\n| \n ($ in millions, except per share data)<\/i><\/p>\n (Unaudited)<\/i><\/p>\n<\/td>\n | \n March 31, 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n March 31, 2025<\/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 Foreign
\n
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$<\/p>\n<\/td>\n | \n \n2,351.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2,304.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n45.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nU.S. GAAP income (loss) before income taxes<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n194.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n156.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n24.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(4.6<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27.5<\/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$<\/p>\n<\/td>\n | \n \n147.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n131.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(4.5<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nU.S. GAAP net income (loss)(2)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n151.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n121.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n25.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Per diluted share<\/i><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.80<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.59<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n35.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying net income (loss)(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n117.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n101.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Per diluted share<\/i><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.62<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.50<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n24.0<\/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 \nFinancial volume(3)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n14.964<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15.409<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.9<\/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 \n15.068<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15.547<\/p>\n<\/td>\n | \n \n\u00a0<\/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 \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 Segment 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. Volume presented in millions of hectoliters.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n QUARTERLY CONSOLIDATED HIGHLIGHTS (VERSUS FIRST QUARTER 2025 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 March 31, 2026, compared to March 31, 2025 (in percentages):\n<\/li>\n<\/ul>\n
\n\n| \n Net Sales Drivers (unaudited)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nFinancial volume<\/p>\n<\/td>\n | \n \n(2.9<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrice and sales mix<\/p>\n<\/td>\n | \n \n3.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrency<\/p>\n<\/td>\n | \n \n1.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal consolidated net sales<\/p>\n<\/td>\n | \n \n2.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet sales increased 2.0%, driven by favorable price and sales mix and favorable foreign currency impacts, partially offset by lower financial volume. Net sales increased 0.1% in constant currency.<\/p>\n \nFinancial volume decreased 2.9%, due to lower shipments in both the Americas and EMEA&APAC segments. Brand volumes decreased 3.1%, including a 3.0% decrease in the Americas segment as well as a 3.4% decrease in the EMEA&APAC segment.<\/p>\n \nPrice and sales mix favorably impacted net sales by 3.0%, primarily due to favorable sales mix as a result of premiumization in both the Americas and EMEA&APAC segments and increased net pricing in the Americas segment. Net sales per hectoliter increased 5.1% reported and 3.1% on a constant currency basis.<\/p>\n \n- Cost of goods sold (“COGS”): <\/b>was flat on a reported basis, impacted by higher cost of goods sold per hectoliter offset by lower financial volume. COGS per hectoliter:<\/b> increased 3.0%on a reported basis, primarily due to cost inflation related to material and manufacturing expenses, including an approximate $30 million unfavorable impact attributable to Midwest Premium pricing which is a surcharge added to the base price of aluminum, unfavorable foreign currency impacts, unfavorable mix driven by premiumization, as well as volume deleverage, partially offset by favorable changes in our unrealized mark-to-market commodity derivative positions of $70.5 million and cost savings initiatives. Underlying (Non-GAAP) COGS per hectoliter: <\/b>increased 5.6% in constant currency primarily due to cost inflation related to material and manufacturing expenses, including an approximate $30 million unfavorable impact attributed to Midwest Premium pricing, unfavorable mix driven by premiumization as well as volume deleverage, partially offset cost savings initiatives.\n<\/li>\n<\/ul>\n
\n- Marketing, general & administrative (“MG&A”):<\/b> decreased 6.6%on a reported basis, primarily due to the cycling of approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition in the prior year, lower employee-related costs as a result of our restructuring plan impacting the Americas segment announced in October of 2025 (” Americas Restructuring Plan”) and lower marketing expenses, partially offset by unfavorable foreign currency impacts and the costs incurred related to our global modernization enterprise resource planning (“ERP”) system implementation project. Underlying (Non-GAAP) MG&A: <\/b>decreased 9.1% in constant currency.\n<\/li>\n
- U.S. GAAP income (loss) before income taxes: <\/b>U.S. GAAP income before income taxes improved 24.6% on a reported basis primarily due to favorable changes in our unrealized mark-to-market commodity derivative positions of $70.5 million, lower MG&A, increased net pricing in the Americas segment and favorable mix as a result of premiumization in both the Americas and EMEA&APAC segments, partially offset by cost inflation related to material and manufacturing expenses including an approximate $30 million unfavorable impact attributable to Midwest Premium pricing, unfavorable changes in the fair value of our investment in Fevertree Drinks plc of $36.1 million, lower financial volume and costs incurred as a result of our restructuring efforts in the EMEA&APAC segment.\n<\/li>\n<\/ul>\n
\n- Underlying (Non-GAAP) income (loss) before income taxes: <\/b>Underlying (Non-GAAP) income before income taxes improved 16.2% in constant currency, primarily due to lower MG&A, increased net pricing in the Americas segment and favorable mix as a result of premiumization in both the Americas and EMEA&APAC segments, partially offset by cost inflation related to material and manufacturing expenses including an approximate $30 million unfavorable impact attributable to Midwest Premium pricing and lower financial volume.\n<\/li>\n<\/ul>\n
\n- Effective Tax Rate and Underlying (Non-GAAP) Effective Tax Rate<\/b><\/li>\n<\/ul>\n
\n\n| \n (Unaudited)<\/i><\/p>\n<\/td>\n | \n For the three months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n March 31, 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n March 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nU.S. GAAP effective tax rate and Underlying (Non-GAAP) effective tax rate<\/p>\n<\/td>\n | \n \n23 %<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21 %<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)<\/p>\n<\/td>\n | \n \nSee Appendix for definitions of non-GAAP financial measures.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nOur U.S. GAAP effective tax rate and Underlying (Non-GAAP) effective tax rate <\/b>increased for the three months ended March 31, 2026, compared to the prior year, primarily due to the recognition of a lower discrete tax benefit.<\/p>\n\n- Net income (loss) attributable to MCBC per diluted share: <\/b>Net income attributable to MCBC per diluted share increased 35.6% primarily due to an increase in U.S. GAAP income before income taxes and a decrease in the weighted-average diluted shares outstanding driven by share repurchases.\n<\/li>\n
- Underlying (Non-GAAP) net income (loss) attributable to MCBC per diluted share:<\/b> Underlying net income attributable to MCBC per diluted share increased 24.0% primarily due to an increase in underlying income before income taxes as well as a decrease in the weighted-average diluted shares outstanding driven by share repurchases.\n<\/li>\n<\/ul>\n
QUARTERLY SEGMENT HIGHLIGHTS (VERSUS FIRST QUARTER 2025 RESULTS)<\/b><\/p>\n Americas Segment Overview<\/b><\/p>\n \nThe following table highlights the Americas segment results for the three months ended March 31, 2026 compared to March 31, 2025:<\/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) (Unaudited)<\/i><\/p>\n<\/td>\n | \n March 31, 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n March 31, 2025<\/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
\n
Currency %
\n
Change (2)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet sales(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n1,900.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,881.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n11.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (loss) before income taxes(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n207.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n209.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.9<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/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(0.1<\/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$<\/p>\n<\/td>\n | \n \n230.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n202.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13.8<\/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(1.4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \nThe reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n(1)<\/p>\n<\/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| \n \n(2)<\/p>\n<\/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 First Quarter 2025 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 March 31, 2026 compared to March 31, 2025 (in percentages):\n<\/li>\n<\/ul>\n
\n\n| \n Net Sales Drivers (unaudited)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nFinancial volume<\/p>\n<\/td>\n | \n \n(2.7<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrice and sales mix<\/p>\n<\/td>\n | \n \n3.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrency<\/p>\n<\/td>\n | \n \n0.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Americas net sales<\/p>\n<\/td>\n | \n \n1.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet sales increased 1.0%, driven by favorable price and sales mix and favorable foreign currency impacts, partially offset by lower financial volume. Net sales increased 0.4% in constant currency.<\/p>\n \nFinancial volume decreased 2.7%, primarily due to lower U.S financial volume resulting from lower share performance in core and value brands, partly offset by the timing of shipments. Americas brand volume decreased 3.0%, including a 3.5% decrease in U.S. brand volumes driven by lower share performance in our core and value segments. Canada brand volume decreased 4.0% primarily driven by industry softness.<\/p>\n \nPrice and sales mix favorably impacted net sales by 3.1%, primarily due to favorable sales mix as a result of positive brand mix as well as increased net pricing. Net sales per hectoliter increased 3.8% on a reported basis and 3.2% on a constant currency basis.<\/p>\n \n- U.S. GAAP income (loss) before income taxes: <\/b>U.S. GAAP income before income taxes declined 0.9% on a reported basis, primarily due to cost inflation related to materials and manufacturing expenses including an approximate $30 million unfavorable impact attributable to Midwest Premium pricing, unfavorable changes in the fair value of our investment in Fevertree Drinks plc of $36.1 million and lower financial volume, partially offset by lower MG&A, increased net pricing and favorable mix. Lower MG&A was primarily driven by the cycling of approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition in the prior year, cost savings initiatives including lower employee-related costs as a result of our Americas Restructuring Plan and lower marketing expenses, partially offset by costs incurred related to our global modernization ERP system implementation project.\n<\/li>\n<\/ul>\n
\n- Underlying (Non-GAAP) income (loss) before income taxes:<\/b> Underlying income before income taxes improved 14.5% in constant currency, primarily due to lower MG&A, increased net pricing and favorable mix, partially offset by cost inflation related to materials and manufacturing expenses including an approximate $30 million unfavorable impact attributable to Midwest Premium pricing and lower financial volume. Lower MG&A was primarily driven by the cycling of approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition in the prior year, cost savings initiatives including lower employee-related costs as a result of our Americas Restructuring Plan and lower marketing expenses, partially offset by costs incurred related to our global modernization ERP system implementation project.\n<\/li>\n<\/ul>\n
EMEA&APAC Segment Overview<\/b><\/p>\n \nThe following table highlights the EMEA&APAC segment results for the three months ended March 31, 2026, compared to March 31, 2025.<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n For the three months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions) (Unaudited)<\/i><\/p>\n<\/td>\n | \n March 31, 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n March 31, 2025<\/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
\n
Currency %
\n
Change (2)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet sales(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n456.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n427.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n34.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.2<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (loss) before income taxes(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n(51.7<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(19.2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(169.3<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(5.4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(141.1<\/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$<\/p>\n<\/td>\n | \n \n(32.7<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(19.2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(70.3<\/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(4.4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(47.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable.<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n(1)<\/p>\n<\/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| \n \n(2)<\/p>\n<\/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 First Quarter 2025 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 March 31, 2026, compared to March 31, 2025 (in percentages):\n<\/li>\n<\/ul>\n
\n\n| \n Net Sales Drivers (unaudited)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nFinancial volume<\/p>\n<\/td>\n | \n \n(3.5<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrice and sales mix<\/p>\n<\/td>\n | \n \n2.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrency<\/p>\n<\/td>\n | \n \n7.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal EMEA&APAC net sales<\/p>\n<\/td>\n | \n \n6.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet sales increased 6.7% driven by favorable foreign currency impacts and favorable price and sales mix, partially offset by lower financial volume. Net sales decreased 1.2% in constant currency.<\/p>\n \nFinancial volume and brand volume decreased 3.5% and 3.4%, respectively, primarily due to lower volume in the U.K. driven by soft market demand and a heightened competitive landscape.<\/p>\n \nPrice and sales mix favorably impacted net sales by 2.3%, primarily due to premiumization. Net sales per hectoliter increased 10.6% on a reported basis and 2.4% on a constant currency basis.<\/p>\n \nForeign currency favorably impacted net sales by 7.9%, primarily due to the weakening of the U.S. Dollar (“USD”) compared to the Great British Pound (“GBP”), Euro (“EUR”) and Czech Koruna (“CZK”).<\/p>\n \n- U.S. GAAP income (loss) before income taxes: <\/b>U.S. GAAP loss before income taxes increased $32.5 million or 169.3% on a reported basis, primarily due to higher restructuring related charges, lower financial volume, unfavorable foreign currency impacts and cost inflation related to materials and manufacturing expenses.\n<\/li>\n
- Underlying (Non-GAAP) income (loss) before income taxes:<\/b> Underlying loss before income taxes increased $9.1 million or 47.4% in constant currency, primarily due to lower financial volume and cost inflation related to materials and manufacturing expenses.\n<\/li>\n<\/ul>\n
CASH FLOW AND LIQUIDITY HIGHLIGHTS<\/b><\/p>\n\n- U.S. GAAP cash from operations: <\/b>Net cash provided by operating activities of $2.5 million for the three months ended March 31, 2026, increased $93.2 million compared to cash used in operating activities of $90.7 million in the prior year. The increase was primarily due to favorable changes in working capital and higher net income adjusted for non-cash items. The favorable changes in working capital were primarily driven by lower payments for prior year annual incentive compensation and the cycling of a $60.6 million payment as final resolution of the Keystone<\/i> litigation case, partially offset by the timing of cash receipts.\n<\/li>\n<\/ul>\n
\n- Underlying (Non-GAAP) free cash flow:<\/b> Cash used of $212.9 million for the three months ended March 31, 2026, represented a decrease of $51.7 million from the prior year, primarily due to an increase in cash flows from operating activities and lower cash flows for capital expenditures.\n<\/li>\n<\/ul>\n
\n- Debt:<\/b> Total debt as of March 31, 2026 was $6,271.9 million and cash and cash equivalents totaled $382.6 million, resulting in net debt of $5,889.3 million and a net debt to underlying EBITDA ratio of 2.51x. As of March 31, 2025, our net debt to underlying EBITDA ratio was 2.47x.\n<\/li>\n<\/ul>\n
\n- Dividends<\/b>: We paid cash dividends of $93.6 million and $99.2 million for the three months ended March 31, 2026 and March 31, 2025, respectively.\n<\/li>\n<\/ul>\n
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |