Molson Coors Reports 2019 First Quarter Results

Net Sales Revenue of $2.3 billion, Decreased 1.2%, Increased 0.6% in Constant Currency

Lower U.S. GAAP Net Income Driven by One-Time $328 Million Purchase Price Settlement Gain in 2018 Underlying EBITDA Decreased 0.9%, Increased 0.2% in Constant Currency

EPS (U.S. GAAP) of $0.70 Decreased 45.3%, and Underlying EPS (Non-GAAP) of $0.52 Increased 8.3%

Management Reaffirms Increased Dividend Expectations Remains Committed to Free Cash Flow and Cost Savings Targets, as well as Further Deleveraging in 2019

Management Remains Committed to Deleverage Target and Reiterates Dividend Expectations

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DENVER, Colo., and MONTREAL, Quebec – May 1, 2019 – Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today reported results for the 2019 first quarter. Molson Coors president and chief executive officer Mark Hunter said:

“Our first quarter was solid, delivering on our commitment to improving top-line performance while also protecting the bottom line. Even with industry volume pressure in North America and the shift of Easter from Q1 to Q2, revenue was up on a constant currency basis, driven by strong and disciplined net sales revenue per hectoliter growth across our business, ongoing portfolio premiumization, and improving share trends in our largest market."

Mark continued,“While only the first and smallest of our quarters, I am encouraged by the meaningful growth of net sales revenue in the U.S., led by the increasingly strong performance of Miller Lite which held total beer industry share and an improved performance of Coors Light in our largest and most profitable market, as well as strong U.S. retailer placements for our upweighted innovation program. We also saw continuing strong net sales revenue growth in Europe, our second largest business unit. Across Molson Coors I am pleased with the continuing acceleration of our portfolio premiumization efforts alongside our intensified innovation program, and the growth in our underlying EBITDA, which, despite higher inflation, grew on a constant currency basis.”

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