Molson Coors Beverage Company Reinstates the Payment of a Regular Quarterly Dividend; Repays in full its $1 billion 2.1% Senior Notes due on July 15, 2021; Reaffirms 2021 Financial Outlook

Molson Coors Beverage Company (NYSE: TAP, TAP.A) today announced the company will reinstate its practice of paying regular quarterly dividends, that it has paid off in full the $1 billion 2.1% senior notes due on July 15, 2021 and again reaffirmed its full year 2021 guidance.

“Just over 18 months into our revitalization plan, we continue to execute and advance towards our long-term goal of sustainable topline growth,” said Molson Coors President and CEO Gavin Hattersley. “Because of the work done through our revitalization plan, today we can reaffirm our full year guidance with confidence, while at the same time reinstating a dividend to enhance shareholder value and repaying $1 billion in bonds to continue deleveraging.”

Regular Quarterly Dividend Declared

After thorough benchmarking and analysis, the Molson Coors Board of Directors has made the decision to reinstate a dividend which they believe is sustainable and gives room for future increases as business performance improves. The Board today declared a regular quarterly dividend on its Class A and Class B common shares of US$0.34 per share, payable September 17, 2021, to shareholders of record on August 30, 2021. The quarterly dividend is payable to holders of Class A and Class B common stock of Molson Coors Beverage Company. In addition, Molson Coors Canada Inc. (TSX: TPX.B, TPX.A), today declared a quarterly dividend of approximately CDN$0.42 per share (the Canadian dollar equivalent of the dividend declared on Molson Coors stock), payable September 17, 2021, to its Class A and Class B exchangeable shareholders of record on August 30, 2021. The dividends declared in respect of the Class A and Class B exchangeable shares are eligible dividends for Canadian tax purposes. The Board previously suspended its regularly quarterly dividend payment on May 21, 2020 because of the uncertainty related to the coronavirus pandemic.

$1 Billion in Bonds Repaid

Continuing its commitment to deleverage, Molson Coors repaid in full the $1 billion 2.1% senior notes that matured on July 15, 2021 using a combination of commercial paper and cash on hand.

2021 Guidance Reaffirmed

Molson Coors is again reaffirming its financial guidance for full year 2021, which the Company considers a year of investment:

• Net sales revenue: mid-single digit increase versus 2020 on a constant currency basis.
• Underlying EBITDA: approximately flat compared to 2020 on a constant currency basis.
• Deleverage: We intend to maintain our investment grade rating as demonstrated by our continued deleveraging. We expect to achieve a net debt to underlying EBITDA ratio of approximately 3.25x by the end of 2021 and below 3.0x by the end of 2022.
• Underlying depreciation and amortization: approximately $800 million.
• Consolidated net interest expense: approximately $270 million, plus or minus 5%.
• Underlying effective tax rate: in the range of 20% to 23% for 2021.

The Company will provide its second quarter financial results at its upcoming investor earnings call and webcast on July 29, 2021 at 11:00 am ET.