Adjustments for Non-Cash Items [USD, M]

Stock-Based Compensation [USD, M]

Changes in Working Capital [USD, M]

Capital Expenditures (CapEx) [USD, M]

Proceeds from Debt [USD, M]

Repayments of Debt [USD, M]

Share Repurchases [USD, M]

Dividend Payments [USD, M]

Net Change in Cash [USD, M]

e61af93eced5f4d496378e03f29378de581621d42f9f48e49c0df819d1cab6d2

| Metric                              | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Financial Volume (million hl)       | 19.687  **[0001157523-23-000313_a53333949ex99_1.htm:18]**  | 17.006  **[0001157523-23-000672_a53390860ex99_1.htm:11]**  | 23.385  **[0001157523-23-001200_a53491319ex99_1.htm:12]**  | 23.532  **[0001157523-23-001617_a53729250ex99_1.htm:12]**  | 19.849  **[0001157523-24-000225_a53895363ex99_1.htm:14]**  | 17.974  **[0000024545-24-000010_tapex99120240331earningsre.htm:12]**  | 22.430  **[0000024545-24-000016_tapex99120240630earningsre.htm:14]** **[0000024545-24-000016_tapex99120240630earningsre.htm:13]** **[0000024545-24-000018_tap-20240630.htm:30]**  | 20.629  **[0000024545-24-000023_tapex99120240930-earningsr.htm:16]**  |
| COGS per Hectoliter (% Change)      | 3.9%  **[0001157523-23-000313_a53333949ex99_1.htm:6]**  | 22.7%  **[0001157523-23-000672_a53390860ex99_1.htm:2]** **[0000024545-23-000011_tap-20230331.htm:30]**  | -5.3%  **[0001157523-23-001200_a53491319ex99_1.htm:2]** **[0000024545-23-000016_tap-20230630.htm:37]**  | -3.0%  **[0001157523-23-001617_a53729250ex99_1.htm:2]** **[0000024545-23-000020_tap-20230930.htm:39]**  | 2.2%  **[0001157523-24-000225_a53895363ex99_1.htm:5]**  | 1.9%  **[0000024545-24-000012_tap-20240331.htm:26]** **[0000024545-24-000010_tapex99120240331earningsre.htm:2]**  | -2.1%  **[0000024545-24-000016_tapex99120240630earningsre.htm:4]** **[0000024545-24-000018_tap-20240630.htm:32]**  | 7.5%  **[0000024545-24-000023_tapex99120240930-earningsr.htm:4]** **[0000024545-24-000024_tap-20240930.htm:40]**  |

ac68086ff4d14513d35e32af267a67e6335af7e6216ca1ec45ae3b29f87adfb5

| Metric (in million USD) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Americas Segment        | N/A     | **$1,939.0**  **[0000024545-23-000011_tap-20230331.htm:25]**  | **$2,621.7**  **[0000024545-23-000016_tap-20230630.htm:30]**  | **$2,633.4**  **[0000024545-23-000020_tap-20230930.htm:32]**  | **$2,231.1**  **[0001157523-24-000225_a53895363ex99_1.htm:14]**  | **$2,145.4**  **[0000024545-24-000012_tap-20240331.htm:22]**  | **$2,575.9**  **[0000024545-24-000018_tap-20240630.htm:27]**  | **$2,345.0**  **[0000024545-24-000023_tapex99120240930-earningsr.htm:15]**  |
| EMEA&APAC Segment       | N/A     | **$410.1**  **[0000024545-23-000011_tap-20230331.htm:25]**    | **$649.0**  **[0000024545-23-000016_tap-20230630.htm:30]**    | **$670.4**  **[0000024545-23-000020_tap-20230930.htm:32]**    | **$566.6**  **[0001157523-24-000225_a53895363ex99_1.htm:14]**    | **$454.7**  **[0000024545-24-000012_tap-20240331.htm:22]**    | **$683.3**  **[0000024545-24-000018_tap-20240630.htm:27]**    | **$704.4**  **[0000024545-24-000023_tapex99120240930-earningsr.htm:15]**    |
| Inter-segment Net Sales Eliminations | N/A | N/A     | **$(4.1)**  **[0000024545-23-000016_tap-20230630.htm:30]**  | **$(5.4)**  **[0000024545-23-000020_tap-20230930.htm:32]**  | **$(6.9)**  **[0001157523-24-000225_a53895363ex99_1.htm:14]**  | **$(3.7)**  **[0000024545-24-000012_tap-20240331.htm:22]**  | **$(6.9)**  **[0000024545-24-000018_tap-20240630.htm:27]**  | **$(6.7)**  **[0000024545-24-000024_tap-20240930.htm:33]**  |
| Consolidated Net Sales  | N/A     | **$2,346.3**  **[0000024545-23-000011_tap-20230331.htm:25]**  | **$3,266.6**  **[0000024545-23-000016_tap-20230630.htm:30]**  | **$3,298.4**  **[0000024545-23-000020_tap-20230930.htm:32]**  | **$2,790.8**  **[0001157523-24-000225_a53895363ex99_1.htm:14]**  | **$2,596.4**  **[0000024545-24-000012_tap-20240331.htm:22]**  | **$3,252.3**  **[0000024545-24-000018_tap-20240630.htm:27]**  | **$3,042.7**  **[0000024545-24-000024_tap-20240930.htm:33]**  |

2dba1c4c478f04626a2644c277712ba73849ae230a6c35761565fb6d3ba55f85

Molson Coors Beverage Company, with a history spanning over two centuries, is primarily engaged in brewing beverages that unite people for celebrations. The company produces a diverse range of products, including core power beer brands such as Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling, and Ožujsko **[0000024545-24-000005_tap-20231231.htm:9]** **[0000024545-24-000016_tapex99120240630earningsre.htm:8]** **[0000024545-24-000010_tapex99120240331earningsre.htm:7]** **[0000024545-24-000005_tap-20231231.htm:67]** **[0001104659-24-025495_tm246344-1_s3asr.htm:4]**. Additionally, they offer above premium brands like Madri, Staropramen, Blue Moon Belgian White, and Leinenkugel’s Summer Shandy, as well as economy and value brands like Miller High Life and Keystone **[0000024545-24-000005_tap-20231231.htm:9]** **[0000024545-24-000016_tapex99120240630earningsre.htm:8]** **[0000024545-24-000010_tapex99120240331earningsre.htm:7]** **[0000024545-24-000005_tap-20231231.htm:67]** **[0001104659-24-025495_tm246344-1_s3asr.htm:4]**. Beyond beer, their portfolio includes flavored beverages like Vizzy Hard Seltzer, spirits such as Five Trail whiskey, and non-alcoholic beverages **[0000024545-24-000005_tap-20231231.htm:9]** **[0000024545-24-000016_tapex99120240630earningsre.htm:8]** **[0000024545-24-000010_tapex99120240331earningsre.htm:7]** **[0000024545-24-000005_tap-20231231.htm:67]** **[0001104659-24-025495_tm246344-1_s3asr.htm:4]**.

1. **Core Power Beer Brands** - Produces popular beer brands including Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling, and Ožujsko.
2. **Above Premium Brands** - Offers premium beer options such as Madri, Staropramen, Blue Moon Belgian White, and Leinenkugel’s Summer Shandy.
3. **Economy and Value Brands** - Provides budget-friendly beer options like Miller High Life and Keystone.
4. **Flavored Beverages** - Includes products like Vizzy Hard Seltzer, catering to consumers seeking flavored alcoholic drinks.
5. **Spirits** - Features products such as Five Trail whiskey, expanding the company's offerings beyond beer.
6. **Non-Alcoholic Beverages** - Offers a range of non-alcoholic drink options to cater to diverse consumer preferences.

cbfd6c035f30589acbc3c8b68b6d7d9af465033e15f7be8c0e5204895c3d4a22

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD]

Earnings Per Share (EPS) - Diluted [USD]

3a5eb51d806f2249507286d907d036f8ffc4fedafd026c94adec4f76a35b7d04

| Metric (Unit: Million USD) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Americas Segment Revenue   | N/A     | **$1,939.0**  **[0000024545-23-000011_tap-20230331.htm:25]**  | **$2,621.7**  **[0000024545-23-000016_tap-20230630.htm:30]**  | **$2,633.4**  **[0000024545-23-000020_tap-20230930.htm:32]**  | **$2,231.1**  **[0001157523-24-000225_a53895363ex99_1.htm:14]**  | **$2,145.4**  **[0000024545-24-000010_tapex99120240331earningsre.htm:11]**  | **$2,575.9**  **[0000024545-24-000016_tapex99120240630earningsre.htm:13]**  | **$2,345.0**  **[0000024545-24-000023_tapex99120240930-earningsr.htm:15]**  |
| EMEA&APAC Segment Revenue  | N/A     | **$410.1**  **[0000024545-23-000011_tap-20230331.htm:25]**    | **$649.0**  **[0000024545-23-000016_tap-20230630.htm:30]**    | **$670.4**  **[0000024545-23-000020_tap-20230930.htm:32]**    | **$566.6**  **[0001157523-24-000225_a53895363ex99_1.htm:14]**    | **$454.7**  **[0000024545-24-000010_tapex99120240331earningsre.htm:11]**    | **$683.3**  **[0000024545-24-000016_tapex99120240630earningsre.htm:13]**    | **$704.4**  **[0000024545-24-000023_tapex99120240930-earningsr.htm:15]**    |
| Inter-segment Net Sales Eliminations | N/A | N/A | **$(4.1)**  **[0000024545-23-000016_tap-20230630.htm:30]**  | N/A | **$(6.9)**  **[0001157523-24-000225_a53895363ex99_1.htm:14]**  | **$(3.7)**  **[0000024545-24-000010_tapex99120240331earningsre.htm:11]**  | **$(6.9)**  **[0000024545-24-000016_tapex99120240630earningsre.htm:13]**  | **$(6.7)**  **[0000024545-24-000024_tap-20240930.htm:33]**  |
| Consolidated Net Sales     | N/A     | N/A     | **$3,266.6**  **[0000024545-23-000016_tap-20230630.htm:30]**  | **$3,298.4**  **[0000024545-23-000020_tap-20230930.htm:32]**  | **$2,790.8**  **[0001157523-24-000225_a53895363ex99_1.htm:14]**  | **$2,596.4**  **[0000024545-24-000010_tapex99120240331earningsre.htm:11]**  | **$3,252.3**  **[0000024545-24-000016_tapex99120240630earningsre.htm:13]**  | **$3,042.7**  **[0000024545-24-000023_tapex99120240930-earningsr.htm:15]**  |

2e1416212b751f30e09263c6004524bd02639150beeb42bc6229488524f52c5c

1. Given that you have adjusted your net sales revenue guidance to **down approximately 1%** from low single-digit growth previously  **[TAP_3406656_6]** , how confident are you in your ability to achieve positive top-line growth in the coming year  **[TAP_3406656_7]** , especially considering the **softer-than-anticipated U.S. industry performance** during the peak summer selling season  **[TAP_3406656_6]**  and the potential pressures on consumer spending?

2. With the closure of your **two underutilized U.S. regional craft breweries**, Chippewa Falls and Tenth Street in Wisconsin, and shifting production to Milwaukee  **[TAP_3406656_6]** , can you elaborate on how this decision impacts your craft beer strategy  **[TAP_3406656_6]**  and what steps you are taking to address the challenges in the U.S. above-premium segment  **[TAP_3406656_4]** ?

3. You've increased your ownership stake in **ZOA** to **51%**  **[TAP_3406656_4]** , despite its current small presence in scanner data and limited performance  **[TAP_3406656_19]** ; what gives you confidence that this investment will drive significant growth, and how do you plan to scale the brand in a highly competitive energy drink market  **[TAP_3406656_4]** ?

4. You mentioned plans to onshore production of **Peroni** to improve supply consistency and introduce new pack sizes  **[TAP_3406656_4]** ; given the competitive and promotional environment in the import beer segment  **[TAP_3406656_14]** , what is your strategy to achieve significant growth for Peroni in the U.S. and how will you differentiate it from established European imports  **[TAP_3406656_4]** ?

5. Considering that you are expecting annual net price increases of **1% to 2%** in North America  **[TAP_3406656_7]** , and mix to be a meaningful growth driver as you aim to reach about **one-third** of global net brand revenue from above premium  **[TAP_3406656_7]** , how do you plan to balance pricing and premiumization efforts with potential impacts on volume, particularly in light of shifting consumer preferences and economic uncertainties  **[TAP_3406656_6]** ?

3b7bc96c0b3ab27b9f3eb71c374c09633a3e912f2918aa94c3833a05f85ca161

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Net Sales Revenue**: Adjusted to down approximately **1%** from previously expected low single-digit growth.
  2. **Underlying Pretax Income**: Reaffirmed mid-single-digit growth.
  3. **Underlying Earnings Per Share**: Reaffirmed mid-single-digit growth, narrowed to the higher end of the range.
  4. **Underlying Free Cash Flow**: Expected to be **$1.2 billion**, plus or minus 10%.
  5. **Cost of Goods Sold (COGS) per Hectoliter**: Impacted by volume deleverage.
  6. **SG&A Expenses**: Expected to be down compared to the prior-year period.
  7. **Shipments and Sales to Retailers (STRs) vs. Shipments to Wholesalers (STWs)**: STRs expected to outpace STWs by about 200,000 hectoliters in Q4.
  8. **Impact of Pabst Contract Brewing Agreement Termination**: Headwind of about 500,000 hectoliters  **[TAP_3406656_6]** **[TAP_3406656_1]** **[TAP_3406656_7]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Net Sales Revenue Growth**: Low single-digit growth on a constant currency basis.
  2. **Underlying Pretax Income Growth**: Mid-single-digit growth on a constant currency basis.
  3. **Underlying Earnings Per Share Growth**: Mid-single-digit growth.
  4. **Underlying Free Cash Flow**: $1.2 billion, plus or minus 10%  **[TAP_3396567_5]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Net Sales Revenue Growth**: Low single digits on a constant currency basis.
  2. **Underlying Pretax Income Growth**: Mid-single digits on a constant currency basis.
  3. **Underlying Earnings Per Share Growth**: Mid-single digits.
  4. **Underlying Free Cash Flow**: Approximately **$1.2 billion**, plus or minus 10%.
  5. **Pricing in the U.S. and Canada**: Between **1% and 2%**.
  6. **Pricing in EMEA and APAC**: In line with inflation.
  7. **Underlying Cost of Goods Sold per Hectoliter**: Expected to increase.
  8. **MG&A Expenses**: Roughly in line with 2023  **[TAP_3381538_5]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Net Sales Revenue Growth**: Low single-digit growth on a constant currency basis.
  2. **Underlying Pretax Income Growth**: Mid-single-digit growth on a constant currency basis.
  3. **Underlying Earnings Per Share Growth**: Mid-single-digit growth.
  4. **Underlying Free Cash Flow**: **$1.2 billion**, plus or minus 10%.
  5. **Underlying Depreciation and Amortization**: **$700 million**, plus or minus 5%.
  6. **Net Interest Expense**: **$210 million**, plus or minus 5%.
  7. **Underlying Effective Tax Rate**: In the range of **23% to 25%**.
  8. **Capital Expenditures**: **$750 million**, plus or minus 5%  **[TAP_3373065_8]** .

9c687921d995040b0dc3f785ed2af9c0ccce7665664ca036022509b28bec939f

53431ee076e74a346bfa1c2419916814273f848766350d4a088c5f39977cccd5

Financial Volume (million hl)

COGS per Hectoliter (% Change)

e9dc9620bc2044367c7fccf2fabb02f3720bced66b4b33b6d9f6db59608526e9

Americas

EMEA&APAC

- United States

- Canada

- United Kingdom

- Other countries

North America

Europe

International

Corporate

Inter-segment Eliminations

Total Revenue

03ecacde2d7bad1f91fb80eb3ede486ee67084c6adb6cd803c115499756a4294

- Anheuser-Busch InBev SA/NV (ABI): Competes directly with Molson Coors in the U.S. and Canada  **[0000024545-24-000005_tap-20231231.htm:12]** .
- Asahi: Primary competitor in European countries where Molson Coors operates  **[0000024545-24-000005_tap-20231231.htm:12]** .
- Carlsberg: Primary competitor in European countries where Molson Coors operates  **[0000024545-24-000005_tap-20231231.htm:12]** .
- Heineken: Primary competitor in European countries where Molson Coors operates  **[0000024545-24-000005_tap-20231231.htm:12]** .

d8d98a071dfe09893e11d25f09d4e09cbb2f088a82791dcd8410a293ca344736

United States

Canada

- Parent Guarantor

- Subsidiary Guarantors

- Subsidiary Non Guarantors

329854279b256c26c2eba28089c2ff25ee7120dd28167e8dc509be69391ceb04

| Name                     | Position                                           | Start Date         | Short Bio                                                                                                                                                                                                 |
|--------------------------|----------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Gavin D.K. Hattersley    | President and Chief Executive Officer              | September 2019     | Gavin D.K. Hattersley has been the President and CEO of Molson Coors since September 2019. He has extensive experience in the beer industry, having served in various roles at Molson Coors since 2002  **[0001308179-24-000436_ltap2024_def14a.htm:38]** **[0001308179-24-000436_ltap2024_def14a.htm:13]** **[0001308179-23-000559_ltap2023_def14a.htm:12]** .                                |
| Tracey I. Joubert        | Chief Financial Officer                            | November 2016      | Tracey I. Joubert has been the CFO of Molson Coors since November 2016. She previously served as CFO and Executive VP of MillerCoors from 2012 to November 2016  **[0001308179-24-000436_ltap2024_def14a.htm:38]** .                                                                             |
| Sergey Yeskov            | President and CEO of Molson Coors EMEA & APAC      | January 2022       | Sergey Yeskov has been serving as the President and CEO of Molson Coors EMEA & APAC since January 2022. He was previously the Managing Director for Central and Eastern Europe  **[0001308179-24-000436_ltap2024_def14a.htm:39]** **[0001308179-23-000559_ltap2023_def14a.htm:40]** .                                                          |
| Natalie Maciolek         | Chief Legal & Government Affairs Officer and Secretary | September 5, 2023  | Natalie Maciolek has been serving as the Chief Legal & Government Affairs Officer and Secretary at Molson Coors since September 5, 2023. She previously held senior roles at Kohler Co.  **[0001308179-24-000436_ltap2024_def14a.htm:38]** **[0001308179-24-000436_ltap2024_def14a.htm:55]** .                                                |
| Michelle E. St. Jacques  | Chief Commercial Officer                           | March 1, 2023      | Michelle E. St. Jacques has been the Chief Commercial Officer of Molson Coors since March 1, 2023. She was previously the Chief Marketing Officer of Molson Coors from November 2019 to February 2023  **[0001308179-23-000559_ltap2023_def14a.htm:39]** **[0001308179-24-000436_ltap2024_def14a.htm:39]** .                                    |
| Miroslav Holjevac        | President of Management Board                      | N/A                | Miroslav Holjevac serves as the President of the Management Board at Zagrebačka Pivovara d.o.o., part of the Molson Coors Group. Specific details about his start date are not provided.                                                        |
| Alina Ruzic              | Member of Management Board                         | October 17, 2024   | Alina Ruzic serves as a Member of the Management Board at Molson Coors. She was involved in signing an agreement on behalf of the company on October 17, 2024  **[0001104659-24-109737_tm2426417d1_ex10-1.htm:7]** . Further details about her career background are not provided.                |

3eb3bf279782450d1e9e79c16df0538a7d6fc4b06b8cf0b4cb084f725cc95d85

| Program Details            | Program 1          |
|----------------------------|--------------------|
| Approval Date              | **September 29, 2023**  **[0000024545-24-000024_tap-20240930.htm:59]**  |
| End Date/Duration          | **Five years**  **[0000024545-24-000024_tap-20240930.htm:13]**  |
| Total additional amount    | **$2.0 billion**  **[0000024545-24-000024_tap-20240930.htm:13]**  |
| Remaining authorization amount | **$1,416,863,668**  **[0000024545-24-000024_tap-20240930.htm:59]**  |
| Details                    | The program allows flexibility to repurchase shares based on market conditions, liquidity needs, and other factors. It replaces and supersedes any previous repurchase programs. The Board may suspend, modify, or terminate the program at any time without prior notice.  **[0000024545-24-000005_tap-20231231.htm:172]** **[0000024545-23-000020_tap-20230930.htm:59]** **[0000024545-23-000020_tap-20230930.htm:13]** **[0000024545-24-000018_tap-20240630.htm:11]** **[0000024545-24-000024_tap-20240930.htm:13]**  |

5d48ef307af08c0ffdc2bab5ae41ef054e7661d3ef91961362fbe0a98ebb61af

1. **Guidance and Margin Impact**  
   **Q:** Guidance implies H2 deceleration; impact on margins?  
   **A:** We expect higher COGS in **2024** versus **2023**, with the second half higher than the first, driven by deleverage and mix.  **[TAP_3396567_6]**  Premiumizing our portfolio adds to COGS but is margin accretive.  **[TAP_3396567_6]**  Inflation is moderating but continues, and material conversion costs linked to inflation indices tend to lag.  **[TAP_3396567_6]**  Our hedging program has longer-term hedges from **'22** and **'23** rolling off this year and next.  **[TAP_3396567_6]**  We've invested in breweries to drive efficiencies and cost savings to offset COGS inflation.  **[TAP_3396567_6]**  Contract brewing volume exiting, which is low margin, will help margins despite the volume impact.  **[TAP_3396567_6]** 

2. **Volume Trends and Outlook**  
   **Q:** How are U.S. volumes trending and industry outlook?  
   **A:** April and May were tougher, but we saw improvement in June.  **[TAP_3396567_7]**  Overall, Q2 is a continuation of previous trends, with consumers shifting within brands to singles or larger packs.  **[TAP_3396567_7]**  We can't predict quarters based on a few weeks' data, so we'll see how Q3 turns out.  **[TAP_3396567_7]**  In the U.S., we're not seeing significant changes; value-conscious consumers engage in channel and pack shifting but not brand shifting.  **[TAP_3396567_10]** 

3. **Marketing Spend Strategy**  
   **Q:** Why is marketing spend lower in H2 vs. H1?  
   **A:** Our MG&A will be lower in the second half versus the first.  **[TAP_3396567_6]**  In H2 of **2023**, we spent an incremental **$100 million** in marketing, evenly split between Q2 and Q3, to drive brand momentum.  **[TAP_3396567_6]**  Typically, we spend more in the summer, so you can expect lower year-over-year spend, particularly in Q4.  **[TAP_3396567_6]**  However, we expect **2024** marketing to be up meaningfully from **2022**, with no pullback on marketing.  **[TAP_3396567_6]** 

4. **Shelf Space Gains and Market Share**  
   **Q:** Has increased shelf space boosted market share?  
   **A:** We secured about a **13%** share of space increase for our core brands in large format stores, becoming the biggest winner in space allocation.  **[TAP_3396567_12]**  We've retained **80%** of the share gains, and it gets easier from here as we move past our toughest comps.  **[TAP_3396567_12]**  We expect retailers to make only minor adjustments going forward.  **[TAP_3396567_12]** 

5. **Price/Mix Contribution**  
   **Q:** Can you break down the 4% price/mix increase?  
   **A:** In the Americas, over half of the **4.1%** increase comes from net pricing, with the balance from mix, including the exit of Pabst volume.  **[TAP_3396567_11]** **[TAP_3396567_13]**  We expect pricing to land in the historical **1%-2%** increase level for the full year.  **[TAP_3396567_13]**  More Pabst volume exiting in Q3 will be mix favorable.  **[TAP_3396567_13]** 

6. **Performance of Above-Premium Brands**  
   **Q:** What's being done to improve Blue Moon and Peroni?  
   **A:** We recognize the need to improve in the U.S. premiumization space.  **[TAP_3396567_9]**  For **Blue Moon**, we've launched new packaging, a new campaign, and repositioned **Blue Moon Light**, which shows promising early signs.  **[TAP_3396567_9]**  For **Peroni**, we're shifting to domestic production in the U.S., ensuring consistent supply, expanding pack formats, and improving margins to reinvest in marketing.  **[TAP_3396567_9]**  Awareness and distribution are still low, but we have high expectations.  **[TAP_3396567_9]** 

7. **Innovation Performance**  
   **Q:** How are recent innovations contributing to growth?  
   **A:** We're pleased with **Simply Spiked**, building it to over **$100 million** in two years.  **[TAP_3396567_16]**  Consumers have a "treasure hunt" mentality, so continuous flavor innovation is important.  **[TAP_3396567_16]**  **Madri** is a standout, now a top 10 brand, recently launched in Canada and Bulgaria, growing double digits despite competition.  **[TAP_3396567_16]**  We're also encouraged by other innovations like **Happy Thursday**, tapping into new consumer segments.  **[TAP_3396567_16]** 

8. **Market Share Expectations**  
   **Q:** What's your view on retaining market share gains?  
   **A:** Our core brands grew **2.5 points** of case share in Q2 last year, and we've retained **80%** of that.  **[TAP_3396567_15]**  Compared to Q2 **2022**, our total portfolio is up over **1.7 points** of volume share.  **[TAP_3396567_15]**  We're planning to execute and retain as much share as possible, now that we're past the toughest comps.  **[TAP_3396567_15]** 

9. **Consumer Behavior and Resilience**  
   **Q:** Are you seeing changes in consumer demand?  
   **A:** In the U.S., we haven't seen significant changes; value-conscious consumers continue channel and pack shifting but not brand shifting.  **[TAP_3396567_10]**  In Central and Eastern Europe, reduced CPI is easing pressure on disposable income, translating to increased market demand.  **[TAP_3396567_10]**  In Canada, performance is pleasing, gaining market share as we execute our revitalization strategy.  **[TAP_3396567_10]** 

10. **On-Premise Strategy**  
    **Q:** What's your on-premise strategy regarding kegs?  
    **A:** On-premise in the U.S. is performing slightly better than off-premise.  **[TAP_3396567_8]**  Kegs are and will remain an important part of our on-premise strategy to build brands like **Miller Lite**, **Coors Light**, and **Blue Moon**.  **[TAP_3396567_8]**  While changes occur, sometimes between keg sizes, kegs are essential to how we continue to build our brands.  **[TAP_3396567_8]** 

11. **Adjustments for Consumer Pack Shifts**  
    **Q:** Did shelf resets address consumer pack shifts?  
    **A:** We introduced more SKUs and pack formats into convenience stores, grocery, and large formats.  **[TAP_3396567_14]**  While we didn't capture all current consumer trends, we've improved holding power for both large and small packs, reducing out-of-stocks.  **[TAP_3396567_14]** 

12. **New Brand Launch in Romania**  
    **Q:** What's behind the new brand launch in Romania?  
    **A:** The brand is one we've had before; our innovation team found a market gap and relaunched it.  **[TAP_3396567_14]**  It's adding nice incrementality without significant cannibalization, achieving **150,000 hectoliters** in just a few months, which is meaningful in that market size.  **[TAP_3396567_14]** 

13. **Volume and Shipment Planning**  
    **Q:** Is the gap between financial and brand volume wider in Q3?  
    **A:** Yes, we shipped ahead of demand by **1.1 million hectoliters** in the first half, which we expect to reverse in the second half, mostly in Q3.  **[TAP_3396567_7]** **[TAP_3396567_13]**  We have about **1 million hectoliters** of Pabst volume remaining, with over half exiting in Q3.  **[TAP_3396567_7]** **[TAP_3396567_13]** 

77633088bd7464619a59944e50ab3cc0729cd43643a07b6c51da407ff479694b

**Annual guidance for FY 2024:**
- **Net Sales Revenue**: down approximately 1%  **[TAP_3406656_6]** **[TAP_3406656_1]** **[TAP_3406656_7]**  (lowered from low single-digit growth  **[TAP_3396567_5]** )  
- **Underlying Pretax Income**: mid-single-digit growth  **[TAP_3406656_6]** **[TAP_3406656_1]** **[TAP_3406656_7]**  (no change from prior guidance  **[TAP_3396567_5]** )  
- **Underlying Earnings Per Share**: mid-single-digit growth, narrowed to the higher end of the range  **[TAP_3406656_6]** **[TAP_3406656_1]** **[TAP_3406656_7]**  (raised from mid-single-digit growth  **[TAP_3396567_5]** )  
- **Underlying Free Cash Flow**: $1.2 billion, plus or minus 10%  **[TAP_3406656_6]** **[TAP_3406656_1]** **[TAP_3406656_7]**  (no change from prior guidance  **[TAP_3396567_5]** )  
- **Cost of Goods Sold (COGS) per Hectoliter**: impacted by volume deleverage  **[TAP_3406656_6]** **[TAP_3406656_1]** **[TAP_3406656_7]**  (no prior guidance)  
- **SG&A Expenses**: expected to be down  **[TAP_3406656_6]** **[TAP_3406656_1]** **[TAP_3406656_7]**  (no prior guidance)  
- **Shipments and Sales to Retailers (STRs) vs. Shipments to Wholesalers (STWs)**: STRs expected to outpace STWs by ~200,000 hectoliters in Q4  **[TAP_3406656_6]** **[TAP_3406656_1]** **[TAP_3406656_7]**  (no prior guidance)  
- **Impact of Pabst Contract Brewing Agreement Termination**: headwind of ~500,000 hectoliters  **[TAP_3406656_6]** **[TAP_3406656_1]** **[TAP_3406656_7]**  (no prior guidance)

a63cfba0c09f95d9655f877265e7f752edb831af25a7829dcb6f5dd6d244a503

1. **Sustainability of U.S. Market Share Gains**  
   **Q:** Will you maintain U.S. market share gains into 2024?  
   **A:** Gavin Hattersley expressed confidence in sustaining U.S. market share gains into 2024. He noted consistent growth in core brands over nine months, momentum continuing into Q1, and believes the shifts in the U.S. beer industry are **permanent**. The company expects to continue gaining share, supported by increased retail space, stronger display activity, and on-premise gains.  **[TAP_3373065_9]** **[TAP_3373065_14]** 

2. **EPS Guidance and Share Repurchases**  
   **Q:** Why is EPS growth aligned with pretax income, and what about share repurchases?  
   **A:** EPS growth guidance is mid-single-digit, slightly less than the long-term algorithm due to an increased **tax rate** from profit mix across regions. Regarding share repurchases, the company plans a sustained and opportunistic approach under its **$2 billion** program, implying roughly **$400 million** per year over five years.  **[TAP_3373065_10]** **[TAP_3373065_16]** **[TAP_3373065_17]** 

3. **Rising Cost of Goods Sold**  
   **Q:** Why are COGS per hectoliter rising despite strong volumes?  
   **A:** COGS per hectoliter are increasing due to **premiumization**, which leads to higher production costs for above-premium products. Additional factors include material cost inflation and existing hedges on input costs acting as headwinds, even though spot prices have declined.  **[TAP_3373065_12]** **[TAP_3373065_15]** 

4. **EMEA and APAC Volume Outlook**  
   **Q:** Do you expect EMEA and APAC volumes to improve?  
   **A:** The company reported **double-digit** top and bottom-line growth in EMEA and APAC last year. Signs of lowering inflation and reduced consumer impact are expected to continue improving in 2024. Growth is anticipated to be driven by premiumization and successful brands like **Madri**, which is expanding into Bulgaria and Canada.  **[TAP_3373065_11]** 

5. **Capital Allocation and Cash Use**  
   **Q:** How will you deploy cash if volumes fall short?  
   **A:** Molson Coors maintains its capital allocation priorities: investing in the business, keeping leverage below **2.5x** (currently at **2.2x**), and returning cash to shareholders through dividends and share buybacks. Should volumes fall short, they may adjust buybacks timing but will adhere to strategic priorities.  **[TAP_3373065_16]** 

6. **U.S. Beer Category Outlook**  
   **Q:** Will the U.S. beer market return to flat to down 1% volume?  
   **A:** The company expects the U.S. beer category to revert to historical levels of flat to down **1%** in volume after improvements in 2023, particularly in Q4. This expectation is embedded in their 2024 guidance.  **[TAP_3373065_9]** **[TAP_3373065_18]** 

7. **Impact of Cannabis Legalization**  
   **Q:** Does cannabis legalization threaten beer sales?  
   **A:** Molson Coors has not observed a significant negative impact from cannabis on alcohol consumption. In markets like Canada and Colorado, beer sales remain strong despite cannabis legalization, indicating limited cannibalization.  **[TAP_3373065_20]** 

8. **Blue Moon Brand Performance**  
   **Q:** What's the outlook for Blue Moon?  
   **A:** Despite challenges in 2023, Blue Moon shows signs of improvement in the on-premise channel. Plans for 2024 include redesigned packaging, a new marketing campaign, and innovations like **Blue Moon Light**, the #1 light craft beer, and **Blue Moon Non-Alcoholic**, which quickly became the #3 craft non-alcoholic beer by volume.  **[TAP_3373065_17]** 

9. **U.S. Volume Growth Post Q1**  
   **Q:** Will U.S. volumes grow after Q1 despite tough comps?  
   **A:** Molson Coors aims to continue gaining market share and driving top-line growth through pricing and premiumization, even with tougher comparisons in Q2. They expect to maintain momentum beyond Q1.  **[TAP_3373065_13]** 

10. **Addressing Draft Volume Weakness**  
    **Q:** How will you address industry draft volume declines?  
    **A:** The company is growing share in the on-premise channel, with brands like **Blue Moon**, **Coors Banquet**, and **Miller High Life** performing well. Draft volume weakness is largely due to the decline of craft brands, but Molson Coors' portfolio remains strong and healthy in this segment.  **[TAP_3373065_21]** 

11. **Pricing Position vs. Spirits**  
    **Q:** How do you view beer's pricing compared to spirits?  
    **A:** Beer has historically taken higher pricing than competitors in the alcohol space, though not as much as spirits. Molson Coors expects pricing this year to be in the historical **1% to 2%** range, consistent with past expectations.  **[TAP_3373065_19]** 

12. **Portfolio Outside Core Brands**  
    **Q:** How is your portfolio beyond core brands performing?  
    **A:** Outside the U.S., the company is seeing strong share growth in Canada, driven by core brands and flavors. **Coors Light** became the #1 light beer, and the flavor portfolio is outperforming competitors. In the U.K., despite cautious outlook due to excise tax impacts, the portfolio is strong with brands like **Madri** expanding internationally.  **[TAP_3373065_16]** 

fe3865a86a29e82f22e9e24573a16a093161644fb071864bb5e55d8bc98be5f3

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 1974  **[0000024545-24-000005_tap-20231231.htm:103]**    | Present  | Current auditor   |

4dc475907cc1ae84bcad0ede1612604b53fade61e26184449fe4ee28da96fedf

5c8837716eec19aba2a595fba13cdef483ee7edc78eb4d2d6af23dbe86576db6

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $3,042.7M (Q3’24) vs $3,298.4M (Q3’23), **-8%** YoY  **[0000024545-23-000020_tap-20230930.htm:32]** **[0000024545-24-000024_tap-20240930.htm:33]**   
- Americas Revenue: $2,345.0M (Q3’24) vs $2,633.4M (Q3’23), **-11%** YoY  **[0000024545-23-000020_tap-20230930.htm:32]** **[0000024545-24-000024_tap-20240930.htm:33]**   
- EMEA & APAC Revenue: $704.4M (Q3’24) vs $670.4M (Q3’23), +5% YoY  **[0000024545-23-000020_tap-20230930.htm:32]** **[0000024545-24-000024_tap-20240930.htm:33]**   
- Operating Income (EBIT): $451.2M (Q3’24) vs $592.2M (Q3’23), **-24%** YoY  **[0000024545-23-000020_tap-20230930.htm:36]** **[0000024545-23-000020_tap-20230930.htm:5]** **[0000024545-24-000024_tap-20240930.htm:37]** **[0000024545-24-000024_tap-20240930.htm:5]**   
- Net Income: $228.8M (Q3’24) vs $435.3M (Q3’23), **-48%** YoY  **[0000024545-23-000020_tap-20230930.htm:36]** **[0000024545-23-000020_tap-20230930.htm:5]** **[0000024545-24-000024_tap-20240930.htm:37]** **[0000024545-24-000024_tap-20240930.htm:5]**   
- EPS (Basic): $0.98 (Q3’24) vs $2.00 (Q3’23), **-51%** YoY  **[0000024545-23-000020_tap-20230930.htm:5]** **[0000024545-24-000024_tap-20240930.htm:5]**   

90850a9bd4433e2ca8c99de9ca659d817bf44b5c0120a98fc5a9d9b48e17ab3c

66b13dff084ec4ce73af4cb2ab54872411688f4755068a735bdda0c9cc630ef1

f28194bd293d439291089fb075b5043fecaddf640f0dc99deba0df445fddcc66

| Year | Amount Due (in millions) | Debt Type                     | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|------------------------------------|-----------------------|------------------------------------------------------------------------------------|
| 2024     | $37.7                        | Short-term borrowings and current portion of long-term debt | N/A                   | 0.6% = (37.7 / 6,240.7) * 100 **[0000024545-24-000024_tap-20240930.htm:22]** **[0000024545-24-000024_tap-20240930.htm:22]**                                     |
| 2026     | $2,369.7                     | CAD 500M 3.44% senior notes, $2.0B 3.0% senior notes | 3.44%, 3.00%          | 38.0% = (2,369.7 / 6,240.7) * 100 **[0000024545-24-000024_tap-20240930.htm:22]** **[0000024545-24-000024_tap-20240930.htm:22]**                                 |
| 2032     | $890.8                       | EUR 800M 3.8% senior notes        | 3.80%                 | 14.3% = (890.8 / 6,240.7) * 100 **[0000024545-24-000024_tap-20240930.htm:22]**                                           |
| 2042     | $1,100.0                     | $1.1B 5.0% senior notes           | 5.00%                 | 17.6% = (1,100.0 / 6,240.7) * 100 **[0000024545-24-000024_tap-20240930.htm:22]**                                         |
| 2046     | $1,800.0                     | $1.8B 4.2% senior notes           | 4.20%                 | 28.8% = (1,800.0 / 6,240.7) * 100 **[0000024545-24-000024_tap-20240930.htm:22]**                                         |

435650fbe56c49a38e3ee31a1671e969afd8fa066f5e74a158ac221061b4ba66

Financial Volume in the Americas (millions of hectoliters)

Financial Volume Percentage Change in the Americas (percentage)

Financial Volume in EMEA&APAC (millions of hectoliters)

Financial Volume Percentage Change in EMEA&APAC (percentage)

Consolidated Financial Volume (millions of hectoliters)

Consolidated Financial Volume Percentage Change (percentage)

Royalty Volume in the Americas (millions of hectoliters)

Royalty Volume in EMEA&APAC (millions of hectoliters)

529077d2d5092e6a8ca49cd75824f13d394176879340ae48b03a6721ff5e9e5b

1. **Guidance Outlook**

   **Q:** Why does guidance imply lower income despite positive factors?

   **A:** Although Q1 shipments exceeded expectations due to strong supply chain performance surpassing contingency plans  **[TAP_3381538_6]** , the company expects shipments to align with consumption over the next nine months, especially in the back half of the year.  **[TAP_3381538_8]**  This normalization impacts underlying income projections despite favorable price/mix, flat MG&A, and significant shelf space gains.  **[TAP_3381538_8]** 

2. **Market Share Concerns**

   **Q:** Is the loss of share in Coors Light and Miller Lite a concern?

   **A:** Management remains confident in maintaining share gains, viewing recent fluctuations as temporary due to choppiness in Q2 data.  **[TAP_3381538_9]**  They anticipate that the **13% extra shelf space** for Miller Lite and Coors Light, and **20% extra for Coors Banquet**, which most retailers have yet to implement, will drive volume growth as resets complete between April and July.  **[TAP_3381538_9]** 

3. **Industry Weakness**

   **Q:** Are current industry weaknesses transitory or structural?

   **A:** The company is more cautious about industry trends following weak April performance, citing factors like consumer confidence and cautious behavior due to inflation and interest rates.  **[TAP_3381538_10]**  However, it's too early to conclude if weaknesses are structural, and a clearer picture will emerge after the summer sales period.  **[TAP_3381538_10]** 

4. **Cautious Tone vs. Prior Optimism**

   **Q:** Has your outlook changed since prior upbeat comments?

   **A:** Management acknowledges increased caution given recent industry volatility and the first two weeks of poor April results.  **[TAP_3381538_10]**  Despite this, they remain confident in delivering their guidance and long-term growth algorithm.  **[TAP_3381538_10]** 

5. **Strike Impact**

   **Q:** How is the strike affecting costs and operations?

   **A:** The contingency plan is exceeding expectations, and supply chain is outperforming weekly.  **[TAP_3381538_6]**  Costs related to the strike are not material, and the company does not expect significant impact on costs for the rest of the year.  **[TAP_3381538_17]** 

6. **Capital Allocation**

   **Q:** Will you adjust capital allocation given stock pressure?

   **A:** The company employs a sustained and opportunistic approach to its **five-year share repurchase program**, using models to ensure value-accretive decisions.  **[TAP_3381538_12]**  They will continue to allocate capital effectively, considering stock performance.  **[TAP_3381538_12]** 

7. **Marketing Spend**

   **Q:** Will you adjust marketing spend amid softer volumes?

   **A:** The company plans to maintain its marketing spend to fuel brand momentum, confident in their acceleration plan and the health of their brands.  **[TAP_3381538_14]**  With over half of marketing spend now digital, they can adjust tactics quickly to maximize value.  **[TAP_3381538_14]** 

8. **On vs. Off-Premise Performance**

   **Q:** How are on-premise and off-premise performing?

   **A:** In the U.S., on-premise continues to outperform off-premise.  **[TAP_3381538_11]**  In the U.K., on-premise remains strong, but off-premise faces challenges due to increased promotional activities and a significant excise tax increase, which the company has not followed.  **[TAP_3381538_11]** 

9. **Shelf Space Gains**

   **Q:** How will shelf space gains impact shipments?

   **A:** The significant shelf space gains are expected to positively impact volumes as resets are completed, mostly between April and July.  **[TAP_3381538_9]**  Inventory levels are healthy to meet the increased demand, and shipments in Q1 were deliberately increased to prepare for this.  **[TAP_3381538_13]** 

10. **Retailer Enthusiasm**

    **Q:** Are retailers giving more merchandising space to beer?

    **A:** Retailers are highly confident and excited about the company's plans, allocating unprecedented additional space to their brands.  **[TAP_3381538_15]**  However, the overall beer category space is expected to remain largely unchanged, with shifts occurring within existing allocations.  **[TAP_3381538_15]** 

11. **Above-Premium Strategy**

    **Q:** Do you plan M&A to drive above-premium growth?

    **A:** The company focuses on internal development for beyond beer growth, expanding into flavors with brands like Simply and Happy Thursday, and into non-alcoholic beverages.  **[TAP_3381538_19]**  While they have made some acquisitions like a stake in Blue Run, they believe significant progress can be achieved without major M&A.  **[TAP_3381538_19]** 

12. **Blue Moon Ambitions**

    **Q:** What's the long-term plan for the Blue Moon brand?

    **A:** Committed to reinvigorating Blue Moon despite challenges in the craft segment, the company has launched new campaigns, updated packaging, and introduced **Blue Moon non-alc**, which is performing well and providing a positive halo effect.  **[TAP_3381538_16]**  Early signs of these efforts are positive.  **[TAP_3381538_16]** 

f86b1dc775934212cb130bff3eb89ba1f00e7e28b3769a9c3c7c5a933b79143b

- **Challenging performance of Blue Moon and the broader craft beer market**: The company acknowledged that Blue Moon had a "challenging year" in 2023, noting that it hasn't been immune to the challenges in the craft beer market as a whole.  **[TAP_3373065_17]**
- **Weak consumption in key international markets**: There was "weak consumption in the U.K. as well as some sustained pressure in Central and Eastern Europe," with uncertain prospects for near-term volume growth in these regions.  **[TAP_3373065_11]**
- **Potential competition from cannabis among younger consumers**: Analysts highlighted the risk that "younger consumers seem to shift more and more towards cannabis as a preference rather than beer," which could impact beer sales, especially in states where cannabis is legal.  **[TAP_3373065_20]**

c376fc5d1af6557d0c9d346366da7128f52eba8f67cb4dbeaf5aaec5b5b59fc8

1. **Guidance and Volume Impact**  
   **Q:** Explain the impacts on volumes and updated sales guidance?  
   **A:** Management reported that U.S. shipments were down **17.9%**  **[TAP_3406656_9]** , with brand volume declining **6.2%**  **[TAP_3406656_9]** , partly due to a **2.6%** headwind from the Pabst unwind.  **[TAP_3406656_9]**  Despite tough conditions in July and August, they saw improvements in September and early Q4, expecting better performance in Q4.  **[TAP_3406656_9]** 

2. **Pricing and Promotional Environment**  
   **Q:** What is the current pricing and promo environment?  
   **A:** Prices are maintained at the top end of the historical **1-2%** range.  **[TAP_3406656_14]**  They avoided deeper discounting in the above-premium tier observed this summer  **[TAP_3406656_14]** , particularly with brands like Peroni, which is moving to onshore production for better margins and consistent supply.  **[TAP_3406656_14]**  They stuck to their pricing strategy despite some consumer shifts due to macroeconomic factors.  **[TAP_3406656_14]** 

3. **Long-term Growth Prospects**  
   **Q:** How confident are you in long-term growth?  
   **A:** Excluding Pabst, they are in positive territory on the top line.  **[TAP_3406656_13]**  Core power brands have gained **190 basis points** over the first nine months  **[TAP_3406656_13]** , retaining about **80%** of last year's share gains.  **[TAP_3406656_13]**  Pricing is stable at around **2%**  **[TAP_3406656_13]** , and they have strong premiumization efforts and innovation plans, including expanding Peroni and Madri.  **[TAP_3406656_13]** 

4. **Marketing Investment Levels**  
   **Q:** Are current marketing levels sufficient for growth?  
   **A:** Marketing investment is expected to be up versus 2022 but without significant step-ups.  **[TAP_3406656_12]**  They don't plan to match last year's additional **$50 million** spend in Q4.  **[TAP_3406656_12]**  Investment will focus on core brands and innovations like Blue Moon, Madri, and Peroni.  **[TAP_3406656_12]** 

5. **Blue Moon and Coors Banquet Performance**  
   **Q:** Updates on Blue Moon and Coors Banquet?  
   **A:** Blue Moon shows signs of stability with sequential improvements in total industry dollar share.  **[TAP_3406656_16]**  Blue Moon non-alcoholic is now the **#2 craft non-alc brand**.  **[TAP_3406656_16]**  Coors Banquet has gained industry share for **13 consecutive quarters** and is growing double digits year-to-date.  **[TAP_3406656_16]** 

6. **Consumer Trends and Industry Outlook**  
   **Q:** Any changes in consumer behavior or trends?  
   **A:** Value-seeking behavior continues, with shifts to singles and larger packs.  **[TAP_3406656_10]**  While July and August showed economic pressures, September and October saw improvements.  **[TAP_3406656_10]**  Premiumization persists, and consumer confidence has ticked up.  **[TAP_3406656_10]** 

7. **Simply Spiked and Happy Thursday Performance**  
   **Q:** Thoughts on Simply Spiked slowdown and Happy Thursday?  
   **A:** Simply Spiked remains significant with **$100 million** in revenue.  **[TAP_3406656_15]**  They've launched seasonal offerings like Cranberry LTO to drive engagement.  **[TAP_3406656_15]**  Positive feedback on Happy Thursday indicates appeal to Gen Z, though it's early to project its impact.  **[TAP_3406656_15]** 

8. **Shelf Space and Retailer Resets**  
   **Q:** Have you retained shelf space gains from last year?  
   **A:** They've successfully retained and slightly increased shelf space gained last fall and spring.  **[TAP_3406656_11]**  Future resets are expected to involve only small adjustments, and they are pleased with the outcome.  **[TAP_3406656_11]** 

9. **Q4 Guidance and Outlook Assumptions**  
   **Q:** What's embedded in your Q4 outlook?  
   **A:** They have a good handle on Q4 drivers, including shipments, remaining Pabst impact, and pricing actions.  **[TAP_3406656_17]**  They expect recent industry improvements to continue but are prepared for variability.  **[TAP_3406656_17]** 

10. **EMEA/APAC Volume Weakness**  
    **Q:** Why are volumes down in EMEA/APAC?  
    **A:** Soft consumer demand in the U.K. due to poor weather and high promotional intensity led to volume declines.  **[TAP_3406656_18]**  They chose not to engage in heavy discounting, focusing on value over volume.  **[TAP_3406656_18]**  Madri continues to drive growth, and easing inflation may improve consumer behavior.  **[TAP_3406656_18]** 

11. **ZOA Energy Drink Potential**  
    **Q:** What's the outlook for ZOA energy drink?  
    **A:** ZOA targets the growing better-for-you energy segment.  **[TAP_3406656_19]**  It's a top 10 brand on Amazon year-to-date  **[TAP_3406656_19]** , attracting new consumers and gaining distribution.  **[TAP_3406656_19]**  With majority ownership, they now control marketing and expect it to contribute significantly to revenues.  **[TAP_3406656_19]** 

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- **Management expresses increased caution about industry trends due to weak performance in early April.** The CEO stated that the first two weeks of April were "**pretty grim**" from an industry standpoint, leading the company to be "**more cautious**" since the Consumer Analyst Group of New York (CAGNY) conference.  **[TAP_3381538_10]**  They also mentioned that April has been "**choppy**" and that more data is needed to reach conclusions.  **[TAP_3381538_6]**
- **The strong Q1 performance may not be sustainable, as it was boosted by over-shipments and shipment timing, which the company expects to correct in the coming quarters.** The company shipped approximately **750,000 hectoliters** above consumption in Q1, compared to only **100,000 hectoliters** over in the prior year.  **[TAP_3381538_8]**  Management expects this over-shipment to come back over the next nine months, potentially leading to lower income for the remainder of the year.  **[TAP_3381538_8]**
- **Persistent inflation, higher interest rates, and cautious consumer behavior may negatively impact demand.** Management acknowledged that "**inflation is proving to be a little more sticky**" and "**interest rates are higher and staying for longer**," resulting in "**cautious behavior from consumers**".  **[TAP_3381538_7]**  This economic environment may pose challenges despite the company's confidence in their plans.

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- **Molson Coors has successfully retained approximately 80% of their peak share gains in core power brands**, with the total portfolio up over **1.7 points of volume share** compared to the second quarter of 2022, reflecting strong brand performance and effective marketing.  **[TAP_3396567_15]**
- **Innovation is driving significant growth**, with Simply Spiked becoming a **$100 million brand in just 2 years**, and new products like Madri showing promising results in international markets.  **[TAP_3396567_16]**
- **Strategic initiatives to improve margins and competitiveness**, such as bringing Peroni production onshore in the U.S., will ensure **consistent supply**, enable **different pack formats**, and **increase margins** to reinvest behind the brand, enhancing their position in the premium segment.  **[TAP_3396567_9]**

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- **Molson Coors has achieved strong and sustained market share gains in the U.S., believing these shifts are permanent**, with growth across every region, channel, and major customer. The majority of new consumers have remained loyal throughout 2023.  **[TAP_3373065_14]**
- **The company is the largest share gainer in the on-premise channel**, growing three times more than the next major brewer, with brands like Coors Light, Miller Lite, Blue Moon, Coors Banquet, and Miller High Life all increasing share.  **[TAP_3373065_21]** **[TAP_3373065_17]**
- **Strategic initiatives in premiumization and innovation are driving growth**, including the successful launch and expansion of Madri Excepcional and plans to revitalize the Blue Moon brand with new products like Blue Moon Light and Blue Moon Non-Alcoholic showing positive early results.  **[TAP_3373065_17]** **[TAP_3373065_11]**

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- **Molson Coors is facing challenges in the premiumization space in the U.S., with key above-premium brands like Blue Moon and Peroni underperforming; the company admits they have work to do to revitalize these brands.**  **[TAP_3396567_8]**
- **The company expects volume deleverage in the second half of 2024 due to shipment timing and the exit of low-margin Pabst contract brewing volumes, which will increase COGS and may pressure margins; they anticipate higher COGS in the second half compared to the first half.**  **[TAP_3396567_13]** **[TAP_3396567_6]** **[TAP_3396567_7]**
- **Molson Coors plans to lower marketing spend in the second half of 2024 compared to the prior year, which might impact their ability to sustain brand momentum and retain market share gains achieved in their core brands.**  **[TAP_3396567_6]**

fad8039f83789185cd2cdc80b9d892c172e07dd8e223dea070ae1d2f3fd6e66e

- **Expansion into beyond beer and above-premium brands is driving growth**, with successful products like Simply Spiked and Happy Thursday, and moves into the non-alcoholic space contributing positively to revenue.  **[TAP_3381538_19]**
- **Confident in delivering full-year guidance despite industry challenges**, with supply chain efficiencies outperforming expectations and contingency plans working better than initially projected.  **[TAP_3381538_10]** **[TAP_3381538_6]**
- **Improving market conditions in Central and Eastern Europe** are leading to increased volumes, as consumer confidence grows due to lower inflation and energy prices.  **[TAP_3381538_11]**

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- **Molson Coors increased its ownership in ZOA Energy to 51%**, seeing significant potential in the better-for-you energy drink segment that is outpacing category growth. **ZOA is already a top 10 brand on Amazon**, attracting new drinkers, and with the increased stake, Molson Coors now has control over marketing and distribution to drive growth.  **[TAP_3406656_19]**
- **The company retained and slightly increased the significant shelf space gains** achieved in prior resets during the latest fall resets, indicating strong retailer relationships and confidence in Molson Coors' brands.  **[TAP_3406656_11]**
- **Coors Banquet continues to deliver double-digit growth year-to-date**, gaining industry share for the 13th consecutive quarter and becoming **the fastest-growing top 15 beer brand in the U.S.** Molson Coors is confident in its capacity to support this growth due to brewery investments.  **[TAP_3406656_16]**

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Molson Coors Beverage Co (TAP)

Financials