Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company"), principally a holding company, and its operating and non-operating subsidiaries included within its reporting segments. Our reporting segments include the Americas and EMEA&APAC. 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.

Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior year periods. Our primary operating currencies, other than the USD, include the CAD, the GBP and our Central European operating currencies such as the EUR, CZK, RON and RSD.

The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented in accordance with U.S. GAAP. Such unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.

These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements included in our Annual Report.

Anti-dilutive securities from share-based awards excluded from the computation of diluted EPS were 4.1 million and 1.5 million for the three months ended September 30, 2025 and September 30, 2024, respectively, and 4.1 million and 1.3 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.

On July 16, 2025, our Company's Board of Directors ("Board") declared a dividend of $0.47 per share, paid on September 19, 2025, to shareholders of Class A and Class B common stock of record on September 5, 2025. Shareholders of exchangeable shares received the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.64 per share. During the nine months ended September 30, 2025, dividends declared to eligible shareholders were $1.41 per share, with the CAD equivalent equal to CAD 1.96 per share.

During the three months ended September 30, 2024, dividends declared to eligible shareholders were $0.44 per share, with the CAD equivalent equal to CAD 0.60 per share. During the nine months ended September 30, 2024, dividends declared to eligible shareholders were $1.32 per share, with the CAD equivalent equal to CAD 1.78 per share.

The following table presents the shares repurchased and aggregate cost, including brokerage commissions and excise taxes incurred, under our current share repurchase program for the three and nine months ended September 30, 2025 and September 30, 2024.


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Shares repurchased	502,212		1,160,707		6,011,221		7,500,489
Aggregate cost (in millions)	$	25.3	$	62.7	$	334.9	$	437.2

Our non-cash investing activities include movements in our guarantee of indebtedness of certain equity method investments. See Note 3, "Investments" for further discussion. We also had non-cash investing activities related to capital expenditures incurred but not yet paid of $165.5 million and $119.7 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.

Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases discussed in Note 6, "Leases", there was no other significant non-cash investing or financing activities for the nine months ended September 30, 2025 and September 30, 2024, respectively.

We are the buyer under a supplier finance program with Citibank N.A. with $172.7 million and $145.1 million confirmed as valid and outstanding as of September 30, 2025 and December 31, 2024, respectively. We recognize these unpaid balances in accounts payable and other current liabilities on our unaudited condensed consolidated balance sheets.

Certain of our noncontrolling interests have redemption features that are outside of our control, such as those subject to put options exercisable at a future date. We account for these as redeemable noncontrolling interests and present the balances separately from stockholders' equity on our unaudited condensed consolidated balance sheets. During the three months ended September 30, 2025, we recorded attributable net losses of $97.5 million and adjustments to redemption value of $82.6 million. During the nine months ended September 30, 2025, we recorded attributable net losses of $108.1 million and adjustments to redemption value of $83.5 million. The adjustments to redemption value were recorded as increases to redeemable noncontrolling interests on the unaudited condensed consolidated balance sheets and net (income) loss attributable to noncontrolling interests on the unaudited condensed consolidated statements of operations. There was no material activity related to redeemable noncontrolling interests for the three and nine months ended September 30, 2024.

During the first quarter of 2025, we obtained exclusive rights via a license agreement to produce, market and sell Fever-Tree products in the U.S. In connection with this agreement, we acquired the shares of the Fevertree USA, Inc. entity, with the immaterial acquisition accounted for as a business combination and consideration allocated primarily to working capital balances. The acquisition is aligned with our strategy to expand beyond the beer aisle.

Further, during the first quarter of 2025, we made a minority investment of $88.1 million in Fevertree Drinks plc, a listed entity on the London Stock Exchange (LSE:FEVR). As of September 30, 2025, we continue to hold a minority interest in the entity. See Note 3, "Investments" for further discussion.

On September 26, 2024, we purchased annuity contracts for two of our Canadian pension plans which transferred approximately $344 million of pension plan liabilities, along with the associated administration of benefits, to an insurance company using the plan's respective pension plan assets. As a result, a settlement loss of $34.0 million was recorded to other pension and postretirement benefit (costs), net in the unaudited condensed consolidated statements of operations during the third quarter of 2024.

In March 2024, our partner of Cobra Beer Partnership, Ltd. ("Cobra U.K." or "CBPL") exercised a put option under our partnership agreement which required us to acquire the remaining 49.9% ownership interest. During the third quarter of 2024, we adjusted our NCI by $34.5 million to our best estimate of the redemption value that existed at the time of the put option exercise by increasing our net income attributable to noncontrolling interests and decreasing our net income attributable to MCBC. In addition, we received the final determination of the redemption value in October 2024 and as the transaction was considered mandatorily redeemable, we recorded an adjustment of $45.8 million to interest expense in the EMEA&APAC segment during the three months ended September 30, 2024.

On April 12, 2025, Gavin D.K. Hattersley, President and Chief Executive Officer ("CEO") of the Company and a member of the Board informed the Company and the Board that he intends to retire from the Company and as a member of the Board, in each case, by December 31, 2025.

On September 19, 2025, the Board appointed Rahul Goyal as the Company’s President and CEO and member of the Board effective, in each case, as of October 1, 2025, following the retirement of Gavin D.K. Hattersley from those same positions immediately prior to such appointments. Gavin D.K. Hattersley will remain employed by the Company in an advisory role to assist in the transition until December 31, 2025, or an earlier date as determined by Gavin D.K. Hattersley or the Company.

On October 20, 2025, the Company announced an Americas restructuring plan designed to create a leaner, more agile Americas segment while advancing its ability to reinvest in the business and position the Company for future growth. The restructuring plan involves the planned elimination of approximately 400 salaried positions across the Americas segment by the end of December 2025. In connection with the restructuring, the Company currently expects to incur certain restructuring charges, in the range of $35 million to $50 million, which are expected to be future cash expenditures to be made over the next 12 months. Substantially all of the charges are expected to be related to severance payments and post-employment benefits to be incurred in the fourth quarter of 2025.