Molson Coors Beverage : Q3 2023 Molson Coors Beverage Company Earnings Conference Call

FORWARD LOOKING STATEMENTS

This presentation release 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," and v ariations 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 "Full Year Outlook" and "Key Fourth Quarter Guidance Drivers" with respect to 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, debt service capabilities, timing and amounts of debt and leverage levels, market share and expectations regarding future dividends. 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"). These factors include, among other things, the deterioration of general economic, political, credit and/or

capital market conditions, including those caused by the ongoing Russia-Ukraine conflict or other geopolitical tensions; our dependence on the global supply chain and significant exposure to changes in commodity and other input prices and the impacts of supply chain constraints and inflationary pressures; weak, or weakening of, economic, social and other conditions in the markets in which we do business, including cost inflation and reductions in discretionary consumer spending; loss, operational disruptions or closure of a major brewery or other key facility; cybersecurity incidents impacting our information systems, and violations of data privacy laws and regulations; our reliance on brand image, reputation and product quality; the evolution of the global beer industry and the broader alcohol industry, and our position within such industries; competition in our markets; our ability to successfully and timely innovate beyond beer; changes in the perceptions of the beverage categories in which we operate; labor strikes, work stoppages or other employee-related issues; ESG issues; inadequate supply or availability of quality water; factors impacting related pension plan costs and contributions; failure to comply with our debt covenants and restrictions; deterioration in our credit rating; impairments of the carrying value of our goodwill and other intangible assets; inaccurate estimates and assumptions on which our financial projections are based; our reliance on a small number of suppliers; changes of one or more manufacturer, distribution or production agreements, or issues caused by our dependence on the parties to these agreements; unfavorable outcomes of legal or regulatory matters; changes to the regulation of the distribution systems for our products; risks associated with operating our joint ventures; and other 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 our most recent press release for descriptions of these non-GAAP financial measures such as

underlying income (loss) before income taxes; underlying cost of goods sold ("COGS"); underlying marketing, general & administrative ("MG&A"); underlying effective tax rate; underlying free cash flow; net debt to underlying earnings before interest, taxes, depreciation, and amortization ("underlying EBITDA"); net debt; underlying depreciation and amortization; constant currency; underlying

net interest expense; and various measures that adjust for the impacts of special items. Please see our most recent earnings release or 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.

2

CONSOLIDATED Q3 2023

UNDERLYING MG&A

Supporting the strong momentum of our core brands with incremental $100 million in investment in the second half of 2023 vs the prior- year period

G&A increased due to incentive compensation as a result of strong operating performance

9