Molson Coors Beverage TAP · USD

Segment Reporting Our reporting segments are based on the key geographic regions in which we operate and include the Americas and EMEA&APAC segments. Our Americas segment operates in the U.S., Canada and various countries in Latin America and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific regions. Our Company’s Chief Operating Decision Maker ("CODM") who reviews our two reporting segments is the President and Chief Executive Officer. The primary measure of profitability is income (loss) before income taxes. The CODM assesses income (loss) before income taxes to compare current results to budgeted and prior year results at the segment level to assess segment performance. This metric is also used to evaluate the income (loss) generated from segment assets and deciding whether to reinvest in the segment, reallocate resources to another segment, or for other purposes such as dividends or share repurchases.Reporting Segments Americas Our Americas segment consists of the production, importing, marketing, distribution and sales of our owned brands, partner brands and licensed brands in the U.S., Canada and various countries in Latin America. We have agreements to brew, import, package, market, promote, distribute and/or sell certain products in the Americas as well as joint venture arrangements in Canada to distribute beer in Ontario and the western provinces of Canada.EMEA&APACOur EMEA&APAC segment consists of the production, marketing and sales of our owned brands, partner brands and licensed brands in the U.K., Central Europe and various other European countries, along with certain countries within the Middle East, Africa and Asia Pacific regions. The EMEA&APAC segment includes the sale of factored brands in the U.K. which occurs when we distribute beer, wine, spirits and other products owned and produced by other companies to the on-premise channel such as bars and restaurants. UnallocatedWe also have certain activity that is not allocated to our segments, which has been reflected as Unallocated below. Specifically, Unallocated primarily includes certain financing-related activities such as interest expense and interest income, as well as foreign exchange gains and losses on intercompany balances.

Commitments and ContingenciesLetters of Credit As of December 31, 2025, we had $45.2 million outstanding in letters of credit with financial institutions. These letters primarily expire throughout 2026 and $10.7 million of the letters contain a feature that automatically renews the letter for an additional year if no cancellation notice is submitted. These letters of credit are being maintained as security for deferred compensation payments, reimbursements to insurance companies, reimbursements to the trustee for pension payments, deductibles or retention payments made on our behalf, various payments due to governmental agencies, operations of underground storage tanks and other general business purposes and are not included on our consolidated balance sheets. Guarantees and IndemnitiesWe guarantee indebtedness and other obligations to banks and other third parties for some of our equity method investments and consolidated subsidiaries. As of December 31, 2025 and December 31, 2024, the consolidated balance sheets included liabilities related to these guarantees of $15.8 million and $34.2 million, respectively. See Note 3, "Investments" for further detail.KaiserIn 2006, we sold our entire equity interest in our Brazilian unit, Cervejarias Kaiser Brasil S.A. ("Kaiser") to FEMSA Cerveza S.A. de C.V. ("FEMSA"). The terms of the sale agreement require us to indemnify FEMSA for certain exposures related to tax, civil and labor contingencies arising prior to FEMSA's purchase of Kaiser and certain purchased tax credits. Our exposure related to the tax, civil and labor indemnity claims is capped at $68 million, with the indemnity limited to settlement amounts in excess of amounts disclosed for existing contingencies at the date of sale and reduced by any subsequent settlements including offsetting impacts of any favorable amounts. Related to the purchased tax credits, we settled a portion of our tax credit indemnity obligation during 2010 and the maximum potential claims amount for the remainder of the purchased tax credits was not material as of December 31, 2025. Our estimates for a recorded liability consider a number of scenarios for the ultimate resolution of these issues, the probabilities of which are influenced not only by legal developments in Brazil but also by management's intentions with regard to various alternatives that could present themselves leading to the ultimate resolution of these issues.

DebtDebt Obligations As of December 31, 2025December 31, 2024 (In millions)Long-term debt CAD 500 million 3.44% senior notes due July 2026(1)$364.3 $347.6 $2.0 billion 3.0% senior notes due July 2026(1)2,000.0 2,000.0 EUR 800 million 3.8% senior notes due June 2032(2)939.7 828.3 $1.1 billion 5.0% senior notes due May 2042(3)1,100.0 1,100.0 $1.8 billion 4.2% senior notes due July 2046(1)1,800.0 1,800.0 Finance leases64.7 66.8 Other26.1 21.7 Less: unamortized debt discounts and debt issuance costs(34.7)(38.2)Total long-term debt (including current portion)6,260.1 6,126.2 Less: current portion of long-term debt(2,394.7)(12.3)Total long-term debt$3,865.4 $6,113.9 Short-term borrowings(4)39.4 19.9 Current portion of long-term debt2,394.7 12.3 Current portion of long-term debt and short-term borrowings$2,434.1 $32.2 (1)We issued senior notes in 2016 in order to partially fund the financing of the MillerCoors acquisition. (2)On May 29, 2024, we issued EUR 800 million 3.8% senior notes with a maturity of June 15, 2032 ("EUR 2032 Senior Notes"). The issuance resulted in proceeds of EUR 793.4 million, which were net of discounts and fees. Additionally, upon issuance we designated the EUR 2032 Senior Notes as a hedge of our investment in a EUR functional currency subsidiary. See Note 10, "Derivative Instruments and Hedging Activities" for further details. (3)On May 3, 2012, we issued senior notes of $1,100.0 million due May 2042. The issuance resulted in proceeds of $1,086.5 million, which were net of discounts and fees.(4)Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items.As of December 31, 2025, we had $32.3 million in bank overdrafts and $62.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $29.7 million. As of December 31, 2024, we had $13.0 million in bank overdrafts and $59.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $46.0 million.In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of December 31, 2025 or December 31, 2024. A summary of our short-term facility availability is presented below. See Note 13, "Commitments and Contingencies" for further discussion related to letters of credit. •CAD unlimited overdraft facility at CAD Prime plus 0.50%•GBP 10 million overdraft facility at GBP Base Rate plus 2.

Income TaxOur income (loss) before income taxes on which the provision for income taxes was computed was as follows: For the years ended December 31, 2025December 31, 2024December 31, 2023 (In millions)Domestic$(2,398.6)$1,398.3 $1,486.0 Foreign(119.4)104.7 (233.5)Total$(2,518.0)$1,503.0 $1,252.5 The components of the provision for income taxes were as follows: For the years ended December 31, 2025December 31, 2024December 31, 2023 (In millions)Current Federal$46.0 $152.1 $200.7 State and local13.7 21.2 22.1 Foreign45.4 54.5 37.3 Total current tax (benefit) expense$105.1 $227.8 $260.1 Deferred Federal$(323.2)$109.7 $75.0 State and local(87.0)13.3 27.8 Foreign(32.7)(5.5)(66.8)Total deferred tax (benefit) expense$(442.9)$117.5 $36.0 Total income tax (benefit) expense$(337.8)$345.3 $296.1 A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate was as follows: For the years ended December 31, 2025December 31, 2024December 31, 2023($ in millions)U.S. federal statutory tax rate21.0 %$(528.8)21.0 %$315.7 21.0 %$263.0 U.S. state and local taxes, net of federal benefits(1)2.4 %(59.0)1.7 %25.3 3.0 %38.1 Foreign tax effectsCanadaCanada tax rate differential0.4 %(9.7)(0.5)%(8.1)(1.2)%(14.7)Canada other(0.7)%17.7 (0.4)%(6.6)(0.5)%(6.0)United Kingdom(0.4)%10.5 1.3 %18.9 0.1 %1.7 Czech Republic— %(0.2)— %0.4 1.2 %14.9 Other foreign jurisdictions— %(0.4)0.8 %11.5 0.6 %7.2 Effect of changes in tax laws or rates enacted in current period— %— — %— — %— Effect of cross border tax laws(0.3)%6.3 — %(0.7)(0.1)%(1.3)Tax credits0.7 %(18.1)(1.3)%(20.1)(1.0)%(12.9)Changes in valuation allowance(0.2)%4.8 1.2 %18.5 0.1 %0.7 Nontaxable or nondeductible itemsGoodwill impairment(9.2)%231.3 — %— — %— Other(0.3)%6.3 (0.5)%(7.6)0.5 %6.1 Changes in unrecognized tax benefits— %1.1 (0.1)%(1.7)(0.1)%(1.1)Other adjustments, net— %0.4 (0.2)%(0.2)— %0.4 Effective tax rate / tax (benefit) expense13.4 %$(337.8)23.0 %$345.3 23.6 %$296.1 (1)State income taxes from business operations in New Jersey, Colorado, Illinois, California,Virginia, Massachusetts, Florida, Georgia, Minnesota and Maryland made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2025.

Share-Based PaymentsWe have one share-based compensation plan, the MCBC Incentive Compensation Plan (the "Incentive Compensation Plan"), as of December 31, 2025 and all outstanding awards fall under this plan.Incentive Compensation PlanWe issue the following types of awards related to shares of Class B common stock to certain directors, officers and other eligible employees, pursuant to the Incentive Compensation Plan: RSUs, DSUs, PSUs and stock options.RSU awards are issued based upon the market value equal to the price of our Class B common stock at the date of grant and generally vest over a period of three years. During the years ended December 31, 2025, 2024 and 2023, we granted 0.5 million, 0.4 million and 0.5 million RSUs, respectively, each with a weighted-average market value of $58.00, $61.89 and $54.97, respectively. Prior to vesting, RSUs have no voting rights but participate in dividends.DSU awards, under the Directors' Stock Plan pursuant to the Incentive Compensation Plan, are granted based on elections made by non-employee directors of MCBC that enable them to receive all or one-half of their annual cash retainer in the form of DSUs or stock. The DSU awards are issued at the market value equal to the price of our stock at the date of the grant. The DSUs are paid in shares of stock upon termination of service. Prior to vesting, DSUs have no voting rights but participate in dividends. During the years ended December 31, 2025, 2024 and 2023, we granted a small number of DSUs.PSU awards are granted with a target value established at the date of grant and vest upon completion of a service requirement. The settlement amount of the PSUs is determined based on market and performance metrics, which include our total shareholder return performance relative to the stock market index defined by each award and specified internal performance metrics designed to drive greater shareholder return. PSU compensation expense is based on fair values assigned to the market and performance metrics upon grant. For the PSUs granted in 2023, the market metric is based upon a Monte Carlo model, with the market metric remaining constant throughout the vesting period of three years while the performance metric is based upon the market value equal to the price of our stock at the date of grant, varying based on a multiplier tied to projected performance metric attainment.

LeasesFor the years ended December 31, 2025, December 31, 2024 and December 31, 2023, lease expense (including immaterial short-term and variable lease costs) was as follows:For the years endedDecember 31, 2025December 31, 2024December 31, 2023(In millions)Operating lease expense$91.4 $86.9 $81.3 Finance lease expense14.1 10.3 9.5 Total lease expense$105.5 $97.2 $90.8 Supplemental cash flow information related to leases for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, was as follows:For the years endedDecember 31, 2025December 31, 2024December 31, 2023(In millions)Cash paid for amounts included in the measurements of lease liabilitiesOperating cash flows for operating leases$65.9 $51.6 $58.7 Operating cash flows for finance leases$4.1 $3.8 $3.3 Financing cash flows for finance leases$11.2 $6.7 $5.1 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilitiesOperating leases$39.6 $49.0 $115.7 Finance leases$11.2 $26.3 $1.7 Supplemental balance sheet information related to leases as of December 31, 2025 and December 31, 2024 was as follows:As ofDecember 31, 2025December 31, 2024Balance Sheet Classification(In millions)Operating LeasesOperating lease right-of-use assetsOther assets$194.0 $189.0 Current operating lease liabilitiesAccounts payable and other current liabilities$52.8 $46.7 Non-current operating lease liabilitiesOther liabilities160.1 161.5 Total operating lease liabilities$212.9 $208.2 Finance LeasesFinance lease right-of-use assetsProperty, plant and equipment, net$60.6 $58.4 Current finance lease liabilitiesCurrent portion of long-term debt and short-term borrowings$10.7 $9.9 Non-current finance lease liabilitiesLong-term debt54.0 56.9 Total finance lease liabilities$64.7 $66.8 The weighted-average remaining lease term and discount rate as of December 31, 2025 were as follows:Weighted-Average Remaining Lease Term (Years)Weighted-Average Discount RateOperating leases6.55.2%Finance leases7.67.3%Based on foreign exchange rates as of December 31, 2025, maturities of lease liabilities were as follows:Operating LeasesFinance Leases(In millions)2026$68.3 $12.2 202746.1 11.2 202831.8 10.7 202923.2 10.0 203018.2 7.3 Thereafter70.0 30.9 Total lease payments$257.6 $82.3 Less: interest(44.7)(17.6)Present value of lease liabilities$212.9 $64.

Our cybersecurity program is managed by a dedicated Chief Information Officer ("CIO") whose team, including the head of Information Technology Security, is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture and processes. Our CIO has over 35 years of relevant industry experience, including over 30 years at our Company. Our Vice President of Information Technology Security and Chief Information Security Officer ("CISO") has over 20 years of relevant industry experience. Further, team members who support our cybersecurity program have relevant educational and industry experience through various roles involving information technology, security, auditing, compliance, systems and programming, as well as cybersecurity certifications such as a Certified Information Systems Security Professional or Certified Information Security Manager. Our Board, Audit Committee and its Technology Subcommittee and senior management receive periodic briefings from the CIO and the CISO, concerning cybersecurity, information security and technology risks, and our related risk mitigation programs. In general, the Board is responsible for overseeing our enterprise risk management program ("ERM Program"). The ERM Program is a proactive and ongoing process led by our legal and risk professionals and senior management, to identify, assess and manage risks and to build out and track mitigation and reduction efforts. The Board has tasked the Audit Committee with overseeing, reviewing and discussing with management, the internal audit team and the independent auditors, our ERM Program, policies and procedures with respect to, among other things, the assessment and management of risks related to our cybersecurity and information security and the steps management has taken to monitor and mitigate such risks. The Audit Committee and its Technology Subcommittee are also responsible for overseeing risks related to our cybersecurity, technology and information security programs and reviewing emerging cybersecurity, technology and information security developments and threats and our strategy to mitigate such risks. The Audit Committee and its Technology Subcommittee provides another level of cybersecurity oversight through engagements at each Technology Subcommittee meeting with senior management, including our CIO and CISO.

Investments Our investments include consolidated VIE investments, equity method investments and an ASC 321 investment. Consolidated VIE InvestmentsWe have consolidated all entities identified as VIEs for which we concluded that we are the primary beneficiary. Authoritative guidance related to the consolidation of VIEs requires that we continually reassess whether we are the primary beneficiary of VIEs in which we have an interest. As such, the conclusion regarding the primary beneficiary status is subject to change and we continually evaluate circumstances that could require consolidation or deconsolidation. Our consolidated VIEs as of December 31, 2025, were Rocky Mountain Metal Container ("RMMC") and Rocky Mountain Bottle Company ("RMBC"). We have not provided any financial support to any of our VIEs during the year ended December 31, 2025, that we were not previously contractually obligated to provide. Cobra U.K. was a historical consolidated VIE, however, during the year ended December 31, 2024, our partner exercised a put option under our partnership agreement which resulted in our acquisition of the remaining 49.9% ownership interest. The transaction was finalized on October 21, 2024, resulting in a cash payment of $89 million which was recorded as a cash outflow from financing activities. See further discussion of this transaction in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies."Rocky Mountain Metal ContainerRMMC, a Colorado limited liability company, is a joint venture with Ball Corporation in which we hold a 50% interest. Our U.S. business has a can and end supply agreement with RMMC. Under this agreement, we purchase substantially all of the output of RMMC. RMMC manufactures cans and ends at our facilities, which RMMC is operating under a use and license agreement. As RMMC is a limited liability company ("LLC") classified as a partnership for U.S. tax purposes, the income tax consequences flow to the joint venture partners. Beginning on December 31, 2026, Ball has an option to sell its ownership interest to us and we have the right to purchase Ball's interest. Rocky Mountain Bottle CompanyRMBC, a Colorado limited liability company, is a joint venture with Owens-Brockway Glass Container, Inc. in which we hold a 50% interest. Our U.S. business has a supply agreement with RMBC under which we agree to purchase output approximating the agreed upon annual plant capacity of RMBC.