Mr. Tracey Joubert reports

MOLSON COORS BEVERAGE COMPANY INTRODUCES PLAN TO ACCELERATE ITS GROWTH AND PROVIDES LONG-TERM FINANCIAL OUTLOOK AT ITS 2023 STRATEGY DAY

Molson Coors Canada Inc. has 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 behaviour 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 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 per cent in 2019 to 28 per cent 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.

Scale and expand in beyond beer: The company's Beyond Beer portfolio includes flavour, spirits and non-alcoholic. This Beyond Beer portfolio supports the company's premiumization efforts and is focused on scalable products in higher-growth segments. From diversified flavour, including winners like Simply Spiked and Arnold Palmer Spiked, to acclaimed whiskey brands under the Coors Spirits Company, to energy drinks through its partnership with Dwayne Johnson's ZOA Energy, the company expects its Beyond Beer portfolio to drive about half of its Above Premium net sales revenue growth over the medium term.

Invest in its capabilities: Molson Coors intends to continue to invest in building leading capabilities and efficiencies, including digital transformation, marketing effectiveness, sales execution, and sustainability initiatives. Since 2019, the company increased aluminum can production capacity, built a new U.S. variety packer, added a can line in Croatia, built a new state-of-the-art brewery in Canada, broke ground on a major modernization in its Golden Colorado brewery, and added flavour production capabilities in the U.S., Canada and the U.K. The company's digital transformation has enhanced the effectiveness of its marketing and sales efforts as well. Continued investments in these capabilities are expected to help drive growth and margin expansion through productivity improvements, operating efficiencies and cost-savings.

Support its people, communities and planet: The company recommitted to its core values, the first of which is put people first, along with investing in their success and supporting the communities in which it operates globally. Mr. Hattersley commended the more than 16,000 employees around the world who helped deliver growth over the past several years, along with the fundamentals of the revitalization plan.

Financial outlook

Long-term financial outlook: Low-single-digit annual net sales revenue growth, on a constant currency basis mid-single-digit annual underlying income before income taxes growth, on a constant currency basis high-single-digit annual underlying earnings per share growth net debt to underlying EBITDA (earnings before interest, taxes, depreciation and amortization) of under 2.5 times over the long term.

Share repurchase

Today, the company announced that its board of directors authorized a $2-billion share repurchase program with an expected program term of five years. The company intends for its repurchases to be a mixture of sustained and opportunistic purchases that the company believes, with its balanced and cohesive approach, will improve shareholder value creation.

A webcast of the event is accessible through the investor relations page of the Molson Coors Beverage Company website. A replay of the webcast will be available once the event concludes.

Overview of Molson Coors Beverage Company

For more than two centuries, Molson Coors Beverage Company has been brewing beverages that unite people to celebrate all life's moments. From Coors Light, Miller Lite, Molson Canadian, Carling and Staropramen to Coors Banquet, Blue Moon Belgian White, Vizzy Hard Seltzer, Leinenkugel's Summer Shandy, Miller High Life and more, Molson Coors produces many beloved and iconic beer brands. While Molson Coors' history is rooted in beer, Molson Coors offers a modern portfolio that expands beyond the beer aisle as well.

About Molson Coors Canada Inc.

Molson Coors Canada is a subsidiary of Molson Coors Beverage Company.

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