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MOLSON COORS beverage company RESULTS & OUTLOOK Q2 2026 Wrangle JEA Cook LEER USIC MADE WITH VODKA MONACO SUN USH TEQUILA COCKTAIL RFLIE 9 % ALCAT ESTO 2018 MONACO CITRUS RUSH VODKA COCKTAIL FLO2 % ALC MONACO WATERMELON CRUSH TEQUILA COCKTAIL Miller HIGH LIFE Coors 183 BEER THE JUKEKEG Miller HIGH LIFE
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2 FORWARD LOOKING STATEMENTS & OTHER INFORMATION This presentation includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Generally, the words "expects," "intends," "goals," "plans," "believes," "confidence", "views," "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 “Horizon 2030,” “Disciplined Cost Savings to Fund the Future; $450M Targeted Over 3 Years,” "2026 Guidance,” “Atomic Brands Acquisition,” and “Key 2026 Guidance Assumptions and Drivers” and with respect to, among others, expectations and impacts of macroeconomic forces, beverage industry trends, cost inflation and tariffs, commodity prices, consumer preferences and limited consumer disposable income, overall volume and market share trends, our competitive position, execution of our strategic priorities, anticipated results, pricing trends, cost reduction strategies, including the Americas Restructuring Plan announced in October of 2025 as well as other restructuring projects and the expected charges and benefits of the restructuring, shipment levels and profitability, the sufficiency of capital resources, expectations for funding future capital expenditures and operations, debt service capabilities, timing and amounts of debt and leverage levels, Preserving the Planet and related environmental initiatives, effective tax rate, 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-GAAP Information: 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 cost of goods sold (“COGS); underlying COGS per hectoliter ("hl"); underlying marketing, general & administrative ("MG&A"); underlying net income (loss) attributable to MCBC per diluted share (also referred to as underlying diluted earnings per share); underlying effective tax rate; underlying free cash flow; underlying depreciation and amortization; net debt; net debt to underlying earnings before i nterest, taxes, depreciation, and amortization (“underlying EBITDA"); constant currency; and various measures that adjust for the impacts of non-recurring items. Certain non-GAAP financial measures are also disclosed by segment. Refer to 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 (formerly Information Resources, Inc.) for U.S. market data and Beer Canada for Canadian market data (collectively, the “Third Party Information”), as well as informati on 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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HORIZON 2030 3 Building to Growth through Accountability, Capability & Discipline Strategic Pillars Build a Scaled Portfolio of Strong Brands GROW NSR AND PROFIT ON CORE POWER BRANDS DRIVE PROFIT ON OUR VALUE BRANDS ACCELERATE AP BEER SCALE IN BEYOND BEER Drive Commercial Execution Closest to Customers and Consumers Modernize our Capabilities to Unlock Efficiency and Create Value Champion Beer and Beer Occasions in a Complex Category and Regulatory Environment Evolve Our Culture to Drive Ownership and Community Impact Cost Savings Discipline to Fund the Future Dynamic Capital Allocation to Fuel Growth
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CONSOLIDATED SECOND QUARTER 2026 RESULTS * Represents the noted periods in millions unless otherwise specified ** Represents the % change as compared to the prior-year period *** Represents the % change from the prior-year period and on a constant currency basis 4 Q2 2026* YoY % Change** YTD 2026* YoY % Change** FINANCIAL VOLUME (HL) 19.734 -5.4% 34.698 -4.4% BRAND VOLUME (HL) 19.628 -4.8% 34.696 -4.0% NET SALES REVENUE $3,097 -3.6*** $5,448 -2.1%*** UNDERLYING INCOME BEFORE INCOME TAXES $383 -27.8%*** $531 -19.0%*** UNDERLYING EARNINGS PER DILUTED SHARE $1.58 -22.9% $2.20 -13.4% UNDERLYING FREE CASH FLOW $514 +75.1% NET DEBT AS OF JUNE 30, 2026 $5,582 -2.2% DIVIDEND PER SHARE $0.48 +2.1% $0.96 +2.1% SHARES REPURCHASED 1.016 -77.3% 4.387 -20.4% NET SALES REVENUE CURRENCY IMPACT IN REPORTED RESULTS $10 $56
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CONSOLIDATED Q2 2026 REVENUE AND VOLUME * Represents the % change from the prior-year period and on a constant currency basis ** (6.7%) is the U.S. combined financial volume change from the prior-year, inclusive of domestic volumes, down (7.3%), contract volumes, and wholesale non-owned brand volumes. *** Shipment timing trend in the quarter resulted in ~140 basis point negative impact on our Q2 U.S. financial volume 5 NET SALES REVENUE (NSR) (CONSTANT CURRENCY) Price Mix Consolidated NSR (3.6%)* Financial volume decline (5.4%), partly offset by net pricing in the Americas and favorable global sales mix Americas NSR (4.1%)%* Financial volume decline (6.4%) led by U.S. (6.7%)** due to lower share performance and U.S. shipment timing***, partly offset by favorable net pricing and sales mix (positive brand mix) EMEA&APAC NSR (2.0%)* Financial volume decline (2.8%) due to lower volume in the U.K. driven by soft market demand, a heightened competitive landscape and increased promotional activity, partly offset by favorable sales mix from premiumization Volume (3.6%)*
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(6.0%)** (3.0%) (3.4%) CONSOLIDATED Q2 2026 BRAND VOLUME * Both the U.S. and Canada results are part of our Americas segment ** There were equal trading days in the quarter in the U.S. as compared to the respective period in 2025, resulting in no trading day adjustment 6 Consolidated brand volume (4.8%) Americas brand volume down (5.3%) U.S. brand volume impacted by lower share performance in core and value segments; Canada brand volume also declined on industry softness EMEA&APAC brand volume (3.4%) due to lower volume in the U.K. driven by soft market demand and a heightened competitive landscape Canada*U.S.* EMEA&APAC BRAND VOLUME % CHANGE
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CONSOLIDATED Q2 2026 UNDERLYING COGS/HL * "Other" includes depreciation, cost savings and other items, net 7 Americas +6.4% due to cost inflation related to materials, logistics and manufacturing expenses (including ~$40 million unfavorable impact attributable to Midwest Premium pricing), deleverage and mix impacts from premiumization, partly offset by cost savings EMEA&APAC +6.1% due to mix impacts (primarily channel mix) and cost inflation related to materials, logistics and manufacturing expenses UNDERLYING COGS/HL (CONSTANT CURRENCY) Q2 2025 Q2 2026 UNDERLYING COGS/HL DRIVERS Inflation & Other* 300-basis point unfavorable impact largely due to ~$40 million unfavorable impact attributable to Midwest Premium pricing, partly offset by cost savings Mix 190-basis point unfavorable impact largely due to premiumization in both business units and channel mix in EMEA&APAC Volume Deleverage 140-basis point unfavorable impact largely due to volume declines from lower share performance in the U.S., and soft U.K. market demand and heightened competitive landscape +6.3% Inflation & Other* Mix Volume Deleverage (unfavorable) (unfavorable) (unfavorable)
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* In millions unless otherwise specified and volumes in hectoliters ** Represents the % change on a constant currency basis 8 AMERICAS Q2 2026 RESULTS KEY METRICS PERFORMANCE DRIVERS Lower financial volume, cost inflation related to materials, logistics and manufacturing expenses (including ~$40M of unfavorable impact attributable to MWP pricing), and higher MG&A, partially offset by increased net pricing and cost savings. Higher MG&A was primarily driven by the cycling of lower incentive compensation expense in the prior year and costs incurred related to our global modernization ERP system implementation project. Q2 2026* YOY % CHANGE NET SALES REVENUE $2,402 -4.1%** UNDERLYING INCOME BEFORE INCOME TAX $396 -22.6%** FINANCIAL VOLUME 14.3 -6.4% BRAND VOLUME 14.2 -5.3%
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* In millions unless otherwise specified and volumes in hectoliters ** Represents the % change on a constant currency basis 9 EMEA&APAC Q2 2026 RESULTS KEY METRICS PERFORMANCE DRIVERS Unfavorable mix (primarily channel mix), lower financial volume and cost inflation related to materials, logistics and manufacturing expenses Q2 2026* YOY % CHANGE NET SALES REVENUE $701 -2.0%** UNDERLYING INCOME BEFORE INCOME TAX $41 -44.3%** FINANCIAL VOLUME 5.4 -2.8% BRAND VOLUME 5.4 -3.4%
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* Represents the noted periods in millions ** Differences between capital expenditures incurred ($227M) and cash outflows per 10-Q ($335M) reflect timing of cash payments 10 CAPITAL ALLOCATION INVESTING IN OUR BUSINESS Capital Expenditures incurred for Q2 YTD 2026 of $227 million** included various efforts designed to improve capabilities, and drive efficiencies, cost savings and our sustainability initiatives $721 $667 $227 FY 2024 FY 2025 Q2 YTD 2026 ANNUAL CAPITAL EXPENDITURES* **
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2.13x 2.41x 2.53x Q2 2024 Q2 2025 Q2 2026 * Net Debt to Underlying EBITDA is also referred to as leverage ratio, which is not the same as the Company's maximum leverage ratio as defined under its revolving credit facility, which allows for other adjustments in the calculation of net debt to EBITDA. Ratios are based on trailing 12-month periods. ** Net Debt as of December 31, 2025, was approximately $5,403 million and was comprised of current portion of long-term debt and short-term borrowings of $2,434 million and long-term debt of $3,865 million less cash and cash equivalents of $896 million. 11 CAPITAL ALLOCATION MAINTAINING LEVERAGE RATIO BELOW 2.5X* Net Debt increased by ~$180 million since December 31, 2025** ending the quarter at $5.6 billion Net Debt to Underlying EBITDA ratio of 2.53x at the end of Q2 2026 approximating the re long-term leverage ratio target of under 2.5x*. NET DEBT TO UNDERLYING EBITDA* 2.5x Target
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* Excludes brokerage commissions and excise taxes 12 CAPITAL ALLOCATION RETURNING CASH TO SHAREHOLDERS YOY DIVIDEND CHANGE $0.44 $0.47 $0.48 Q2 2024 Q2 2025 Q2 2026 Quarterly cash dividend of $0.48 per share, paid on June 12th DOLLARS INVESTED IN SHARE REPURCHASES Repurchased ~4.4 million shares for a total of ~$207 million* Q2 YTD 2026 Repurchased ~30.7 million shares or 15.3% of Class B shares outstanding for a total of ~$1,650 million* since the plan was announced in October 2023
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DISCIPLINED COST SAVINGS TO FUND THE FUTURE; $450M TARGETED OVER 3 YEARS* 13 SAVINGS are aimed at mitigating inflation and allowing reinvestment in the business AMERICAS Supply Chain AMERICAS Commercial and Functional Areas EMEA& APAC Business Unit • Productivity gains via capital investments, procurement and world class supply chain • Invest in technology to drive efficiency and cost savings • Increasing operational efficiency through business process optimization • Optimize organizational structure to streamline and put resources closer to the consumer; structure in place 1/1/2026 • Leverage technology and capabilities to reduce costs and drive return on investment • UK and Central & Eastern Europe (CEE) business transformation to drive margin expansion • Invest in automation and technology to drive cost savings • Organizational changes designed to unlock efficiencies as well as modernize and simplify the segment to fund growth * $450M in 2026-2028 targeted savings
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MONACO * RTD represents Ready-to-Drink cocktails ** “Year one” indicating full year 2026 results 14 Expanding Our U.S. Beyond Beer Portfolio With Atomic Brands Acquisition • Highly incremental addition to our Beyond Beer portfolio • Natural fit within our U.S. route-to-market and convenience-led footprint • Strengthens our position in convenience stores and provides a platform to compete in RTDs* • Adds 80 legacy sales team members • Monaco currently has majority of sales in five states allowing runway for expansion into new geographies and channels WHY WE BELIEVE IT FITS Adds immediate scale in RTDs* while expanding Beyond Beer execution Currently tracking slightly ahead of acquisition expectations on overall top- and bottom-line contributions Expected to be incrementally profitable in year one** with nine months in the portfolio
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2026 GUIDANCE 15 * Note: Net Sales Revenue, Underlying Income before Income Tax, and Underlying Earnings Per Share growth rates are year on year 2026 vs. 2025. We expect to achieve the listed targets for full year 2026 despite the inherent uncertainties that exist with inflationary commodity cost pressures and a softer beer industry. REAFFIRMED FULL YEAR OUTLOOK 2026E* NET SALES REVENUE GROWTH, CONSTANT CURRENCY Flat +/-1% UNDERLYING INCOME BEFORE INCOME TAXES GROWTH, CONSTANT CURRENCY -15% to -18% Decline UNDERLYING DILUTED EARNINGS PER SHARE GROWTH -11% to -15% Decline UNDERLYING FREE CASH FLOW $1.1B +/- 10% UNDERLYING DEPRECIATION & AMORTIZATION $720M +/- 5% CONSOLIDATED NET INTEREST EXPENSE $260M +/- 5% UNDERLYING EFFECTIVE TAX RATE 22% to 24% CAPITAL EXPENDITURES INCURRED $650M +/- 5%
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* U.S. Industry performance based on internal estimates ** MG&A represents Marketing, general and administrative 16 KEY 2026 GUIDANCE ASSUMPTIONS AND DRIVERS* U.S. Beer Industry* We continue to expect the full year 2026 US industry volume trend to improve versus the –5% we experienced in 2025. Price / Mix We continue to expect U.S. annual pricing of 1% to 2%, in line with historical averages. We expect favorable mix impacts due to premiumization in both business units. MG&A** We now expect a reduction in MG&A expenses in the back half of the year as we redirect investment toward the opportunities we expect will deliver the strongest performance and returns. Midwest Premium MWP costs remain elevated vs. 2025, peaking in Q2 as anticipated. We expect continued meaningful inflation for the balance of the year, partially mitigated by hedges, with full-year impact expected to exceed $130M. We also expect elevated inflation amid tighter freight supply and higher fuel prices. Shipment Timing As anticipated, second quarter U.S. financial volumes came in within our previously guided range of 6% to 9% lower than 2025, trailing brand volume trends. We continue to expect financial volumes to outpace brand volume trends in the second half of the year. Other Assumptions Included in our guidance, we will recognize 9 months of NSR and profit contribution as we integrate the Monaco brand portfolio into our network. We expect improvements in EMEA & APAC top and bottom-line performance in H2, driven by the commercial and cost savings actions we’re taking.
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18 Appendix
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Source: The CME Group * The Midwest Premium is a component of the cost of aluminum in the U.S. ** Highest recent price noted at $1.19/lb on June 1, 2026 19 MIDWEST PREMIUM SPOT PRICE* 2025 TREND THROUGH 7/31/2026 $0.24 $1.19 $0.15 $0.35 $0.55 $0.75 $0.95 $1.15 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 USD / LB **
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Use of Non-GAAP Measures In addition to financial measures presented on the basis of accounting principles generally accepted in the U.S. (“U.S. GAAP”), we also use non-GAAP financial measures, as listed and defined below, for operational and financial decision making and to assess Company and segment business performance. These non-GAAP measures should be viewed as supplements to (not substitutes for) our results of operations presented under U.S. GAAP. We have provided reconciliations of all historical non-GAAP measures to their nearest U.S. GAAP measure and have consistently applied the adjustments within our reconciliations in arriving at each non-GAAP measure. Our management uses these metrics to assist in comparing performance from period to period on a consistent basis; as a measur e for planning and forecasting overall expectations and for evaluating actual results against such expectations; in communications with the Board of Directors, stockholders, analysts and investors concerning our financial performance; as useful comparisons to the performance of our competitors; and as metrics of certain management incentive compensation calculations. We believe these measures are used by, and are useful to, investors and other users of our financial statements in evaluating our operating performance. Underlying Income (Loss) before Income Taxes (Closest GAAP Metric: Income (Loss) Before Income Taxes) – Measure of the Company’s or segment's income (loss) before income taxes excluding the impact of certain non- GAAP adjustment items from our U.S. GAAP financial statements. Non-GAAP adjustment items include goodwill and other intangible and tangible asset impairments, certain restructuring and integration related costs, unrealized mark-to-market gains and losses, adjustments to the redemption value of mandatorily redeemable noncontrolling interests, potential or incurred losses related to certain litigation accruals and settlements, impacts of settlement charges related to annuity purchases and gains and losses on sales of non-operating assets, among other items included in our U.S. GAAP results that warrant adjustment to arrive at non-GAAP results (collectively, "Non-GAAP adjustment items"). We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective, involve significant management judgment and can vary substantially from company to company. Underlying COGS (Closest GAAP Metric: COGS) – Measure of the Company’s COGS adjusted to exclude non-GAAP adjustment items (as defined above). Non-GAAP adjustment items include, among other items, unrealized mark-to-market gains and losses on our commodity derivative instruments, which are economic hedges, and are recorded through COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivatives without the resulting unrealized mark-to-market volatility. We also use underlying COGS per hectoliter, as well as the year over year change in such metric, as a key metric for analyzing our results. This metric is calculated as underlying COGS divided by financial volume for the respective period. Underlying MG&A (Closest GAAP Metric: MG&A) - Measure of the Company's MG&A expense excluding the impact of certain non-GAAP adjustment items (as defined above). Underlying net income (loss) attributable to MCBC (Closest GAAP Metric: Net income (loss) attributable to MCBC) - Measure of net income (loss) attributable to MCBC excluding the impact of income (loss) before income tax non-GAAP adjustment items (as defined above), adjustments to the carrying value of redeemable noncontrolling interests resulting from subsequent changes in the redemption value of such interests, the related tax effects of non-GAAP adjustment items and certain other discrete tax items. Underlying net income (loss) attributable to MCBC per diluted share (also referred to as Underlying Diluted Earnings per Share) (Closest GAAP Metric: Net Income (loss) attributable to MCBC per diluted share) – Measure of underlying net income (loss) attributable to MCBC (as defined above) per diluted share. If applicable, a reported net loss attributable to MCBC per diluted share is calculated using the basic share count due to dilutive shares being antidilutive. If underlying net income (loss) attributable to MCBC becomes income excluding the impact of our non-GAAP adjustment items, we include the incremental dilutive shares, using the treasury stock method, into the dilutive shares outstanding. Underlying effective tax rate (Closest GAAP Metric: Effective Tax Rate) – Measure of the Company’s effective tax rate excluding the related tax impact of pre-tax non-GAAP adjustment items (as defined above) and certain other discrete tax items. Discrete tax items include certain significant tax audit and prior year reserve adjustments, impact of significant tax legislation and tax rate changes and significant non-recurring and period specific tax items. 20
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Use of Non-GAAP Measures Continued Underlying free cash flow (Closest GAAP Metric: Net Cash Provided by (Used in) Operating Activities) – Measure of the Company’s operating cash flow calculated as Net Cash Provided by (Used In) Operating Activities less Additions to property, plant and equipment and excluding the pre -tax cash flow impact of certain non-GAAP adjustment items (as defined above). We consider underlying free cash flow an important measure of our ability to generate cash, grow our business and enhance shareholder value, driven by core operations and after adjusting for non-GAAP adjustment items, which can vary substantially from company to company depending upon accounting methods, book value of assets and capital structure. Underlying depreciation and amortization (Closest GAAP Metric: Depreciation & Amortization) – Measure of the Company’s depreciation and amortization excluding the impact of non-GAAP adjustment items (as defined above). These adjustments primarily consist of accelerated depreciation or amortization taken related to the Company’ s strategic exit or restructuring activities. Net debt and net debt to underlying earnings before interest, taxes, depreciation, and amortization ("underlying EBITDA") (Closest GAAP Metrics: Cash, Debt, & Net Income (Loss)) – Measure of the Company’s leverage calculated as net debt (defined as current portion of long-term debt and short-term borrowings plus long-term debt less cash and cash equivalents) divided by the trailing twelve month underlying EBITDA. Underlying EBITDA is calculated as Net income (loss) excluding Interest expense (income), net, Income tax expense (benefit), depreciation and amortization and the impact of non-GAAP adjustment items (as defined above). Effective January 1, 2025, on a prospective basis, Underlying EBITDA excludes amortization of cloud-based software implementation costs. This measure is not the same as the Company’s maximum leverage ratio as defined under its revolving credit facility, which allows for other adjustments in the calculation of net debt to EBITDA. Constant currency - Constant currency is a non-GAAP measure utilized to measure performance, excluding the impact of translational and certain transactional foreign currency movements, and is intended to be indicative of results in local currency. As we operate in various foreign countries where the local currency may strengthen or weaken significantly versus the U.S. dollar or other currencies used in operations, we utilize a constant currency measure as an additional metric to evaluate the underlying performance of each business without consideration of foreign currency movements. We present all percentage changes for net sales, underlying COGS, underlying MG&A and underlying income (loss) before income taxes in constant currency and calculate the impact of foreign exchange by translating our current period local currency results (that also include the impact of the comparable prior period currency hedging activities) at the average exchange rates during the respective period throughout the year used to translate the financial statements in the comparable prior year period. The result is the current period results in U.S. dollars, as if foreign exchange rates had not changed from the prior year period. Additionally, we exclude any transactional foreign currency impacts, reported within the other non-operating income (expense), net line item, from our current period results. Note Regarding Guidance/Non-GAAP Financial Measures – Our guidance or long-term targets for any of the measures noted above are also non-GAAP financial measures that exclude or otherwise have been adjusted for non-GAAP adjustment items from our U.S. GAAP financial statements. When we provide guidance or long-term targets for any of the various non-GAAP metrics described above, we do not provide reconciliations of the U.S. GAAP measures as we are unable to predict with a reasonable degree of certainty the actual impact of the non-GAAP adjustment items. By their very nature, non-GAAP adjustment items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our Company and its financial results. Therefore, we are unable to provide a reconciliation of these measures without unreasonable efforts. 21
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Net Debt to Underlying EBITDA Reconciliation In millions (except net debt to underlying EBITDA) 6/30/2026 6/30/2025 6/30/2024 Current portion of long-term debt and short-term borrowings 2,037.1 62.3 894.2 Add: Long-term debt 5,672.5 6,257.0 6,161.5 Less: Cash and cash equivalents 2,128.1 613.8 1,647.3 Net Debt 5,581.5 5,705.5 5,408.4 (Non-GAAP) Underlying EBITDA(2) 2,208.7 2,368.0 2,535.3 (Non-GAAP) Net debt to underlying EBITDA 2.53 2.41 2.13 Underlying EBITDA Reconciliation In millions 6/30/2026 6/30/2025 6/30/2024 Net income (loss) (2,355.9) 1,069.9 1,172.3 Add: Interest expense (income), net 230.3 262.8 194.5 Add: Income tax expense (benefit) (395.5) 319.0 362.5 Add: Depreciation and amortization 738.6 767.2 669.6 Add: Amortization of cloud computing arrangements 15.0 12.9 10.0 Non-GAAP adjustments to arrive at underlying EBITDA(1) 3,976.2 (63.8) 126.4 (Non-GAAP) Underlying EBITDA(2) 2,208.7 2,368.0 2,535.3 (1) Refer to the filed earnings release for each respective year for a detailed summary of Non-GAAP adjustment items. (2) Underlying EBITDA is presented for the trailing 12-month period. 22
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RECONCILIATION TO NEAREST U.S. GAAP MEASURES Reconciliation by Line Item (In millions, except per share data) (Unaudited) For the three months ended June 30, 2026 Cost of goods sold Marketing, general and administrative expenses Income (loss) before income taxes Net income (loss) attributable to MCBC Diluted earnings per share Reported (U.S. GAAP) $ (2,033.2) $ (718.5) $ 283.1 $ 231.7 $ 1.23 Non-GAAP adjustments (pre-tax) Restructuring(1) — — 7.3 7.2 0.04 (Gains) and losses on disposals and other operating expense (income)(2) — — 9.3 9.3 0.05 Unrealized mark-to-market (gains) losses 91.0 — 91.0 91.0 0.48 Other items(3) — — (7.5) (7.5) (0.04) Tax effect of non-GAAP adjustments and other discrete tax items — — — (24.3) (0.13) Redeemable noncontrolling interest adjustments — — — (10.8) (0.06) Underlying (Non-GAAP) $ (1,942.2) $ (718.5) $ 383.2 $ 296.6 1.58 (1) During the fourth quarter of 2025, we announced the Americas Restructuring Plan designed to create a leaner, more agile Americas segment while advancing our ability to reinvest in the business and position us for future growth. The plan resulted in $0.7 million of employee-related charges recorded during the three months ended June 30, 2026. These actions are substantially complete and any remaining future charges are expected to be immaterial. During the first quarter of 2026, we committed to various cost savings actions designed to optimize our supply chain within the Americas segment, which resulted in restructuring charges including accelerated depreciation in excess of normal depreciation charges of $3.5 million for the three months ended June 30, 2026. We anticipate additional charges related to these committed actions to be approximately $10 million to $15 million, with the majority of these charges to be recorded during the remainder of 2026 as well as in 2027. Also during the first quarter of 2026, we committed to various restructuring actions in the EMEA&APAC segment, including the closure of a small brewery in the U.K. by the end of 2026, alongside other operational changes designed to unlock efficiencies as well as modernize and simplify the EMEA&APAC segment to fund growth. During the three months ended June 30, 2026, we recorded employee-related charges of $0.3 million as well as accelerated depreciation in excess of normal depreciation charges of $2.5 million related to these actions. We anticipate additional charges related to these committed actions to be approximately $3 million to $8 million, with the majority of these charges to be recorded during the remainder of 2026. (2) During the second quarter of 2026, we made the decision to exit a brand in our Americas segment and, as a result, recorded $8.1 million of accelerated amortization of the brand intangible. (3) During the first quarter of 2025, our Americas segment made an investment in Fevertree Drinks plc and holds a minority interest. During the three months ended June 30, 2026, we recorded an unrealized gain of $7.5 million resulting from the change in the fair value of the investment.
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(In millions, except per share data) (Unaudited) For the three months ended June 30, 2025 Cost of goods sold Marketing, general and administrative expenses Income (loss) before income taxes Net income (loss) attributable to MCBC Diluted earnings per share Reported (U.S. GAAP) $ (1,918.9) $ (693.1) $ 554.9 $ 428.7 $ 2.13 Non-GAAP adjustments (pre-tax) Restructuring — — 8.6 8.6 0.04 (Gains) and losses on disposals and other operating expense (income) — — 0.6 0.6 — Unrealized mark-to-market (gains) losses (7.0) — (7.0) (7.0) (0.03) Other items(1) — (0.1) (25.6) (25.6) (0.13) Tax effect of non-GAAP adjustments and other discrete tax items — — — 6.0 0.03 Redeemable noncontrolling interest adjustments — — — 1.0 — Underlying (Non-GAAP) $ (1,925.9) $ (693.2) $ 531.5 $ 412.3 $ 2.05 (1) During the first quarter of 2025, our Americas segment made an investment in Fevertree Drinks plc and holds a minority interest. During the three months ended June 30, 2025, we recorded an unrealized gain of $25.5 million resulting from the change in the fair value of the investment. (In millions, except per share data) (Unaudited) For the six months ended June 30, 2026 Cost of goods sold Marketing, general and administrative expenses Income (loss) before income taxes Net income (loss) attributable to MCBC Net income (loss) attributable to MCBC per diluted share(5) Reported (U.S. GAAP) $ (3,487.1) $ (1,328.5) $ 477.8 $ 383.0 $ 2.03 Non-GAAP adjustments (pre-tax) Restructuring(1) — — 38.4 38.3 0.20 (Gains) and losses on disposals and other operating expense (income)(2) — — 10.3 10.3 0.05 Unrealized mark-to-market (gains) losses 1.8 — 1.8 1.8 0.01 Other items(3) — — 2.8 2.8 0.01 Tax effect of non-GAAP adjustments and other discrete tax items — — — (13.1) (0.07) Redeemable noncontrolling interest adjustments — — — (9.0) (0.05) Underlying (Non-GAAP) $ (3,485.3) $ (1,328.5) $ 531.1 $ 414.1 2.20 (1) During the fourth quarter of 2025, we announced the Americas Restructuring Plan designed to create a leaner, more agile Americas segment while advancing our ability to reinvest in the business and position us for future growth. The plan resulted in $5.1 million of employee-related charges recorded during the six months ended June 30, 2026. The cumulative restructuring charges recorded through June 30, 2026 related to the Americas Restructuring Plan were $33.8 million. These actions are substantially complete and any remaining future charges are expected to be immaterial. During the first quarter of 2026, we committed to various cost savings actions designed to optimize our supply chain within the Americas segment, which resulted in restructuring charges including accelerated depreciation in excess of normal depreciation charges of $10.1 million for the six months ended June 30, 2026. We anticipate additional charges related to these committed actions to be approximately $10 million to $15 million, with the majority of these charges to be recorded during the remainder of 2026 as well as in 2027. Also during the first quarter of 2026, we committed to various restructuring actions in the EMEA&APAC segment, including the closure of a small brewery in the U.K. by the end of 2026, alongside other operational changes designed to unlock efficiencies as well as modernize and simplify the EMEA&APAC segment to fund growth. During the six months ended June 30, 2026, we recorded employee-related charges of $15.3 million as well as accelerated depreciation in excess of normal depreciation charges of $5.0 million. We anticipate additional charges related to these committed actions to be approximately $3 million to $8 million, with the majority of these charges to be recorded during the remainder of 2026.
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(2) During the second quarter of 2026, we made the decision to exit a brand in our Americas segment and, as a result, recorded $8.1 million of accelerated amortization of the brand intangible. (3) During the first quarter of 2025, our Americas segment made an investment in Fevertree Drinks plc and holds a minority interest. During the six months ended June 30, 2026, we recorded an unrealized loss of $2.9 million resulting from the change in the fair value of the investment. (In millions, except per share data) (Unaudited) For the six months ended June 30, 2025 Cost of goods sold Marketing, general and administrative expenses Income (loss) before income taxes Net income (loss) attributable to MCBC Net income (loss) attributable to MCBC per diluted share Reported (U.S. GAAP) $ (3,372.1) $ (1,346.3) $ 711.2 $ 549.7 $ 2.71 Non-GAAP adjustments (pre-tax) Restructuring(1) — — 28.0 28.0 0.14 (Gains) and losses on disposals and other operating expense (income) — — 0.6 0.6 — Unrealized mark-to-market (gains) losses (25.7) — (25.7) (25.7) (0.13) Other items(2) — (0.2) (51.5) (51.5) (0.25) Tax effect of non-GAAP adjustments and other discrete tax items — — — 11.9 0.06 Redeemable noncontrolling interest adjustments — — — 1.0 — Underlying (Non-GAAP) $ (3,397.8) $ (1,346.5) $ 662.6 $ 514.0 $ 2.54 (1) During the third quarter of 2024, we made the decision to wind down or sell certain U.S. craft businesses and related facilities within the Americas segment. As a result, we recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation of $17.9 million for the six months ended June 30, 2025. (2) During the first quarter of 2025, our Americas segment made an investment in Fevertree Drinks plc and holds a minority interest. As a result, for the six months ended June 30, 2025, we recorded an unrealized gain of $51.2 million. Reconciliation to Underlying (Non-GAAP) Income (Loss) Before Income Taxes by Segment (In millions) (Unaudited) For the three months ended June 30, 2026 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ 390.1 $ 37.9 $ (144.9) $ 283.1 Cost of goods sold(1) — — 91.0 91.0 Other non-GAAP adjustment items(2) 6.0 3.1 — 9.1 Total non-GAAP adjustment items $ 6.0 $ 3.1 $ 91.0 $ 100.1 Underlying (Non-GAAP) income (loss) before income taxes $ 396.1 $ 41.0 $ (53.9) $ 383.2 (In millions) (Unaudited) For the three months ended June 30, 2025 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ 538.2 $ 64.8 $ (48.1) $ 554.9 Cost of goods sold(1) — — (7.0) (7.0) Marketing, general & administrative (0.1) — — (0.1) Other non-GAAP adjustment items(2) (23.9) 7.6 — (16.3) Total non-GAAP adjustment items $ (24.0) $ 7.6 $ (7.0) $ (23.4) Underlying (Non-GAAP) income (loss) before income taxes $ 514.2 $ 72.4 $ (55.1) $ 531.5
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(In millions) (Unaudited) For the six months ended June 30, 2026 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ 597.5 $ (13.8) $ (105.9) $ 477.8 Cost of goods sold(1) — — 1.8 1.8 Other non-GAAP adjustment items(2) 29.4 $ 22.1 $ — 51.5 Total non-GAAP adjustment items $ 29.4 $ 22.1 $ 1.8 $ 53.3 Underlying (Non-GAAP) income (loss) before income taxes $ 626.9 $ 8.3 $ (104.1) $ 531.1 (In millions) (Unaudited) For the six months ended June 30, 2025 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ 747.5 $ 45.6 $ (81.9) $ 711.2 Cost of goods sold(1) — — (25.7) (25.7) Marketing, general & administrative (0.2) — — (0.2) Other non-GAAP adjustment items(2) (30.3) 7.6 — (22.7) Total non-GAAP adjustment items $ (30.5) $ 7.6 $ (25.7) $ (48.6) Underlying (Non-GAAP) income (loss) before income taxes $ 717.0 $ 53.2 $ (107.6) $ 662.6 (1) Reflects changes in our mark-to-market positions on our derivative hedges recorded as COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility. (2) See the Reconciliations by Line Item table for further information on our non-GAAP adjustments. Effective Tax Rate Reconciliation (Unaudited) For the three months ended June 30, 2026 June 30, 2025 U.S. GAAP Effective Tax Rate 22 % 24 % Tax effect of non-GAAP adjustment items and discrete tax items(1) — % (1) % Underlying (Non-GAAP) Effective Tax Rate 22 % 23 % (1) Adjustments related to the tax effect of non-GAAP adjustment items, as well as certain discrete tax items excluded from our underlying effective tax rate. Discrete tax items include certain significant tax audit and prior year reserve adjustments, impact of significant tax legislation and tax rate changes and significant non-recurring and period specific tax items. Underlying (Non-GAAP) Depreciation and Amortization Reconciliation (In millions) (Unaudited) For the three months ended For the six months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 U.S. GAAP depreciation and amortization $ 192.0 $ 170.1 $ 377.7 $ 350.4 Accelerated depreciation(1) (6.0) — (15.1) (17.9) Accelerated amortization(2) (8.8) — (8.8) — Underlying (Non-GAAP) depreciation and amortization $ 177.2 $ 170.1 $ 353.8 $ 332.5 (1) During the first quarter of 2026, we committed to various restructuring actions in the EMEA&APAC segment, including the closure of a small brewery in the U.K. by the end of 2026, alongside other operational changes designed to unlock efficiencies as well as modernize and simplify the EMEA&APAC segment to fund growth. During the three and six months ended June 30, 2026, we recorded accelerated depreciation in excess of normal depreciation charges of $2.5 million and $5.0 million, respectively, related to these actions. During the first quarter of 2026, we committed to various cost savings actions designed to optimize our supply chain within the Americas segment. During the three and six months ended June 30, 2026, we recorded accelerated depreciation in excess of normal depreciation charges of $3.5 million and $10.1 million, respectively, related to these actions.
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During the third quarter of 2024, we made the decision to wind down or sell certain U.S. craft businesses and related facilities within the Americas segment. As a result, we recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation of $17.9 million for the six months ended June 30, 2025. (2) During the second quarter of 2026, we made the decision to exit a brand in our Americas segment and, as a result, recorded $8.1 million of accelerated amortization of the brand intangible. Underlying (Non-GAAP) Free Cash Flow (In millions) (Unaudited) For the six months ended June 30, 2026 June 30, 2025 U.S. GAAP Net Cash Provided by (Used In) Operating Activities $ 820.4 $ 627.6 Additions to property, plant and equipment, net(1) (335.2) (400.6) Cash impact of non-GAAP adjustment items(2) 28.6 66.5 Underlying (Non-GAAP) Free Cash Flow $ 513.8 $ 293.5 (1) Included in net cash provided by (used in) investing activities. (2) Included payments made for restructuring activities for the six months ended June 30, 2026 and June 30, 2025 as well as a $60.6 million payment as final resolution of the Keystone litigation case during the six months ended June 30, 2025. Net Debt (Non-GAAP) and Net Debt (Non-GAAP) to Underlying (Non-GAAP) EBITDA Ratio (In millions except net debt (Non-GAAP) to underlying (Non-GAAP) EBITDA ratio) (Unaudited) As of June 30, 2026 June 30, 2025 U.S. GAAP Current portion of long-term debt and short-term borrowings $ 2,037.1 $ 62.3 Add: Long-term debt 5,672.5 6,257.0 Less: Cash and cash equivalents 2,128.1 613.8 Net debt (Non-GAAP) 5,581.5 5,705.5 Q2 Underlying EBITDA 624.6 763.9 Q1 Underlying EBITDA 386.0 353.3 Q4 Underlying EBITDA 532.7 558.5 Q3 Underlying EBITDA 665.4 692.3 Underlying (Non-GAAP) EBITDA(1) $ 2,208.7 $ 2,368.0 Net debt (Non-GAAP) to underlying (Non-GAAP) EBITDA ratio 2.53 2.41 (1) Represents underlying (Non-GAAP) EBITDA on a trailing twelve month basis. Underlying (Non-GAAP) EBITDA Reconciliation ($ in millions) (Unaudited) For the three months ended June 30, 2026 June 30, 2025 U.S. GAAP Net income (loss) $ 221.6 $ 424.3 Interest expense (income), net 60.5 58.5 Income tax expense (benefit) 61.5 130.6 Depreciation and amortization 192.0 170.1 Amortization of cloud computing arrangements 3.8 3.8 Non-GAAP adjustments to arrive at underlying (non-GAAP) EBITDA(1) 85.2 (23.4) Underlying (Non-GAAP) EBITDA $ 624.6 $ 763.9 (1) Includes pre-tax non-GAAP adjustments to Net income (loss) as described in other non-GAAP reconciliation tables above excluding non-GAAP adjustments to interest expense (income), net and depreciation and amortization, as applicable. See the (i) Reconciliations to Nearest U.S. GAAP Measures by Line Item and (ii) Underlying Depreciation and Amortization Reconciliation tables for further information on our non-GAAP adjustments.