Acceleration Plan

MOLSON COORS beverage company MOLSON COORS BEVERAGE COMPANY INTRODUCES PLAN TO ACCELERATE ITS GROWTH AND PROVIDES LONG-TERM FINANCIAL OUTLOOK AT ITS 2023 STRATEGY DAY Board of Directors Authorizes $2 Billion Share Repurchase Program Over Five Years GOLDEN, Colorado, and MONTREAL, Quebec, October 3, 2023 - Molson Coors Beverage Company (NYSE: TAP, TAP.A; TSX: TPX.B, TPX.A) today introduced a new plan to accelerate its growth, its long-term financial outlook, and new capital deployment plans. The Acceleration Plan, designed to build upon the Company's growth in the years ahead, was shared at the Company's 2023 Strategy Day in New York City. "Getting to growth was the focus of our 2019 Revitalization Plan, and as a result of three plus years of work we are on track to deliver our second straight year of top and bottom-line growth," said Gavin Hattersley, President and Chief Executive Officer. "Over the past few years, long before controversy upended the U.S. beer industry, we changed how we invest, market, and operate, and we changed our future. Today we believe we are built for growth, we expect growth, and we are delivering growth. We turned around Molson Coors over the past few years, and our focus now is on accelerating the growth we created in the years ahead." "Our long-term growth algorithm anticipates net sales revenue growth, margin expansion, and attractive earnings per share growth, while our expected compelling free cash flow generation supports reinvestment in value creation," said Tracey Joubert, Chief Financial Officer. "With substantially improved financial flexibility, we are pleased to announce a new $2 billion share repurchase program as part of our balanced and cohesive approach of prioritizing capital allocation among investing in our business, reducing net debt, and returning cash to shareholders. As we look to the future, we are confident in our strategy and ability to drive compelling returns for our shareholders." The Company's new Acceleration Plan builds off the successes Molson Coors achieved under its Revitalization Plan since 2019. As the Company's Leadership Team outlined during the Strategy Day, the plan centers on five pillars. Grow core power brand net revenue. Molson Coors core brands have been gaining strength, and the Company plans to consistently grow its core power brand revenue in the years ahead. In the U.S., Coors Light, Miller Lite, and Coors Banquet, have been on an upward trajectory for several years, making them well positioned to benefit from the shifts in consumer purchasing behavior largely in the premium segment that have occurred in 2023. Core brands in other large global markets have also been gaining industry share, including Molson trademark in Canada and Ozujsko in Croatia. Carling continues to be a top brand in the U.K. The Company is focused on continuing that momentum for these brands. Aggressively premiumize its portfolio. The Company has aggressively premiumized its portfolio, in both Beer and Beyond Beer, to meaningfully change the shape of its product portfolio. With the benefit of major innovation successes, including Madri in the U.K. and Simply Spiked in North America, the Company has increased its Net Sales Revenue from its Above Premium portfolio from 23% in 2019 to 28% in 2022. Building on this strength along with compelling new innovations, particularly in Beyond Beer, the Company's goal is for its Above Premium portfolio to reach approximately one-third of its Net Sales Revenue excluding contract brewing, factored and distributor owned brands in the medium term.

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