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Molson Coors ceo Rahul Goyal and cfo Tracey Joubert spoke this morning about "volatility" and slightly better industry conditions in wide-ranging convo at UBS Consumer and Retail Conference with analyst Peter Grom. While industry "volatility" has continued with 1 month "good" (Jan) and 1 month "bad" (Feb), Molson Coors is a "little bit more optimistic" this yr than last, said Rahul. "There's a sense of optimism going into summer" with "big events" coming like World Cup and America's 250th. And MC has to "make sure we're leaning in, in the right way," Rahul added. Even tho it doesn't have World Cup sponsorship, it will be spending heavily, including Coors Light tv for those events. More generally, its on-prem performance is "much better" than off-premise, with "share gains" that "give us confidence" co is building brands. Core "Healthy"; Kept 70% of Share Gained in 2023; More Local Emphasis MC has long focused on "core" Coors Light, Coors and Miller Light, over two-thirds of volume. So no huge change in focus there, said Rahul. MC's core is "healthy," he maintained, and has kept about 70% of share it gained in 2023. But Coors/Coors Light is "healthier." Indeed, combined Coors/Coors Light share about flat so far in 2026. Miller Lite needs "work."MC is changing its approach to focus more on local mkts. "Commercial execution has to be closest to where our customers are," said Rahul. Is MC "marketing doing what it's supposed to do in specific markets?" Co is looking at both mktg spend and "people resources." For example, Miller Lite has "bigger share platform" in Great Lakes region so purpose is "defending share." But in Northeast, where Lite smaller, "we're looking at gaining share." Rahul also mentioned Miller Extra Light, its rebranded Miller64 low-ABV offering, a coupla times, acknowledging it's a "long game" (just 0.4% of MC $$ YTD in scan data).Value Segment Getting More Emphasis; "Make Sure It Doesn't Decline as Fast" "The value segment is different" for MC in 2026, said Rahul. It's clearly getting more focus from MC (and got several mentions). But "we're not trying to grow that part of our portfolio, Rahul maintained. "We're just trying to make sure it doesn't decline as fast as it has been&hellip;. We've just got to slow the decline," he reiterated later. That part of biz "isn't going anywhere" and the K-shaped economy will "stay with us for awhile," according to Rahul. "There are consumers looking for products at the right price point, but also with brands that matter." This part of MC portfolio "very local" with different brands needing emphasis in different geographies, but not at same level of investment as "core." Value is about 20% of MC volume. Its economy portfolio alone would be fourth- or fifth-largest supplier in US, Rahul reminded.MC Above Premium "Slightly Under Indexed" in US; But "We Have Made Progress" While Rahul acknowledged that MC has "underindexed" in US on above premium, he said that it has grown 4-5 percentage points of MC biz in last few yrs, including both beer and beyond beer. "Historically," MC only had Blue Moon in above premium beer (declining in 2026). But now Peroni "growing consistently." Editor's note: Peroni $$ up 5% YTD in Circana but just 0.65 share of MC's biz. Flavor segment is "volatile," noted Rahul. Initially, MC "got it right" with Topo Chico and Simply, each scaling quickly. But "consumer moved," necessitating change. When Topo declined, MC demonstrated "agility" and "has been able to pivot" to higher ABV and new products. So Topo growing in last 3-6 mos, he said. Still work to do on Simply, which just intro'd new 12% variant in small can. "We still have some gaps," said Rahul re spirits RTDs. Non alc is "too broad," and co has to be "disciplined" and play in "places we can win." So far, "we haven't been able to build" Zoa. But Fever-Tree is growing and it's MC's highest price per bbl product.MC Trend Better, But Losing More Share Molson Coors $$ sales down 1.8% and volume down 3.1% in Circana multi-outlet + convenience yr-to-date thru Feb 22. That's several points better than its 5.5% $$ sales decline and 6.8% volume decline in MULC last yr. However, MC is losing slightly more share so far in 2026 than it did in 2025. Its $$ share is down 0.6 share this yr compared to a little less than 0.5 last yr.One of Top MC Sales Execs, Andrew McGuire, Departed Last Friday MC's chief customer officer Andrew McGuire left "effective today," wrote sales prexy Brian Feiro to distributors last Friday afternoon. Andrew made a "very difficult decision" to leave to pursue a "new opportunity." Brian said he "can't overestimate" Andrew's "great" contribution to MC. Distribs spoke very highly of him as well. That led to lotsa speculation about where he's going, with some guessing that he could be STZ's new sales chief. But he's not going there, 2 sources said.

Top MC Execs "A Little Bit More Optimistic" This Yr; More on "Value"; On-Prem Better

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