Molson Coors Beverage Company Q1 FY2026 earnings call

Announced Horizon 2030 strategy. Leveraged M&A for RTDs, extended share buyback. Sharpened portfolio focus, strengthened commercial model. On-premise top 6 brands had share growth. Made large media investment for World Cup. Advanced 3-year $450M cost savings program. Applied balanced capital allocation with brand investment, M&A, and shareholder returns.

In the first quarter, U.S. brand volume trends improved but share wasn't ideal. Coors Banquet gained momentum. Miller Lite faced competition in some U.S. regions. In Canada, Coors Light was #1 premium light. In the U.K., Carling Black Label was reintroduced. Central and Eastern Europe key brands were #1/#2. Value segment: Miller High Life was stable on-premise, Keystone Apple paced, Keystone Ice reintroduced. Above premium beer: U.S. industry share held, Peroni, Blue Moon non-alc had momentum, Madri in U.K. had softness but not brand health issue. Beyond Beer: Fever Tree performed strongly, Topo Chico Hard grew, Monaco acquisition added scale to portfolio.

Reaffirmed 2026 guidance. Expect U.S. shipments down 6%-9% in Q2, then improve. COGS impacted by rising commodity costs. MD&A expected increase due to incentive comp, capability/tech investments, and Monaco integration. Continues cost savings actions and balanced capital allocation.

Macro uncertainty, input cost pressures, consumer behavior changes, geopolitical events impacting EMEA/APAC, competitive landscape, integration risks of Monaco.

Q: Filippo Falorni asked about U.S. beer industry and Q2 shipment vs depletion.

A: Rahul and Tracey responded on industry health and Q2 shipment factors.

Q: Peter Grom asked about demand shift and Q2 guidance range.

A: Rahul and Tracey discussed sentiment and Q2 guidance transparency.

Q: Christopher Carey asked about market share improvement and COGS inflation.

A: Rahul and Tracey spoke on share progress and COGS inflation phasing.

Q: Seamus Cassidy asked about capital allocation.

A: Tracey discussed leverage, capital allocation buckets, and debt refinancing.

Q: Lauren Lieberman asked about value brand strategy.

A: Rahul spoke on localizing value brand efforts.

Q: Drew Levine asked about COGS phasing and pricing.

A: Tracey and Rahul discussed COGS headwind and pricing discipline.

Q: Christian Junquera asked about MG&A expense phasing.

A: Tracey and Rahul talked on MG&A expense drivers.

Q: Kaumil Gajrawala asked about risks and capital allocation metrics.

A: Rahul and Tracey spoke on strategy risks and capital allocation metrics.

Q: Nadine Sarwat asked about U.S. market Q1 performance and channel dynamics.

A: Rahul discussed Q1 market factors and channel behaviors.

Q: Gerald Pascarelli asked about World Cup tailwind.

A: Rahul spoke on World Cup's occasion impact.

Q: Chris Pitcher asked about Monaco integration.

A: Rahul discussed Monaco integration discipline.

Q: William Kirk asked about fuel prices and volume.

A: Rahul talked on fuel price impact analysis.

Q: Robert Ottenstein asked about Miller Lite's outcome.

A: Rahul spoke on Miller Lite's share stabilization plans