Here are 1-3 brief analogies for Molson Coors Beverage (TAP):

• Like Anheuser-Busch InBev, but with Molson, Coors, and Miller as its key brands.
• The PepsiCo of beer.
• The Diageo of the beer market.

• Coors Light: A refreshing light lager, known for its Rocky Mountain imagery and cold-activated cans.
• Miller Lite: An original American light pilsner, celebrated for its full flavor at a lower calorie count.
• Molson Canadian: A quintessential Canadian lager, brewed with 100% Canadian ingredients for a crisp taste.
• Blue Moon Belgian White: A popular Belgian-style wheat ale, typically garnished with an orange slice for its bright, citrusy notes.
• Peroni Nastro Azzurro: A premium Italian pale lager, embodying Italian craftsmanship with a crisp and refreshing taste.
• Simply Spiked Lemonade: A line of hard lemonades inspired by the popular Simply brand, offering a variety of fruit-flavored alcoholic beverages.
• Topo Chico Hard Seltzer: A sparkling hard seltzer with natural fruit flavors, developed in partnership with The Coca-Cola Company.

Molson Coors Beverage (TAP) primarily sells its products to other companies and governmental entities rather than directly to individual consumers.

Due to the nature of the beverage alcohol industry and Molson Coors' extensive distribution network, the company does not typically disclose specific individual "major customers" (i.e., single named companies accounting for a significant portion of revenue) in its financial filings. Instead, its customer base consists of a broad network of:

• Wholesale Distributors: In markets like the United States, Molson Coors sells to a network of hundreds of independent wholesale distributors. These distributors then sell to various retail outlets (such as grocery stores, convenience stores, and liquor stores) and on-premise establishments (such as bars and restaurants). These distributors are generally not public companies, and no single distributor accounts for a significant enough portion of Molson Coors' revenue to be considered a major customer for public disclosure.
• Government-Operated Agencies and Provincial Liquor Boards: In Canada, Molson Coors primarily sells to provincial liquor boards and other government-operated agencies (e.g., LCBO in Ontario, SAQ in Quebec). These are governmental entities, not public companies with stock symbols.
• Retail Chains, Wholesalers, and On-Premise Retailers: In Europe and other international markets, Molson Coors often sells directly to major retail chains, other wholesalers, and on-premise establishments. While this category includes large public retail chains, sales are typically spread across many such entities, preventing any single one from being identified as a sole "major customer" with a disclosed symbol.

Therefore, while Molson Coors' products are ultimately sold through various channels including large public retail corporations (e.g., Walmart, Kroger, Target), these entities are often served indirectly through distributors in certain markets (like the U.S. three-tier system) rather than being direct major customers of Molson Coors itself.

Major Suppliers of Molson Coors Beverage (TAP):

• Ball Corporation (BLL)
• Crown Holdings (CCK)
• O-I Glass (OI)

Rahul Goyal, President and Chief Executive Officer

Rahul Goyal became Molson Coors' President and Chief Executive Officer in October 2025. He has been with the company for 24 years, holding various leadership roles across information technology, finance, and strategy in the U.S., U.K., and India. Prior to his CEO appointment, he served as Chief Strategy Officer since 2019, and before that, as Chief Corporate Strategy, M&A, and Venturing Officer. He played a key role in expanding the company's "Beyond Beer" portfolio through partnerships with The Coca-Cola Company and Fever-Tree, and leading acquisitions of ZOA Energy and Naked Life Non-Alc Canned Cocktails.

Tracey Joubert, Global Chief Financial Officer

Tracey Joubert has served as the Global Chief Financial Officer of Molson Coors since November 2016. Prior to this, she was the Executive Vice President and CFO of MillerCoors from 2012 to 2016, where she was responsible for financial management and reporting. Her career at Molson Coors and its subsidiaries spans various finance leadership roles since 2003, including Vice President of Finance, Planning & Analysis and Controller for MillerCoors, and Director of Finance and Group Services at Miller Brewing Company. Before joining the beer industry, Ms. Joubert held financial management positions at South African Breweries (SAB) Ltd., Barloworld Ltd., and articled at KPMG in South Africa.

Jeff Long, Chief Strategy and Capabilities Officer

Jeff Long is the Chief Strategy and Capabilities Officer at Molson Coors. In this role, he focuses on insights, analytics, category management, media and digital, and revenue management for the company's Americas business unit. Previously, Mr. Long served as chief commercial enablement officer and chief customer officer for Molson Coors, driving the company's U.S. chain strategy. He also held various roles, including chief commercial solutions officer, across insights, analytics, channel solutions, and field marketing at MillerCoors.

Dave Osswald, Chief People and Culture Officer

Dave Osswald serves as the Chief People and Culture Officer at Molson Coors. Prior to this role, he was the chief people and diversity officer for MillerCoors, the U.S. division of Molson Coors, and also served as associate general counsel supporting human resources and integrated supply chain organizations. Before joining Molson Coors in 2006, Mr. Osswald was in-house counsel for The Marcus Corporation and an attorney at the law firm Reinhart Boerner Van Deuren.

Natalie Maciolek, Chief Legal and Government Affairs Officer

Natalie Maciolek joined Molson Coors as Chief Legal and Government Affairs Officer in September 2023. In this role, she oversees all legal matters for the company's global business, including corporate governance, regulatory compliance, securities, and government affairs. Before joining Molson Coors, Ms. Maciolek served as Senior Vice President, General Counsel, and Corporate Secretary at Kohler Co. She also previously worked as a partner at the law firm Quarles & Brady LLP.

The declining alcohol consumption among younger demographics (specifically Gen Z) represents a clear emerging threat. Data consistently indicates that younger generations are drinking less alcohol, opting for non-alcoholic alternatives, or consuming alcohol less frequently and in smaller quantities compared to previous generations. This trend threatens the long-term addressable market and sustained volume growth for traditional alcoholic beverage companies like Molson Coors, as it reflects a fundamental shift in societal drinking habits rather than merely a change in preferred beverage types within the alcohol category.

Molson Coors Beverage Company (TAP) participates in several addressable markets, primarily focusing on beer, craft beer, hard seltzers, and ready-to-drink (RTD) cocktails.

Addressable Markets:

• North American Beer Market: This market was estimated at USD 177.83 billion in 2024 and is projected to reach USD 243.64 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 4.93% from 2026 to 2032. Another estimate places the North American beer market at USD 190.41 billion in 2024, with a projection to reach USD 279.57 billion by 2033, demonstrating a CAGR of 4.36% from 2025 to 2033. The United States alone accounted for over 84.3% of the North American beer market share in 2024.
• Global Beer Market: The global beer market size was estimated at USD 839.31 billion in 2024 and is projected to reach USD 1,248.3 billion by 2030, with a CAGR of 6.8% from 2025 to 2030. Another report valued the global beer market at USD 851.15 billion in 2024, with a forecast to grow to USD 1,167.47 billion by 2032, exhibiting a CAGR of 4.07% during that period.
• North American Craft Beer Market: This market generated revenues of USD 27.55 billion in 2023 and is anticipated to reach USD 52.79 billion by 2030, with a CAGR of 9.7% from 2024 to 2030. In 2024, the North American craft beer market was valued at USD 33 billion and is expected to reach USD 120 billion by 2035, growing at a CAGR of 12.45% from 2025 to 2035. The United States holds a significant share, accounting for 86.85% of the North American craft beer market in 2024.
• North American Hard Seltzer Market: Valued at USD 5.04 billion in 2024, this market is expected to grow to USD 8.99 billion by 2030, at a CAGR of 10.13%. North America represented approximately 56% of the global hard seltzer revenues in 2023. Specifically, the U.S. hard seltzer market was estimated at USD 8 billion in 2024 and is projected to grow at a CAGR of 13.6% from 2024 to 2030.
• North American Ready-to-Drink (RTD) Cocktails Market: This market was valued at US$ 9.72 billion in 2022 and is projected to reach US$ 19.12 billion by 2030, exhibiting a CAGR of 8.8% from 2022 to 2030. In 2024, North America held over 32.5% of the global revenue for RTD cocktails. The market size for RTD cocktails in North America was estimated at USD 11.13 billion in 2025 and is expected to reach USD 20.28 billion by 2030, at a CAGR of 12.75%.

Molson Coors Beverage Company (TAP) anticipates several key drivers for its future revenue growth over the next 2-3 years, focusing on strategic portfolio shifts, market expansion, and brand strength.

1. Premiumization of the Portfolio: Molson Coors is committed to increasing its "above premium" net brand revenue, aiming for it to constitute approximately one-third of its global net brand revenue in the medium term. This strategy includes stabilizing and growing above-premium brands in the U.S., such as Peroni and Blue Moon, while also seeing strong opportunities for brands like Madrí in EMEA and APAC. The company's focus on premiumization is also evident in Canada, where above-premium net brand revenue grew at double digits in 2024.
2. Price Increases and Favorable Sales Mix: The company consistently benefits from global net price increases and an improved sales mix. A significant contributor to this favorable mix is the strategic exit from low-margin contract brewing volumes, such as the Pabst agreement, which is expected to positively impact mix, margin, and brewery network effectiveness in 2025 and beyond.
3. Expansion into "Beyond Beer" and Non-Alcoholic Segments: Molson Coors is actively diversifying its portfolio beyond traditional beer. This includes strategic investments in and launches of non-alcoholic brands, such as Blue Moon non-alc, and partnerships like the one with Fever-Tree, leveraging its robust U.S. distribution networks for growth in these emerging categories.
4. Growth of Core Power Brands: Despite a challenging macroeconomic environment, Molson Coors is focused on supporting and growing its core power brands. Coors Light, Miller Lite, and Coors Banquet have demonstrated strong performance, with Coors Banquet identified as the fastest-growing top 15 beer brand in the U.S. by volume percentage growth in 2024. The company plans to continue investing in these brands to enhance awareness and national scale, particularly targeting new Gen Z and millennial legal drinking age consumers.
5. International Market Growth: While facing some challenges in the U.S., Molson Coors has reported strong performance and growth opportunities in its EMEA (Europe, Middle East, and Africa) and APAC (Asia-Pacific) regions, as well as in Canada. Premium brands like Madrí in the UK are performing well, and continued premiumization efforts in these markets are expected to drive future revenue.

Share Repurchases

• Molson Coors had a $2 billion share repurchase program authorized, with approximately 40% of it utilized as of Q1 2025/June 2025.
• The company returned $717 million in cash to shareholders through dividends and share repurchases in the first nine months of 2024.
• Cash paid for share repurchases was $205.8 million in 2023, compared to $51.5 million in 2022.

Outbound Investments

• Molson Coors invested $88 million for an 8.5% equity stake in Fevertree Drinks plc.

Capital Expenditures

• Capital expenditures were $574.8 million in 2020, $522.6 million in 2021, $661.4 million in 2022, $671.5 million in 2023, and $674.1 million in 2024.
• The company reduced its capital expenditure guidance for 2025 to approximately $650 million (+/- 5%) from an earlier estimate of $750 million (+/- 5%).
• Capital expenditures are primarily focused on investing in the business, supporting global brands, and building capabilities for long-term, sustainable, and profitable growth, including strengthening core and economy beer portfolios and transforming above-premium and beyond-beer portfolios.