6 unchanged sentences
The exchangeable shares have voting rights through special voting shares held by a trustee.
−Removed: The approximate number of record security holders by class of stock at February 11, 2025, is as follows:
+Added: The approximate number of record security holders by class of stock at February 11, 2026, was as follows:
Title of class Number of record
6 unchanged sentences
The following graph compares our cumulative total stockholder return over the last five fiscal years with the S&P 500 and a customized peer index including MCBC, ABI, Carlsberg, Heineken and Asahi (the "Peer Group").
−Removed: We have used a weighted-average based on market capitalization to determine the return for the Peer Group.
+Added: We used a weighted-average based on market capitalization to determine the return for the Peer Group.
The graph assumes $100 was invested on December 31, 2020, in our Class B common stock, the S&P 500 and the Peer Group, and assumes reinvestment of all dividends.
−Removed: Table of Content s
+Added: Table o f Contents
The below is provided for informational purposes and is not indicative of future performance.
7 unchanged sentences
A quarterly dividend of $0.41 per share was declared and paid to eligible shareholders of record on the respective record dates throughout 2023 for a total of $1.64 per share or a CAD equivalent of CAD 2.19 per share.
−Removed: Table of Content s
+Added: Table o f Contents
Issuer Purchases of Equity Securities
6 unchanged sentences
Total 6,895,630 $ 46.41 6,895,630 $ 559,237,202
−Removed: (1) On September 29, 2023, our Board approved a share repurchase program to repurchase up to an aggregate of $2.0 billion of our Company's Class B common stock, excluding brokerage commissions and excise taxes, with an expected program term of five years.
−Removed: The number, price, structure and timing of the repurchases under the program, if any, will be at our sole discretion and future repurchases will be evaluated by us depending on market conditions, liquidity needs, restrictions under our debt arrangements and other factors.
+Added: (1) On September 29, 2023, our Board approved a share repurchase program up to an aggregate of $2.0 billion of our Class B common stock, excluding brokerage commissions and excise taxes, with an expected program term of five years.
+Added: On February 9, 2026, our Board approved an increase to the existing Class B common stock repurchase program by $2.0 billion, for an aggregate authorization of up to $4.0 billion, and an extension of the duration of the Class B common stock repurchase program to December 31, 2031.
+Added: Including this increase, approximately $2.6 billion remains available for repurchase under the Class B common stock repurchase program as of December 31, 2025.
+Added: The number, price, structure and timing of the repurchases under the program, if any, will be at our sole discretion and future repurchases will be evaluated by us depending on market conditions, liquidity needs, restrictions under our debt agreements and other factors.
Share repurchases may be made in the open market, in structured transactions or in privately negotiated transactions.
−Removed: The repurchase authorization does not oblige us to acquire any particular amount of our Company's Class B common stock.
+Added: The repurchase authorization does not oblige us to acquire any particular amount of our Class B common stock.
The Board may suspend, modify or terminate the repurchase program at any time without prior notice.
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.