MOLSON COORS BEVERAGE CO (TAP)

Molson Coors Beverage Company is principally a holding company whose operating subsidiaries brew, market, distribute and sell beer and other beverages. It describes more than two centuries of brewing heritage rooted in the Molson, Coors and Miller families, and says it is among the top five global brewers. Its history includes the 2005 merger of Adolph Coors Company and Molson Inc., the 2008 MillerCoors joint venture, and the 2016 acquisition of 100% of MillerCoors. In January 2020 it changed its name from Molson Coors Brewing Company to reflect its expansion beyond beer, and it says it is working to become a total beverage company under a new CEO who took over on October 1, 2025.

The company reports two segments, the Americas and EMEA&APAC. The Americas segment covers production, importing, marketing, distribution and sales in the U.S., Canada and parts of Latin America, with nine primary breweries, three craft breweries and two container operations. EMEA&APAC covers Bulgaria, Croatia, the Czech Republic, Hungary, Montenegro, Ireland, Romania, Serbia, the U.K. and other European, Middle Eastern, African and Asia Pacific markets, with ten primary breweries, three craft breweries and one cidery. The U.K. is over 55% of that segment's 2025 net sales, and about 20% of segment net sales came from factored brands, meaning third-party beer, wine and spirits distributed to the on-premise channel. Brands are grouped into Above Premium, Premium and Value tiers. Core brands include Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko. Above premium brands include Madrí Excepcional, Staropramen, Blue Moon and Vizzy Hard Seltzer, and value brands include Miller High Life and Keystone. The portfolio also reaches into flavored beverages, spirits and non-alcoholic drinks. Partner brands come through license, distribution and joint venture agreements and include Simply Spiked, Topo Chico Hard Seltzer, ZOA Energy and Fever-Tree, along with Heineken products in Canada.

No single customer accounted for more than 10% of consolidated net sales in 2025, 2024 or 2023. In the U.S., beer moves through a three-tier system of manufacturers, distributors and retailers. This includes a national network of independent distributors and one company-owned distributor, Coors Distributing Company, which handled about 5% of Americas net sales. In Canada, provincial regulation shapes distribution, with Brewers' Retail Inc. in Ontario and Brewers' Distributor Ltd. in the western provinces. Latin America is served through exports and license agreements. In Europe, distribution is mainly through third-party logistics providers, and most U.K. beer is sold directly to retailers, with DHL Supply Chain handling U.K. distribution. On-premise sales were about 16% of volume in the U.S. and Canada and about 60% in the U.K. Beer consumption is seasonal, with roughly 40% of volume in May through August.

The company brews with hops, barley and water, buying hops from suppliers in the U.S. and Europe. It malts barley at its Golden, Colorado facility for the Americas and sources malted barley from third parties in EMEA&APAC. Packaging inputs include aluminum, glass, kegs and plastic. Part of its cans and bottles come from two joint ventures, Rocky Mountain Metal Container with Ball Corporation and Rocky Mountain Bottle Company with Owens-Brockway, and it also buys from other vendors. It manages commodity price risk with fixed-price contracts and derivatives. Its main competitors are Anheuser-Busch InBev and Constellation Brands in the U.S. and Canada, and Heineken, Asahi, Carlsberg and ABI in Europe. Its products also compete with wine, spirits and spirits-based ready-to-drink beverages. The business is regulated by alcohol, tax and environmental authorities in each jurisdiction. At December 31, 2025, it had about 16,200 employees, with major employee centers in the U.S., Canada, the U.K. and Romania and global services centers in Milwaukee and Bucharest.