MOLSON COORS BEVERAGE CO (TAP)

Molson Coors Beverage Company is principally a holding company operating through its Americas and EMEA&APAC reporting segments, engaged for over two centuries in brewing beverages that unite people to celebrate life's moments; its core power brands include Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko, complemented by above premium brands such as Madri, Staropramen, Blue Moon Belgian White and Leinenkugel's Summer Shandy, and economy/value brands like Miller High Life and Keystone, alongside a modern portfolio extending beyond beer into flavored beverages like Vizzy Hard Seltzer, spirits such as Five Trail whiskey, and non-alcoholic beverages. The Americas segment covers production, importing, marketing, distribution and sales in the U.S., Canada and the Caribbean, Latin and South America, operating nine primary breweries, nine craft breweries and two container operations, and includes partnership and licensing arrangements with entities such as Brewers' Retail Inc., Brewers' Distributor Ltd., Heineken, The Coca-Cola Company (for Topo Chico Hard Seltzer, Simply Spiked and Peace Hard Tea), and contract brewing agreements with Pabst, The Yuengling Company and Labatt USA; it is North America's oldest beer company and the second-largest brewer by volume, representing about 23% of the 2023 North America beer market. The EMEA&APAC segment covers production, marketing and sales in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., and other European, Middle Eastern, African and Asia Pacific markets, operating eleven primary breweries, four craft breweries and one cidery, and is Europe's second-largest brewer by volume with roughly 18% aggregate market share; leading brands include Carling in the U.K., Ožujsko in Croatia, Niksicko in Montenegro, and top-five brands like Staropramen, Bergenbier, Jelen, Borsodi and Kamenitza, along with sale of factored brands and a consolidated joint venture for Cobra brands in the U.K. The company's diverse brand portfolio spans Above Premium, Premium and Economy price segments and includes owned brands like Aspall Cider, Sharp's, Hop Valley and Vizzy Hard Seltzer, as well as partner brands licensed through agreements including Corona Extra, Heineken, Stella Artois, Pilsner Urquell, Peroni, Simply Spiked and ZOA.

Distribution varies by region, using a three-tier system with independent distributors and Coors Distributing Company in the U.S., provincially regulated systems in Canada (via BRI, LCBO, SAQ and BDL), export and license models in Latin America and the Caribbean, and two- or three-tier systems in Europe supported by third-party logistics providers such as Tradeteam (a DHL subsidiary) in the U.K. No single customer accounted for more than 10% of consolidated net sales in 2023, 2022 or 2021. The company competes primarily with Anheuser-Busch InBev, Asahi, Carlsberg and Heineken, as well as with wine, spirits and craft beer producers, in a highly competitive, evolving beverage industry shaped by premiumization trends and growth in flavored malt beverages and beyond-beer categories; it sources brewing ingredients such as hops, barley, malt and water from suppliers in the U.S., Canada and Europe, and packaging materials including aluminum cans, glass bottles, kegs and plastic containers through joint ventures like Rocky Mountain Metal Container (with Ball Corporation) and Rocky Mountain Bottle Company (with Owens-Brockway), while operating under an Acceleration Plan strategy focused on growing core power brands, premiumizing its portfolio, and expanding beyond beer.