What changed in this filing

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Item 1. Business

2026-02-18 compared with 2025-02-18 · 105 added, 113 removed, 172 unchanged (56% of the section changed)

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For more than two centuries, we have brewed beverages that unite people to celebrate all life’s moments.

From our core power brands Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko to our above premium brands including Madrí Excepcional, Staropramen, Blue Moon Belgian White and Leinenkugel’s Summer Shandy , to our economy and value brands like Miller High Life and Keystone Light , we produce many beloved and iconic beers.

While our Company's history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer , spirits like Five Trail whiskey and non-alcoholic beverages.

We also have partner brands, such as Simply Spiked , ZOA Energy , among others, through license, distribution, partnership and joint venture agreements.

From our core power brands, Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko, to our above premium brands, including Madrí Excepcional, Staropramen, Blue Moon Belgian White and Leinenkugel’s Summer Shandy , to our value brands, like Miller High Life and Keystone Light , we produce many beloved and iconic beers.

We also have partner brands, such as Simply Spiked , ZOA Energy , Fever-Tree, among others, through license, distribution, partnership and joint venture agreements.

As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions.

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In 2008, Molson Coors Brewing Company and the former SABMiller plc formed the MillerCoors joint venture that combined their respective operations in the U.S.

and Puerto Rico.

and Puerto Rico with Molson Coors Brewing Company maintaining a 42% share in the joint venture.

In 2016, we acquired 100% of the outstanding equity and voting interests of MillerCoors, from SABMiller plc.

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While the majority of the market is represented by a small number of large global brewers, smaller local brewers continue to inhabit the market as consumers place value on locally-produced, regionally-sourced products.

The beer industry is highly competitive and our portfolio of beers competes with numerous brands in all segments which are produced by international, national, regional and local brewers.

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The brewing industry is highly competitive and our portfolio of beers competes with numerous brands in all segments which are produced by international, national, regional and local brewers.

Competitive factors impacting our business include, but are not limited to, brand recognition and loyalty, pricing, quality, advertising, marketing and promotional activity, packaging, product variety, and the ability to anticipate and respond to consumer tastes and preferences.

We believe our brand portfolio gives us strong representation in all major beer categories.

We are the fourth largest global brewer in the world.

We are among the top five global brewers in the world.

and Canada, we compete most directly with Anheuser-Busch InBev SA/NV ("ABI") and Constellation Brands, Inc., but we also compete with imports and other providers of craft beer and flavored malt beverages.

In the European countries where we currently operate, our primary competitors are Heineken, Asahi, Carlsberg and ABI.

Our products also compete with other alcohol beverages, including wine and spirits, and thus their competitive position is affected by consumer preferences between and among these other categories.

Sales of spirits have grown faster than sales of beer in recent years, driven by, among other things, increased spirits advertising, a narrowing price gap with spirits and the growth of spirits-based ready-to-drink alcoholic beverages.

This has resulted in a reduction in the beer segment's lead in the overall alcohol beverage market over the last decade.

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Globally, our products also compete with other alcohol beverage categories, including wine, spirits as well as wine-based and spirits-based RTDs.

Our products' competitive position is affected by consumer preferences between and among these other categories.

Shifts between these beverage categories have resulted in a reduction in the beer segment's lead in the overall alcohol beverage market over the last decade.

Consumer preferences have continued to shift within the industry to above premium products, with volume growth in recent years seen in flavored malt beverages, imports and super premium portfolios.

Consumers are also expanding further into spirits, particularly to spirits-based ready-to-drink alcoholic beverages.

In addition, during 2023, in the U.S., we saw a shift in consumer purchasing behavior largely within the premium segment that drove an increase in our core power brands' net sales.

Further, consumers are expanding into spirits, particularly to spirits-based RTDs.

As the beer industry continues its diversification of its products to meet consumer demand with broadening preferences, we believe large global brewers are uniquely positioned to leverage the scale, depth of product portfolio and industry knowledge to continue to lead the market forward.

Therefore, in October 2023, we announced our Acceleration Plan, building off the successes achieved under the Revitalization Plan, which was announced in October 2019.

The Acceleration Plan focuses on the execution of the following principal strategies:

consistently grow our core power brand net sales, aggressively premiumize our portfolio, scale and expand in beyond beer, invest in our capabilities and support our people, communities and planet.

Under this plan, we aim to further accelerate our premiumization efforts, targeting one-third of our global brand portfolio within the above premium category in the medium term, while continuing to invest in operational enhancements and expanding beyond beer.

Our core power brands, such as Coors Light , Miller Lite , Coors Banquet, Molson Canadian , Carling and Ožujsko are important to the success of our long-term growth and therefore, we have focused efforts to expand strategic distribution and increase brand visibility while staying relevant with consumers.

We believe we are well positioned to compete in this continually evolving market, particularly in beer and beyond beer, including, flavor, full strength spirits and non-alcoholic beverages where we think we have a right to win.

This includes premiumizing our product mix, leveraging learnings from and building on the successes achieved in certain markets such as EMEA&APAC.

Our investments in capabilities across our organization that support premiumization and focused innovation, supply chain efficiencies and commercial effectiveness across geographies are central to this strategy, designed to ensure that we have the infrastructure to support both profitable growth and diversification.

Since 2019, we have made progress on our transformation journey to become a total beverage company, but given the fast-paced and evolving industry, we are focused on transforming even faster.

Under the leadership of our new Chief Executive Officer ("CEO"), effective October 1, 2025, we are continuing our journey to become a total beverage company and putting ourselves on a path to sustainable growth.

We announced an Americas Restructuring Plan aimed at putting the right level of resources closer to our consumers and customers as we pursue a return to growth, both concentrating on all segments of our beer portfolio and expanding into adjacent categories, such as premium mixers, non-alcohol beverages and energy drinks.

We aim to champion beer at every turn while building a portfolio that reflects evolving preferences.

Our investments in technology, capabilities, partnerships and innovation are designed to support profitable growth and diversification, positioning our company for success today and in the future.

Our reporting segments include the Americas and EMEA&APAC.

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Americas Segment

Our Americas segment consists of the production, importing, marketing, distribution and sales of our owned brands and partner brands and licensed brands in the U.S., Canada and various countries in Latin America.

Our Americas segment consists of the production, importing, marketing, distribution and sales of our owned brands, partner brands and licensed brands in the U.S., Canada and various countries in Latin America.

We currently operate nine primary breweries, three craft breweries and two container operations.

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In addition, we have an agreement with Heineken that grants us the right to produce, import, market, distribute and sell certain Heineken products in Canada.

We also have authorizations from The Coca-Cola Company that grant us the right to produce, market, sell and distribute Simply Spiked branded products in the U.S.

and Canada, as well as Topo Chico Hard Seltzer products in the U.S.

We have agreements to brew, package and ship products for The Yuengling Company ("TYC") in the U.S.

Additionally, we had a contract brewing arrangement with Pabst Brewing Company, LLC, as well as a brewing and packaging agreement with FIFCO USA for Labatt brands in Canada for export, both of which ended in the fourth quarter of 2024.

We have authorizations from Red Tree Beverages, LLC that grant us the right to produce, market, advertise, promote, sell and distribute products bearing the Simply Spiked trademark in the U.S.

and Canada, as well as the Topo Chico Hard Seltzer trademark in the U.S.

In addition, we have agreements to brew, package and ship products for The Yuengling Company ("TYC") in the U.S.

and we have a license agreement to import, produce, market, advertise, promote, sell and distribute Fever-Tree products in the U.S.

EMEA&APAC Segment

The EMEA&APAC segment consists of the production, marketing and sales of our primary brands as well as other owned and licensed brands in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific regions.

We currently operate eleven primary breweries, four craft breweries and one cidery.

Our EMEA&APAC segment consists of the production, marketing and sales of our owned brands, partner brands and licensed brands in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific regions.

We currently operate ten primary breweries, three craft breweries and one cidery.

The majority of our EMEA&APAC segment sales are in the U.K., Croatia, Romania and the Czech Republic, with the U.K.

representing over 55% of the segment's net sales in 2025.

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Our portfolio includes beers that have the largest share in their respective segments, such as Carling in the U.K.

and Ožujsko in Croatia.

We have beers that rank in the top five in market share in their respective segments throughout the region, such as Staropramen in the Czech Republic and Bergenbier in Romania.

Additionally, we sell Staropramen, Coors, Madrí Excepcional and Miller Genuine Draft in various countries.

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Our EMEA&APAC segment includes the sale of factored brands in the U.K.

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Sales from factored brands are included in our net sales and cost of goods sold when ultimately sold.

We have certain activity that is not allocated to our segments, which is reflected in "Unallocated".

Unallocated primarily includes certain financing-related activities such as interest expense and interest income, foreign exchange gains and losses on intercompany balances as well as realized and unrealized changes in fair value on derivative instruments not designated in hedging relationships related to financing and other treasury-related activities.

We also have certain activity that is not allocated to our segments, which is reflected in "Unallocated".

Specifically, Unallocated primarily includes certain financing-related activities such as interest expense and interest income, as well as foreign exchange gains and losses on intercompany balances.

Unallocated activity also includes the unrealized changes in fair value on our commodity swaps not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides.

Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment and all other components remain in Unallocated.

Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment.

Meanwhile, all other components remain in Unallocated.

Business Seasonality

Total industry volume is sensitive to factors such as weather, holidays, changes in demographics, consumer preferences and certain occasions including major broadcasted or streamed sporting events.

Total industry volume is sensitive to factors such as weather, holidays and certain occasions including major broadcasted or streamed sporting events.

Weather conditions consisting of high temperatures and extended periods of warm and dry weather favor increased consumption of our products, while unseasonably cool or wet weather, especially during the summer months, adversely affects our sales volumes and net sales.

Consumption of beer in the Americas segment is seasonal, with nearly 37% of financial volume occurring during the months from May through August.

In EMEA&APAC, the peak selling seasons typically occur during the summer months and during the Christmas and New Year holiday season.

Consumption of beer is seasonal with approximately 40% of financial volume occurring during the months of May through August in both the Americas and EMEA&APAC segments.

Our business is subject to various laws and regulations in the jurisdictions around the world in which we operate.

These regulations govern many parts of our operations, including distributor relationships, sales, brewing and transportation, marketing and advertising and environmental issues.

Specifically, excise taxes remitted to tax authorities are government-imposed excise taxes on beer which are shown in a separate line item in the consolidated statements of operations as a reduction of sales.

beer business is regulated by federal, state and local governments.

Specifically, excise taxes remitted to tax authorities are government-imposed taxes on alcohol products which are shown in a separate line item in the consolidated statements of operations as a reduction of sales.

beer business is regulated by federal, state and local governments that regulate the production, marketing, distribution and selling of beer and other alcoholic beverages.

To operate our facilities, we must obtain and maintain numerous permits, licenses and approvals from various governmental agencies, including the U.S.

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In 2025, our U.S.

business excise taxes on malt beverages were approximately $15 per hectoliter sold on a reported basis.

excise taxes totaled approximately $15 per hectoliter sold on a reported basis.

In Canada, provincial governments regulate the production, marketing, distribution, selling and pricing of beer and other alcoholic beverages produced or imported into Canada (including the establishment of minimum prices), and impose commodity taxes, mark-ups and license fees in relation to its production, distribution and sale.

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Further, certain bilateral and multilateral treaties entered into by the federal government, provincial governments and certain foreign governments, especially within the U.S., affect the Canadian beer industry.

In 2024, our Canadian business excise taxes, federal and provincial, were approximately $55 per hectoliter sold on a reported basis.

Most countries included in our EMEA&APAC segment where we carry out significant brewing or distribution activities are either a member of the European Union ("EU") or a current candidate to join the EU, with the exception of the U.K.

In 2025, our Canadian excise taxes totaled approximately $56 per hectoliter sold on a reported basis.

In our EMEA&APAC segment, most countries where we carry out significant brewing or distribution activities are either a member of the European Union ("EU") or a current candidate to join the EU, with the exception of the U.K.

As such, there are similarities in the regulations that apply to many parts of our EMEA&APAC segment's operations and products, including brewing, food safety, labeling and packaging, marketing and advertising, environmental, health and safety, employment, data protection and regulations.

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To operate breweries and conduct our business in these countries, we must obtain and maintain numerous permits and licenses from various governmental agencies.

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All of the government(s) of each country in which we sell our products in the EMEA&APAC segment levy excise taxes on alcohol beverages.

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Non-EU countries use various taxation methods, including a flat excise rate per volume or methods similar to those used in the EU.

In the year ended December 31, 2024, the excise taxes for our EMEA&APAC segment were approximately $46 per hectoliter on a reported basis.

In 2025, the excise taxes for our EMEA&APAC segment were approximately $45 per hectoliter on a reported basis.

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Products and Operations

We craft and distribute high-quality, innovative beverages with the purpose of uniting people to celebrate all life's moments.

We craft and distribute high-quality, innovative beer and other beverages with the purpose of uniting people to celebrate all life's moments.

We have a diverse portfolio of beloved and iconic owned and partner brands.

In addition to offering beers in various price segments, we offer products in various categories like flavored beverages (which includes hard seltzers), craft, spirits and non-alcoholic beverages including energy drinks.

We categorize our brands globally for consistency of reporting based on the following price segments:

Above Premium, Premium and Economy.

Above Premium, Premium and Value.

For example, our Above Premium classification includes brands that are sold at a price point higher than the market average.

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The following presents the primary brands sold:

Above Premium - Arnold Palmer Spiked*, Aspall Cider, Beck's*, Blue Moon, Blue Run Spirits*, Cobra, Corona Extra*, Coors Original, Five Trail, Heineken*, Leinenkugel's brands , Madrí Excepcional, Miller Genuine Draft, Molson Ultra , Peroni Nastro Azurro*, Pilsner Urquell*, Redd's brands*, Sharp's, Simply Spiked*, Sol*, Staropramen, Stella Artois*, Topo Chico Hard Seltzer*, Vizzy Hard Seltzer, ZOA Energy*

Premium - Bergenbier, Borsodi, Burgasko, Caraiman, Carling, Coors Banquet, Coors Light, Jelen, Kamenitza, Miller Lite, Molson Canadian brands , Niksicko, Ožujsko

Economy - Branik, Icehouse, Keystone, Lowenbrau*, Miller High Life, Milwaukee's Best, Steel Reserve

Above Premium - Arnold Palmer Spiked*, Aspall Cider, Beck's*, Blue Moon, Blue Run Spirits*, Cobra, Corona Extra*, Coors Original, Fever-Tree*, Heineken*, Hidra*, Leinenkugel's brands , Madrí Excepcional, Miller Genuine Draft, Molson Ultra , Peroni Nastro Azurro*, Pilsner Urquell*, Redd's brands*, Rekorderlig*, Sharp's, Simply Spiked*, Staropramen, Stella Artois*, Topo Chico Hard Seltzer*, Vizzy Hard Seltzer, ZOA Energy*

Premium - Bergenbier, Borsodi, Burgasko, Carling, Coors Banquet, Coors Light, Jelen, Miller Lite, Molson Canadian brands , Niksicko, Ožujsko

Value - Branik, Icehouse, Keystone, Lowenbrau*, Miller High Life, Milwaukee's Best, Steel Reserve

* Represents various partner brand agreements with third parties, such as license, distribution, partnership and joint venture agreements.

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In Canada, because provincial governments regulate the beer industry and provincial liquor boards control the distribution and retail sale of alcohol products, distribution strategies and transportation of products vary by province.

In 2024, Ontario experienced an expansion of the retail sale of alcoholic beverages.

As of the end of October 2024, every eligible convenience, grocery and big-box grocery store in Ontario is now able to sell beer, cider, wine and ready-to-drink alcoholic beverages in addition to the previously allowed retail outlets operated by BRI, government-regulated retail outlets operated by the Liquor Control Board of Ontario ("LCBO"), approved agents of the LCBO, certain licensed grocery stores, or any bar, restaurant, or tavern licensed by the LCBO to sell alcohol for on-premise consumption.

In 2024, Ontario experienced an expansion of the retail sale of alcoholic beverages to eligible convenience, grocery and big-box grocery stores in addition to the previously allowed outlets.

In Québec, beer is distributed to retail outlets directly by each brewer or through approved independent agents.

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BDL manages the distribution of our products throughout British Columbia, Alberta, Manitoba and Saskatchewan.

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In Latin America, we use a combination of export models and license agreements to sell Blue Moon, Coors Light, Miller Genuine Draft, Miller High Life, Miller Lite and other brands.

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In certain of our markets, we rely on a combination of these agreements.

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In the European countries in which we operate, beer is generally distributed through either a two-tier system consisting of manufacturers and retailers, or a three-tier system consisting of manufacturers, distributors and retailers.

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is sold directly to retailers.

We have agreements with DHL Supply Chain Limited to provide the distribution of our products throughout the U.K.

To facilitate this, we have agreements with DHL Supply Chain Limited to provide the distribution of our products throughout the U.K.

We utilize several hundred third-party logistics providers across our Central European operations.

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Industry channel trends vary by segment.

With the onset of the coronavirus pandemic during the year ended December 31, 2020, we experienced a significant adverse impact on the operating results of our Company resulting from the closure of the on-premise channel and increased restrictions which effectively shut down the on-premise channel for various portions of time across the geographies in which we operate.

We began to see a progressive return to the on-premise channel at varying degrees across geographies throughout the years ended December 31, 2021, and 2022.

By the year ended December 31, 2023, and continuing into the year ended December 31, 2024, we observed a more normalized level of on-premise volume as a percentage of total volume, returning to approximately 16% on-premise in the U.S.

and Canada and above 60% on-premise in the U.K., the largest region in our EMEA&APAC segment, largely consistent with pre-pandemic distribution patterns.

On-premise volume as a percentage of total volume was approximately 16% in the U.S.

and Canada and approximately 60% in the U.K., the largest region in our EMEA&APAC segment.

Brewing Raw Materials

We use high quality ingredients to brew our products, including hops, water and barley, among others.

Hops used to brew our products are purchased under various contracts from suppliers in the U.S.

and Europe primarily sourced from Germany, the U.K., Czech Republic and Slovenia.

These contracts vary in length based on market conditions.

In the Americas segment, we malt a majority of our production requirements in our Golden, Colorado facility, using barley purchased primarily under annual contracts with independent farmers located predominately in the western U.S.

We use high-quality ingredients to brew our products, including hops, barley and water, among others.

Hops used in our brewing process are purchased under various contracts from suppliers in the U.S.

In Europe, hops are primarily sourced from Germany, the U.K., Czech Republic and Slovenia.

The contracts with our suppliers vary in length based on market conditions but are typically multi-year agreements.

In the Americas segment, we malt this barley for a majority of our production requirements at our Golden, Colorado facility.

Barley is purchased primarily under annual contracts with independent farmers located predominately in the western U.S.

and Canadian Prairies.

In addition, to meet our full requirements, we source barley malt from other commercial providers, from which we have a committed supply through 2025.

Other brewing adjuncts and other malt and cereal grains are purchased primarily from suppliers in the U.S.

In addition, we both own and lease water rights, as well as purchase water through local municipalities and communities, to provide for and sustain our brewing operations in the U.S.

In EMEA&APAC, our malt requirements are sourced from third-party suppliers, with the majority of our brewing materials provided by suppliers based in Europe.

We have multiple agreements with various suppliers that cover almost all of our total required malt, with terms through 2027.

Adjuncts are purchased under various contracts with local producers, which are typically crop year contracts commencing in October of each year.

To meet full requirements, we also source malted barley from other commercial providers, with committed supply through 2026.

In EMEA&APAC, our malted barley requirements are sourced from third-party suppliers who are primarily based in Europe.

We have multiple agreements with various suppliers that cover nearly all of our malted barley needs, with terms through 2030.

We both own and lease water rights as well as purchase water through local municipalities and communities to sustain our brewing operations in the U.S.

In EMEA&APAC, water used in the brewing process is sourced through water rights for water wells, river water use or supply contracts with water suppliers.

In the Americas, other brewing adjuncts and other malt and cereal grains are purchased primarily from suppliers in the U.S.

In EMEA&APAC, adjuncts are purchased under crop-year contracts typically commencing in October each year from local producers.

In addition, we continue to make investments to improve the sustainability and resources of our agricultural supply chain, including the development of our initiative to advance sustainable farming practices by our suppliers.

We do not currently anticipate future difficulties in accessing water or agricultural products used in our brewing process in the near term.

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We do not currently anticipate significant future difficulties in accessing water or agricultural products used in our brewing process in the near term.

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Packaging Materials

Our primary packaging materials include aluminum, glass bottles, reusable kegs and casks and recyclable plastic containers.

In the Americas segment, a portion of the aluminum cans and ends are purchased from Rocky Mountain Metal Container ("RMMC"), our joint venture with Ball Corporation, whose production facilities, which are leased from us, are located near our brewery in Golden, Colorado.

We have supply agreements with Ball Corporation and other vendors to purchase aluminum containers in addition to what is supplied from RMMC.

In the Americas segment, a portion of the glass bottles are purchased from Rocky Mountain Bottle Company ("RMBC"), our joint venture with Owens-Brockway Glass Container, Inc., whose production facilities, which are leased from us, are located in Wheat Ridge, Colorado.

In the Americas segment, a portion of our aluminum cans and ends are purchased from Rocky Mountain Metal Container ("RMMC"), our joint venture with Ball Corporation, whose production facilities, which are leased from us, are located near our brewery in Golden, Colorado.

We have supply agreements with Ball Corporation and other vendors to purchase aluminum containers and ends in addition to what is supplied from RMMC.

In the Americas segment, a portion of our glass bottles are purchased from Rocky Mountain Bottle Company ("RMBC"), our joint venture with Owens-Brockway Glass Container, Inc., whose production facilities, which are leased from us, are located in Wheat Ridge, Colorado.

We have supply agreements with Owens-Brockway Glass Container, Inc., and other vendors for requirements in excess of RMBC's production.

In the EMEA&APAC segments, we manage packaging needs through diversified contracts, which have provided a reliable supply of aluminum cans, glass bottles, and kegs.

Flexible keg sourcing adapts to annual changes, enhancing supply security without long-term commitments.

Many of our ingredients, raw materials and commodities for both brewing and packaging are purchased in the open market.

In the EMEA&APAC segment, we manage packaging needs through diversified contracts, which have provided a reliable supply of aluminum cans, glass bottles, and kegs.

Our keg supply arrangements allow us to respond to changing demand which provides supply security without locking us into long-term commitments.

Many of our raw materials and commodities for both brewing and packaging are purchased in the open market.

The prices we pay for such items are subject to fluctuation, and we manage this risk through the use of fixed-price contracts and purchase orders, pricing agreements and derivative instruments, including commodity swaps and options.

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Sustainability

Through our overall business strategy and our sustainability strategy, referred to as "Our Imprint," we have established goals and supporting initiatives for Putting People First and Preserving Our Planet in an attempt to ensure we are good stewards of the assets and resources most important to our business.

Through our overall business strategy and our sustainability strategy, referred to as "Our Imprint," we established goals and supporting initiatives in an attempt to ensure we are good stewards of the assets and resources most important to our business.

More information about our strategy and progress can be found in Our Imprint Report, available at www.molsoncoors.com/goals-and-reporting.

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At the management level, our executive leadership team, chaired by the Chief Executive Officer, is responsible for the oversight and the evolution of Our Imprint Strategy.

Our Vice President of Sustainability & EHS works closely with the executive leadership team on strategy development, initiative implementation and progress for our environmental sustainability focus areas.

Our executive leadership team and the chief people and culture officers for the Americas and EMEA&APAC segments are tasked with managing all employment-related matters including recruitment, retention, leadership and development, compensation and benefits planning, succession planning, performance management, and culture and engagement.

The Compensation and Human Resource Committee ("CHR Committee") of the Board is responsible for establishing and reviewing the overall compensation philosophy of our Company and providing oversight on certain human capital matters and initiatives, including those related to our talent retention and development, leadership development, talent pipeline, programs and systems for performance management, health and safety and our culture and engagement.

Our Vice President of Sustainability and Environment, Health and Safety works closely with the executive leadership team on strategy development, initiative implementation and progress for our environmental sustainability focus areas.

Our Chief People and Culture Officers are tasked with managing all employment-related matters including recruitment, retention, leadership and development, compensation and benefits planning, succession planning, performance management, and culture and engagement for each of our respective business segments.

The Compensation and Human Resource Committee of the Board is responsible for establishing and reviewing the overall compensation philosophy of our Company and providing oversight on certain human capital matters and initiatives, including those related to our talent retention and development, leadership development, talent pipeline, programs and systems for performance management, health and safety and our culture and engagement.

Putting People First

We believe that people are the heart of our Company and strive to create a culture where people are encouraged to and feel comfortable to bring their unique perspectives and experiences to drive our business forward.

As a global company, we believe we have a responsibility to nurture a workforce that reflects our marketplace, which we believe makes us a better employer, partner and company of choice for our consumers and customers.

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We believe that our success is intrinsically linked to the wellbeing of our employees and the communities we serve.

Our goal is to build and sustain a skilled and highly engaged workforce that unites around our shared values, improves our workplace and reflects the marketplaces and consumers who enjoy our products.

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We have a global and varied workforce, with major employee centers in the U.S., Canada, the U.K.

As of December 31, 2024, we employed approximately 16,800 employees within our business globally with approximately 10,300 employees within our Americas segment and 6,500 employees within our EMEA&APAC segment.

As of December 31, 2025, we employed approximately 16,200 employees within our business globally with approximately 9,900 employees within our Americas segment and approximately 6,300 employees within our EMEA&APAC segment.

Approximately 700 of our employees are in our Global Business Services Centers based in Milwaukee, Wisconsin and Bucharest, Romania.

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People, Workplace and Marketplace.

To be first choice for our employees, we deploy programs, policies and initiatives to foster a culture of engagement where employees have the opportunity to learn and grow, developing both professionally and personally.

To be the first choice for our employees, we deploy programs, policies and initiatives to foster a supportive work environment that enables business success and empowers our team members to thrive, both professionally and personally.

Our 2025 initiatives and progress included:

• Business Resource Groups - In both Americas and EMEA&APAC, we promoted and supported our self-governed employee Business Resource Groups ("BRGs") in their work to connect, engage, and develop their members while achieving business and strategic objectives.

Our BRGs are supportive to their members and allies and are acknowledged internally and externally for building an inclusive workplace, supporting business growth and member development and enriching the communities in which we do business.

• Employee Wellbeing - We strive to be a provider of meaningful experiences and a safe and healthy workplace for all employees.

• Wellness - We promote healthy lifestyles across our global enterprise by offering health and insurance benefits and wellness and work/life balance programs that are tailored to employees' needs and culture by work location.

In the Americas, employees can participate in our wellness programs that incentivize healthy habits and lifestyles.

These resources include connections to virtual healthcare, remote fitness and wellness support, and a free employee assistance program for coping with stress and anxiety.

In the EMEA&APAC regions, we drive our employee wellbeing culture through a team made up of regional representatives who coordinate activities focused on the topics based on employee feedback.

In 2024, these activities included certain wellness programs, as well as flexible work hours, wellness webinars and challenges, to further emphasize our wellbeing culture.

• Health & Safety - We also promote safe and healthy behaviors at work and home.

Our commitment to Health & Safety is focused on preventing workplace incidents and building a strong behavior-based safety culture across our entire workforce through training, our World Class Supply Chain operating system, our values-based leadership development approach and safety moments at the start of many meetings in both our manufacturing facilities and office environments.

• Compensation and Benefits - We offer affordable and comprehensive benefits, which we routinely benchmark to try to ensure they are competitive, inclusive, aligned with our company culture and local practices, and allow our employees to meet their individual needs and the needs of their families.

• Business Resource Groups - In both the Americas and EMEA&APAC, we promoted and supported our self-governed employee Business Resource Groups ("BRGs") in their work to connect, engage and develop their members while achieving business and strategic objectives.

Our BRGs fuel our business strategy by enhancing our culture, supporting our talent attraction and professional development strategies and providing unique perspectives to drive consumer-based insights while supporting the communities where we live and work.

• Employee Wellness - Our holistic wellness initiatives include fitness challenges, employee assistance programs and nutrition guidance.

We offer flexible work arrangements and encourage work-life harmony to support overall employee wellbeing.

We implemented comprehensive programs that include on-site health and fitness centers, mental health resources, financial planning workshops and more to ensure our employees have the support they need to lead balanced, fulfilling lives.

• Financial Wellbeing - We offer affordable and comprehensive benefits, which we routinely benchmark to try to ensure they are competitive, inclusive, aligned with our company culture and local practices, and allow our employees to meet their individual needs and the needs of their families.

Our Total Rewards program in general provides a competitive base salary, incentive plans, health and insurance benefits, a deferred compensation option in certain regions with a potential employer match, paid time off plans, enhanced parental leave policies in many locations, an engaging Wellness Program and an Employee Assistance Program.

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We believe our compensation and incentive programs motivate us to ignite growth and help to hold ourselves accountable for living out our values to achieve our short- and long-term goals.

We also provide a variety of financial wellbeing resources to support employees along their financial journey.

This can range from retirement planning, saving for large purchases or simply gaining insights for better budgeting.

• Health & Safety - We also promote safe and healthy behaviors at work and home.

Our commitment to Health & Safety is focused on preventing workplace incidents and building a strong behavior-based safety culture across our entire workforce through training, our World Class Supply Chain operating system, our values-based leadership development approach and readily-available resources, including standards, safety moments and systems and tools.

• Talent Development - Our aim is to help employees unlock their full potential so they can thrive in their current job and realize new, potential growth opportunities.

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First Choice Learning invests in our people through in-person and online training programs, and experiential training opportunities to support employee health and safety, assist in building core competencies, share best practices and develop leadership capabilities.

In 2024, we continued to invest in targeted development programs, including one aimed to accelerate the readiness of high potential employees to move into roles of greater scope and complexity.

In 2025, we continued to invest in leadership development programs, which are based on the principles of authenticity and developing self-aware leaders who create conditions for their teams to thrive.

These programs include a blend of classroom training, coaching and mentoring and experiential action learning projects.

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• Employee Engagement - We believe that engaging our employees through surveys during the onboarding process and throughout the employee journey provides us with valuable insight into how we can develop our company culture to help ensure that our people feel supported and are able to thrive at our company.

We gauge our employees’ sentiments through Employee Experience surveys three times a year in the Americas and yearly in EMEA&APAC.

We gauge our employees’ sentiments through Employee Experience surveys generally three times a year in the Americas and yearly in EMEA&APAC.

In addition, our Chief Executive Officer regularly hosts question and answer sessions available to all employees.

We believe these sessions also help create a company culture where open, honest dialogue is supported and encouraged, and where people are empowered to raise questions and concerns about our business and our culture.

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Preserving the Planet

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As further detailed in the annual Our Imprint Report, we have several key sustainability focus areas:

• Greenhouse Gas ("GHG") Emissions – Against our 2016 baseline, our goal is to reduce Scope 1 & 2 GHG emissions by 50% by the end of 2025 and 65% by the end of 2030 along with a 40% reduction in Scope 3 emissions by the end of 2030 and to achieve net zero emissions (Scope 1, 2 & 3) by at least 2050.

We continue to implement energy and water efficiency improvements across our facilities, including a multi-year renovation project of our Golden, Colorado brewery, a renewables contract for our Fort Worth, Texas brewery and a wind-power based power purchase agreement in the U.K.

• Watershed Stewardship – In recognition of our important role in our local watersheds, we targeted an overall 22% improvement by the end of 2025 (versus 2016 baseline) in the water-to-product ratio of our breweries producing more than 150,000 hectoliters annually.

• Greenhouse Gas ("GHG") Emissions – Through the end of 2025, we continued to work towards our goal to reduce Scope 1 and Scope 2 GHG emissions by 50% against our baseline set in 2016.

By the end of 2030, our goal is to reduce Scope 1 and Scope 2 GHG emissions against our 2016 baseline by 65% along with a 40% reduction in Scope 3 emissions.

By at least 2050, we plan to achieve net zero emissions (Scope 1, 2 and 3).

We continue to implement energy and water efficiency improvements across our facilities, including the completion of a multi-year renovation project of our Golden, Colorado brewery, and renewables contracts or power purchase agreements for our Fort Worth, Texas brewery, southeast Wisconsin facilities and our U.K.

• Watershed Stewardship – In recognition of our important role in our local watersheds, through the end of 2025, we continued to work towards our goal to improve our water-to-product ratio by 22% of our breweries producing more than 150,000 hectoliters annually against our baseline set in 2016.

We collaborate with key partners on watershed management programs to improve the health of the Trinity River Basin watershed in Texas (home of our Fort Worth brewery) and the Upper South Platte River watershed in Colorado (home of our Golden brewery).

• Packaging – We aim to use widely recyclable packaging materials such as aluminum cans, glass bottles and fiberboard cartons, and we are working to eliminate polyethylene terephthalate ("PET") bottles and single-use plastic rings for our beer brands in the U.S., Canada and the U.K.

while our Central & Eastern European operations are on pace to ensuring the PET bottles in those markets contain at least 25% recycled content by the end of 2025 and 30% by the end of 2030.

Through the end of 2025, we continued to work on ensuring PET bottles of our Central and Eastern European operations within the EU contained at least 25% of recycled content.

We are on pace to ensuring the PET bottles of our Central and Eastern European operations within the EU contain at least 30% recycled content by the end of 2030.

• Agricultural Practices – We work closely with our barley farmers in the U.S.

and Canada to test and learn with different growing practices across multiple regions and collect a broad range of data including water consumption.

Against our 2016 baseline, by the end of 2025, our goal is to produce the annual barley crop with 10% less water per ton yielded.

See the annual Our Imprint Report for additional information.

and Canada to test and learn the different growing practices across multiple regions and collect a broad range of data including water consumption.

Through the end of 2025, we continued to work towards producing the annual barley crop with 10% less water per ton yielded against our 2016 baseline.

See the annual Our Imprint Report for additional information, including progress against these goals and objectives.

As discussed further under Item 1A.

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See Part II—Item 8 Financial Statements and Supplementary Data, Note 13, "Commitments and Contingencies" under the caption " Environmental" for additional information regarding environmental matters.

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Global Intellectual Property

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Therefore, these expirations are not expected to have a significant impact on our business.

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Available Information

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Name Age Position

Hattersley 62 President and Chief Executive Officer

Rahul Goyal 49 President and Chief Executive Officer

Joubert 59 Chief Financial Officer

Natalie Maciolek 46 Chief Legal & Government Affairs Officer and Secretary

Jacques 47 Chief Commercial Officer

47 President and Chief Executive Officer, Molson Coors EMEA&APAC

Natalie Maciolek 47 Chief Legal, Communications and Government Affairs Officer

Darrin Vohs 60 Chief Information Officer

48 President and Chief Executive Officer, EMEA&APAC

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business