Molson Coors (TAP) official guidance

We also expect elevated fuel costs relative to 2025, with tighter freight supply causing additional volatility in transportation costs.

Our guidance includes the assumption that full year 2026 U.S. industry volume trends will be better than the minus 5% we experienced in 2025.

For the full year, we expect Midwest Premium inflation to be in excess of $130 million.

For the balance of the year, we expect Midwest Premium to continue to be meaningfully inflationary, but expect that our hedge coverage will mitigate a portion of this ongoing headwind.

We continue to expect an annual price increase of 1% to 2% in the U.S., in line with Q2 performance as well as the average historical range and expect mix benefits from premiumization in both business units.

We now expect a reduction in MG&A expenses in the second half of the year compared to the prior year period.

•Capital expenditures: $650 million incurred, plus or minus 5%.

•Underlying depreciation and amortization: $720 million, plus or minus 5%.

•Underlying effective tax rate: in the range of 22% to 24%.

•Underlying earnings per share: decline in the range of 11% to 15% versus 2025.

•U.S. financial volumes are expected to slightly outpace brand volumes in the second half of the year.

•Underlying free cash flow: $1.1 billion, plus or minus 10%.

•Underlying income (loss) before income taxes: decline in the range of 15% to 18% versus 2025 on a constant currency basis.

•Consolidated net interest expense: $260 million, plus or minus 5%.

We anticipate additional charges related to these committed actions to be approximately $10 million to $15 million, with the majority of these charges to be recorded during the remainder of 2026 as well as in 2027.

We anticipate additional charges related to these committed actions to be approximately $3 million to $8 million, with the majority of these charges to be recorded during the remainder of 2026.

•Net sales: flat, plus or minus 1% versus 2025 on a constant currency basis.

As for MG&A, we continue to expect a significant increase versus 2025 over the balance of the year due to several factors. First, as previously highlighted, we expect incentive compensation expenses to be higher than 2025, with the largest increase expected in the second quarter.

while continuing to expect our year-end leverage ratio to remain below two and a half times.

On Midwest Premium, we continue to expect elevated costs relative to 2025. For the balance of 2026, we believe we have meaningful hedge coverage, meaning that the impact of the recent rise in prices since February should be a manageable headwind. On phasing, we expect Midwest Premium to be inflationarily over the balance of the year, with the largest increase currently anticipated in Q2.