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, 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 Part II.—Item 8. Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" included in our Annual Report.

The results of operations for the three and six months ended June 30, 2026, are not necessarily indicative of the results that may be achieved for the full year or any other future period.

Anti-dilutive securities from share-based awards excluded from the computation of diluted EPS were 4.0 million and 2.3 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and 3.9 million and 2.1 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

On May 7, 2026, our Company's Board of Directors ("Board") declared a dividend of $0.48 per share, paid on June 12, 2026, to shareholders of Class A and Class B common stock of record on May 29, 2026. Shareholders of exchangeable shares received the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.65 per share. During the six months ended June 30, 2026, dividends declared and paid to eligible shareholders were $0.96 per share, with the CAD equivalent equal to CAD 1.30 per share.

During the three months ended June 30, 2025, a dividend of $0.47 per share was declared and paid to eligible shareholders, with the CAD equivalent equal to CAD 0.65 per share. During the six months ended June 30, 2025, dividends declared and paid to eligible shareholders were $0.94 per share, with the CAD equivalent equal to CAD 1.32 per share.

On July 16, 2026, our Board declared a dividend of $0.48 per share, to be paid on September 18, 2026, to shareholders of Class A and Class B common stock of record on August 28, 2026. Shareholders of exchangeable shares will receive the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.67 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 six months ended June 30, 2026 and June 30, 2025.


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Shares repurchased	1,016,224		4,472,379		4,386,909		5,509,009
Aggregate cost (in millions)	$	42.8	$	249.7	$	208.6	$	309.6

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 $133.9 million and $152.3 million for the six months ended June 30, 2026 and June 30, 2025, 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 six months ended June 30, 2026 and June 30, 2025, respectively.

The allowance for doubtful accounts for trade receivables was $8.1 million and $10.0 million as of June 30, 2026 and December 31, 2025, respectively.

We are the buyer under a supplier finance program with Citibank N.A. with $186.9 million and $157.7 million confirmed as valid and outstanding as of June 30, 2026 and December 31, 2025, respectively. We recognize these unpaid balances in accounts payable and other current liabilities on our unaudited condensed consolidated balance sheets.

Certain 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 outside of stockholders' equity on our unaudited condensed consolidated balance sheets. During the three and six months ended June 30, 2026 and June 30, 2025, there was no material activity related to redeemable noncontrolling interests.

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.

On April 1, 2026, we acquired Atomic Brands, Inc., the maker of Monaco Cocktails ("Monaco") for a purchase price and cash paid of $275 million (subject to adjustment for net working capital). Monaco is a pioneering brand in the ready-to-drink ("RTD") cocktail segment known for combining bold flavors and quality with convenient ready-to-drink packaging. The acquisition is aligned with our strategy to expand beyond the beer aisle, especially into RTD cocktails.

The acquisition was accounted for as a business combination, with approximately $65 million of consideration allocated to a definite-lived brand intangible asset to be amortized over a 15-year period and the remainder primarily allocated to goodwill of approximately $200 million for the amount in excess of net identifiable assets acquired as well as other working capital balances. Pro forma results of operations have not been presented as the impact is not material to our results of operations or financial position.