\n| \n ($ in millions, except per share data) (Unaudited)<\/i><\/p>\n<\/td>\n | \n December 31,
\n
2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,
\n
2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reported
\n
Increase
\n
(Decrease)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Foreign Exchange
\n
Impact<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Constant Currency
\n
Increase (Decrease)(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet sales<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2,735.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2,790.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.0<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(3.2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.9<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nU.S. GAAP income (loss) before income taxes<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n346.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n165.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n109.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(1.9<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n110.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying income (loss) before income taxes(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n341.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n345.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(1.6<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.9<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nU.S. GAAP net income (loss)(2)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n287.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n103.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n178.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Per diluted share<\/i><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.39<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.48<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n189.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying net income (loss)(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n268.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n257.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Per diluted share<\/i><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.30<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.19<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinancial volume(3)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n18.585<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n19.849<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(6.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBrand volume(3)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n18.870<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n19.532<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n For the years ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions, except per share data) (Unaudited)<\/i><\/p>\n<\/td>\n | \n December 31,
\n
2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,
\n
2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reported
\n
Increase
\n
(Decrease)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Foreign Exchange
\n
Impact<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Constant Currency
\n
Increase (Decrease)(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet sales<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n11,627.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n11,702.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.6<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(1.6<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.6<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nU.S. GAAP income (loss) before income taxes<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,503.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,252.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(7.0<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying income (loss) before income taxes(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n1,610.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,531.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(6.8<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nU.S. GAAP net income (loss)(2)(4)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n1,122.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n948.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Per diluted share<\/i><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n5.35<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n4.37<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n22.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying net income (loss)(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n1,250.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,179.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Per diluted share<\/i><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n5.96<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n5.43<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinancial volume(3)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n79.618<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n83.772<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(5.0<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBrand volume(3)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n78.816<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n80.857<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.5<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)<\/p>\n<\/td>\n | \n \nRepresents income (loss) before income taxes and net income (loss) attributable to MCBC adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2)<\/p>\n<\/td>\n | \n \nNet income (loss) attributable to MCBC.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(3)<\/p>\n<\/td>\n | \n \nSee Worldwide and Segmented Brand and Financial Volume in the Appendix for definitions of financial volume and brand volume as well as the reconciliation from financial volume to brand volume.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(4)<\/p>\n<\/td>\n | \n \nDuring the third quarter of 2024, we identified certain errors in the historical accounting for noncontrolling interest (“NCI”) with redemption features outside of our control under the terms of our Cobra Beer Partnership, Ltd. (“Cobra U.K.” or “CBPL”) partnership agreement and within certain other immaterial investments. Since the inception of these partnerships dating back to as early as 2002, we had historically accounted for the NCI within permanent equity with no adjustments to redemption value. Rather, our partners’ shares should have been presented as redeemable NCI through the date of exercise of the redemption feature, with adjustments to the redemption value being recorded each reporting period as necessary. Furthermore, in March 2024, our CBPL partner exercised its put option requiring us to acquire their 49.9% ownership interest. Since the exercise was irrevocable, the NCI became mandatorily redeemable at that time and should have been reclassified to accounts payable and other current liabilities. These errors resulted in a reclassification of $65 million from noncontrolling interests, of which $49 million was reclassified to accounts payable and other current liabilities for CBPL and $16 million was reclassified to redeemable noncontrolling interests for the other immaterial investments in our consolidated balance sheets. In addition, the errors resulted in a cumulative understatement of $34.5 million to net income attributable to NCI and a corresponding cumulative overstatement to net income attributable to MCBC in our consolidated statements of operations. The errors were corrected through an out of period adjustment as of and for the three months ended September 30, 2024. Management assessed the impact of the errors and deemed them to not be material to any prior periods or 2024 results. In October 2024, we obtained the final redemption value and as a result, during the third quarter of 2024, we recorded an adjustment of $45.8 million to increase the mandatorily redeemable NCI liability, with the adjustment recorded to interest expense.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n QUARTERLY CONSOLIDATED HIGHLIGHTS (VERSUS FOURTH QUARTER 2023 RESULTS)<\/b><\/p>\n\n- Net sales: <\/b>The following table highlights the drivers of the change in net sales for the three months ended December 31, 2024, compared to December 31, 2023 (in percentages):\n<\/li>\n<\/ul>\n
\n\n | \n | \n\n Net Sales Drivers (unaudited)<\/i><\/b><\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \nFinancial volume<\/p>\n<\/td>\n | \n \n(6.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \nPrice and sales mix<\/p>\n<\/td>\n | \n \n4.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \nCurrency<\/p>\n<\/td>\n | \n \n(0.1<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \nTotal consolidated net sales<\/p>\n<\/td>\n | \n \n(2.0<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | | \n | <\/tr>\n<\/table>\n\nNet sales decreased 2.0%, driven by lower financial volumes and unfavorable foreign currency impacts, partially offset by favorable price and sales mix. Net sales decreased 1.9% in constant currency.<\/p>\n \nFinancial volumes decreased 6.4%, primarily due to lower shipments in both segments including lower contract brewing volumes in the Americas. Brand volumes decreased 3.4%, including a 6.9% decrease in EMEA&APAC as well as a 2.2% decrease in the Americas.<\/p>\n \nPrice and sales mix favorably impacted net sales by 4.5%, primarily due to favorable sales mix for both segments, including as a result of lower contract brewing volumes in the U.S. as well as increased net pricing.<\/p>\n \n- Cost of goods sold (“COGS”): <\/b>decreased 3.4% on a reported basis, primarily due to lower financial volumes, partially offset by higher cost of goods sold per hectoliter. Cost of goods sold per hectoliter:<\/b> increased 3.2%on a reported basis, primarily due to cost inflation related to materials and manufacturing expenses, unfavorable mix in both segments and volume deleverage in the Americas segment, partially offset by favorable changes in our unrealized mark-to-market commodity derivative positions of $23.3 million and cost saving initiatives. Underlying (Non-GAAP) COGS per hectoliter: <\/b>increased 5.1% in constant currency primarily due to cost inflation related to materials and manufacturing expenses, unfavorable mix in both segments and volume deleverage in the Americas segment, partially offset by cost saving initiatives.\n<\/li>\n<\/ul>\n
\n- Marketing, general & administrative (“MG&A”):<\/b> decreased 4.9%on a reported basis, primarily due to lower marketing resulting from the cycling of higher investment levels in the prior year, lower incentive compensation expense and the favorable impact of foreign currency movements. Underlying (Non-GAAP) MG&A: <\/b>decreased 4.4% in constant currency.\n<\/li>\n<\/ul>\n
\n- Other operating income (expense), net: <\/b>Other operating expense, net improved 96.0% on a reported basis, primarily due to the cycling of a $160.7 million partial impairment charge to our indefinite-lived intangible asset related to the Staropramen<\/i> family of brands recorded in the prior year as well as the recording of a $77.9 million gain recognized upon the consolidation of ZOA in the fourth quarter of 2024, partially offset by costs incurred related to the exit of certain U.S. craft businesses and related restructuring costs including accelerated depreciation charges in excess of normal depreciation of $83.7 million.\n<\/li>\n<\/ul>\n
\n- U.S. GAAP income (loss) before income taxes:<\/b> U.S. GAAP income before income taxes increased 109.2% on a reported basis, primarily due to lower other operating expense, net, favorable sales mix, increased net pricing, lower MG&A expense and favorable changes in our unrealized mark-to-market commodity derivative positions of $23.3 million, partially offset by lower financial volumes and cost inflation related to materials and manufacturing expenses.\n<\/li>\n<\/ul>\n
\n- Underlying (Non-GAAP) income (loss) before income taxes:<\/b> Underlying income before income taxes declined 0.9% in constant currency, primarily due to lower financial volumes and cost inflation related to materials and manufacturing expenses, partially offset by favorable sales mix, increased net pricing and lower MG&A expense.\n<\/li>\n<\/ul>\n
\n- Net income (loss) attributable to MCBC per diluted share: <\/b>Net income attributable to MCBC per diluted share improved 189.6% primarily due to an increase in U.S. GAAP income before income taxes, a decrease in the effective tax rate and a decrease in the weighted average diluted shares outstanding driven by share repurchases.\n<\/li>\n<\/ul>\n
\n- Underlying (Non-GAAP) net income (loss) attributable to MCBC per diluted share:<\/b> Underlying net income attributable to MCBC per diluted share improved 9.2% primarily due to a decrease in the underlying effective tax rate and a decrease in the weighted average diluted shares outstanding driven by share repurchases, partially offset by a decrease in underlying income before income taxes.\n<\/li>\n<\/ul>\n
QUARTERLY SEGMENT HIGHLIGHTS (VERSUS FOURTH QUARTER 2023 RESULTS)<\/b><\/p>\n Americas Segment Overview<\/b><\/p>\n \nThe following table highlights the Americas segment results for the three months and year ended December 31, 2024 compared to December 31, 2023.<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n For the three months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions, except per share data) (Unaudited)<\/i><\/p>\n<\/td>\n | \n December 31, 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31, 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reported
\n
% Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n FX Impact<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Constant Currency
\n
% Change (2)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet sales(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n2,173.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2,231.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.6<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(8.4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.2<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (loss) before income taxes(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n361.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n362.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.2<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(3.1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying income (loss) before income taxes (1)(2)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n362.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n363.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.3<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(2.7<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n For the years ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions, except per share data) (Unaudited)<\/i><\/p>\n<\/td>\n | \n December 31, 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31, 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reported
\n
% Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n FX Impact<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Constant Currency
\n
% Change (2)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet sales(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n9,240.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n9,425.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.0<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(21.9<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.7<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (loss) before income taxes(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n1,523.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,566.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.8<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(7.0<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.3<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying income (loss) before income taxes (1)(2)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n1,590.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,578.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(6.6<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.<\/p>\n \n\n| (1)<\/td>\n | \n \nIncludes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.<\/p>\n<\/td>\n<\/tr>\n | \n| (2)<\/td>\n | \n \nRepresents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Americas Segment Highlights (Versus Fourth Quarter 2023 Results)<\/b><\/p>\n\n- Net sales: <\/b>The following table highlights the drivers of the change in net sales for the three months ended December 31, 2024 compared to December 31, 2023 (in percentages):\n<\/li>\n<\/ul>\n
\n\n | \n | \n\n Net Sales Drivers (unaudited)<\/i><\/b><\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \nFinancial volume<\/p>\n<\/td>\n | \n \n(5.9<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \nPrice and sales mix<\/p>\n<\/td>\n | \n \n3.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \nCurrency<\/p>\n<\/td>\n | \n \n(0.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \nTotal Americas net sales<\/p>\n<\/td>\n | \n \n(2.6<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n<\/table>\n\nNet sales decreased 2.6%, driven by lower financial volumes and unfavorable foreign currency impacts, partially offset by favorable price and sales mix. Net sales decreased 2.2% in constant currency.<\/p>\n \nFinancial volumes decreased 5.9%, primarily due to lower contract brewing volumes in the U.S. related to the wind down of a contract brewing arrangement which terminated at the end of 2024 and contributed to over 50% of the reduction as well as lower U.S. brand volumes. Americas brand volumes decreased 2.2%, including a 3.0% decrease in U.S. brand volumes driven by lower above premium volumes and the cycling of double-digit growth in our core power brands in the prior year, partially offset by one additional trading day in the current quarter. Canada brand volumes increased 2.6% driven by our above premium portfolio.<\/p>\n \nPrice and sales mix favorably impacted net sales by 3.7%, primarily due to favorable sales mix as a result of lower contract brewing volumes and increased net pricing.<\/p>\n \n- U.S. GAAP income (loss) before income taxes: <\/b>U.S. GAAP income before income taxes declined 0.2% on a reported basis, primarily due to higher other operating expense, net, lower financial volumes, cost inflation related to materials and manufacturing expenses, partially offset by favorable sales mix, increased net pricing, lower MG&A expense and cost saving initiatives. Higher other operating expense, net was a result of the wind down and sale of certain U.S. craft businesses and related restructuring costs, including accelerated depreciation charges in excess of normal depreciation of $83.7 million, partially offset by a $77.9 million gain recognized upon the consolidation of ZOA in the fourth quarter of 2024. Lower MG&A expense was driven by cycling higher marketing investment in the prior year.\n<\/li>\n<\/ul>\n
\n- Underlying (Non-GAAP) income (loss) before income taxes:<\/b> Underlying income before income taxes improved 0.5% in constant currency, primarily due to favorable sales mix, increased net pricing, lower MG&A expense and cost savings initiatives, partially offset by lower financial volumes and cost inflation related to materials and manufacturing expenses.\n<\/li>\n<\/ul>\n
EMEA&APAC Segment Overview<\/b><\/p>\n \nThe following table highlights the EMEA&APAC segment results for the three months and year ended December 31, 2024 compared to December 31, 2023.<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n For the three months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions, except per share data) (Unaudited)<\/i><\/p>\n<\/td>\n | \n December 31, 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31, 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reported
\n
% Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n FX Impact<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n Constant Currency
\n
% Change (2)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet Sales(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n568.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n566.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n5.2<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.5<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (loss) before income taxes(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n23.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(147.4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nN\/M<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.5<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \nN\/M<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying income (loss) before income taxes (1)(2)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n24.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n15.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n58.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.5<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n54.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n For the years ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions, except per share data) (Unaudited)<\/i><\/p>\n<\/td>\n | \n December 31, 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31, 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reported
\n
% Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n FX Impact<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Constant Currency
\n
% Change (2)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet Sales(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n2,411.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2,296.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n20.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (loss) before income taxes(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n145.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(41.1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nN\/M<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(2.3<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nN\/M<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying income (loss) before income taxes (1)(2)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n185.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n126.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n46.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(2.1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n48.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.<\/p>\n \n\n| (1)<\/td>\n | \n \nIncludes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals.<\/p>\n<\/td>\n<\/tr>\n | \n| (2)<\/td>\n | \n \nRepresents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n EMEA&APAC Segment Highlights (Versus Fourth Quarter 2023 Results)<\/b><\/p>\n\n- Net sales: <\/b>The following table highlights the drivers of the change in net sales for the three months ended December 31, 2024 compared to December 31, 2023 (in percentages):\n<\/li>\n<\/ul>\n
\n\n | \n | \n\n Net Sales Drivers (unaudited)<\/i><\/b><\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \nFinancial volume<\/p>\n<\/td>\n | \n \n(7.8<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \nPrice and sales mix<\/p>\n<\/td>\n | \n \n7.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \nCurrency<\/p>\n<\/td>\n | \n \n0.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \nTotal EMEA&APAC net sales<\/p>\n<\/td>\n | \n \n0.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | <\/tr>\n \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n<\/table>\n\nNet sales increased 0.4% driven by favorable price and sales mix as well as favorable foreign currency impacts, partially offset by lower financial volumes. Net sales decreased 0.5% in constant currency.<\/p>\n \nFinancial volumes decreased 7.8% while brand volumes decreased 6.9%, driven by lower volumes in Western Europe due to soft market demand and high promotional activity from the competition as well as lower volumes in Central and Eastern Europe due to soft industry demand.<\/p>\n \nPrice and sales mix favorably impacted net sales by 7.3%, primarily due to favorable sales mix driven by premiumization as well as favorable channel mix and increased net pricing.<\/p>\n \n- U.S. GAAP income (loss) before income taxes: <\/b>U.S. GAAP income before income taxes of $23.5 million improved $170.9 million on a reported basis from a loss in the prior year primarily due to the cycling of a $160.7 million partial impairment charge to our indefinite-lived intangible asset related to the Staropramen<\/i> family of brands recorded in the prior year, increased net pricing, favorable sales mix and lower MG&A expense, partially offset by lower financial volumes. Lower MG&A expense was driven by the cycling of increased technology investments and administrative expenses in the prior year.\n<\/li>\n<\/ul>\n
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