MOLSON COORS BEVERAGE (TAP) Company Report

CEO Rahul Goyal views U.S. beer volume declines of approximately 4–6% in 2025 as cyclical, aiming to restore growth by leveraging core, economy and above-premium brand segments.
The global above-premium mix has risen from 23–24% to 27%, driven by strong premiumization in Canada and the U.K., while U.S. brands like Blue Moon face execution challenges and will see new campaigns.
Molson Coors plans to increase investment in economy brands (e.g., Miller High Life, Keystone Light), emphasizing regional relevance to stop share erosion; its economy segment alone would rank as the 4th–5th largest U.S. brewer.
CFO Tracey Joubert flagged the Midwest premium raw-material cost surge from $0.20 to ~$0.87/lb as a significant unhedgeable COGS headwind, partially offset by hedging other commodities and brewery efficiency initiatives.
With net leverage at 2.3x (below the 2.5x target), the company will pursue disciplined M&A to fill portfolio gaps (e.g., spirits RTDs) and return cash through dividends and the remaining $880 M share buyback.

Dec 2, 2025, 5:45 PM

Transcript

Molson Coors outlines strategic priorities at Morgan Stanley conference

TAP

M&A

Share Buyback

Demand Weakening

CEO Rahul Goyal emphasized a portfolio-driven approach across core, economy, above-premium and beyond-beer segments to address a bifurcated consumer environment and drive both top- and bottom-line growth.
CFO Tracey Joubert highlighted the Midwest Premium barley cost spike to $0.86–$0.87 per bushel as a major COGS headwind, noting limited hedging options and mitigating actions via brewery efficiency programs.
The company remains committed to disciplined capital allocation: 2.3x net leverage vs. a 2.5x target, continued share buybacks (~$880 million remaining), dividend growth and selective M&A to fill gaps such as RTD spirits, aiming for both revenue and margin impact.
International operations saw share gains in Canada and ongoing premiumization in the U.K., while Central Europe delivered pockets of growth amid geopolitical and energy cost pressures, with a focus on improving ROIC and margins.

Dec 2, 2025, 5:45 PM

Transcript

Molson Coors CEO details strategy amid declining beer volumes

TAP

Demand Weakening

Share Buyback

M&A

Industry headwinds: U.S. beer volumes projected to decline by 4.7%–5% in 2025; Molson Coors lost share primarily in its economy and flavor segments but remains focused on defending core brands through targeted campaigns and regional execution.
Portfolio and growth: Aims to boost global above-premium mix from 27% toward ~33% by scaling brands like Peroni and Fever-Tree, while reinvesting in economy names such as Miller High Life and Keystone to engage value consumers.
Cost dynamics: Midwest Corn Premium has surged to $0.86–$0.87 per bushel, posing a significant COGS headwind; limited hedging options drive brewery efficiency initiatives and capital investments to mitigate inflationary pressures.
Capital allocation: With net leverage at 2.3x (below 2.5x target) and $880 million remaining on its share repurchase program, the company prioritizes disciplined M&A (targeting portfolio gaps like spirits RTDs), stable dividends, and continued buybacks.
International performance: Delivers market share gains and premiumization in Canada and the UK despite soft markets; Central Europe sees growth amid geopolitical and cost-inflation challenges, with emphasis on margin improvement.

Dec 2, 2025, 5:45 PM

Transcript

Molson Coors reports Q3 2025 results

TAP

Earnings

Guidance Update

Dividends

Consolidated Q3 2025 net sales revenue was $2,973 million, down 3.3% YoY on a 6.0% decline in financial volume; underlying income before taxes was $426 million (–11.9%) and underlying EPS was $1.67 (–7.2%).
Underlying free cash flow YTD was $782 million (–8.6%); net debt rose 2.4% to $5,342 million, with a net debt to underlying EBITDA ratio of 2.28x at quarter end.
Q3 2025 dividend per share increased 6.8% to $0.47, and the company repurchased 0.502 million shares in the quarter (YTD repurchases of 6.011 million shares).
2025 full-year guidance anticipates net sales revenue down 3–4%, underlying pre-tax income down 12–15%, underlying diluted EPS down 7–10%, and underlying free cash flow of $1.3 billion ±10%.

Nov 4, 2025, 1:30 PM

Presentation

Molson Coors reports Q3 2025 results

TAP

Earnings

Guidance Update

Layoffs

CEO Rahul Goyal outlines strategic priorities to strengthen core Beer and premium segments, citing 25% Q3 volume growth for Peroni, and plans to expand Beyond Beer brands (e.g., Topo Chico, non-alc); announced an Americas restructuring reducing 400 salaried roles (9%) to reinvest in brands and supply chain.
Q3 consolidated net sales down 3.3%, underlying pre-tax income down 11.9%, and EPS down 7.2%; recorded a $3.6 billion goodwill impairment and $274 million intangible asset impairment.
Reaffirmed full-year 2025 guidance: net sales decline 3%–4%, underlying pre-tax income down 12%–15%, EPS down 7%–10%, and free cash flow of $1.3 billion ±10%, while expecting lower distributor inventories and Q4 STW trends to trail shipments.
Remains committed to its dividend and share repurchase program; repurchases were paused on CEO search-related non-public information, with the trading window reopening imminently.

Nov 4, 2025, 1:30 PM

Transcript

Molson Coors outlines strategic priorities amid Q3 2025 challenges

TAP

Earnings

Layoffs

M&A

New CEO Rahul “Rowell” Patel reiterates focus on core and economy beers (Miller Lite, Coors Light, Banquet) while driving premiumization with Peroni (+25% volume in Q3) and stabilizing Blue Moon; expands Beyond Beer with Topo Chico dollar-share gains and Fever Tree non-alkaline partnership.
Macro headwinds—pressured consumption among lower-income/Hispanic consumers in the U.S. and softness in Europe—drove an estimated –4.7% U.S. beer category decline in Q3 and a full-year forecast of –4% to –6%, viewed as cyclical.
Americas cost-structure overhaul: cutting ≈400 salaried roles (9%) by year-end with $35–50 million of severance charges in Q4, redeploying savings to brand support, commercial capabilities, supply chain, and technology.
Maintains disciplined capital allocation: committed to dividend and share repurchases, pursuing accretive, gap-filling M&A (particularly in Beyond Beer), while targeting a 2.5× leverage ratio and preserving investment-grade status.

Nov 4, 2025, 1:30 PM

Transcript

Molson Coors reports Q3 2025 results and strategic update

TAP

Earnings

Guidance Update

Management Change

Q3 net sales down 3.3%, underlying pre-tax income down 11.9%, EPS down 7.2%; recorded $3.6 B goodwill and $274 M intangible impairments; reaffirmed full-year guidance at the low end (net sales –3%–4%, pre-tax income –12%–15%, EPS –7%–10%, FCF $1.3 B ± 10%)
Rahul Desai named CEO; in his first 30 days implemented structural changes and will reduce Americas salaried headcount by ~400 positions by year-end to reinvest in brands and operations
Peroni volume +25% in Q3; expanding Banquet distribution; Topo Chico and Fever-Tree gaining share in flavored and non-alc, while Blue Moon underperforms
Committed to maintaining leverage ≤ 2.5× and disciplined capital allocation, balancing accretive M&A, dividends, and share repurchases

Nov 4, 2025, 1:30 PM

Transcript

Molson Coors reports Q3 2025 results and strategic update

TAP

Earnings

Guidance Update

Layoffs

Molson Coors views U.S. and European volume declines as cyclical, forecasting U.S. industry volume down 4–6% in H2 2025 and net price increases of 1–2% in North America.
Q3 volume for Peroni rose 25% post-onshoring, as the company steps up investment behind core beers (Miller Lite, Coors Light, Banquet), premiumization and beyond-beer growth (Topo Chico, non-alcoholic via Fever-Tree).
A corporate restructuring will cut ~400 salaried positions (9%) by year-end, incur $35–50 million of charges over the next 12 months, and redeploy savings into brand, commercial, supply chain and technology initiatives.
The company maintains a disciplined capital allocation strategy, pursuing scalable, accretive M&A while upholding its dividend and share repurchase programs.

Nov 4, 2025, 1:30 PM

Transcript

Molson Coors announces Americas unit restructuring

TAP

Layoffs

Molson Coors will cut approximately 400 salaried jobs (about 9% of its Americas workforce) by end of December 2025 to create a leaner, more agile organization.
The company expects restructuring charges of USD 35–50 million, primarily severance and post-employment benefits, to be recognized in Q4 2025.
Savings are intended to be reinvested in priority brands and strategic initiatives, including premium mixers, non-alcoholic and energy drinks, as part of its total beverage growth strategy.

Oct 20, 2025, 9:23 PM

Press Release

Molson Coors Beverage outlines FY2025 demand outlook and growth strategy

TAP

Guidance Update

Industry softness is viewed as cyclical, driven by macro factors and consumer uncertainty, prompting diversification into premium beer and beyond-beer segments like Blue Moon non-alc, Peyronie Zero Zero and RTDs such as Naked Life.
FY2025 guidance assumes U.S. industry volumes down 4%–6% in H2 and ~50 bps share loss, with long-term NSR growth from 1%–2% pricing and portfolio premiumization.
Targets mid-single-digit constant currency underlying pretax income growth in FY2025, leveraging premiumization, brewery efficiencies, contract-brewing reductions and on-shoring higher-margin Peroni production.
Reaffirmed $1.3 bn free cash flow for FY2025, supported by working capital improvements and timing-related tax benefits, with ongoing focus on receivables and payables optimization.

Sep 3, 2025, 3:44 PM

Earnings Transcripts

Quarterly earnings call transcripts for MOLSON COORS BEVERAGE.

Q3 2025

Nov 4, 2025

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Q2 2025

Aug 5, 2025

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Q1 2025

May 8, 2025

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View All Transcripts

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MOLSON COORS BEVERAGE (TAP)

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