Investments

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Consolidated VIE Investments

Our consolidated VIEs as of September 30, 2025, were Rocky Mountain Metal Container ("RMMC") and Rocky Mountain Bottle Company ("RMBC"). The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests and excluding goodwill):


	As of
	September 30, 2025				December 31, 2024
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
RMMC/RMBC	$	230.3	$	17.7	$	230.3	$	29.8

As of September 30, 2025, for RMMC/RMBC, $67.9 million and $107.1 million were recorded in inventories, net and property, plant and equipment, net, respectively, on the unaudited condensed consolidated balance sheets. As of December 31, 2024, for RMMC/RMBC, $64.0 million and $113.6 million were recorded in inventories, net and property, plant and equipment, net, respectively, on the consolidated balance sheets.

We have not provided any financial support to any of our VIEs during the nine months ended September 30, 2025, that we were not previously contractually obligated to provide.

Equity Method Investments

Our equity method investments include our ownership interests in Brewers Retail Inc. ("BRI"), Brewers Distributor Ltd. ("BDL") and The Yuengling Company LLC, as well as other immaterial investments. The total balance of our equity method investments was $112.3 million and $108.9 million as of September 30, 2025 and December 31, 2024, respectively. Our equity method investments are all within the Americas segment and are presented within other assets on the unaudited condensed consolidated balance sheets. Amounts due to and due from our equity method investments are recorded as affiliate accounts payable and affiliate accounts receivable which are presented within accounts payable and other current liabilities and trade receivables, net, respectively, on the unaudited condensed consolidated balance sheets.

Our BRI and BDL third party debt instruments are guaranteed by the respective shareholders. As a result, we had a guarantee liability of $11.1 million and $30.1 million recorded as of September 30, 2025 and December 31, 2024, respectively, which is presented within accounts payable and other current liabilities on the unaudited condensed consolidated balance sheets and represents our proportionate share of the outstanding balance of these debt instruments. The offset to the guarantee liability is our respective equity method investment on the unaudited condensed consolidated balance sheets. The resulting change in our equity method investments during the year due to movements in the guarantee represents a non-cash investing activity.

ASC 321 Investment

During the first quarter of 2025, Molson Coors Beverage Company made an investment of $88.1 million in Fevertree Drinks plc, a listed entity on the London Stock Exchange (LSE:FEVR). We hold a minority interest in the entity and account for the investment under ASC 321 which requires investments to be measured at fair value with subsequent changes in fair value recognized in net income. As of September 30, 2025, the investment was recorded at a fair value of $127.4 million calculated based on a quoted market price on the London Stock Exchange (Level 1 inputs) in other assets on our unaudited condensed consolidated balance sheets. Changes in fair value are recorded within other non-operating income (expense), net in our unaudited condensed consolidated statements of operations, and as a result, we recorded an unrealized loss of $11.9 million and an unrealized gain of $39.3 million during the three and nine months ended September 30, 2025, respectively.