\n| \n ($ in millions, except per share data)<\/i><\/p>\n (Unaudited)<\/i><\/p>\n<\/td>\n | \n June 30, 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n June 30, 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reported % Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Foreign Exchange Impact<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Constant Currency Increase (Decrease)(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet sales<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n3,096.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n3,200.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3.3<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n10.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3.6<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nU.S. GAAP income (loss) before income taxes<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n283.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n554.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(49.0<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(48.9<\/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$<\/p>\n<\/td>\n | \n \n383.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n531.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(27.9<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.8<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(27.8<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nU.S. GAAP net income (loss)(2)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n231.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n428.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(46.0<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Per diluted share<\/i><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.23<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2.13<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(42.3<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying net income (loss)(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n296.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n412.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(28.1<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Per diluted share<\/i><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.58<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2.05<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(22.9<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinancial volume(3)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n19.734<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20.870<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(5.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBrand volume(3)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n19.628<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20.612<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4.8<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n For the six months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions, except per share data)<\/i><\/p>\n (Unaudited)<\/i><\/p>\n<\/td>\n | \n June 30, 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n June 30, 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reported Increase (Decrease)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Foreign Exchange Impact<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Constant Currency Increase (Decrease)(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet sales<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n5,447.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n5,504.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.0<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n55.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.1<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nU.S. GAAP income (loss) before income taxes<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n477.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n711.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(32.8<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(5.0<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(32.1<\/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$<\/p>\n<\/td>\n | \n \n531.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n662.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(19.8<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(5.3<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(19.0<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nU.S. GAAP net income (loss)(2)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n383.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n549.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(30.3<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Per diluted share<\/i><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2.03<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2.71<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(25.1<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying net income (loss)(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n414.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n514.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(19.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Per diluted share<\/i><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2.20<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2.54<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13.4<\/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 \nFinancial volume(3)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n34.698<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36.279<\/p>\n<\/td>\n | \n \n\u00a0<\/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\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 \n34.696<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36.159<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4.0<\/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<\/table>\n \n\n| (1)<\/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\u00a0<\/td>\n<\/tr>\n | \n| (2)<\/td>\n | \n \nNet income (loss) attributable to MCBC.<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| (3)<\/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 | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n QUARTERLY CONSOLIDATED HIGHLIGHTS (VERSUS SECOND 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 June 30, 2026, compared to June 30, 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(5.4) %<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrice and sales mix<\/p>\n<\/td>\n | \n \n1.8 %<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrency<\/p>\n<\/td>\n | \n \n0.3 %<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal consolidated net sales<\/p>\n<\/td>\n | \n \n(3.3) %<\/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 decreased 3.3%, driven by lower financial volume, partially offset by favorable price and sales mix and favorable foreign currency impacts. Net sales decreased 3.6% in constant currency.<\/p>\n \nFinancial volume decreased 5.4%, due to lower shipments in both the Americas and EMEA&APAC segments. Brand volume decreased 4.8%, including a 5.3% decrease in the Americas segment and 3.4% decrease in the EMEA&APAC segment.<\/p>\n \nPrice and sales mix favorably impacted net sales by 1.8%, primarily due to increased net pricing in the Americas segment and favorable sales mix as a result of premiumization in both the Americas and EMEA&APAC segments. Net sales per hectoliter increased 2.3% reported and 2.0% on a constant currency basis.<\/p>\n \n- Cost of goods sold (“COGS”): <\/b>increased 6.0% on a reported basis, impacted by higher cost of goods sold per hectoliter and unfavorable foreign currency impacts, partially offset by lower financial volume. COGS per hectoliter:<\/b> increased 12.1% on a reported basis, primarily due to the unfavorable changes in our unrealized mark-to-market commodity derivative positions of $98.0 million, cost inflation related to materials, logistics and manufacturing expenses including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing, unfavorable mix driven by premiumization and volume deleverage, partially offset by cost savings initiatives. Underlying (Non-GAAP) COGS per hectoliter: <\/b>increased 6.3% in constant currency, primarily due to cost inflation related to materials, logistics and manufacturing expenses, including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing, unfavorable mix driven by premiumization and volume deleverage, partially offset by cost savings initiatives.\n<\/li>\n
- Marketing, general & administrative (“MG&A”):<\/b> increased 3.7%on a reported basis, primarily due to higher general and administrative expenses as a result of cycling lower incentive compensation expense in the prior year and costs incurred related to our global modernization enterprise resource planning (\u201cERP\u201d) system implementation project in the current year. Underlying (Non-GAAP) MG&A: <\/b>increased 3.2% in constant currency.\n<\/li>\n
- U.S. GAAP income (loss) before income taxes: <\/b>U.S. GAAP income before income taxes decreased 49.0% on a reported basis, primarily due to unfavorable changes in our unrealized mark-to-market commodity derivative positions of $98.0 million, lower financial volume, cost inflation related to materials, logistics and manufacturing expenses, including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing, higher MG&A and lower other non-operating income driven by unfavorable changes in the fair value of our investment in Fevertree Drinks plc of approximately $18 million, partially offset by increased net pricing in the Americas segment and cost savings initiatives.\n<\/li>\n
- Underlying (Non-GAAP) income (loss) before income taxes: <\/b>Underlying (Non-GAAP) income before income taxes decreased 27.8% in constant currency, primarily due to lower financial volume, cost inflation related to materials, logistics and manufacturing expenses, including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing and higher MG&A, partially offset by increased net pricing in the Americas segment and cost savings initiatives.\n<\/li>\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 June 30, 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n June 30, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nU.S. GAAP effective tax rate<\/p>\n<\/td>\n | \n \n22 %<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n24 %<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderlying (Non-GAAP) effective tax rate(1)<\/sup><\/p>\n<\/td>\n| \n \n22 %<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n23 %<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(1) See Appendix for definitions of non-GAAP financial measures.<\/p>\n<\/td>\n<\/tr>\n | \n | <\/tr>\n<\/table>\n\nOur U.S. GAAP effective tax rate and Underlying (Non-GAAP) effective tax rates<\/b> decreased for the three months ended June 30, 2026 compared to the prior year, primarily due to the recognition of a higher discrete tax benefit.<\/p>\n\n- Net income (loss) attributable to MCBC per diluted share: <\/b>Net income attributable to MCBC per diluted share decreased 42.3%, primarily due to lower U.S. GAAP income before income taxes, partially offset by lower 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 decreased 22.9%, primarily due to lower underlying income before income taxes, partially offset by lower weighted-average shares outstanding driven by share repurchases.\n<\/li>\n<\/ul>\n
QUARTERLY SEGMENT HIGHLIGHTS (VERSUS SECOND QUARTER 2025 RESULTS)<\/b><\/p>\n Americas Segment Overview<\/b><\/p>\n \nThe following table highlights the Americas segment results for the three and six months ended June 30, 2026 compared to June 30, 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 June 30, 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n June 30, 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reported % 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 % Change (2)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet sales(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n2,402.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2,504.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4.1<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.7<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4.1<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (loss) before income taxes(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n390.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n538.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(27.5<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/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 \n(27.1<\/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$<\/p>\n<\/td>\n | \n \n396.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n514.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(23.0<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(2.0<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(22.6<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n For the six months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions) (Unaudited)<\/i><\/p>\n<\/td>\n | \n June 30, 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n June 30, 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reported % 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 % Change (2)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet sales(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n4,302.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n4,386.6<\/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 | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n10.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.1<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (loss) before income taxes(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n597.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n747.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(20.1<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(3.7<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(19.6<\/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$<\/p>\n<\/td>\n | \n \n626.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n717.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(12.6<\/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(3.4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(12.1<\/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 tables 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\u00a0<\/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 Second 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 June 30, 2026 compared to June 30, 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(6.4) %<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrice and sales mix<\/p>\n<\/td>\n | \n \n2.3 %<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrency<\/p>\n<\/td>\n | \n \n\u2014 %<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Americas net sales<\/p>\n<\/td>\n | \n \n(4.1) %<\/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 decreased 4.1%, driven by lower financial volume, partially offset by favorable price and sales mix.<\/p>\n \nFinancial and brand volume decreased 6.4% and 5.3%, respectively, primarily due to lower financial volume in the U.S. in our core and value brands as well as the unfavorable timing of shipments.<\/p>\n \nPrice and sales mix favorably impacted net sales by 2.3%, primarily due to increased net pricing and favorable sales mix as a result of positive brand mix. Net sales per hectoliter increased 2.5% on a reported and constant currency basis.<\/p>\n \n- U.S. GAAP income (loss) before income taxes: <\/b>U.S. GAAP income before income taxes decreased 27.5% on a reported basis, primarily due to lower financial volume, cost inflation related to materials, logistics and manufacturing expenses, including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing, higher MG&A, unfavorable changes in the fair value of our investment in Fevertree Drinks plc of approximately $18 million and higher other operating expenses, partially offset by increased net pricing and cost savings initiatives. Higher MG&A was primarily driven by the cycling of lower incentive compensation expense in the prior year and costs incurred related to our global modernization ERP system implementation project in the current year. Higher other operating expenses were primarily driven by restructuring activities and the accelerated amortization of a brand intangible as a result of a decision to exit a brand in our Americas segment.\n<\/li>\n
- Underlying (Non-GAAP) income (loss) before income taxes:<\/b> Underlying income before income taxes decreased 22.6% in constant currency, primarily due to lower financial volume, cost inflation related to materials, logistics and manufacturing expenses, including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing and higher MG&A, partially offset by increased net pricing and cost savings. Higher MG&A was primarily driven by the cycling of lower incentive compensation expense in the prior year and costs incurred related to our global modernization ERP system implementation project in the current year.\n<\/li>\n<\/ul>\n
EMEA&APAC Segment Overview<\/b><\/p>\n \nThe following table highlights the EMEA&APAC segment results for the three and six months ended June 30, 2026, compared to June 30, 2025:<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n For the three months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions) (Unaudited)<\/i><\/p>\n<\/td>\n | \n June 30, 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n June 30, 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reported % 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 % Change (2)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet sales(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n700.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n703.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n11.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.0<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (loss) before income taxes(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n37.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n64.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(41.5<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(42.6<\/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$<\/p>\n<\/td>\n | \n \n41.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n72.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(43.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(44.3<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n For the six months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ in millions) (Unaudited)<\/i><\/p>\n<\/td>\n | \n June 30, 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n June 30, 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Reported % 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 % Change (2)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet sales(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n1,156.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,131.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n45.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.7<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome (loss) before income taxes(1)<\/sup><\/p>\n<\/td>\n| \n \n$<\/p>\n<\/td>\n | \n \n(13.8<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n45.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nN\/M<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(4.7<\/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$<\/p>\n<\/td>\n | \n \n8.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n53.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(84.4<\/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(3.7<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(77.4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| N\/M = Not meaningful<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| The reported percent change and the constant currency percent change in the above tables are presented as (unfavorable) favorable.<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/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\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/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 | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n EMEA&APAC Segment Highlights (Versus Second 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 June 30, 2026, compared to June 30, 2025 (in percentages):\n<\/li>\n<\/ul>\n
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