dans le volume financier, mais il est exclu du volume lié aux marques à l’échelle mondiale, car il représente un volume lié aux marques non détenues relativement auquel nous n’exerçons pas un contrôle direct sur la performance. Le volume lié aux marques distribuées au sein de notre secteur EMOAAP se rapporte à la distribution de bières, vins, spiritueux et autres produits détenus et produits par d’autres sociétés à des établissements de consommation sur place, comme les bars et les restaurants, et les ententes de ce genre sont répandues au Royaume-Uni. Le volume lié aux redevances se compose de nos marques produites et vendues par des tiers en vertu de diverses ententes de ventes sous licence et ententes de brassage; étant donné que ce volume se compose de marques détenues par la Société, il est compris dans le volume lié aux marques à l’échelle mondiale. Notre définition du volume lié aux marques à l’échelle mondiale reflète également un ajustement afin de tenir compte du volume des ventes aux détaillants, plutôt que du volume des ventes aux grossistes. Nous sommes d’avis que la mesure du volume lié aux marques est importante puisque, contrairement au volume financier et aux ventes aux grossistes, elle fournit la meilleure indication de la performance de nos marques par rapport aux tendances au chapitre des ventes dans le marché et des ventes effectuées par la concurrence.
Nous utilisons aussi le chiffre d’affaires net par hectolitre et le coût des produits vendus par hectolitre, ainsi que les variations d’un exercice à l’autre de ces mesures, comme mesures clés pour analyser nos résultats. Ces mesures correspondent au chiffre d’affaires net et au coût des produits vendus, respectivement, tirés de nos états consolidés du résultat net, divisés par le volume financier pour la période respective. Nous sommes d’avis que ces mesures sont importantes et utiles pour les investisseurs et la direction, car elles fournissent une indication de l’incidence des prix et de la composition des ventes sur notre chiffre d’affaires net, ainsi que de l’incidence de la composition et d’autres tendances liées aux coûts sur le coût des produits vendus.
MESURES NON CONFORMES AUX PCGR ET RAPPROCHEMENTS
Utilisation de mesures non conformes aux PCGR
Outre les mesures financières présentées conformément aux principes comptables généralement reconnus des États-Unis (les « PCGR des États-Unis »), nous utilisons également des mesures financières non conformes aux PCGR, dont la liste et les définitions sont présentées ci-dessous, pour prendre les décisions opérationnelles et financières et pour évaluer la performance de la Société et des secteurs. Ces mesures non conformes aux PCGR devraient être considérées comme des suppléments à nos résultats d’exploitation présentés selon les PCGR des États-Unis (et non comme des mesures de remplacement de ceux-ci). Nous avons fourni des rapprochements de toutes les mesures historiques non conformes aux PCGR et des mesures les plus pertinentes des PCGR des États-Unis, et nous avons appliqué systématiquement les ajustements à nos rapprochements afin de déterminer chaque mesure non conforme aux PCGR.
Notre direction utilise ces mesures pour ramener sur une base plus comparable les résultats financiers d’une période à l’autre; comme des mesures pour la planification et les prévisions générales ainsi que pour l’évaluation des résultats réels par rapport aux prévisions; dans les communications avec le conseil d’administration, les actionnaires, les analystes ainsi que les investisseurs au sujet de notre performance financière; comme des mesures de comparaison utiles par rapport à la performance de nos concurrents; comme des mesures aux fins de certains calculs de la rémunération incitative de la direction. Nous croyons que ces mesures sont utiles pour les investisseurs et qu’elles sont utilisées par ceux-ci ainsi que par d’autres utilisateurs de nos états financiers dans l’évaluation de notre performance d’exploitation.
Bénéfice sous-jacent (perte sous-jacente) avant impôt (mesure conforme aux PCGR la plus comparable : bénéfice [perte] avant impôt) – Mesure du bénéfice (de la perte) de la Société ou d’un secteur avant impôt excluant l’incidence de certains éléments d’ajustement non conformes aux PCGR figurant dans nos états financiers préparés selon les PCGR des États-Unis. Les éléments d’ajustement non conformes aux PCGR comprennent le goodwill et les pertes de valeur d’autres immobilisations corporelles et incorporelles, certains coûts liés à la restructuration et à l’intégration, les profits et pertes latents évalués à la valeur de marché, les ajustements à la valeur de rachat des participations ne donnant pas le contrôle obligatoirement rachetables, les pertes potentielles ou subies liées à certains litiges et règlements, l’incidence des charges liées au règlement au titre des achats de rentes et les profits et pertes découlant de la vente d’actifs hors exploitation, ainsi que tout autre élément compris dans nos résultats selon les PCGR des États-Unis et devant faire l’objet d’un ajustement aux fins du calcul des résultats non calculés selon les PCGR (collectivement, les « éléments d’ajustement non conformes aux PCGR »). Nous considérons que ces ajustements sont nécessaires pour évaluer notre rendement continu, et ces ajustements sont dans bien des cas considérés comme non récurrents. Ces ajustements sont subjectifs et peuvent varier de manière importante d’une société à l’autre, et la direction fait preuve d’un jugement important à leur égard.
Coût des produits vendus sous-jacent (mesure conforme aux PCGR la plus comparable : coût des produits vendus) – Mesure du coût des produits vendus de la Société ajusté pour en exclure les éléments d’ajustement non conformes aux PCGR (tels qu’ils sont définis ci-dessus). Ces ajustements non conformes aux PCGR comprennent, entre autres, l’incidence des profits et des pertes latents à la valeur de marché sur nos instruments dérivés qui sont des couvertures économiques et sont comptabilisés au poste Coût des produits vendus dans les éléments non attribués. Lorsque l’exposition que nous gérons est réalisée, nous reclassons le profit ou la perte au secteur auquel l’exposition sous-jacente se rapporte, ce qui permet à nos secteurs de réaliser les effets économiques des dérivés sans la volatilité de la valeur de marché latente en résultant.
Nous utilisons aussi le coût des produits vendus par hectolitre sous-jacent, ainsi que la variation d’un exercice à l’autre de cette mesure, comme mesure clé pour analyser nos résultats. Cette mesure correspond au coût des produits vendus sous-jacent divisé par le volume financier pour la période respective.
Frais de commercialisation, généraux et d’administration sous-jacents (mesure conforme aux PCGR la plus comparable : frais de commercialisation, généraux et d’administration) – Mesure des frais de commercialisation, généraux et d’administration de la Société excluant l’incidence de certains éléments d’ajustement non conformes aux PCGR (tels qu’ils sont définis ci-dessus).
Bénéfice net sous-jacent (perte nette sous-jacente) attribuable à MCBC (mesure conforme aux PCGR la plus comparable : bénéfice net [perte nette] attribuable à MCBC) – Mesure du bénéfice net (de la perte nette) attribuable à MCBC excluant l’incidence des éléments d’ajustement non conformes aux PCGR liés au bénéfice (à la perte) avant impôt (tels qu’ils sont définis ci-dessus), les ajustements à la valeur comptable des participations ne donnant pas le contrôle rachetables à la suite des variations subséquentes de la valeur de rachat de ces participations, l’incidence fiscale connexe des éléments d’ajustement non conformes aux PCGR et certains autres éléments fiscaux non récurrents.
Bénéfice net sous-jacent (perte nette sous-jacente) par action sur une base diluée attribuable à MCBC (aussi appelé bénéfice par action dilué sous-jacent) (mesure conforme aux PCGR la plus comparable : bénéfice net [perte nette] par action sur une base diluée attribuable à MCBC) – Mesure du bénéfice net (de la perte nette) par action sur une base diluée attribuable à MCBC sous-jacent (tel qu’il est défini ci-dessus). Le cas échéant, une perte nette déclarée par action diluée attribuable à MCBC est calculée en fonction du nombre d’actions de base, car les actions dilutives ont un effet antidilutif. Si le bénéfice net sous-jacent (la perte nette sous-jacente) attribuable à MCBC devient un bénéfice, compte non tenu de l’incidence de nos ajustements non conformes aux PCGR, nous ajoutons les actions dilutives supplémentaires au nombre d’actions dilutives en circulation, selon la méthode des actions propres.
Taux d’imposition effectif sous-jacent (mesure conforme aux PCGR la plus comparable : taux d’imposition effectif) – Mesure du taux d’imposition effectif de la Société excluant l’incidence fiscale connexe des éléments d’ajustement non conformes aux PCGR (tels qu’ils sont définis ci-dessus) et certains autres éléments fiscaux non récurrents. Les éléments fiscaux non récurrents comprennent certains ajustements importants au titre de contrôles fiscaux et de la provision de l’exercice précédent, l’incidence des changements importants à la législation fiscale et aux taux d’imposition et des éléments importants non récurrents et propres à la période.
Flux de trésorerie disponibles sous-jacents (mesure conforme aux PCGR la plus comparable : flux de trésorerie nets provenant des [affectés aux] activités d’exploitation) – Mesure des flux de trésorerie d’exploitation de la Société calculés comme les flux de trésorerie nets provenant des (affectés aux) activités d’exploitation déduction faite des entrées d’immobilisations corporelles et excluant l’incidence avant impôt de certains éléments d’ajustement non conformes aux PCGR (tels qu’ils sont définis ci-dessus) sur les flux de trésorerie. Nous considérons que les flux de trésorerie disponibles sous-jacents constituent une mesure importante de notre capacité à générer des flux de trésorerie, à accroître nos activités et à accroître la valeur pour les actionnaires, laquelle est stimulée par nos activités de base, compte tenu des ajustements relatifs aux éléments d’ajustement non conformes aux PCGR, qui peuvent varier de manière importante d’une société à l’autre selon les méthodes comptables, la juste valeur des actifs et la structure de capital.
Dotation aux amortissements sous-jacente (mesure conforme aux PCGR la plus comparable : dotation aux amortissements) – Mesure de la dotation aux amortissements de la Société excluant l’incidence de certains éléments d’ajustement non conformes aux PCGR (tels qu’ils sont définis ci-dessus). Ces ajustements se rapportent essentiellement à l’amortissement accéléré lié aux activités de sortie ou de restructuration stratégiques de la Société.
Dette nette et ratio de la dette nette par rapport au bénéfice avant intérêts, impôt et amortissements sous-jacent (« BAIIA sous-jacent ») (mesures conformes aux PCGR les plus comparables : trésorerie, dette et bénéfice net [perte nette]) – Mesure du levier financier de la Société calculé comme étant la dette nette (définie comme la tranche courante de la dette à long terme et les emprunts à court terme, auxquels on ajoute la dette à long terme déduction faite de la trésorerie et des équivalents de trésorerie) divisée par le BAIIA sous-jacent des douze derniers mois. Le BAIIA sous-jacent correspond au bénéfice net (à la perte nette) excluant les charges (les produits) d’intérêts, montant net, la charge (l’économie) d’impôt, les amortissements et l’incidence de certains éléments d’ajustement non conformes aux PCGR (tels qu’ils sont définis ci-dessus). Avec prise d’effet le 1er janvier 2025, sur une base prospective, le BAIIA sous-jacent exclut l’amortissement des coûts de mise en œuvre des logiciels infonuagiques. Cette mesure ne correspond pas au ratio d’endettement maximal de la Société en vertu de sa facilité de crédit renouvelable, qui permet d’apporter d’autres ajustements dans le calcul du ratio de la dette nette par rapport au BAIIA.
Devises constantes – Les devises constantes sont une mesure non conforme aux PCGR servant à évaluer le rendement, compte non tenu de l’incidence des fluctuations découlant de la conversion des devises et de certaines transactions en devises, et elles visent à être représentatives des résultats en monnaie locale. Étant donné que nous exerçons nos activités dans divers pays étrangers dont la monnaie locale peut s’apprécier ou se déprécier considérablement par rapport au dollar américain ou aux autres devises liées à nos activités d’exploitation, nous utilisons des devises constantes à titre de mesure additionnelle pour évaluer le rendement sous-jacent de chaque secteur d’exploitation, sans tenir compte des fluctuations des taux de change. Nous présentons toutes les variations en pourcentage du chiffre d’affaires net, du coût des produits vendus sous-jacent, des frais de commercialisation, généraux et d’administration sous-jacents et du bénéfice (de la perte) avant impôt sous-jacent en devises constantes, et nous calculons l’incidence des taux de change en convertissant les résultats en monnaie locale de la période considérée (qui tiennent également compte de l’incidence des activités de couverture du risque de change de la période antérieure correspondante) aux taux de change moyens pour la période respective de l’exercice qui sont utilisés pour convertir les états financiers de la période correspondante de l’exercice précédent. Le résultat obtenu correspond aux résultats en dollars américains de la période considérée, comme si les taux de change n’avaient pas varié par rapport à la période correspondante de l’exercice précédent. De plus, nous ne tenons pas compte, dans nos résultats en devises constantes de la période considérée, de l’incidence des transactions en devises, laquelle est comptabilisée au poste Autres produits (charges) hors exploitation, montant net.
Nos indications ou objectifs à long terme relatifs aux mesures présentées ci-dessus sont aussi des mesures financières non conformes aux PCGR qui excluent les éléments d’ajustement non conformes aux PCGR figurant dans nos états financiers préparés selon les PCGR des États-Unis, ou ont été ajustés d’une autre façon pour en tenir compte. Lorsque nous fournissons des indications ou des cibles à long terme relatives aux diverses mesures non conformes aux PCGR présentées ci-dessus, nous ne sommes pas en mesure d’effectuer un rapprochement avec les mesures conformes aux PCGR des États-Unis sans effort exagéré, car nous ne pouvons pas prévoir avec un degré raisonnable de certitude l’incidence réelle des éléments inhabituels et des autres éléments d’ajustement non conformes aux PCGR. Il est difficile de prévoir avec précision les éléments d’ajustement non conformes aux PCGR en raison de leur nature, car ces éléments sont généralement associés à des événements inattendus et non planifiés qui se répercutent sur la Société et sur ses résultats financiers. Par conséquent, nous ne pouvons pas présenter un rapprochement de ces mesures sans effort exagéré.
RAPPROCHEMENT AVEC LES MESURES LES PLUS PERTINENTES DES PCGR DES ÉTATS-UNIS
Rapprochement par poste
(In millions, except per share data) (Unaudited)
For the three months ended March 31, 2026
Cost of goods
sold
Marketing,
general and
administrative
expenses
Income (loss)
before income
taxes
Net income
(loss) attributable
to MCBC
Diluted earnings
per share
Reported (U.S. GAAP)
$
(1,453.9
)
$
(610.0
)
$
194.7
$
151.3
$
0.80
Non-GAAP adjustments (pre-tax)
Restructuring(1)
—
—
31.1
31.1
0.16
(Gains) and losses on disposals and other operating expenses (income)
—
—
1.0
1.0
0.01
Unrealized mark-to-market (gains) losses
(89.2
)
—
(89.2
)
(89.2
)
(0.47
)
Other items(2)
—
—
10.3
10.3
0.05
Tax effect of non-GAAP adjustments and other discrete tax items
—
—
—
11.2
0.06
Redeemable noncontrolling interest adjustments
—
—
—
1.8
0.01
Underlying (Non-GAAP)
$
(1,543.1
)
$
(610.0
)
$
147.9
$
117.5
0.62
(1)
During the fourth quarter of 2025, we announced the Americas Restructuring Plan designed to create a leaner, more agile Americas segment while advancing our ability to reinvest in the business and position us for future growth. The plan resulted in $4.4 million of employee-related charges recorded during the three months ended March 31, 2026. The cumulative restructuring charges recorded through March 31, 2026 related to the Americas Restructuring Plan were $33.1 million. These actions are substantially complete and any remaining future charges are expected to be immaterial.
During the three months ended March 31, 2026, we committed to various restructuring actions in the EMEA&APAC segment, including the closure of a small brewery in the U.K. by the end of 2026, alongside other operational changes designed to unlock efficiencies as well as modernize and simplify the segment to fund growth. During the three months ended March 31, 2026, we recorded employee-related charges and accelerated depreciation in excess of normal depreciation charges of $17.5 million related to these actions. We anticipate additional charges related to these committed actions to be approximately $10 million to $15 million, with the majority of these charges to be recorded during the remainder of 2026.
During the three months ended March 31, 2026, we also committed to various cost savings actions designed to optimize our supply chain within the Americas segment which resulted in restructuring charges including accelerated depreciation in excess of normal depreciation charges of $6.5 million. We anticipate additional charges related to these committed actions to be approximately $15 million to $20 million, with the majority of these charges to be recorded in 2026 and 2027.
(2)
During the first quarter of 2025, our Americas segment made an investment in Fevertree Drinks plc and hold a minority interest. During the three months ended March 31, 2026, we recorded an unrealized loss of $10.4 million resulting from the change in the fair value of the investment.
(In millions, except per share data) (Unaudited)
For the three months ended March 31, 2025
Cost of goods
sold
Marketing,
general and
administrative
expenses
Income (loss)
before income
taxes
Net income
(loss) attributable
to MCBC
Diluted earnings
per share
Reported (U.S. GAAP)
$
(1,453.2
)
$
(653.2
)
$
156.3
$
121.0
$
0.59
Non-GAAP adjustments (pre-tax)
Restructuring(1)
—
—
19.4
19.4
0.10
Unrealized mark-to-market (gains) losses
(18.7
)
—
(18.7
)
(18.7
)
(0.09
)
Other items(2)
—
(0.1
)
(25.9
)
(25.9
)
(0.13
)
Tax effect of non-GAAP adjustments and other discrete tax items
—
—
—
5.9
0.03
Underlying (Non-GAAP)
$
(1,471.9
)
$
(653.3
)
$
131.1
$
101.7
$
0.50
(1)
During the third quarter of 2024, we made the decision to wind down or sell certain U.S. craft businesses and related facilities within the Americas segment. As a result, we recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation of $17.9 million for the three months ended March 31, 2025.
(2)
During the first quarter of 2025, our Americas segment made an investment in Fevertree Drinks plc and we hold a minority interest. As a result, we recorded an unrealized gain of $25.7 million resulting from the change in the fair value of the investment during the three months ended March 31, 2025.
Rapprochement du bénéfice sous-jacent (de la perte sous-jacente) avant impôt (mesure non conforme aux PCGR) par secteur
(In millions) (Unaudited)
For the three months ended March 31, 2026
Americas
EMEA&APAC
Unallocated
Consolidated
U.S. GAAP Income (loss) before income taxes
$
207.4
$
(51.7
)
$
39.0
$
194.7
Cost of goods sold(1)
—
—
(89.2
)
(89.2
)
Marketing, general & administrative
—
—
—
—
Other non-GAAP adjustment items(2)
23.4
19.0
—
42.4
Total non-GAAP adjustment items
$
23.4
$
19.0
$
(89.2
)
$
(46.8
)
Underlying (Non-GAAP) income (loss) before income taxes
$
230.8
$
(32.7
)
$
(50.2
)
$
147.9
(In millions) (Unaudited)
For the three months ended March 31, 2025
Americas
EMEA&APAC
Unallocated
Consolidated
U.S. GAAP Income (loss) before income taxes
$
209.3
$
(19.2
)
$
(33.8
)
$
156.3
Cost of goods sold(1)
—
—
(18.7
)
(18.7
)
Marketing, general & administrative
(0.1
)
—
—
(0.1
)
Other non-GAAP adjustment items(2)
(6.4
)
—
—
(6.4
)
Total non-GAAP adjustment items
$
(6.5
)
$
—
$
(18.7
)
$
(25.2
)
Underlying (Non-GAAP) income (loss) before income taxes
$
202.8
$
(19.2
)
$
(52.5
)
$
131.1
(1)
Reflects changes in our mark-to-market positions on our derivative hedges recorded as COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility.
(2)
See the Reconciliations by Line Item table for further information on our non-GAAP adjustments.
Rapprochement de la dotation aux amortissements sous-jacente (mesure non conforme aux PCGR)
(In millions) (Unaudited)
For the three months ended
March 31, 2026
March 31, 2025
U.S. GAAP depreciation and amortization
$
(185.7
)
$
(180.3
)
Accelerated depreciation(1)
9.0
17.9
Underlying (Non-GAAP) depreciation and amortization
$
(176.7
)
$
(162.4
)
(1)
The accelerated depreciation in excess of normal depreciation of $9.0 million recorded for the three months ended March 31, 2026 was primarily due to various cost savings actions designed to optimize our supply chain within our Americas segment as well as various restructuring actions committed to in our EMEA&APAC segment. The accelerated depreciation in excess of normal depreciation of $17.9 million recorded for the three months ended March 31, 2025 was primarily a result of a third quarter of 2024 decision to wind down or sell certain of our U.S. craft businesses and related facilities within the Americas segment.
Flux de trésorerie disponibles sous-jacents (mesure non conforme aux PCGR)
(In millions) (Unaudited)
For the three months ended
March 31, 2026
March 31, 2025
U.S. GAAP Net Cash Provided by (Used In) Operating Activities
$
2.5
$
(90.7
)
Additions to property, plant and equipment, net(1)
(231.7
)
(237.3
)
Cash impact of non-GAAP adjustment items(2)
16.3
63.4
Underlying (Non-GAAP) Free Cash Flow
(212.9
)
$
(264.6
)
(1)
Included in net cash provided by (used in) investing activities.
(2)
Includes payments made for restructuring activities for the three months ended March 31, 2026 and March 31, 2025 as well as a $60.6 million payment as final resolution of the Keystone litigation case during the three months ended March 31, 2025.
Dette nette et dette nette par rapport au BAIIA sous-jacent (mesures non conformes aux PCGR)
(In millions except net debt (Non-GAAP) to underlying (Non-GAAP) EBITDA ratio) (Unaudited)
As of
March 31, 2026
March 31, 2025
U.S. GAAP Current portion of long-term debt and short-term borrowings
$
2,423.4
$
83.2
Add: Long-term debt
3,848.5
6,154.6
Less: Cash and cash equivalents
382.6
412.7
Net debt (Non-GAAP)
5,889.3
5,825.1
Q1 Underlying EBITDA
386.0
353.3
Q4 Underlying EBITDA
532.7
558.5
Q3 Underlying EBITDA
665.4
692.3
Q2 Underlying EBITDA
763.9
750.1
Underlying (Non-GAAP) EBITDA(1)
$
2,348.0
$
2,354.2
Net debt (Non-GAAP) to underlying (Non-GAAP) EBITDA ratio
2.51
2.47
(1)
Represents underlying EBITDA on a trailing twelve month basis.
Rapprochement du BAIIA sous-jacent (mesure non conforme aux PCGR)
($ in millions) (Unaudited)
For the three months ended
March 31, 2026
March 31, 2025
U.S. GAAP Net income (loss)
$
150.1
$
123.1
Interest expense (income), net
57.6
56.6
Income tax expense (benefit)
44.6
33.2
Depreciation and amortization
185.7
180.3
Amortization of cloud computing arrangements
3.8
3.2
Non-GAAP adjustments to arrive at underlying (non-GAAP) EBITDA(1)
(55.8
)
(43.1
)
Underlying (Non-GAAP) EBITDA
$
386.0
$
353.3
(1)
Includes pre-tax non-GAAP adjustments to Net income (loss) as described in other non-GAAP reconciliation tables above excluding non-GAAP adjustments to interest expense (income), net, and depreciation and amortization. See the (i) Reconciliations to Nearest U.S. GAAP Measures by Line Item and (ii) Underlying Depreciation and Amortization Reconciliation tables for further information on our non-GAAP adjustments.
Consultez la version source sur businesswire.com : https://www.businesswire.com/news/home/20260430244963/fr/
Relations avec les investisseurs
Greg Tierney, MCBCInvestorRelations@molsoncoors.com
Médias
Rachel Gellman Johnson, press@molsoncoors.com
Original: Molson Coors Beverage Company présente ses résultats pour le premier trimestre de 2026
US Market News
2 months ago
Molson Coors Beverage Company Reports 2026 First Quarter ResultsApril 30, 2026 6:30 AM
Business Wire
Molson Coors Beverage Company ("MCBC," "Molson Coors" or "the Company") (NYSE: TAP, TAP.A; TSX: TPX.A, TPX.B) today reported results for the 2026 first quarter.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260430385531/en/
2026 FIRST QUARTER FINANCIAL HIGHLIGHTS1
Net sales increased 2.0% reported and 0.1% in constant currency.
U.S. GAAP income before income taxes increased 24.6% to $194.7 million.
Underlying (Non-GAAP) income before income taxes increased 16.2% in constant currency to $147.9 million.
U.S. GAAP net income attributable to MCBC of $151.3 million, $0.80 earnings per share on a diluted basis. Underlying (Non-GAAP) diluted earnings per share of $0.62 increased 24.0%.
CEO AND CFO PERSPECTIVES
Rahul Goyal, President and Chief Executive Officer Statement:
"We delivered a solid start to the year while executing our strategy in a dynamic external environment with limited near-term visibility. Under Horizon 2030, we said we'd take decisive action to strengthen our business, and we did just that in the first quarter, announcing the acquisition of Monaco Cocktails, closing a key portfolio gap through a disciplined approach and expanding our share-repurchase program to reinforce confidence in our long-term value. As we head into summer, we recognize the external environment remains fluid and plan to approach the season's most important occasions with scale and impact across our global portfolio, while continuing to focus on returning Molson Coors to sustained growth."
Tracey Joubert, Chief Financial Officer Statement:
"Our first quarter financial results were largely in line with our expectations as we navigated through a challenging macroeconomic environment. Expected phasing considerations in marketing, general and administrative expenses as well as delivery on our cost savings initiatives positively impacted our results, outweighing commodity cost inflation and lower financial volumes. Based on these results, we are reaffirming our full year guidance metrics. We remain disciplined in capital deployment and are committed to driving shareholder value through investing in our business while continuing to return cash to shareholders through a growing dividend and share repurchases.”
____________________
1 See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
CONSOLIDATED PERFORMANCE - FIRST QUARTER 2026
For the three months ended
($ in millions, except per share data)
(Unaudited)
March 31, 2026
March 31, 2025
Reported %
Change
Foreign
Exchange
Impact
Constant Currency
Increase (Decrease)(1)
Net sales
$
2,351.1
$
2,304.1
2.0
%
$
45.2
0.1
%
U.S. GAAP income (loss) before income taxes
$
194.7
$
156.3
24.6
%
$
(4.6
)
27.5
%
Underlying income (loss) before income taxes(1)
$
147.9
$
131.1
12.8
%
$
(4.5
)
16.2
%
U.S. GAAP net income (loss)(2)
$
151.3
$
121.0
25.0
%
Per diluted share
$
0.80
$
0.59
35.6
%
Underlying net income (loss)(1)
$
117.5
$
101.7
15.5
%
Per diluted share
$
0.62
$
0.50
24.0
%
Financial volume(3)
14.964
15.409
(2.9
)%
Brand volume(3)
15.068
15.547
(3.1
)%
(1)
Represents income (loss) before income taxes and net income (loss) attributable to MCBC adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
(2)
Net income (loss) attributable to MCBC.
(3)
See Worldwide and Segment Brand and Financial Volume in the Appendix for definitions of financial volume and brand volume as well as the reconciliation from financial volume to brand volume. Volume presented in millions of hectoliters.
QUARTERLY CONSOLIDATED HIGHLIGHTS (VERSUS FIRST QUARTER 2025 RESULTS)
Net sales: The following table highlights the drivers of the change in net sales for the three months ended March 31, 2026, compared to March 31, 2025 (in percentages):
Net Sales Drivers (unaudited)
Financial volume
(2.9
)%
Price and sales mix
3.0
%
Currency
1.9
%
Total consolidated net sales
2.0
%
Net sales increased 2.0%, driven by favorable price and sales mix and favorable foreign currency impacts, partially offset by lower financial volume. Net sales increased 0.1% in constant currency.
Financial volume decreased 2.9%, due to lower shipments in both the Americas and EMEA&APAC segments. Brand volumes decreased 3.1%, including a 3.0% decrease in the Americas segment as well as a 3.4% decrease in the EMEA&APAC segment.
Price and sales mix favorably impacted net sales by 3.0%, primarily due to favorable sales mix as a result of premiumization in both the Americas and EMEA&APAC segments and increased net pricing in the Americas segment. Net sales per hectoliter increased 5.1% reported and 3.1% on a constant currency basis.
Cost of goods sold ("COGS"): was flat on a reported basis, impacted by higher cost of goods sold per hectoliter offset by lower financial volume. COGS per hectoliter: increased 3.0% on a reported basis, primarily due to cost inflation related to material and manufacturing expenses, including an approximate $30 million unfavorable impact attributable to Midwest Premium pricing which is a surcharge added to the base price of aluminum, unfavorable foreign currency impacts, unfavorable mix driven by premiumization, as well as volume deleverage, partially offset by favorable changes in our unrealized mark-to-market commodity derivative positions of $70.5 million and cost savings initiatives. Underlying (Non-GAAP) COGS per hectoliter: increased 5.6% in constant currency primarily due to cost inflation related to material and manufacturing expenses, including an approximate $30 million unfavorable impact attributed to Midwest Premium pricing, unfavorable mix driven by premiumization as well as volume deleverage, partially offset cost savings initiatives.
Marketing, general & administrative ("MG&A"): decreased 6.6% on a reported basis, primarily due to the cycling of approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition in the prior year, lower employee-related costs as a result of our restructuring plan impacting the Americas segment announced in October of 2025 (" Americas Restructuring Plan") and lower marketing expenses, partially offset by unfavorable foreign currency impacts and the costs incurred related to our global modernization enterprise resource planning ("ERP") system implementation project. Underlying (Non-GAAP) MG&A: decreased 9.1% in constant currency.
U.S. GAAP income (loss) before income taxes: U.S. GAAP income before income taxes improved 24.6% on a reported basis primarily due to favorable changes in our unrealized mark-to-market commodity derivative positions of $70.5 million, lower MG&A, increased net pricing in the Americas segment and favorable mix as a result of premiumization in both the Americas and EMEA&APAC segments, partially offset by cost inflation related to material and manufacturing expenses including an approximate $30 million unfavorable impact attributable to Midwest Premium pricing, unfavorable changes in the fair value of our investment in Fevertree Drinks plc of $36.1 million, lower financial volume and costs incurred as a result of our restructuring efforts in the EMEA&APAC segment.
Underlying (Non-GAAP) income (loss) before income taxes: Underlying (Non-GAAP) income before income taxes improved 16.2% in constant currency, primarily due to lower MG&A, increased net pricing in the Americas segment and favorable mix as a result of premiumization in both the Americas and EMEA&APAC segments, partially offset by cost inflation related to material and manufacturing expenses including an approximate $30 million unfavorable impact attributable to Midwest Premium pricing and lower financial volume.
Effective Tax Rate and Underlying (Non-GAAP) Effective Tax Rate
(Unaudited)
For the three months ended
March 31, 2026
March 31, 2025
U.S. GAAP effective tax rate and Underlying (Non-GAAP) effective tax rate
23 %
21 %
(1)
See Appendix for definitions of non-GAAP financial measures.
Our U.S. GAAP effective tax rate and Underlying (Non-GAAP) effective tax rate increased for the three months ended March 31, 2026, compared to the prior year, primarily due to the recognition of a lower discrete tax benefit.
Net income (loss) attributable to MCBC per diluted share: Net income attributable to MCBC per diluted share increased 35.6% primarily due to an increase in U.S. GAAP income before income taxes and a decrease in the weighted-average diluted shares outstanding driven by share repurchases.
Underlying (Non-GAAP) net income (loss) attributable to MCBC per diluted share: Underlying net income attributable to MCBC per diluted share increased 24.0% primarily due to an increase in underlying income before income taxes as well as a decrease in the weighted-average diluted shares outstanding driven by share repurchases.
QUARTERLY SEGMENT HIGHLIGHTS (VERSUS FIRST QUARTER 2025 RESULTS)
Americas Segment Overview
The following table highlights the Americas segment results for the three months ended March 31, 2026 compared to March 31, 2025:
For the three months ended
($ in millions) (Unaudited)
March 31, 2026
March 31, 2025
Reported %
Change
FX Impact
Constant
Currency %
Change (2)
Net sales(1)
$
1,900.5
$
1,881.8
1.0
%
$
11.2
0.4
%
Income (loss) before income taxes(1)
$
207.4
$
209.3
(0.9
)%
$
(1.6
)
(0.1
)%
Underlying income (loss) before income taxes (1)(2)
$
230.8
$
202.8
13.8
%
$
(1.4
)
14.5
%
The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.
(1)
Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.
(2)
Represents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
Americas Segment Highlights (Versus First Quarter 2025 Results)
Net sales: The following table highlights the drivers of the change in net sales for the three months ended March 31, 2026 compared to March 31, 2025 (in percentages):
Net Sales Drivers (unaudited)
Financial volume
(2.7
)%
Price and sales mix
3.1
%
Currency
0.6
%
Total Americas net sales
1.0
%
Net sales increased 1.0%, driven by favorable price and sales mix and favorable foreign currency impacts, partially offset by lower financial volume. Net sales increased 0.4% in constant currency.
Financial volume decreased 2.7%, primarily due to lower U.S financial volume resulting from lower share performance in core and value brands, partly offset by the timing of shipments. Americas brand volume decreased 3.0%, including a 3.5% decrease in U.S. brand volumes driven by lower share performance in our core and value segments. Canada brand volume decreased 4.0% primarily driven by industry softness.
Price and sales mix favorably impacted net sales by 3.1%, primarily due to favorable sales mix as a result of positive brand mix as well as increased net pricing. Net sales per hectoliter increased 3.8% on a reported basis and 3.2% on a constant currency basis.
U.S. GAAP income (loss) before income taxes: U.S. GAAP income before income taxes declined 0.9% on a reported basis, primarily due to cost inflation related to materials and manufacturing expenses including an approximate $30 million unfavorable impact attributable to Midwest Premium pricing, unfavorable changes in the fair value of our investment in Fevertree Drinks plc of $36.1 million and lower financial volume, partially offset by lower MG&A, increased net pricing and favorable mix. Lower MG&A was primarily driven by the cycling of approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition in the prior year, cost savings initiatives including lower employee-related costs as a result of our Americas Restructuring Plan and lower marketing expenses, partially offset by costs incurred related to our global modernization ERP system implementation project.
Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes improved 14.5% in constant currency, primarily due to lower MG&A, increased net pricing and favorable mix, partially offset by cost inflation related to materials and manufacturing expenses including an approximate $30 million unfavorable impact attributable to Midwest Premium pricing and lower financial volume. Lower MG&A was primarily driven by the cycling of approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition in the prior year, cost savings initiatives including lower employee-related costs as a result of our Americas Restructuring Plan and lower marketing expenses, partially offset by costs incurred related to our global modernization ERP system implementation project.
EMEA&APAC Segment Overview
The following table highlights the EMEA&APAC segment results for the three months ended March 31, 2026, compared to March 31, 2025.
For the three months ended
($ in millions) (Unaudited)
March 31, 2026
March 31, 2025
Reported
% Change
FX Impact
Constant
Currency %
Change (2)
Net sales(1)
$
456.1
$
427.3
6.7
%
$
34.0
(1.2
)%
Income (loss) before income taxes(1)
$
(51.7
)
$
(19.2
)
(169.3
)%
$
(5.4
)
(141.1
)%
Underlying income (loss) before income taxes (1)(2)
$
(32.7
)
$
(19.2
)
(70.3
)%
$
(4.4
)
(47.4
)%
The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.
(1)
Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.
(2)
Represents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
EMEA&APAC Segment Highlights (Versus First Quarter 2025 Results)
Net sales: The following table highlights the drivers of the change in net sales for the three months ended March 31, 2026, compared to March 31, 2025 (in percentages):
Net Sales Drivers (unaudited)
Financial volume
(3.5
)%
Price and sales mix
2.3
%
Currency
7.9
%
Total EMEA&APAC net sales
6.7
%
Net sales increased 6.7% driven by favorable foreign currency impacts and favorable price and sales mix, partially offset by lower financial volume. Net sales decreased 1.2% in constant currency.
Financial volume and brand volume decreased 3.5% and 3.4%, respectively, primarily due to lower volume in the U.K. driven by soft market demand and a heightened competitive landscape.
Price and sales mix favorably impacted net sales by 2.3%, primarily due to premiumization. Net sales per hectoliter increased 10.6% on a reported basis and 2.4% on a constant currency basis.
Foreign currency favorably impacted net sales by 7.9%, primarily due to the weakening of the U.S. Dollar ("USD") compared to the Great British Pound ("GBP"), Euro ("EUR") and Czech Koruna ("CZK").
U.S. GAAP income (loss) before income taxes: U.S. GAAP loss before income taxes increased $32.5 million or 169.3% on a reported basis, primarily due to higher restructuring related charges, lower financial volume, unfavorable foreign currency impacts and cost inflation related to materials and manufacturing expenses.
Underlying (Non-GAAP) income (loss) before income taxes: Underlying loss before income taxes increased $9.1 million or 47.4% in constant currency, primarily due to lower financial volume and cost inflation related to materials and manufacturing expenses.
CASH FLOW AND LIQUIDITY HIGHLIGHTS
U.S. GAAP cash from operations: Net cash provided by operating activities of $2.5 million for the three months ended March 31, 2026, increased $93.2 million compared to cash used in operating activities of $90.7 million in the prior year. The increase was primarily due to favorable changes in working capital and higher net income adjusted for non-cash items. The favorable changes in working capital were primarily driven by lower payments for prior year annual incentive compensation and the cycling of a $60.6 million payment as final resolution of the Keystone litigation case, partially offset by the timing of cash receipts.
Underlying (Non-GAAP) free cash flow: Cash used of $212.9 million for the three months ended March 31, 2026, represented a decrease of $51.7 million from the prior year, primarily due to an increase in cash flows from operating activities and lower cash flows for capital expenditures.
Debt: Total debt as of March 31, 2026 was $6,271.9 million and cash and cash equivalents totaled $382.6 million, resulting in net debt of $5,889.3 million and a net debt to underlying EBITDA ratio of 2.51x. As of March 31, 2025, our net debt to underlying EBITDA ratio was 2.47x.
Dividends: We paid cash dividends of $93.6 million and $99.2 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
Share Repurchase Program: We paid $168.5 million and $59.6 million, including brokerage commissions, for share repurchases for the three months ended March 31, 2026 and March 31, 2025, respectively.
2026 OUTLOOK
We continue to expect to achieve the following targets for full year 2026 despite the inherent uncertainties that exist with inflationary commodity cost pressures and uncertainty in the global macroeconomic environment.
Net sales: flat, plus or minus 1% versus 2025 on a constant currency basis.
Underlying income (loss) before income taxes: decline in the range of 15% to 18% versus 2025 on a constant currency basis.
Underlying earnings per share: decline in the range of 11% to 15% versus 2025.
Capital expenditures: $650 million incurred, plus or minus 5%.
Underlying free cash flow: $1.1 billion, plus or minus 10%.
Underlying depreciation and amortization: $720 million, plus or minus 5%.
Consolidated net interest expense: $260 million, plus or minus 5%.
Underlying effective tax rate: in the range of 22% to 24% for 2026.
The Company's outlook includes the following considerations:
In the second quarter, U.S. financial volumes are expected to be between 6% and 9% lower than 2025, trailing anticipated brand volume trends. Financial volumes are expected to outpace brand volumes in the second half of the year.
In COGS, the cost of Midwest Premium is expected to be inflationary in each quarter of the year, with the largest increase currently expected in the second quarter.
MG&A expenses are expected to increase compared to 2025 during the second through fourth quarters, driven by higher incentive compensation expenses with the most significant increase expected in the second quarter.
SUBSEQUENT EVENTS
On April 1, 2026, we acquired Atomic Brands, Inc., the maker of Monaco Cocktails ("Monaco") for a purchase price of $275 million (subject to adjustment for net working capital). Monaco is a pioneering brand in the ready-to-drink ("RTD") cocktail segment known for combining bold flavors and quality with convenient ready-to-drink packaging. The acquisition is aligned with our strategy to expand beyond the beer aisle, especially into RTD cocktails.
NOTES
Unless otherwise indicated in this release, all $ amounts are in USD, and all comparative results are for the Company’s first quarter ended March 31, 2026, compared to the first quarter ended March 31, 2025. Some numbers may not sum due to rounding.
2026 FIRST 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 2026 first 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 value brands, like Miller High Life and Keystone Light, we produce many beloved and iconic beers. While our 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 and Monaco, spirits 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," "intends," "goals," "plans," "believes," "confidence," "views," "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 "2026 Outlook," with respect to, among others, expectations and impacts of macroeconomic forces, beverage industry trends, cost inflation and tariffs, commodity prices, consumer preferences and limited consumer disposable income, overall volume and market share trends, our competitive position, execution of our strategic priorities, anticipated results, pricing trends, cost reduction strategies, including the Americas Restructuring Plan announced in October of 2025 as well as other restructuring projects and the expected charges and benefits of the restructuring, shipment levels and profitability, the sufficiency of capital resources, expectations for funding future capital expenditures and operations, debt service capabilities, timing and amounts of debt and leverage levels, Preserving the Planet and related environmental initiatives, effective tax rate, 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
Condensed Consolidated Statements of Operations
(In millions, except per share data) (Unaudited)
For the three months ended
March 31, 2026
March 31, 2025
Sales
$
2,717.9
$
2,690.2
Excise taxes
(366.8
)
(386.1
)
Net sales
2,351.1
2,304.1
Cost of goods sold
(1,453.9
)
(1,453.2
)
Gross profit
897.2
850.9
Marketing, general and administrative expenses
(610.0
)
(653.2
)
Other operating income (expense), net
(32.1
)
(15.9
)
Equity income (loss)
3.2
4.5
Operating income (loss)
258.3
186.3
Interest income (expense), net
(57.6
)
(56.6
)
Other pension and postretirement benefit (cost), net
4.9
3.8
Other non-operating income (expense), net
(10.9
)
22.8
Income (loss) before income taxes
194.7
156.3
Income tax benefit (expense)
(44.6
)
(33.2
)
Net income (loss)
150.1
123.1
Net (income) loss attributable to noncontrolling interests
1.2
(2.1
)
Net income (loss) attributable to MCBC
$
151.3
$
121.0
Basic net income (loss) attributable to MCBC per share
$
0.80
$
0.60
Diluted net income (loss) attributable to MCBC per share
$
0.80
$
0.59
Weighted-average shares - basic
188.9
203.0
Weighted-average shares - diluted
189.4
204.0
Dividends per share
$
0.48
$
0.47
BALANCE SHEETS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions, except par value) (Unaudited)
As of
March 31, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents
$
382.6
$
896.5
Trade receivables, net
798.2
703.0
Other receivables, net
173.7
187.3
Inventories, net
812.8
715.9
Other current assets, net
576.5
432.8
Total current assets
2,743.8
2,935.5
Property, plant and equipment, net
4,700.4
4,768.7
Goodwill
1,943.5
1,944.7
Other intangibles, net
11,882.2
11,991.1
Other assets
1,098.0
1,098.4
Total assets
$
22,367.9
$
22,738.4
Liabilities and equity
Current liabilities
Accounts payable and other current liabilities
$
2,700.6
$
2,876.7
Current portion of long-term debt and short-term borrowings
2,423.4
2,434.1
Total current liabilities
5,124.0
5,310.8
Long-term debt
3,848.5
3,865.4
Pension and postretirement benefits
419.9
427.1
Deferred tax liabilities
2,309.4
2,284.7
Other liabilities
300.8
307.7
Total liabilities
12,002.6
12,195.7
Redeemable noncontrolling interest
114.1
115.6
Molson Coors Beverage Company stockholders' equity
Capital stock
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued)
—
—
Class A common stock, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively)
—
—
Class B common stock, $0.01 par value (authorized: 500.0 shares; issued: 216.5 shares and 216.1 shares, respectively)
2.2
2.2
Class A exchangeable shares, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively)
100.8
100.8
Class B exchangeable shares, no par value (issued and outstanding: 7.1 shares and 7.1 shares, respectively)
266.9
266.9
Paid-in capital
7,244.4
7,247.2
Retained earnings
5,784.3
5,723.7
Accumulated other comprehensive income (loss)
(1,138.1
)
(1,071.6
)
Class B common stock held in treasury at cost (41.1 shares and 37.7 shares, respectively)
(2,204.7
)
(2,038.9
)
Total Molson Coors Beverage Company stockholders' equity
10,055.8
10,230.3
Noncontrolling interests
195.4
196.8
Total equity
10,251.2
10,427.1
Total liabilities and equity
$
22,367.9
$
22,738.4
CASH FLOW STATEMENTS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In millions) (Unaudited)
For the years ended
March 31, 2026
March 31, 2025
Cash flows from operating activities
Net income (loss) including noncontrolling interests
$
150.1
$
123.1
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization
185.7
180.3
Amortization of cloud computing arrangements
3.8
3.2
Amortization of debt issuance costs and discounts
1.4
1.3
Share-based compensation
8.2
11.9
(Gain) loss on sale or impairment of property, plant, equipment and other assets, net
2.4
(8.2
)
Unrealized (gain) loss on foreign currency fluctuations, fair value investments and derivative instruments, net
(78.0
)
(45.8
)
Equity (income) loss
(3.2
)
(4.5
)
Income tax (benefit) expense
44.6
33.2
Income tax (paid) received
(16.8
)
(10.4
)
Interest expense, excluding amortization of debt issuance costs and discounts
58.8
60.0
Interest paid
(73.4
)
(74.2
)
Other non-cash items, net
0.8
(2.6
)
Change in current assets and liabilities (net of impact of business combinations) and other
(281.9
)
(358.0
)
Net cash provided by (used in) operating activities
2.5
(90.7
)
Cash flows from investing activities
Additions to property, plant and equipment
(231.7
)
(237.3
)
Proceeds from sales of property, plant, equipment and other assets
1.1
2.3
Acquisition of business, net of cash acquired
—
(20.8
)
Other
0.5
(85.5
)
Net cash provided by (used in) investing activities
(230.1
)
(341.3
)
Cash flows from financing activities
Dividends paid
(93.6
)
(99.2
)
Payments for purchases of treasury stock
(168.5
)
(59.6
)
Payments on debt and borrowings
(26.7
)
(3.1
)
Other
6.6
30.7
Net cash provided by (used in) financing activities
(282.2
)
(131.2
)
Effect of foreign exchange rate changes on cash and cash equivalents
(4.1
)
6.6
Net increase (decrease) in cash and cash equivalents
(513.9
)
(556.6
)
Balance at beginning of year
896.5
969.3
Balance at end of period
$
382.6
$
412.7
SUMMARIZED SEGMENT RESULTS ($ in millions and volume in millions of hectoliters) (Unaudited)
Americas
Q1 2026
Q1 2025
Reported %
Change
FX Impact
Constant
Currency %
Change(3)
Net sales(1)
$
1,900.5
$
1,881.8
1.0
$
11.2
0.4
COGS(1)(2)
$
(1,207.2
)
$
(1,169.9
)
(3.2
)
$
(7.4
)
(2.6
)
MG&A
$
(463.7
)
$
(514.3
)
9.8
$
(3.8
)
10.6
Income (loss) before income taxes
$
207.4
$
209.3
(0.9
)
$
(1.6
)
(0.1
)
Underlying income (loss) before income taxes(3)
$
230.8
$
202.8
13.8
$
(1.4
)
14.5
Financial volume(1)(4)
11.427
11.742
(2.7
)
Brand volume
11.575
11.931
(3.0
)
EMEA&APAC
Q1 2026
Q1 2025
Reported % Change
FX Impact
Constant Currency % Change(3)
Net sales(1)
$
456.1
$
427.3
6.7
$
34.0
(1.2
)
COGS(1)(2)
$
(341.4
)
$
(307.0
)
(11.2
)
$
(25.6
)
(2.9
)
MG&A
$
(146.3
)
$
(138.9
)
(5.3
)
$
(12.3
)
3.5
Income (loss) before income taxes
$
(51.7
)
$
(19.2
)
(169.3
)
$
(5.4
)
(141.1
)
Underlying income (loss) before income taxes(3)
$
(32.7
)
$
(19.2
)
(70.3
)
$
(4.4
)
(47.4
)
Financial volume(1)(4)
3.540
3.669
(3.5
)
Brand volume
3.493
3.616
(3.4
)
Unallocated & Eliminations
Q1 2026
Q1 2025
Reported % Change
FX Impact
Constant Currency % Change(3)
Net sales
$
(5.5
)
$
(5.0
)
(10.0
)
$
—
(10.0
)
COGS(2)
$
94.7
$
23.7
299.6
$
1.1
294.9
Income (loss) before income taxes
$
39.0
$
(33.8
)
N/M
$
2.4
N/M
Underlying income (loss) before income taxes(3)
$
(50.2
)
$
(52.5
)
4.4
$
1.3
1.9
Financial volume
(0.003
)
(0.002
)
N/M
Consolidated
Q1 2026
Q1 2025
Reported % Change
FX Impact
Constant Currency % Change(3)
Net sales
$
2,351.1
$
2,304.1
2.0
$
45.2
0.1
COGS
$
(1,453.9
)
$
(1,453.2
)
—
$
(31.9
)
2.1
MG&A
$
(610.0
)
$
(653.2
)
6.6
$
(16.1
)
9.1
Income (loss) before income taxes
$
194.7
$
156.3
24.6
$
(4.6
)
27.5
Underlying income (loss) before income taxes(3)
$
147.9
$
131.1
12.8
$
(4.5
)
16.2
Financial volume(4)
14.964
15.409
(2.9
)
Brand volume
15.068
15.547
(3.1
)
N/M = Not meaningful
The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.
(1)
Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.
(2)
The unrealized changes in fair value on our commodity swaps, which are economic hedges, are recorded as COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility.
(3)
Represents income (loss) before income taxes adjusted for non-GAAP items. See the Non-GAAP Measures and Reconciliations section for definitions and reconciliations of non-GAAP financial measures including constant currency.
(4)
Financial volume in hectoliters for the Americas and EMEA&APAC segments excludes royalty volume of 0.722 million hectoliters and 0.223 million hectoliters for the three months ended March 31, 2026, respectively, and excludes royalty volume of 0.673 million hectoliters and 0.220 million hectoliters for three months ended March 31, 2025, respectively.
WORLDWIDE AND SEGMENT BRAND AND FINANCIAL VOLUME
(In millions of hectoliters) (Unaudited)
For the three months ended
Americas
March 31, 2026
March 31, 2025
Change
Financial Volume
11.427
11.742
(2.7
)%
Contract brewing and wholesale/factored volume
(0.361
)
(0.385
)
6.2
%
Royalty volume
0.722
0.673
7.3
%
Sales-To-Wholesaler to Sales-To-Retail adjustment and other(1)
(0.213
)
(0.099
)
115.2
%
Total Americas Brand Volume
11.575
11.931
(3.0
)%
EMEA&APAC
March 31, 2026
March 31, 2025
Change
Financial Volume
3.540
3.669
(3.5
)%
Contract brewing and wholesale/factored volume
(0.270
)
(0.273
)
1.1
%
Royalty volume
0.223
0.220
1.4
%
Total EMEA&APAC Brand Volume
3.493
3.616
(3.4
)%
Consolidated
March 31, 2026
March 31, 2025
Change
Financial Volume
14.964
15.409
(2.9
)%
Contract brewing and wholesale/factored volume
(0.631
)
(0.658
)
4.1
%
Royalty volume
0.945
0.893
5.8
%
Sales-To-Wholesaler to Sales-To-Retail adjustment and other
(0.210
)
(0.097
)
116.5
%
Total Worldwide Brand Volume
15.068
15.547
(3.1
)%
The reported percent change in the above table are presented as (unfavorable) favorable to total brand volume.
(1)
Includes gross inter-segment volumes which are eliminated in the consolidated totals.
Worldwide brand volume (or "brand volume" when discussed by segment) reflects owned or actively managed brands sold to unrelated external customers within our geographic markets (net of returns and allowances), royalty volume and our proportionate share of equity investment worldwide brand volume calculated consistently with MCBC owned volume. Financial volume represents owned or actively managed brands sold to unrelated external customers within our geographic markets, net of returns and allowances as well as contract brewing, wholesale non-owned brand volume and company-owned distribution volume. Contract brewing and wholesale/factored volume is included within financial volume, but is removed from worldwide brand volume, as this is non-owned volume for which we do not directly control performance. Factored volume in our EMEA&APAC segment represents the distribution of beer, wine, spirits and other products owned and produced by other companies to the on-premise channel such as bars and restaurants, which is a common arrangement in the U.K. Royalty volume consists of our brands produced and sold by third parties under various license and contract brewing agreements and, because this is owned volume, it is included in worldwide brand volume. Our worldwide brand volume definition also includes an adjustment from Sales-to-Wholesaler ("STW") volume to Sales-to-Retailer ("STR") volume. We believe the brand volume metric is important because, unlike financial volume and STWs, it provides the closest indication of the performance of our brands in relation to market and competitor sales trends.
We also utilize net sales per hectoliter and COGS per hectoliter, as well as the year over year changes in this metric, as a key metric for analyzing our results. These metrics are calculated as net sales and COGS per our consolidated statements of operations divided by financial volume for the respective period. We believe these metrics are important and useful for investors and management because it provides an indication of the trends of price and sales mix on our net sales and the trends of mix and other cost impacts on our COGS.
NON-GAAP MEASURES AND RECONCILIATIONS
Use of Non-GAAP Measures
In addition to financial measures presented on the basis of accounting principles generally accepted in the U.S. (“U.S. GAAP”), we also use non-GAAP financial measures, as listed and defined below, for operational and financial decision making and to assess Company and segment business performance. These non-GAAP measures should be viewed as supplements to (not substitutes for) our results of operations presented under U.S. GAAP. We have provided reconciliations of all historical non-GAAP measures to their nearest U.S. GAAP measure and have consistently applied the adjustments within our reconciliations in arriving at each non-GAAP measure.
Our management uses these metrics to assist in comparing performance from period to period on a consistent basis; as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; in communications with the Board of Directors, stockholders, analysts and investors concerning our financial performance; as useful comparisons to the performance of our competitors; and as metrics of certain management incentive compensation calculations. We believe these measures are used by, and are useful to, investors and other users of our financial statements in evaluating our operating performance.
Underlying Income (Loss) before Income Taxes (Closest GAAP Metric: Income (Loss) Before Income Taxes) –Measure of the Company’s or segment's income (loss) before income taxes excluding the impact of certain non-GAAP adjustment items from our U.S. GAAP financial statements. Non-GAAP adjustment items include goodwill and other intangible and tangible asset impairments, certain restructuring and integration related costs, unrealized mark-to-market gains and losses, adjustments to the redemption value of mandatorily redeemable noncontrolling interests, potential or incurred losses related to certain litigation accruals and settlements, impacts of settlement charges related to annuity purchases and gains and losses on sales of non-operating assets, among other items included in our U.S. GAAP results that warrant adjustment to arrive at non-GAAP results (collectively, "Non-GAAP adjustment items"). We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective, involve significant management judgment and can vary substantially from company to company.
Underlying COGS (Closest GAAP Metric: COGS) – Measure of the Company’s COGS adjusted to exclude non-GAAP adjustment items (as defined above). Non-GAAP adjustment items include, among other items, unrealized mark-to-market gains and losses on our commodity derivative instruments, which are economic hedges, and are recorded through COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivatives without the resulting unrealized mark-to-market volatility.
We also use underlying COGS per hectoliter, as well as the year over year change in such metric, as a key metric for analyzing our results. This metric is calculated as underlying COGS divided by financial volume for the respective period.
Underlying MG&A (Closest GAAP Metric: MG&A) – Measure of the Company’s MG&A expense excluding the impact of certain non-GAAP adjustment items (as defined above).
Underlying net income (loss) attributable to MCBC (Closest GAAP Metric: Net income (loss) attributable to MCBC) – Measure of net income (loss) attributable to MCBC excluding the impact of income (loss) before income tax non-GAAP adjustment items (as defined above), adjustments to the carrying value of redeemable noncontrolling interests resulting from subsequent changes in the redemption value of such interests, the related tax effects of non-GAAP adjustment items and certain other discrete tax items.
Underlying net income (loss) attributable to MCBC per diluted share (also referred to as Underlying Diluted Earnings per Share) (Closest GAAP Metric: Net income (loss) attributable to MCBC per diluted share) – Measure of underlying net income (loss) attributable to MCBC (as defined above) per diluted share. If applicable, a reported net loss attributable to MCBC per diluted share is calculated using the basic share count due to dilutive shares being antidilutive. If underlying net income (loss) attributable to MCBC becomes income excluding the impact of our non-GAAP adjustment items, we include the incremental dilutive shares, using the treasury stock method, into the dilutive shares outstanding.
Underlying effective tax rate (Closest GAAP Metric: Effective Tax Rate) – Measure of the Company’s effective tax rate excluding the related tax impact of pre-tax non-GAAP adjustment items (as defined above) and certain other discrete tax items. Discrete tax items include certain significant tax audit and prior year reserve adjustments, impact of significant tax legislation and tax rate changes and significant non-recurring and period specific tax items.
Underlying free cash flow (Closest GAAP Metric: Net Cash Provided by (Used in) Operating Activities) – Measure of the Company’s operating cash flow calculated as Net Cash Provided by (Used In) Operating Activities less Additions to property, plant and equipment and excluding the pre-tax cash flow impact of certain non-GAAP adjustment items (as defined above). We consider underlying free cash flow an important measure of our ability to generate cash, grow our business and enhance shareholder value, driven by core operations and after adjusting for non-GAAP adjustment items, which can vary substantially from company to company depending upon accounting methods, book value of assets and capital structure.
Underlying depreciation and amortization (Closest GAAP Metric: Depreciation & Amortization) – Measure of the Company’s depreciation and amortization excluding the impact of non-GAAP adjustment items (as defined above). These adjustments primarily consist of accelerated depreciation or amortization taken related to the Company’s strategic exit or restructuring activities.
Net debt and net debt to underlying earnings before interest, taxes, depreciation, and amortization ("underlying EBITDA") (Closest GAAP Metrics: Cash, Debt, & Net Income (Loss)) – Measure of the Company’s leverage calculated as net debt (defined as current portion of long-term debt and short-term borrowings plus long-term debt less cash and cash equivalents) divided by the trailing twelve month underlying EBITDA. Underlying EBITDA is calculated as Net income (loss) excluding Interest expense (income), net, Income tax expense (benefit), depreciation and amortization and the impact of non-GAAP adjustment items (as defined above). Effective January 1, 2025, on a prospective basis, Underlying EBITDA excludes amortization of cloud-based software implementation costs. This measure is not the same as the Company’s maximum leverage ratio as defined under its revolving credit facility, which allows for other adjustments in the calculation of net debt to EBITDA.
Constant currency - Constant currency is a non-GAAP measure utilized to measure performance, excluding the impact of translational and certain transactional foreign currency movements, and is intended to be indicative of results in local currency. As we operate in various foreign countries where the local currency may strengthen or weaken significantly versus the U.S. dollar or other currencies used in operations, we utilize a constant currency measure as an additional metric to evaluate the underlying performance of each business without consideration of foreign currency movements. We present all percentage changes for net sales, underlying COGS, underlying MG&A and underlying income (loss) before income taxes in constant currency and calculate the impact of foreign exchange by translating our current period local currency results (that also include the impact of the comparable prior period currency hedging activities) at the average exchange rates during the respective period throughout the year used to translate the financial statements in the comparable prior year period. The result is the current period results in U.S. dollars, as if foreign exchange rates had not changed from the prior year period. Additionally, we exclude any transactional foreign currency impacts, reported within the other non-operating income (expense), net line item, from our current period results.
Our guidance or long-term targets for any of the measures noted above are also non-GAAP financial measures that exclude or otherwise have been adjusted for non-GAAP adjustment items from our U.S. GAAP financial statements. When we provide guidance or long-term targets for any of the various non-GAAP metrics described above, we do not provide reconciliations of the U.S. GAAP measures as we are unable to predict with a reasonable degree of certainty the actual impact of the non-GAAP adjustment items. By their very nature, non-GAAP adjustment items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our Company and its financial results. Therefore, we are unable to provide a reconciliation of these measures without unreasonable efforts.
RECONCILIATION TO NEAREST U.S. GAAP MEASURES
Reconciliation by Line Item
(In millions, except per share data) (Unaudited)
For the three months ended March 31, 2026
Cost of goods
sold
Marketing,
general and
administrative
expenses
Income (loss)
before income
taxes
Net income
(loss) attributable
to MCBC
Diluted earnings
per share
Reported (U.S. GAAP)
$
(1,453.9
)
$
(610.0
)
$
194.7
$
151.3
$
0.80
Non-GAAP adjustments (pre-tax)
Restructuring(1)
—
—
31.1
31.1
0.16
(Gains) and losses on disposals and other operating expenses (income)
—
—
1.0
1.0
0.01
Unrealized mark-to-market (gains) losses
(89.2
)
—
(89.2
)
(89.2
)
(0.47
)
Other items(2)
—
—
10.3
10.3
0.05
Tax effect of non-GAAP adjustments and other discrete tax items
—
—
—
11.2
0.06
Redeemable noncontrolling interest adjustments
—
—
—
1.8
0.01
Underlying (Non-GAAP)
$
(1,543.1
)
$
(610.0
)
$
147.9
$
117.5
0.62
(1)
During the fourth quarter of 2025, we announced the Americas Restructuring Plan designed to create a leaner, more agile Americas segment while advancing our ability to reinvest in the business and position us for future growth. The plan resulted in $4.4 million of employee-related charges recorded during the three months ended March 31, 2026. The cumulative restructuring charges recorded through March 31, 2026 related to the Americas Restructuring Plan were $33.1 million. These actions are substantially complete and any remaining future charges are expected to be immaterial.
During the three months ended March 31, 2026, we committed to various restructuring actions in the EMEA&APAC segment, including the closure of a small brewery in the U.K. by the end of 2026, alongside other operational changes designed to unlock efficiencies as well as modernize and simplify the segment to fund growth. During the three months ended March 31, 2026, we recorded employee-related charges and accelerated depreciation in excess of normal depreciation charges of $17.5 million related to these actions. We anticipate additional charges related to these committed actions to be approximately $10 million to $15 million, with the majority of these charges to be recorded during the remainder of 2026.
During the three months ended March 31, 2026, we also committed to various cost savings actions designed to optimize our supply chain within the Americas segment which resulted in restructuring charges including accelerated depreciation in excess of normal depreciation charges of $6.5 million. We anticipate additional charges related to these committed actions to be approximately $15 million to $20 million, with the majority of these charges to be recorded in 2026 and 2027.
(2)
During the first quarter of 2025, our Americas segment made an investment in Fevertree Drinks plc and hold a minority interest. During the three months ended March 31, 2026, we recorded an unrealized loss of $10.4 million resulting from the change in the fair value of the investment.
(In millions, except per share data) (Unaudited)
For the three months ended March 31, 2025
Cost of goods
sold
Marketing,
general and
administrative
expenses
Income (loss)
before income
taxes
Net income
(loss) attributable
to MCBC
Diluted earnings
per share
Reported (U.S. GAAP)
$
(1,453.2
)
$
(653.2
)
$
156.3
$
121.0
$
0.59
Non-GAAP adjustments (pre-tax)
Restructuring(1)
—
—
19.4
19.4
0.10
Unrealized mark-to-market (gains) losses
(18.7
)
—
(18.7
)
(18.7
)
(0.09
)
Other items(2)
—
(0.1
)
(25.9
)
(25.9
)
(0.13
)
Tax effect of non-GAAP adjustments and other discrete tax items
—
—
—
5.9
0.03
Underlying (Non-GAAP)
$
(1,471.9
)
$
(653.3
)
$
131.1
$
101.7
$
0.50
(1)
During the third quarter of 2024, we made the decision to wind down or sell certain U.S. craft businesses and related facilities within the Americas segment. As a result, we recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation of $17.9 million for the three months ended March 31, 2025.
(2)
During the first quarter of 2025, our Americas segment made an investment in Fevertree Drinks plc and we hold a minority interest. As a result, we recorded an unrealized gain of $25.7 million resulting from the change in the fair value of the investment during the three months ended March 31, 2025.
Reconciliation to Underlying (Non-GAAP) Income (Loss) Before Income Taxes by Segment
(In millions) (Unaudited)
For the three months ended March 31, 2026
Americas
EMEA&APAC
Unallocated
Consolidated
U.S. GAAP Income (loss) before income taxes
$
207.4
$
(51.7
)
$
39.0
$
194.7
Cost of goods sold(1)
—
—
(89.2
)
(89.2
)
Marketing, general & administrative
—
—
—
—
Other non-GAAP adjustment items(2)
23.4
19.0
—
42.4
Total non-GAAP adjustment items
$
23.4
$
19.0
$
(89.2
)
$
(46.8
)
Underlying (Non-GAAP) income (loss) before income taxes
$
230.8
$
(32.7
)
$
(50.2
)
$
147.9
(In millions) (Unaudited)
For the three months ended March 31, 2025
Americas
EMEA&APAC
Unallocated
Consolidated
U.S. GAAP Income (loss) before income taxes
$
209.3
$
(19.2
)
$
(33.8
)
$
156.3
Cost of goods sold(1)
—
—
(18.7
)
(18.7
)
Marketing, general & administrative
(0.1
)
—
—
(0.1
)
Other non-GAAP adjustment items(2)
(6.4
)
—
—
(6.4
)
Total non-GAAP adjustment items
$
(6.5
)
$
—
$
(18.7
)
$
(25.2
)
Underlying (Non-GAAP) income (loss) before income taxes
$
202.8
$
(19.2
)
$
(52.5
)
$
131.1
(1)
Reflects changes in our mark-to-market positions on our derivative hedges recorded as COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility.
(2)
See the Reconciliations by Line Item table for further information on our non-GAAP adjustments.
Underlying (Non-GAAP) Depreciation and Amortization Reconciliation
(In millions) (Unaudited)
For the three months ended
March 31, 2026
March 31, 2025
U.S. GAAP depreciation and amortization
$
(185.7
)
$
(180.3
)
Accelerated depreciation(1)
9.0
17.9
Underlying (Non-GAAP) depreciation and amortization
$
(176.7
)
$
(162.4
)
(1)
The accelerated depreciation in excess of normal depreciation of $9.0 million recorded for the three months ended March 31, 2026 was primarily due to various cost savings actions designed to optimize our supply chain within our Americas segment as well as various restructuring actions committed to in our EMEA&APAC segment. The accelerated depreciation in excess of normal depreciation of $17.9 million recorded for the three months ended March 31, 2025 was primarily a result of a third quarter of 2024 decision to wind down or sell certain of our U.S. craft businesses and related facilities within the Americas segment.
Underlying (Non-GAAP) Free Cash Flow
(In millions) (Unaudited)
For the three months ended
March 31, 2026
March 31, 2025
U.S. GAAP Net Cash Provided by (Used In) Operating Activities
$
2.5
$
(90.7
)
Additions to property, plant and equipment, net(1)
(231.7
)
(237.3
)
Cash impact of non-GAAP adjustment items(2)
16.3
63.4
Underlying (Non-GAAP) Free Cash Flow
(212.9
)
$
(264.6
)
(1)
Included in net cash provided by (used in) investing activities.
(2)
Includes payments made for restructuring activities for the three months ended March 31, 2026 and March 31, 2025 as well as a $60.6 million payment as final resolution of the Keystone litigation case during the three months ended March 31, 2025.
Net Debt (Non-GAAP) and Net Debt (Non-GAAP) to Underlying (Non-GAAP) EBITDA Ratio
(In millions except net debt (Non-GAAP) to underlying (Non-GAAP) EBITDA ratio) (Unaudited)
As of
March 31, 2026
March 31, 2025
U.S. GAAP Current portion of long-term debt and short-term borrowings
$
2,423.4
$
83.2
Add: Long-term debt
3,848.5
6,154.6
Less: Cash and cash equivalents
382.6
412.7
Net debt (Non-GAAP)
5,889.3
5,825.1
Q1 Underlying EBITDA
386.0
353.3
Q4 Underlying EBITDA
532.7
558.5
Q3 Underlying EBITDA
665.4
692.3
Q2 Underlying EBITDA
763.9
750.1
Underlying (Non-GAAP) EBITDA(1)
$
2,348.0
$
2,354.2
Net debt (Non-GAAP) to underlying (Non-GAAP) EBITDA ratio
2.51
2.47
(1)
Represents underlying EBITDA on a trailing twelve month basis.
Underlying (Non-GAAP) EBITDA Reconciliation
($ in millions) (Unaudited)
For the three months ended
March 31, 2026
March 31, 2025
U.S. GAAP Net income (loss)
$
150.1
$
123.1
Interest expense (income), net
57.6
56.6
Income tax expense (benefit)
44.6
33.2
Depreciation and amortization
185.7
180.3
Amortization of cloud computing arrangements
3.8
3.2
Non-GAAP adjustments to arrive at underlying (non-GAAP) EBITDA(1)
(55.8
)
(43.1
)
Underlying (Non-GAAP) EBITDA
$
386.0
$
353.3
(1)
Includes pre-tax non-GAAP adjustments to Net income (loss) as described in other non-GAAP reconciliation tables above excluding non-GAAP adjustments to interest expense (income), net, and depreciation and amortization. See the (i) Reconciliations to Nearest U.S. GAAP Measures by Line Item and (ii) Underlying Depreciation and Amortization Reconciliation tables for further information on our non-GAAP adjustments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260430385531/en/
Investor Relations
Greg Tierney, MCBCInvestorRelations@molsoncoors.com
News Media
Rachel Gellman Johnson, press@molsoncoors.com
Original: Molson Coors Beverage Company Reports 2026 First Quarter Results
US Market News
5 months ago
Molson Coors Beverage Company Reports 2025 Fourth Quarter and Full Year ResultsFebruary 18, 2026 4:05 PM
Business Wire
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 fourth quarter and full year.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260218575314/en/
2025 FOURTH QUARTER FINANCIAL HIGHLIGHTS1
Net sales decreased 2.7% reported and 4.0% in constant currency.
U.S. GAAP income before income taxes decreased 23.1% to $266.3 million.
Underlying (Non-GAAP) income before income taxes was $296.8 million, a decrease of 13.8% in constant currency.
U.S. GAAP net income attributable to MCBC of $238.3 million, $1.22 income per share on a diluted basis. Underlying (Non-GAAP) diluted income per share of $1.21 decreased 6.9%.
2025 FULL YEAR FINANCIAL HIGHLIGHTS1
Net sales decreased 4.2% reported and 4.8% in constant currency.
U.S. GAAP loss before income taxes of $2,518.0 million decreased $4,021.0 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 recorded in the third quarter of 2025.
Underlying (Non-GAAP) income before income taxes was $1,385.4 million, a decrease of 14.7% in constant currency.
U.S. GAAP net loss attributable to MCBC of $2,139.6 million, $10.75 loss per share on a diluted basis. Underlying (Non-GAAP) diluted income per share of $5.42 decreased 9.1%.
Net cash provided by operating activities of $1,784.4 million and Underlying (Non-GAAP) Free Cash Flow of $1,141.4 million.
1
See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
CEO AND CFO PERSPECTIVES
Rahul Goyal, President and Chief Executive Officer Statement:
“Despite a number of macroeconomic issues impacting our industry and our category, we navigated a tough year to protect and deliver on our revised bottom-line expectations while narrowly missing our top-line guidance. We have a solid platform with our brands, infrastructure and people, and a strong balance sheet to weather this macro volatility. We made the necessary difficult decisions in our business to course correct and set ourselves up for the future. Our iconic brands resonate with consumers, and we are excited about our plans to unite people around our portfolio."
Tracey Joubert, Chief Financial Officer Statement:
“We are proud of our resilience and the financial discipline we delivered amidst a tough 2025 macro environment, with challenging industry dynamics and rising commodity input costs pressuring our bottom-line results. While we expect our top-line trends to improve in 2026, we expect commodity inflation in particular to be a meaningful headwind in 2026, which we do not believe is reflective of longer-term performance. Our balance sheet remains strong, with our net debt to underlying EBITDA ratio below our target of 2.5 times. Our solid cash generation has allowed us to return cash to shareholders via a growing dividend and share repurchase program, while investing in our brands and capabilities to position us well for future growth."
CONSOLIDATED PERFORMANCE - FOURTH QUARTER AND FULL YEAR 2025
For the three months ended
($ in millions, except per share data)
(Unaudited)
December 31, 2025
December 31, 2024
Reported Increase (Decrease)
Foreign Exchange Impact
Constant Currency Increase (Decrease)(1)
Net sales
$
2,662.4
$
2,735.6
(2.7
)%
$
35.4
(4.0
)%
U.S. GAAP income (loss) before income taxes
$
266.3
$
346.3
(23.1
)%
$
2.4
(23.8
)%
Underlying income (loss) before income taxes(1)
$
296.8
$
341.0
(13.0
)%
$
2.8
(13.8
)%
U.S. GAAP net income (loss)(2)
$
238.3
$
287.8
(17.2
)%
Per diluted share
$
1.22
$
1.39
(12.2
)%
Underlying net income (loss)(1)
$
237.2
$
268.6
(11.7
)%
Per diluted share
$
1.21
$
1.30
(6.9
)%
Financial volume(3)
17.146
18.585
(7.7
)%
Brand volume(3)
18.028
18.870
(4.5
)%
For the years ended
($ in millions, except per share data)
(Unaudited)
December 31, 2025
December 31, 2024
Reported Increase (Decrease)
Foreign Exchange Impact
Constant Currency Increase (Decrease)(1)
Net sales
$
11,140.8
$
11,627.0
(4.2
)%
$
77.6
(4.8
)%
U.S. GAAP income (loss) before income taxes
$
(2,518.0
)
$
1,503.0
N/M
$
(2.5
)
N/M
Underlying income (loss) before income taxes(1)
$
1,385.4
$
1,610.5
(14.0
)%
$
11.4
(14.7
)%
U.S. GAAP net income (loss)(2)
$
(2,139.6
)
$
1,122.4
N/M
Per diluted share
$
(10.75
)
$
5.35
N/M
Underlying net income (loss)(1)
$
1,082.0
$
1,250.0
(13.4
)%
Per diluted share(4)
$
5.42
$
5.96
(9.1
)%
Financial volume(3)
72.810
79.618
(8.6
)%
Brand volume(3)
74.553
78.816
(5.4
)%
N/M = Not meaningful
(1)
Represents income (loss) before income taxes and net income (loss) attributable to MCBC adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
(2)
Net income (loss) attributable to MCBC.
(3)
See Worldwide and Segment Brand and Financial Volume in the Appendix for definitions of financial volume and brand volume as well as the reconciliation from financial volume to brand volume. Volume presented in millions of hectoliters.
(4)
Underlying net income (loss) attributable to MCBC per diluted share for the year ended December 31, 2025, was based on diluted shares of 199.8 million. The underlying diluted share count includes incremental dilutive shares, using the treasury stock method, which are added to average shares outstanding.
QUARTERLY CONSOLIDATED HIGHLIGHTS (VERSUS FOURTH QUARTER 2024 RESULTS)
Net sales: The following table highlights the drivers of the change in net sales for the three months ended December 31, 2025, compared to December 31, 2024 (in percentages):
Net Sales Drivers (unaudited)
Financial volume
(7.7
)%
Price and sales mix
3.7
%
Currency
1.3
%
Total consolidated net sales
(2.7
)%
Net sales decreased 2.7%, driven by lower financial volume, partially offset by favorable price and sales mix and favorable foreign currency impacts. Net sales decreased 4.0% in constant currency.
Financial volumes decreased 7.7%, due to lower shipments in both the Americas and EMEA&APAC segments. Brand volumes decreased 4.5%, including a 4.3% 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 3.7%, primarily due to favorable sales mix and increased net pricing. Net sales per hectoliter increased 5.5% reported and 4.1% on a constant currency basis.
Cost of goods sold ("COGS"): decreased 0.2% on a reported basis, primarily due to lower financial volume, partially offset by higher cost of goods sold per hectoliter including the unfavorable foreign currency impact of $23.5 million.
COGS per hectoliter: increased 8.1% on a reported basis, primarily due to unfavorable mix driven by premiumization and lower contract brewing volume in the Americas segment, cost inflation related to materials and manufacturing expenses including an approximate $20 million unfavorable impact to COGS attributable to Midwest Premium pricing which is a surcharge added to the base price of aluminum, intended to reflect the cost of delivering aluminum in the U.S., volume deleverage and unfavorable foreign currency impact, partially offset by cost savings initiatives.
Underlying (Non-GAAP) COGS per hectoliter: increased 6.6% in constant currency primarily due to unfavorable mix, cost inflation related to materials and manufacturing expenses including an approximate $20 million unfavorable impact to COGS attributable to Midwest Premium pricing as well as volume deleverage, partially offset by cost savings initiatives.
Marketing, general & administrative ("MG&A"): decreased 6.0% on a reported basis, primarily due to lower short-term incentive compensation expense of approximately $30 million, partially offset by the unfavorable foreign currency impact of $10.0 million as well as costs incurred related to our global modernization enterprise resource planning ("ERP") system implementation project. Underlying (Non-GAAP) MG&A: decreased 7.5% in constant currency.
Other operating income (expense), net: Other operating expense, net increased $29.0 million on a reported basis, primarily due to the cycling of a $77.9 million gain recognized upon the consolidation of ZOA in the fourth quarter of 2024 and restructuring charges of $28.7 million related to the Americas Restructuring Plan (as described in more detail herein), partially offset by the cycling of prior year restructuring charges related to the exit of certain U.S. craft businesses including accelerated depreciation charges in excess of normal depreciation of $83.7 million.
U.S. GAAP income (loss) before income taxes: U.S. GAAP income before income taxes decreased 23.1% on a reported basis, primarily due to lower financial volume, cost inflation related to materials and manufacturing expenses including an approximate $20 million unfavorable impact attributable to Midwest Premium pricing as well as higher other operating expense, net, partially offset by lower MG&A expenses and increased net pricing.
Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes declined 13.8% in constant currency, primarily due to lower financial volume and cost inflation related to materials and manufacturing expenses including an approximate $20 million unfavorable impact attributable to Midwest Premium pricing, partially offset by lower MG&A expenses and increased net pricing.
Net (income) loss attributable to Noncontrolling Interests ("NCI"): Net loss attributable to NCI increased by $34.9 million for the quarter ended December 31, 2025, from income of $5.9 million in the prior year primarily due to the changes in redemption value of certain of our redeemable NCI.
Net income (loss) attributable to MCBC per diluted share: Net income attributable to MCBC per diluted share decreased 12.2% primarily due to lower U.S. GAAP income before income taxes and a higher effective tax rate partially offset by an increase in net loss attributable to NCI and lower weighted-average diluted shares outstanding driven by share repurchases.
Underlying (Non-GAAP) net income (loss) attributable to MCBC per diluted share: Underlying net income attributable to MCBC per diluted share decreased 6.9% primarily due to lower underlying income before income taxes and a higher underlying effective tax rate, partially offset by lower weighted-average shares outstanding driven by share repurchases and an increase in net loss attributable to NCI.
QUARTERLY SEGMENT HIGHLIGHTS (VERSUS FOURTH QUARTER 2024 RESULTS)
Americas Segment Overview
The following table highlights the Americas segment results for the three months and year ended December 31, 2025 compared to December 31, 2024.
For the three months ended
($ in millions) (Unaudited)
December 31,
2025
December 31, 2024
Reported % Change
FX Impact
Constant Currency % Change (2)
Net sales(1)
$
2,066.2
$
2,173.9
(5.0
)%
$
1.0
(5.0
)%
Income (loss) before income taxes(1)
$
254.3
$
361.8
(29.7
)%
$
0.2
(29.8
)%
Underlying income (loss) before income taxes (1)(2)
$
293.2
$
362.0
(19.0
)%
$
0.4
(19.1
)%
For the years ended
($ in millions) (Unaudited)
December 31,
2025
December 31, 2024
Reported % Change
FX Impact
Constant Currency % Change (2)
Net sales(1)
$
8,712.8
$
9,240.2
(5.7
)%
$
(21.4
)
(5.5
)%
Income (loss) before income taxes(1)
$
(2,343.6
)
$
1,523.3
N/M
$
—
N/M
Underlying income (loss) before income taxes (1)(2)
$
1,398.0
$
1,590.3
(12.1
)%
$
(1.6
)
(12.0
)%
N/M = Not meaningful
The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.
(1)
Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.
(2)
Represents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
Americas Segment Highlights (Versus Fourth Quarter 2024 Results)
Net sales: The following table highlights the drivers of the change in net sales for the three months ended December 31, 2025 compared to December 31, 2024 (in percentages):
Net Sales Drivers (unaudited)
Financial volume
(8.5
)%
Price and sales mix
3.5
%
Currency
—
%
Total Americas net sales
(5.0
)%
Net sales decreased 5.0%, driven by lower financial volume, partially offset by favorable price and sales mix.
Financial volumes decreased 8.5%, primarily due to lower brand volume, an approximate 2% impact from lower contract brewing volume resulting from the exit of contract brewing arrangements in the U.S. and Canada as well as an approximate 2% impact in lower shipments resulting in lower U.S. distributor inventories. Americas brand volumes decreased 4.3%, including a 5.1% decrease in U.S. brand volumes driven by the macroeconomic environment resulting in industry softness as well as lower share performance, mainly in the above premium and premium segments.
Price and sales mix favorably impacted net sales by 3.5%, primarily due to increased net pricing, sales mix as a result of lower contract brewing volume and positive brand mix.
U.S. GAAP income (loss) before income taxes: U.S. GAAP income before income taxes declined 29.7% on a reported basis, primarily due to lower financial volume, cost inflation related to materials and manufacturing expenses including an approximate $20 million unfavorable impact attributable to Midwest Premium pricing as well as higher other operating expense, net and costs incurred related to our global modernization ERP system implementation project, partially offset by cost savings initiatives, increased net pricing, lower MG&A expenses driven by lower short-term incentive compensation expense of approximately $20 million and favorable mix. Higher other operating expense, net was driven by the cycling of a $77.9 million gain recognized upon the consolidation of ZOA in the prior year and restructuring charges of $28.7 million related to the Americas Restructuring Plan, partially offset by the cycling of prior year restructuring charges related to the exit of certain U.S. craft businesses including accelerated depreciation charges in excess of normal depreciation of $83.7 million.
Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes declined 19.1% in constant currency, primarily due to lower financial volume and cost inflation related to materials and manufacturing expenses including an approximate $20 million unfavorable impact attributable to Midwest Premium pricing as well as costs incurred related to our global modernization ERP system implementation project, partially offset by cost savings initiatives, increased net pricing, lower MG&A expenses driven by lower short-term incentive compensation expense of approximately $20 million and favorable mix.
EMEA&APAC Segment Overview
The following table highlights the EMEA&APAC segment results for the three months and year ended December 31, 2025 compared to December 31, 2024.
For the three months ended
($ in millions) (Unaudited)
December 31, 2025
December 31, 2024
Reported % Change
FX Impact
Constant Currency % Change (2)
Net sales(1)
$
603.5
$
568.7
6.1
%
$
34.4
0.1
%
Income (loss) before income taxes(1)
$
51.7
$
23.5
120.0
%
$
2.6
108.9
%
Underlying income (loss) before income taxes (1)(2)
$
54.8
$
24.2
126.4
%
$
2.9
114.5
%
For the years ended
($ in millions) (Unaudited)
December 31, 2025
December 31, 2024
Reported % Change
FX Impact
Constant Currency % Change (2)
Net sales(1)
$
2,455.7
$
2,411.1
1.8
%
$
99.0
(2.3
)%
Income (loss) before income taxes(1)
$
(13.1
)
$
145.3
N/M
$
1.3
N/M
Underlying income (loss) before income taxes (1)(2)
$
197.2
$
185.9
6.1
%
$
16.8
(3.0
)%
N/M = Not meaningful
The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.
(1)
Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.
(2)
Represents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
EMEA&APAC Segment Highlights (Versus Fourth Quarter 2024 Results)
Net sales: The following table highlights the drivers of the change in net sales for the three months ended December 31, 2025 compared to December 31, 2024 (in percentages):
Net Sales Drivers (unaudited)
Financial volume
(5.4
)%
Price and sales mix
5.5
%
Currency
6.0
%
Total EMEA&APAC net sales
6.1
%
Net sales increased 6.1% driven by favorable foreign currency impacts as well as favorable price and sales mix, partially offset by lower financial volume. Net sales increased 0.1% in constant currency.
Financial and brand volume decreased 5.4% 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 5.5%, primarily due to higher factored brand volume, premiumization and increased net pricing. Net sales per hectoliter increased 12.2% reported and 5.8% on a constant currency basis.
Foreign currency favorably impacted net sales by 6.0%, primarily due to weakening of the USD compared to the Great British Pound ("GBP"), Euro ("EUR") and Czech Koruna ("CZK").
U.S. GAAP income (loss) before income taxes: U.S. GAAP income before income taxes increased 120.0% on a reported basis, primarily due to lower MG&A expenses as a result of lower short-term incentive compensation expense of approximately $10 million and targeted cost reductions as well as increased net pricing, partially offset by lower financial volume.
Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes increased 114.5% in constant currency, primarily due to lower MG&A expenses as a result of lower short-term incentive compensation expense of approximately $10 million and targeted cost reductions as well as increased net pricing, partially offset by lower financial volume.
FULL YEAR CONSOLIDATED HIGHLIGHTS (VERSUS 2024 RESULTS)
Net sales: The following table highlights the drivers of the change in net sales for the year ended December 31, 2025 compared to December 31, 2024 (in percentages):
Net Sales Drivers (unaudited)
Financial volume
(8.6
)%
Price and sales mix
3.8
%
Currency
0.6
%
Total net sales
(4.2
)%
Net sales decreased 4.2% driven by lower financial volume, partially offset by favorable price and sales mix and favorable foreign currency impacts. Net sales decreased 4.8% in constant currency.
Financial volume decreased 8.6%, primarily due to lower shipments in the Americas segment attributable to the macroeconomic environment resulting in industry softness and lower U.S. share performance as well as lower shipments in the EMEA&APAC segment. Brand volume decreased 5.4%, including a 4.9% decrease in the Americas segment as well as a 6.7% decrease in the EMEA&APAC segment.
Price and sales mix favorably impacted net sales by 3.8%, primarily due to favorable sales mix and increased net pricing in both segments. Americas favorable sales mix was primarily driven by lower contract brewing volume and positive brand mix.
COGS: decreased 3.2% on a reported basis, primarily due to lower financial volume, partially offset by higher cost of goods sold per hectoliter including the unfavorable foreign currency impact of $50.1 million. Unfavorable foreign currency impact was primarily driven by the weakening of the USD to the GBP, EUR and CZK, partially offset by the strengthening of the USD to the Canadian Dollar ("CAD"). COGS per hectoliter: increased 5.8% on a reported basis, primarily due to unfavorable mix driven by lower contract brewing volume in the Americas segment and premiumization, volume deleverage, cost inflation related to materials and manufacturing expenses including an approximate $35 million unfavorable impact to COGS attributable to Midwest Premium pricing as well as unfavorable foreign currency impact, partially offset by cost savings initiatives. Underlying (Non-GAAP) COGS per hectoliter: increased 5.2% in constant currency, primarily due to unfavorable mix driven by lower contract brewing volume in the Americas segment and premiumization, volume deleverage, cost inflation related to materials and manufacturing expenses including an approximate $35 million unfavorable impact to COGS attributable to Midwest Premium pricing, partially offset by cost savings initiatives.
MG&A: decreased 2.7% on a reported basis primarily due to lower short-term incentive compensation expense of approximately $70 million and lower marketing investment, partially offset by approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition which will be recoverable through net sales over the next 3 years which started in the second quarter of 2025 and costs incurred related to our global modernization ERP system implementation project. Underlying (Non-GAAP) MG&A: decreased 3.2% 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 $269.9 million on a reported basis, primarily due to intangible asset impairments of $273.9 million, the cycling of a $77.9 million gain recognized upon the consolidation of ZOA in the fourth quarter of 2024 and restructuring charges of $28.7 million related to the Americas Restructuring Plan, 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.
U.S. GAAP income (loss) before income taxes: U.S. GAAP loss before income taxes of $2,518.0 million declined $4,021.0 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, lower financial volume, higher other operating expense, net, cost inflation related to materials and manufacturing expenses including an approximate $35 million unfavorable impact attributable to Midwest Premium pricing, partially offset by increased net pricing, favorable mix, cost savings initiatives, lower MG&A expenses, 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 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 and the favorable unrealized fair value adjustment of the investment in Fevertree Drinks plc.
Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes declined 14.7% in constant currency primarily due to lower financial volume, cost inflation related to materials and manufacturing expenses including an approximate $35 million unfavorable impact attributable to Midwest Premium pricing, partially offset by increased net pricing, favorable mix, cost savings initiatives and lower MG&A expenses.
Effective Tax Rate and Underlying (Non-GAAP) Effective Tax Rate
(Unaudited)
For the years ended
December 31, 2025
December 31, 2024
U.S. GAAP Effective Tax Rate
13.4
%
23.0
%
Underlying (Non-GAAP) Effective Tax Rate(1)
22.5
%
22.5
%
(1)
See Appendix for definitions and reconciliations of non-GAAP financial measures.
Our U.S. GAAP effective tax rate decreased for the year ended December 31, 2025, compared to the prior year, primarily due to the impact of the $3,645.7 million partial goodwill impairment, a portion of which was not deductible for tax purposes. The decrease was also driven by the cycling of a $45.8 million increase in the mandatorily redeemable NCI liability of CBPL to its final redemption value, which was recorded to interest expense in the third quarter of 2024 and was nondeductible for tax purposes. These decreases were offset in part by the cycling of a $77.9 million nontaxable gain recognized upon the consolidation of ZOA in the fourth quarter of 2024.
Net (income) loss attributable to NCI: Net loss attributable to NCI of $40.6 million declined $75.9 million for the year ended December 31, 2025, from income of $35.3 million in the prior year. The current year loss was primarily related to the allocation of the Americas reporting unit goodwill impairment and the Blue Run Spirits intangible asset impairment, partially offset by redemption value adjustments. The prior year income was driven by an increase in one of our NCI to its redemption value.
Net income (loss) attributable to MCBC per diluted share: Net loss attributable to MCBC per diluted share of $10.75 declined from net income attributable to MCBC per diluted share of $5.38 primarily due to a U.S. GAAP loss before income taxes in the current year compared to U.S. GAAP income before income taxes in the prior year, partially offset by a lower effective tax rate, lower weighted-average diluted shares outstanding driven by share repurchases and an increase in net loss attributable to NCI.
Underlying (Non-GAAP) net income (loss) attributable to MCBC per diluted share: Underlying net income attributable to MCBC per diluted share decreased 9.1% primarily due to lower underlying income before income taxes partially offset by lower weighted-average shares outstanding driven by share repurchases.
CASH FLOW AND LIQUIDITY HIGHLIGHTS
U.S. GAAP cash from operations: Net cash provided by operating activities of $1,784.4 million for the year ended December 31, 2025, decreased $125.9 million compared to the prior year 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. and the favorable timing of working capital.
Underlying (Non-GAAP) free cash flow: Cash provided of $1,141.4 million for the year ended December 31, 2025 represented a decrease of $99.2 million from the prior year, primarily due to the decline in operating cash flows and higher capital expenditures.
Debt: Total debt as of December 31, 2025 was $6,299.5 million and cash and cash equivalents totaled $896.5 million, resulting in net debt of $5,403.0 million and a net debt to underlying EBITDA ratio of 2.33x. As of December 31, 2024, our net debt to underlying EBITDA ratio was 2.09x.
Dividends: We paid cash dividends of $376.3 million and $369.2 million for the years ended December 31, 2025 and December 31, 2024, respectively.
Share Repurchase Program: We paid $647.9 million and $643.4 million, including brokerage commissions, for share repurchases during the years ended December 31, 2025 and December 31, 2024, respectively. On February 9, 2026, our Company's Board of Directors approved an increase to the existing Class B common stock repurchase program by $2.0 billion, for an aggregate authorization of up to $4.0 billion, and an extension of the duration of the Class B common stock repurchase program to December 31, 2031. Including this increase, approximately $2.6 billion remains available for repurchase under the Class B common stock repurchase program as of December 31, 2025.
2026 OUTLOOK
We expect to achieve the following targets for full year 2026 despite the inherent uncertainties that exist with inflationary commodity cost pressures and a softer beer industry.
Net sales: flat, plus or minus 1% versus 2025 on a constant currency basis.
Underlying income (loss) before income taxes: decline in the range of 15% to 18% versus 2025 on a constant currency basis.
Underlying earnings per share: decline in the range of 11% to 15% versus 2025.
Capital expenditures: $650 million incurred, plus or minus 5%.
Underlying free cash flow: $1.1 billion, plus or minus 10%.
Underlying depreciation and amortization: $720 million, plus or minus 5%.
Consolidated net interest expense: $260 million, plus or minus 5%.
Underlying effective tax rate: in the range of 22% to 24% for 2026.
SUBSEQUENT EVENTS
On February 18, 2026, our Company's Board of Directors declared a quarterly dividend of $0.48 per share, to be paid on March 20, 2026, to shareholders of Class A and Class B common stock of record on March 6, 2026. Shareholders of exchangeable shares will receive the CAD equivalent of dividends earned on Class A and Class B common stock.
On February 18, 2026, our Company announced a three-year cost savings program targeting up to $450 million with savings beginning in 2026. The cost savings program, inclusive of the Americas Restructuring Plan announced in the fourth quarter of 2025, is intended to mitigate inflation impacts and enable continued investment at levels necessary to fuel our business. The savings will be driven by many areas of the business and will impact both the Americas and EMEA&APAC segments.
NOTES
Unless otherwise indicated in this release, all $ amounts are in U.S. Dollars, and all comparative results are for the Company’s fourth quarter or full year ended December 31, 2025, compared to the fourth quarter or full year ended December 31, 2024. Some numbers may not sum due to rounding.
2025 FOURTH QUARTER MATERIALS
The earnings presentation for Molson Coors Beverage Company's 2025 fourth quarter and full year results will be accessible via our website, ir.molsoncoors.com. 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 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 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," "intends," "goals," "plans," "believes," "confidence," "views," "continues," "may," "anticipate," "seek," "estimate," "outlook," "trends," "future benefits," "potential," "projects," "strategies" 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 "2026 Outlook," with respect to, among others, expectations and impacts of macroeconomic forces, beverage industry trends, cost inflation and tariffs, consumer preferences and limited consumer disposable income, overall volume and market share trends, our competitive position, execution of our strategic priorities, anticipated results, pricing trends, cost reduction strategies, including the Americas Restructuring Plan announced in October of 2025 and the expected charges and benefits of the restructuring, shipment levels and profitability, the sufficiency of capital resources, expectations for funding future capital expenditures and operations, debt service capabilities, timing and amounts of debt and leverage levels, Preserving the Planet and related environmental initiatives, effective tax rate, 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
Condensed Consolidated Statements of Operations
(In millions, except per share data) (Unaudited)
For the three months ended
For the years ended
December 31, 2025
December 31,
2024
December 31,
2025
December 31,
2024
Sales
$
3,125.8
$
3,243.6
$
13,040.3
$
13,734.3
Excise taxes
(463.4
)
(508.0
)
(1,899.5
)
(2,107.3
)
Net sales
2,662.4
2,735.6
11,140.8
11,627.0
Cost of goods sold
(1,694.1
)
(1,698.1
)
(6,866.2
)
(7,093.6
)
Gross profit
968.3
1,037.5
4,274.6
4,533.4
Marketing, general and administrative expenses
(610.9
)
(649.7
)
(2,643.9
)
(2,717.5
)
Goodwill impairment
—
—
(3,645.7
)
—
Other operating income (expense), net
(35.0
)
(6.0
)
(335.3
)
(65.4
)
Equity income (loss)
1.9
6.3
13.4
2.7
Operating income (loss)
324.3
388.1
(2,336.9
)
1,753.2
Interest income (expense), net
(56.2
)
(54.6
)
(227.3
)
(247.3
)
Other pension and postretirement benefit (cost), net
3.6
6.9
14.4
(5.0
)
Other non-operating income (expense), net
(5.4
)
5.9
31.8
2.1
Income (loss) before income taxes
266.3
346.3
(2,518.0
)
1,503.0
Income tax benefit (expense)
(57.0
)
(52.6
)
337.8
(345.3
)
Net income (loss)
209.3
293.7
(2,180.2
)
1,157.7
Net (income) loss attributable to noncontrolling interests
29.0
(5.9
)
40.6
(35.3
)
Net income (loss) attributable to MCBC
$
238.3
$
287.8
$
(2,139.6
)
$
1,122.4
Basic net income (loss) attributable to MCBC per share
$
1.22
$
1.40
$
(10.75
)
$
5.38
Diluted net income (loss) attributable to MCBC per share
$
1.22
$
1.39
$
(10.75
)
$
5.35
Weighted-average shares - basic
195.1
205.3
199.1
208.8
Weighted-average shares - diluted
195.7
206.5
199.1
209.9
Dividends per share
$
0.47
$
0.44
$
1.88
$
1.76
BALANCE SHEETS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions, except par value) (Unaudited)
As of
December 31, 2025
December 31, 2024
Assets
Current assets
Cash and cash equivalents
$
896.5
$
969.3
Trade receivables, net
703.0
693.1
Other receivables, net
187.3
149.8
Inventories, net
715.9
727.8
Other current assets, net
432.8
308.4
Total current assets
2,935.5
2,848.4
Property, plant and equipment, net
4,768.7
4,460.4
Goodwill
1,944.7
5,582.3
Other intangibles, net
11,991.1
12,195.2
Other assets
1,098.4
978.0
Total assets
$
22,738.4
$
26,064.3
Liabilities and equity
Current liabilities
Accounts payable and other current liabilities
$
2,876.7
$
3,013.0
Current portion of long-term debt and short-term borrowings
2,434.1
32.2
Total current liabilities
5,310.8
3,045.2
Long-term debt
3,865.4
6,113.9
Pension and postretirement benefits
427.1
416.7
Deferred tax liabilities
2,284.7
2,733.4
Other liabilities
307.7
302.4
Total liabilities
12,195.7
12,611.6
Redeemable noncontrolling interest
115.6
168.5
Molson Coors Beverage Company stockholders' equity
Capital stock
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued)
—
—
Class A common stock, $0.01 par value (authorized: 500.0 shares; issued: 2.6 shares and 2.6 shares, respectively)
—
—
Class B common stock, $0.01 par value (authorized: 500.0 shares; issued: 216.1 shares and 215.5 shares, respectively)
2.2
2.1
Class A exchangeable shares, no par value (issued: 2.7 shares and 2.7 shares, respectively)
100.8
100.8
Class B exchangeable shares, no par value (issued: 7.1 shares and 7.2 shares, respectively)
266.9
271.1
Paid-in capital
7,247.2
7,223.6
Retained earnings
5,723.7
8,238.0
Accumulated other comprehensive income (loss)
(1,071.6
)
(1,362.4
)
Class B common stock held in treasury at cost (37.7 shares and 24.8 shares, respectively)
(2,038.9
)
(1,380.8
)
Total Molson Coors Beverage Company stockholders' equity
10,230.3
13,092.4
Noncontrolling interests
196.8
191.8
Total equity
10,427.1
13,284.2
Total liabilities and equity
$
22,738.4
$
26,064.3
CASH FLOW STATEMENTS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In millions) (Unaudited)
For the years ended
December 31, 2025
December 31, 2024
Cash flows from operating activities
Net income (loss) including noncontrolling interests
$
(2,180.2
)
$
1,157.7
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization
711.3
759.4
Amortization of cloud computing arrangements
14.4
11.3
Amortization of debt issuance costs and discounts
5.1
5.3
Interest expense related to mandatorily redeemable noncontrolling interest
—
46.5
Share-based compensation
35.0
43.1
Goodwill impairment
3,645.7
—
(Gain) loss on sale or impairment of property, plant, equipment and other assets, net
262.6
51.8
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net
(81.7
)
(28.7
)
Equity (income) loss
(13.4
)
(2.7
)
Income tax (benefit) expense
(337.8
)
345.3
Income tax (paid) received
(131.4
)
(227.1
)
Interest expense, excluding amortization of debt issuance costs and discounts and mandatorily redeemable noncontrolling interest
242.8
230.9
Interest paid
(240.7
)
(216.0
)
Other non-cash items, net
(0.6
)
(77.1
)
Change in current assets and liabilities (net of impact of business combinations) and other
(146.7
)
(189.4
)
Net cash provided by (used in) operating activities
1,784.4
1,910.3
Cash flows from investing activities
Additions to property, plant and equipment
(716.6
)
(674.1
)
Proceeds from sales of property, plant, equipment and other assets
15.8
24.5
Acquisition of business, net of cash acquired
(22.3
)
(8.6
)
Other, net
(99.0
)
10.2
Net cash provided by (used in) investing activities
(822.1
)
(648.0
)
Cash flows from financing activities
Dividends paid
(376.3
)
(369.2
)
Payments for purchases of treasury stock
(647.9
)
(643.4
)
Payments on debt and borrowings
(12.8
)
(883.8
)
Proceeds on debt and borrowings
—
863.7
Other, net
(19.8
)
(105.7
)
Net cash provided by (used in) financing activities
(1,056.8
)
(1,138.4
)
Effect of foreign exchange rate changes on cash and cash equivalents
21.7
(23.5
)
Net increase (decrease) in cash and cash equivalents
(72.8
)
100.4
Balance at beginning of year
969.3
868.9
Balance at end of year
$
896.5
$
969.3
SUMMARIZED SEGMENT RESULTS ($ in millions and volume in millions of hectoliters) (Unaudited)
Americas
Q4 2025
Q4 2024
Reported % Change
FX Impact
Constant Currency % Change(3)
Full year 2025
Full year 2024
Reported % Change
FX Impact
Constant Currency % Change(3)
Net sales(1)
$
2,066.2
$
2,173.9
(5.0
)
$
1.0
(5.0
)
$
8,712.8
$
9,240.2
(5.7
)
$
(21.4
)
(5.5
)
COGS(1)(2)
$
(1,296.9
)
$
(1,317.5
)
1.6
$
(0.7
)
1.6
$
(5,285.8
)
$
(5,561.8
)
5.0
$
13.5
4.7
MG&A
$
(478.7
)
$
(500.5
)
4.4
$
(0.9
)
4.5
$
(2,041.7
)
$
(2,089.6
)
2.3
$
7.2
1.9
Income (loss) before income taxes
$
254.3
$
361.8
(29.7
)
$
0.2
(29.8
)
$
(2,343.6
)
$
1,523.3
N/M
$
—
N/M
Underlying income (loss) before income taxes(3)
$
293.2
$
362.0
(19.0
)
$
0.4
(19.1
)
$
1,398.0
$
1,590.3
(12.1
)
$
(1.6
)
(12.0
)
Financial volume(1)(4)
12.720
13.904
(8.5
)
53.507
58.905
(9.2
)
Brand volume
13.606
14.215
(4.3
)
55.273
58.143
(4.9
)
EMEA&APAC
Q4 2025
Q4 2024
Reported % Change
FX Impact
Constant Currency % Change(3)
Full year 2025
Full year 2024
Reported % Change
FX Impact
Constant Currency % Change(3)
Net sales(1)
$
603.5
$
568.7
6.1
$
34.4
0.1
$
2,455.7
$
2,411.1
1.8
$
99.0
(2.3
)
COGS(1)(2)
$
(415.9
)
$
(393.5
)
(5.7
)
$
(22.9
)
0.1
$
(1,656.5
)
$
(1,588.9
)
(4.3
)
$
(63.6
)
(0.3
)
MG&A
$
(132.2
)
$
(149.2
)
11.4
$
(9.1
)
17.5
$
(602.2
)
$
(627.9
)
4.1
$
(22.5
)
7.7
Income (loss) before income taxes
$
51.7
$
23.5
120.0
$
2.6
108.9
$
(13.1
)
$
145.3
N/M
$
1.3
N/M
Underlying income (loss) before income taxes(3)
$
54.8
$
24.2
126.4
$
2.9
114.5
$
197.2
$
185.9
6.1
$
16.8
(3.0
)
Financial volume(1)(4)
4.428
4.683
(5.4
)
19.310
20.722
(6.8
)
Brand volume
4.422
4.655
(5.0
)
19.280
20.673
(6.7
)
Unallocated & Eliminations
Q4 2025
Q4 2024
Reported % Change
FX Impact
Constant Currency % Change(3)
Full year 2025
Full year 2024
Reported % Change
FX Impact
Constant Currency % Change(3)
Net sales
$
(7.3
)
$
(7.0
)
(4.3
)
$
—
(4.3
)
$
(27.7
)
$
(24.3
)
(14.0
)
$
—
(14.0
)
COGS(2)
$
18.7
$
12.9
45.0
$
0.1
44.2
$
76.1
$
57.1
33.3
$
—
33.3
Income (loss) before income taxes
$
(39.7
)
$
(39.0
)
(1.8
)
$
(0.4
)
(0.8
)
$
(161.3
)
$
(165.6
)
2.6
$
(3.8
)
4.9
Underlying income (loss) before income taxes(3)
$
(51.2
)
$
(45.2
)
(13.3
)
$
(0.5
)
(12.2
)
$
(209.8
)
$
(165.7
)
(26.6
)
$
(3.8
)
(24.3
)
Financial volume
(0.002
)
(0.002
)
—
(0.007
)
(0.009
)
22.2
Consolidated
Q4 2025
Q4 2024
Reported % Change
FX Impact
Constant Currency % Change(3)
Full year 2025
Full year 2024
Reported % Change
FX Impact
Constant Currency % Change(3)
Net sales
$
2,662.4
$
2,735.6
(2.7
)
$
35.4
(4.0
)
$
11,140.8
$
11,627.0
(4.2
)
$
77.6
(4.8
)
COGS
$
(1,694.1
)
$
(1,698.1
)
0.2
$
(23.5
)
1.6
$
(6,866.2
)
$
(7,093.6
)
3.2
$
(50.1
)
3.9
MG&A
$
(610.9
)
$
(649.7
)
6.0
$
(10.0
)
7.5
$
(2,643.9
)
$
(2,717.5
)
2.7
$
(15.3
)
3.3
Income (loss) before income taxes
$
266.3
$
346.3
(23.1
)
$
2.4
(23.8
)
$
(2,518.0
)
$
1,503.0
N/M
$
(2.5
)
N/M
Underlying income (loss) before income taxes(3)
$
296.8
$
341.0
(13.0
)
$
2.8
(13.8
)
$
1,385.4
$
1,610.5
(14.0
)
$
11.4
(14.7
)
Financial volume(4)
17.146
18.585
(7.7
)
72.810
79.618
(8.6
)
Brand volume
18.028
18.870
(4.5
)
74.553
78.816
(5.4
)
N/M = Not meaningful
The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.
(1)
Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.
(2)
The unrealized changes in fair value on our commodity swaps, which are economic hedges, are recorded as COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility.
(3)
Represents income (loss) before income taxes adjusted for non-GAAP items. See the Non-GAAP Measures and Reconciliations section for definitions and reconciliations of non-GAAP financial measures including constant currency.
(4)
Financial volume in hectoliters for the Americas and EMEA&APAC segments excludes royalty volume of 0.785 million hectoliters and 0.321 million hectoliters for the three months ended December 31, 2025, respectively, and excludes royalty volume of 0.755 million hectoliters and 0.286 million hectoliters for three months ended December 31, 2024, respectively. Financial volume in hectoliters for the Americas and EMEA&APAC excludes royalty volume of 2.852 million hectoliters and 1.224 million hectoliters for the year ended December 31, 2025, respectively, and excludes royalty volume of 2.550 million hectoliters and 1.185 million hectoliters for the year ended December 31, 2024, respectively.
WORLDWIDE AND SEGMENT BRAND AND FINANCIAL VOLUME
(In millions of hectoliters) (Unaudited)
For the three months ended
Americas
December 31, 2025
December 31, 2024
Change
Financial Volume
12.720
13.904
(8.5
)%
Contract brewing and wholesale/factored volume
(0.350
)
(0.589
)
40.6
%
Royalty volume
0.785
0.755
4.0
%
Sales-To-Wholesaler to Sales-To-Retail adjustment and other(1)
0.451
0.145
211.0
%
Total Americas Brand Volume
13.606
14.215
(4.3
)%
EMEA&APAC
December 31, 2025
December 31, 2024
Change
Financial Volume
4.428
4.683
(5.4
)%
Contract brewing and wholesale/factored volume
(0.327
)
(0.314
)
(4.1
)%
Royalty volume
0.321
0.286
12.2
%
Total EMEA&APAC Brand Volume
4.422
4.655
(5.0
)%
Consolidated
December 31, 2025
December 31, 2024
Change
Financial Volume
17.146
18.585
(7.7
)%
Contract brewing and wholesale/factored volume
(0.677
)
(0.903
)
25.0
%
Royalty volume
1.106
1.041
6.2
%
Sales-To-Wholesaler to Sales-To-Retail adjustment and other
0.453
0.147
208.2
%
Total Worldwide Brand Volume
18.028
18.870
(4.5
)%
(In millions of hectoliters) (Unaudited)
For the years ended
Americas
December 31, 2025
December 31, 2024
Change
Financial Volume
53.507
58.905
(9.2
)%
Contract brewing and wholesale/factored volume
(1.551
)
(3.193
)
51.4
%
Royalty volume
2.852
2.550
11.8
%
Sales-To-Wholesaler to Sales-To-Retail adjustment and other(1)
0.465
(0.119
)
N/M
Total Americas Brand Volume
55.273
58.143
(4.9
)%
EMEA&APAC
December 31, 2025
December 31, 2024
Change
Financial Volume
19.310
20.722
(6.8
)%
Contract brewing and wholesale/factored volume
(1.254
)
(1.234
)
(1.6
)%
Royalty volume
1.224
1.185
3.3
%
Total EMEA&APAC Brand Volume
19.280
20.673
(6.7
)%
Consolidated
December 31, 2025
December 31, 2024
Change
Financial Volume
72.810
79.618
(8.6
)%
Contract brewing and wholesale/factored volume
(2.805
)
(4.427
)
36.6
%
Royalty volume
4.076
3.735
9.1
%
Sales-To-Wholesaler to Sales-To-Retail adjustment
0.472
(0.110
)
N/M
Total Worldwide Brand Volume
74.553
78.816
(5.4
)%
N/M = Not meaningful
The reported percent change in the above table are presented as (unfavorable) favorable to total brand volume.
(1)
Includes gross inter-segment volumes which are eliminated in the consolidated totals.
Worldwide brand volume (or "brand volume" when discussed by segment) reflects owned or actively managed brands sold to unrelated external customers within our geographic markets (net of returns and allowances), royalty volume and our proportionate share of equity investment worldwide brand volume calculated consistently with MCBC owned volume. Financial volume represents owned or actively managed brands sold to unrelated external customers within our geographic markets, net of returns and allowances as well as contract brewing, wholesale non-owned brand volume and company-owned distribution volume. Contract brewing and wholesale/factored volume is included within financial volume, but is removed from worldwide brand volume, as this is non-owned volume for which we do not directly control performance. Factored volume in our EMEA&APAC segment represents the distribution of beer, wine, spirits and other products owned and produced by other companies to the on-premise channel such as bars and restaurants, which is a common arrangement in the U.K. Royalty volume consists of our brands produced and sold by third parties under various license and contract brewing agreements and, because this is owned volume, it is included in worldwide brand volume. Our worldwide brand volume definition also includes an adjustment from Sales-to-Wholesaler ("STW") volume to Sales-to-Retailer ("STR") volume. We believe the brand volume metric is important because, unlike financial volume and STWs, it provides the closest indication of the performance of our brands in relation to market and competitor sales trends.
We also utilize net sales per hectoliter and COGS per hectoliter, as well as the year over year changes in this metric, as a key metric for analyzing our results. These metrics are calculated as net sales and COGS per our consolidated statements of operations divided by financial volume for the respective period. We believe these metrics are important and useful for investors and management because it provides an indication of the trends of price and sales mix on our net sales and the trends of mix and other cost impacts on our COGS.
NON-GAAP MEASURES AND RECONCILIATIONS
Use of Non-GAAP Measures
In addition to financial measures presented on the basis of accounting principles generally accepted in the U.S. (“U.S. GAAP”), we also use non-GAAP financial measures, as listed and defined below, for operational and financial decision making and to assess Company and segment business performance. These non-GAAP measures should be viewed as supplements to (not substitutes for) our results of operations presented under U.S. GAAP. We provided reconciliations of all historical non-GAAP measures to their nearest U.S. GAAP measure and have consistently applied the adjustments within our reconciliations in arriving at each non-GAAP measure.
Our management uses these metrics to assist in comparing performance from period to period on a consistent basis; as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; in communications with the Board of Directors, stockholders, analysts and investors concerning our financial performance; as useful comparisons to the performance of our competitors; and as metrics of certain management incentive compensation calculations. We believe these measures are used by, and are useful to, investors and other users of our financial statements in evaluating our operating performance.
Underlying Income (Loss) before Income Taxes (Closest GAAP Metric: Income (Loss) Before Income Taxes) –Measure of the Company’s or segment's income (loss) before income taxes excluding the impact of certain non-GAAP adjustment items from our U.S. GAAP financial statements. Non-GAAP adjustment items include goodwill and other intangible and tangible asset impairments, certain restructuring and integration related costs, unrealized mark-to-market gains and losses, adjustments to the redemption value of mandatorily redeemable noncontrolling interests, potential or incurred losses related to certain litigation accruals and settlements, impacts of settlement charges related to annuity purchases and gains and losses on sales of non-operating assets, among other items included in our U.S. GAAP results that warrant adjustment to arrive at non-GAAP results. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective, involve significant management judgment and can vary substantially from company to company.
Underlying COGS (Closest GAAP Metric: COGS) – Measure of the Company’s COGS adjusted to exclude non-GAAP adjustment items (as defined above). Non-GAAP adjustment items include, among other items, unrealized mark-to-market gains and losses on our commodity derivative instruments, which are economic hedges, and are recorded through COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivatives without the resulting unrealized mark-to-market volatility.
We also use underlying COGS per hectoliter, as well as the year over year change in such metric, as a key metric for analyzing our results. This metric is calculated as underlying COGS divided by financial volume for the respective period.
Underlying MG&A (Closest GAAP Metric: MG&A) – Measure of the Company’s MG&A expense excluding the impact of certain non-GAAP adjustment items (as defined above).
Underlying net interest income (expense) (Closest GAAP Metric: Interest income (expense), net) – Measure of the Company's net interest expense adjusted to exclude adjustments to the redemption value of mandatorily redeemable noncontrolling interests.
Underlying net income (loss) attributable to MCBC (Closest GAAP Metric: Net income (loss) attributable to MCBC) – Measure of net income (loss) attributable to MCBC excluding the impact of income (loss) before income tax non-GAAP adjustment items (as defined above), adjustments to the carrying value of redeemable noncontrolling interests resulting from subsequent changes in the redemption value of such interests, the related tax effects of non-GAAP adjustment items and certain other discrete tax items.
Underlying net income (loss) attributable to MCBC per diluted share (also referred to as Underlying Diluted Earnings per Share) (Closest GAAP Metric: Net income (loss) attributable to MCBC per diluted share) – Measure of underlying net income (loss) attributable to MCBC (as defined above) per diluted share. If applicable, a reported net loss attributable to MCBC per diluted share is calculated using the basic share count due to dilutive shares being antidilutive. If underlying net income (loss) attributable to MCBC becomes income excluding the impact of our non-GAAP adjustment items, we include the incremental dilutive shares, using the treasury stock method, into the dilutive shares outstanding.
Underlying effective tax rate (Closest GAAP Metric: Effective Tax Rate) – Measure of the Company’s effective tax rate excluding the related tax impact of pre-tax non-GAAP adjustment items (as defined above) and certain other discrete tax items. Discrete tax items include certain significant tax audit and prior year reserve adjustments, impact of significant tax legislation and tax rate changes and significant non-recurring and period specific tax items.
Underlying free cash flow (Closest GAAP Metric: Net Cash Provided by (Used in) Operating Activities) – Measure of the Company’s operating cash flow calculated as Net Cash Provided by (Used In) Operating Activities less Additions to property, plant and equipment and excluding the pre-tax cash flow impact of certain non-GAAP adjustment items (as defined above). We consider underlying free cash flow an important measure of our ability to generate cash, grow our business and enhance shareholder value, driven by core operations and after adjusting for non-GAAP adjustment items, which can vary substantially from company to company depending upon accounting methods, book value of assets and capital structure.
Underlying depreciation and amortization (Closest GAAP Metric: Depreciation & Amortization) – Measure of the Company’s depreciation and amortization excluding the impact of non-GAAP adjustment items (as defined above). These adjustments primarily consist of accelerated depreciation or amortization taken related to the Company’s strategic exit or restructuring activities.
Net debt and net debt to underlying earnings before interest, taxes, depreciation, and amortization ("underlying EBITDA") (Closest GAAP Metrics: Cash, Debt, & Net Income (Loss)) – Measure of the Company’s leverage calculated as net debt (defined as current portion of long-term debt and short-term borrowings plus long-term debt less cash and cash equivalents) divided by the trailing twelve month underlying EBITDA. Underlying EBITDA is calculated as Net income (loss) excluding Interest expense (income), net, Income tax expense (benefit), depreciation and amortization and the impact of non-GAAP adjustment items (as defined above). Effective January 1, 2025, on a prospective basis, Underlying EBITDA excludes amortization of cloud-based software implementation costs. This measure is not the same as the Company’s maximum leverage ratio as defined under its revolving credit facility, which allows for other adjustments in the calculation of net debt to EBITDA.
Constant currency - Constant currency is a non-GAAP measure utilized to measure performance, excluding the impact of translational and certain transactional foreign currency movements, and is intended to be indicative of results in local currency. As we operate in various foreign countries where the local currency may strengthen or weaken significantly versus the U.S. dollar or other currencies used in operations, we utilize a constant currency measure as an additional metric to evaluate the underlying performance of each business without consideration of foreign currency movements. We present all percentage changes for net sales, underlying COGS, underlying MG&A and underlying income (loss) before income taxes in constant currency and calculate the impact of foreign exchange by translating our current period local currency results (that also include the impact of the comparable prior period currency hedging activities) at the average exchange rates during the respective period throughout the year used to translate the financial statements in the comparable prior year period. The result is the current period results in U.S. dollars, as if foreign exchange rates had not changed from the prior year period. Additionally, we exclude any transactional foreign currency impacts, reported within the other non-operating income (expense), net line item, from our current period results.
Our guidance or long-term targets for any of the measures noted above are also non-GAAP financial measures that exclude or otherwise have been adjusted for non-GAAP adjustment items from our U.S. GAAP financial statements. When we provide guidance for any of the various non-GAAP metrics described above, we do not provide reconciliations of the U.S. GAAP measures as we are unable to predict with a reasonable degree of certainty the actual impact of the non-GAAP adjustment items. By their very nature, non-GAAP adjustment items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our Company and its financial results. Therefore, we are unable to provide a reconciliation of these measures without unreasonable efforts.
RECONCILIATION TO NEAREST U.S. GAAP MEASURES
Reconciliation by Line Item
(In millions, except per share data) (Unaudited)
For the three months ended December 31, 2025
Cost of goods sold
Marketing, general and administrative expenses
Income (loss) before income taxes
Net income (loss) attributable to MCBC
Diluted earnings per share
Reported (U.S. GAAP)
$
(1,694.1
)
$
(610.9
)
$
266.3
$
238.3
$
1.22
Non-GAAP adjustments (pre-tax)
Restructuring(1)
—
—
35.0
34.9
0.18
Unrealized mark-to-market (gains) losses
(11.4
)
—
(11.4
)
(11.4
)
(0.06
)
Other items(2)
—
0.3
6.9
6.0
0.03
Tax effect of non-GAAP adjustments and other discrete tax items
—
—
—
(7.8
)
(0.04
)
Redeemable noncontrolling interest adjustments(3)
—
—
—
(22.8
)
(0.12
)
Underlying (Non-GAAP)
$
(1,705.5
)
$
(610.6
)
$
296.8
$
237.2
1.21
(1)
On October 20, 2025, we announced an Americas Restructuring Plan designed to create a leaner, more agile Americas segment while advancing our ability to reinvest in the business and position our Company for future growth. The plan resulted in charges of $28.7 million, primarily related to severance payments and post-employment benefits, recorded to other operating income (expense), net in our consolidated statements of operations during the year ended December 31, 2025. The remaining charges, predominantly employee-related charges for the Americas Restructuring Plan are expected to be recorded during the year ended December 31, 2026 and total restructuring charges are expected to be at the low end of the previously communicated range of $35 million to $50 million at approximately $35 million.
(2)
During the first quarter of 2025, we made an investment in Fevertree Drinks plc and hold a minority interest. During the three months ended December 31, 2025, we recorded an unrealized loss of $7.6 million resulting from the change in the fair value of the investment.
(3)
During the fourth quarter of 2025, we recorded $22.8 million of loss attributable to NCI related to the changes in redemption value of certain of our redeemable NCI.
(In millions, except per share data) (Unaudited)
For the three months ended December 31, 2024
Cost of goods sold
Marketing, general and administrative expenses
Income (loss) before income taxes
Net income (loss) attributable to MCBC
Diluted earnings per share
Reported (U.S. GAAP)
$
(1,698.1
)
$
(649.7
)
$
346.3
$
287.8
$
1.39
Non-GAAP adjustments (pre-tax)
Restructuring(1)
—
—
83.8
83.8
0.41
(Gains) and losses on disposals
—
—
0.1
0.1
—
Unrealized mark-to-market (gains) losses
(6.2
)
—
(6.2
)
(6.2
)
(0.03
)
Other items(2)
(6.3
)
0.5
(83.0
)
(83.0
)
(0.40
)
Tax effect of non-GAAP adjustments and other discrete tax items
—
—
—
(13.9
)
(0.07
)
Underlying (Non-GAAP)
$
(1,710.6
)
$
(649.2
)
$
341.0
$
268.6
$
1.30
(1)
During the third quarter of 2024, we made the decision to wind down or sell certain U.S. craft businesses and related facilities within the Americas segment. As a result, we recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation of $83.7 million for the three months ended December 31, 2024.
(2)
During the three months ended December 31, 2024, we further increased our investment in ZOA resulting in consolidation and recognized a gain of $77.9 million in other operating (expense), net, within the Americas segment representing the difference between the fair value and the carrying value of our previously held equity interest on the acquisition date.
(In millions, except per share data) (Unaudited)
For the year ended December 31, 2025
Cost of goods sold
Marketing, general and administrative expenses
Income (loss) before income taxes
Net income (loss) attributable to MCBC
Net income (loss) attributable to MCBC per diluted share(5)
Reported (U.S. GAAP)
$
(6,866.2
)
$
(2,643.9
)
$
(2,518.0
)
$
(2,139.6
)
$
(10.75
)
Non-GAAP adjustments (pre-tax)
Goodwill impairment(1)
—
—
3,645.7
3,568.2
17.86
Intangible and tangible asset impairments, excluding goodwill(2)
—
—
273.9
255.0
1.28
Restructuring(3)
—
—
64.3
64.2
0.32
(Gains) and losses on disposals
—
—
0.6
0.6
—
Unrealized mark-to-market (gains) losses
(48.4
)
—
(48.4
)
(48.4
)
(0.24
)
Other items(4)
—
0.1
(32.7
)
(33.6
)
(0.17
)
Tax effect of non-GAAP adjustments and other discrete tax items
—
—
—
(645.1
)
(3.23
)
Redeemable noncontrolling interest adjustments(6)
—
—
—
60.7
0.30
Underlying (Non-GAAP)
$
(6,914.6
)
$
(2,643.8
)
$
1,385.4
$
1,082.0
5.42
(1)
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. As a result, we recorded a partial goodwill impairment loss of $3,645.7 million, of which $77.5 million was attributable to NCI.
(2)
During the third quarter 2025, we identified a triggering event for the Blue Run Spirits asset group in the Americas segment and the Staropramen family of brands in the EMEA&APAC segment. As a result, we recorded intangible impairment losses totaling $273.9 million, of which $18.9 million was attributable to a NCI.
(3)
On October 20, 2025, we announced an Americas Restructuring Plan designed to create a leaner, more agile Americas segment while advancing our ability to reinvest in the business and position our Company for future growth. The plan resulted in charges of $28.7 million, primarily related to severance payments and post-employment benefits, recorded to other operating income (expense), net in our consolidated statements of operations during the year ended December 31, 2025. The remaining charges, predominantly employee-related charges, for the Americas Restructuring Plan are expected to be recorded during the year ended December 31, 2026 and total restructuring charges are expected to be at the low end of the previously communicated range of $35 million to $50 million at approximately $35 million.
During the third quarter of 2024, we made the decision to wind down or sell certain of our U.S. craft businesses and related facilities and recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation. As a result, during the first quarter of 2025, we incurred incremental accelerated depreciation in excess of normal depreciation of $17.9 million.
(4)
During the first quarter of 2025, we made an investment in Fevertree Drinks plc and hold a minority interest. During the year ended December 31, 2025, we recorded an unrealized gain of $31.7 million resulting from the change in the fair value of the investment.
(5)
Due to the reported net loss attributable to MCBC, the reported diluted per shares calculated for the year ended December 31, 2025, used a share count of 199.1 million shares. Due to underlying net income attributable to MCBC, the adjustments to arrive at underlying per diluted share as well as underlying income per diluted share for the year ended December 31, 2025, used a share count of 199.8 million shares. Due to the differing share counts used to calculate the earnings per share impact, the earnings per share totals in the tables are not expected to sum.
(6)
During the year ended 2025, we recorded $60.7 million of income attributable to NCI related to the changes in redemption value of certain of our redeemable NCI.
(In millions, except per share data) (Unaudited)
For the year ended December 31, 2024
Cost of goods sold
Marketing, general and administrative expenses
Income (loss) before income taxes
Net income (loss) attributable to MCBC
Net income (loss) attributable to MCBC per diluted share
Reported (U.S. GAAP)
$
(7,093.6
)
$
(2,717.5
)
$
1,503.0
$
1,122.4
$
5.35
Non-GAAP adjustments (pre-tax)
Restructuring(1)
—
—
106.8
106.8
0.51
(Gains) and losses on disposals(2)
—
—
36.5
36.5
0.17
Unrealized mark-to-market (gains) losses
(34.1
)
—
(34.1
)
(34.1
)
(0.16
)
Other items(3)
(6.3
)
2.2
(1.7
)
(1.7
)
(0.01
)
Tax effect of non-GAAP adjustments and other discrete tax items
—
—
—
(16.4
)
(0.08
)
Adjustment for redeemable noncontrolling interest recorded to the redemption value(4)
—
—
—
36.6
0.17
Underlying (Non-GAAP)
$
(7,134.0
)
$
(2,715.3
)
$
1,610.5
$
1,250.1
$
5.96
(1)
During the third quarter of 2024, we made the decision to wind down or sell certain of our U.S. craft businesses and related facilities within the Americas segment. As a result, we recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation of $93.6 million for the year ended December 31, 2024.
(2)
We recognized a loss of $41.2 million on the disposal of certain U.S. craft businesses for the year ended December 31, 2024.
(3)
During the fourth quarter of 2024, we further increased our investment in ZOA, resulting in consolidation and recognized a gain of $77.9 million in other operating (expense), net within the Americas segment representing the difference between the fair value and the carrying value of our previously held equity interest on the acquisition date.
During the third quarter of 2024, we recorded a non-cash pension settlement loss of $34.0 million within other pension and postretirement benefits (costs), net in Unallocated as a result of annuity purchases for two of our Canadian pension plans.
During the third quarter of 2024, we increased our mandatorily redeemable NCI liability to the final redemption value related to the buyout of the remaining ownership interest in CBPL. As a result, we recorded an increase in interest expense in interest expense within our EMEA&APAC segment of $45.8 million.
(4)
We recorded a $36.6 million adjustment to net (income) loss attributable to NCI related to the change in redemption value of CBPL.
Reconciliation to Underlying (Non-GAAP) Income (Loss) Before Income Taxes by Segment
(In millions) (Unaudited)
For the three months ended December 31, 2025
Americas
EMEA&APAC
Unallocated
Consolidated
U.S. GAAP Income (loss) before income taxes
$
254.3
$
51.7
$
(39.7
)
$
266.3
Cost of goods sold(1)
—
—
(11.4
)
(11.4
)
Marketing, general & administrative
0.3
—
—
0.3
Other non-GAAP adjustment items(2)
38.6
3.1
(0.1
)
41.6
Total non-GAAP adjustment items
$
38.9
$
3.1
$
(11.5
)
$
30.5
Underlying (Non-GAAP) income (loss) before income taxes
$
293.2
$
54.8
$
(51.2
)
$
296.8
(In millions) (Unaudited)
For the three months ended December 31, 2024
Americas
EMEA&APAC
Unallocated
Consolidated
U.S. GAAP Income (loss) before income taxes
$
361.8
$
23.5
$
(39.0
)
$
346.3
Cost of goods sold(1)
(6.3
)
—
(6.2
)
(12.5
)
Marketing, general & administrative
0.5
—
—
0.5
Other non-GAAP adjustment items(2)
6.0
0.7
—
6.7
Total non-GAAP adjustment items
$
0.2
$
0.7
$
(6.2
)
$
(5.3
)
Underlying (Non-GAAP) income (loss) before income taxes
$
362.0
$
24.2
$
(45.2
)
$
341.0
(In millions) (Unaudited)
For the year ended December 31, 2025
Americas
EMEA&APAC
Unallocated
Consolidated
U.S. GAAP Income (loss) before income taxes
$
(2,343.6
)
$
(13.1
)
$
(161.3
)
$
(2,518.0
)
Cost of goods sold(1)
—
—
(48.4
)
(48.4
)
Marketing, general & administrative
0.1
—
—
0.1
Goodwill impairment
3,645.7
—
—
3,645.7
Other non-GAAP adjustment items(2)
95.8
210.3
(0.1
)
306.0
Total non-GAAP adjustment items
$
3,741.6
$
210.3
$
(48.5
)
$
3,903.4
Underlying (Non-GAAP) income (loss) before income taxes
$
1,398.0
$
197.2
$
(209.8
)
$
1,385.4
(In millions) (Unaudited)
For the year ended December 31, 2024
Americas
EMEA&APAC
Unallocated
Consolidated
U.S. GAAP Income (loss) before income taxes
$
1,523.3
$
145.3
$
(165.6
)
$
1,503.0
Cost of goods sold(1)
(6.3
)
—
(34.1
)
(40.4
)
Marketing, general & administrative
2.2
—
—
2.2
Other non-GAAP adjustment items(2)
71.1
40.6
34.0
145.7
Total non-GAAP adjustment items
$
67.0
$
40.6
$
(0.1
)
$
107.5
Underlying (Non-GAAP) income (loss) before income taxes
$
1,590.3
$
185.9
$
(165.7
)
$
1,610.5
(1)
Primarily reflects changes in our mark-to-market positions on our derivative hedges recorded as COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility.
(2)
See the Reconciliations by Line Item table for further information on our non-GAAP adjustments.
Underlying (Non-GAAP) Depreciation and Amortization Reconciliation
(In millions) (Unaudited)
For the three months ended
For the years ended
December 31, 2025
December 31, 2024
December 31,
2025
December 31,
2024
U.S. GAAP depreciation and amortization
$
(181.1
)
$
(247.3
)
$
(711.3
)
$
(759.4
)
Accelerated depreciation(1)
5.2
83.7
23.1
93.6
Underlying (Non-GAAP) depreciation and amortization
$
(175.9
)
$
(163.6
)
$
(688.2
)
$
(665.8
)
(1)
Primarily a result of a third quarter of 2024 decision to wind down or sell certain of our U.S. craft businesses and related facilities within the Americas segment. As a result, we recorded accelerated depreciation in excess of normal depreciation of $17.9 million for the year ended December 31, 2025, and $83.7 million and $93.6 million for the three months and year ended December 31, 2024, respectively.
Underlying (Non-GAAP) Net Interest Income (Expense) Reconciliation
(In millions) (Unaudited)
For the three months ended
For the years ended
December 31, 2025
December 31, 2024
December 31,
2025
December 31,
2024
U.S. GAAP Interest income (expense), net
$
(56.2
)
$
(54.6
)
$
(227.3
)
$
(247.3
)
Adjustment to the redemption value of mandatorily redeemable noncontrolling interest(1)
—
0.7
—
46.5
Underlying (Non-GAAP) net interest income (expense)
$
(56.2
)
$
(53.9
)
$
(227.3
)
$
(200.8
)
(1)
During the three months and year ended December 31, 2024, we recorded an increase in interest expense driven by an adjustment to increase our mandatorily redeemable NCI liability related to CBPL to its final redemption value.
Underlying (Non-GAAP) Effective Tax Rate Reconciliation
(Unaudited)
For the years ended
December 31, 2025
December 31, 2024
U.S. GAAP Effective Tax Rate
13.4
%
23.0
%
Tax effect of non-GAAP adjustments and other discrete tax items(1)
9.1
%
(0.5
)%
Underlying (Non-GAAP) Effective Tax Rate
22.5
%
22.5
%
(1)
The change in tax effect of non-GAAP adjustment items for the year ended December 31, 2025 included the impact of the $3,645.7 million partial goodwill impairment which a portion of the goodwill was not deductible for tax purposes. Adjustments related to the tax effect of non-GAAP adjustments for the year ended December 31, 2024 included a non-deductible $45.8 million adjustment recorded to interest expense to increase the mandatorily redeemable NCI liability related to CBPL to the final redemption value in the third quarter of 2024 as well as a valuation allowance on deferred tax assets recorded in the third quarter of 2024 from the decision to sell certain of our U.S. craft businesses. The tax effect of these adjustments was partially offset by the non-taxable gain of $77.9 million recognized in the fourth quarter of 2024 upon the consolidation of ZOA.
Underlying (Non-GAAP) Free Cash Flow
(In millions) (Unaudited)
For the years ended
December 31,
2025
December 31,
2024
U.S. GAAP Net Cash Provided by (Used In) Operating Activities
$
1,784.4
$
1,910.3
Additions to property, plant and equipment, net(1)
(716.6
)
(674.1
)
Cash impact of non-GAAP adjustment items(2)
73.6
4.4
Underlying (Non-GAAP) Free Cash Flow
$
1,141.4
$
1,240.6
(1)
Included in net cash provided by (used in) investing activities.
(2)
Included in net cash provided by (used in) operating activities and reflects the $60.6 million payment as final resolution of the Keystone litigation case paid in the first quarter of 2025. Additionally, this includes costs paid for restructuring activities for the years ended December 31, 2025 and December 31, 2024.
Net Debt (Non-GAAP) and Net Debt (Non-GAAP) to Underlying (Non-GAAP) EBITDA Ratio
(In millions except net debt (Non-GAAP) to underlying (Non-GAAP) EBITDA ratio) (Unaudited)
As of
December 31, 2025
December 31, 2024
U.S. GAAP Current portion of long-term debt and short-term borrowings
$
2,434.1
$
32.2
Add: Long-term debt
3,865.4
6,113.9
Less: Cash and cash equivalents
896.5
969.3
Net debt (Non-GAAP)
5,403.0
5,176.8
Q4 Underlying EBITDA
532.7
558.5
Q3 Underlying EBITDA
665.4
692.3
Q2 Underlying EBITDA
763.9
750.1
Q1 Underlying EBITDA
353.3
476.2
Underlying (Non-GAAP) EBITDA(1)
$
2,315.3
$
2,477.1
Net debt (Non-GAAP) to underlying (Non-GAAP) EBITDA ratio
2.33
2.09
(1)
Represents underlying EBITDA on a trailing twelve month basis.
Underlying (Non-GAAP) EBITDA Reconciliation
($ in millions) (Unaudited)
For the three months ended
December 31, 2025
December 31, 2024
U.S. GAAP Net income (loss)
$
209.3
$
293.7
Interest expense (income), net
56.2
54.6
Income tax expense (benefit)
57.0
52.6
Depreciation and amortization
181.1
247.3
Amortization of cloud computing arrangements
3.8
—
Non-GAAP adjustments to arrive at underlying (non-GAAP) EBITDA(1)
25.3
(89.7
)
Underlying (Non-GAAP) EBITDA
$
532.7
$
558.5
(1)
Includes pre-tax non-GAAP adjustments to Net income (loss) as described in other non-GAAP reconciliation tables above excluding non-GAAP adjustments to interest expense (income), net, and depreciation and amortization. See the (i) Reconciliations to Nearest U.S. GAAP Measures by Line Item, (ii) Underlying Depreciation and Amortization Reconciliation and (iii) Underlying Net Interest Income (Expense) Reconciliation tables for further information on our non-GAAP adjustments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260218575314/en/
Investor Relations
Greg Tierney, (414) 931-3303
News Media
Rachel Gellman Johnson, (314) 452-9673
Original: Molson Coors Beverage Company Reports 2025 Fourth Quarter and Full Year Results
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