Molson Coors Beverage : Q1 2024 Molson Coors Beverage Company Earnings Conference Call

Q1 FY 2024

RESULTS & OUTLOOK

FORWARD LOOKING STATEMENTS

This presentation includes "forward-looking statements" within the meaning of the U.S. federal securities laws. Generally, the words "expects," "intend," "goals," "plans," "believes," "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 "Reaffirming 2024 Guidance" and "Key 2024 Guidance Assumptions and Drivers" with respect to, among others, expectations of cost inflation, limited consumer disposable income, consumer preferences, overall volume and market share trends, pricing trends, industry forces, cost reduction strategies, shipment levels and profitability, the sufficiency of capital resources, anticipated results, expectations for funding future capital expenditures and operations, effective tax rate, debt service capabilities, timing and amounts of debt and leverage levels, Preserving the Planet and related initiatives and expectations regarding future dividends and share repurchases. In addition, statements that we make in this presentation 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 presentation 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.

Non-GAAPInformation: This presentation refers to certain non-GAAP financial measures. Refer to the Appendix to this presentation for descriptions of these non-GAAP financial measures such as underlying income (loss) before income taxes; underlying earnings per share, underlying free cash flow; net debt; underlying cost of goods sold ("COGS"); underlying marketing, general & administrative ("MG&A"); underlying effective tax rate; net debt to underlying earnings before interest, taxes, depreciation, and amortization ("underlying EBITDA"); underlying depreciation and amortization; constant currency; and various measures that adjust for the impacts of non-recurring items. Please the Appendix to this presentation to find disclosure and applicable reconciliations (or an explanation for why we are unable to provide a reconciliation without unreasonable efforts) of non-GAAP financial measures discussed in this presentation.

Market and Industry Data: The market and industry data used, if any in this presentation, 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 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.

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STRONG MOMENTUM DRIVES DOUBLE-DIGIT COORS LIGHT

AND COORS BANQUET U.S. BRAND VOLUME GROWTH

Coors Light

Top dollar share gainer year-to-date in the U.S. on-premise

In Canada, grew nearly a full share point

of the industry year-to-date

Momentum is anchored by our new "Choose Chill" campaign

Coors Banquet

Grew U.S. brand volume by 23% in the first quarter

Gained nearly a quarter point of U.S. industry dollar share

Expected to grow U.S. distribution by nearly 20% in 2024

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MILLER LITE ACHIEVES STRONG GROWTH IN THE U.S. & CANADA

Miller Lite

Miller Lite grew U.S. brand volume

by high single digits in the first quarter

on top of strong prior year comps

In Canada, Miller Lite sells at an above-premium price point and, year-to-date through February, it is the

fastest-growing above premium beer nationally, growing over 40%

New celebrity "All-Stars" and more

planned programs like Olympics, Major

League Baseball and football

to support ongoing growth

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MADRI STRONGLY SUPPORTING PREMIUMIZATION GOALS

Madri

The #3 World Beer

in the U.K. total trade;

March launches in Canada and

Bulgaria performing well

In the U.K., the brand

grew value sales

of the on-trade by nearly 50%, and value sales of the off-trade by over 40%

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STRONG PROGRESS IN BEYOND BEER WITH FLAVOR INNOVATIONS

Simply Spiked

Grew U.S. brand volume

by nearly 35% in the first quarter

New Limeade flavor holds the

#1 new item spot for the flavored

alternative segment since its launch in February

Happy Thursday

Launched our new non-carbonated spiked refresher in April in the U.S. with early positive consumer response

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Delivering on the

Momentum of our Brands

&

Confident in our 2024 Plans and on our Ability to Deliver Growth in 2024 and Beyond

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