TAP-A · Molson Coors Beverage Company

Molson Coors delivered solid Q1 2026 results amid a challenging macroeconomic environment, with consolidated net sales rising 2.0% to $2,351.1 million on 3.0% favorable price and sales mix from premiumization, despite 2.9% lower financial volume. Net sales per hectoliter increased 5.1% reported. COGS was flat reported but up 3.0% per hectoliter due to material/manufacturing inflation including $30 million Midwest Premium aluminum surcharge, unfavorable mix, and volume deleverage, offset by $70.5 million favorable unrealized mark-to-market commodity derivatives and cost savings. MG&A declined 6.6% reported (9.1% constant currency) from cycling $30 million Fevertree integration fees, Americas Restructuring Plan savings, and lower marketing, partly offset by ERP implementation costs. These drivers propelled U.S. GAAP income before taxes up 24.6% to $194.7 million, with underlying up 16.2% constant currency to $147.9 million. In Americas, net sales grew 1.0% to $1,900.5 million on 3.1% price/mix despite 2.7% volume drop; underlying income before taxes rose 14.5% constant currency. EMEA&APAC saw 6.7% net sales growth to $456.1 million from currency, but 3.5% volume decline led to wider underlying loss of $32.7 million. CEO Rahul Goyal highlighted Monaco Cocktails acquisition to fill portfolio gaps and share repurchase expansion under Horizon 2030, while CFO Tracey Joubert noted results aligned with expectations and reaffirmed full-year guidance, emphasizing disciplined capital allocation with dividends and buybacks.