Molson Coors Beverage (NYSE:TAP) used its presentation at the Consumer Analyst Group of New York (CAGNY) conference to outline a new strategic plan dubbed “Horizon 2030,” while also addressing near-term industry headwinds and reaffirming a focus on cash generation, cost savings, and shareholder returns. President and CEO Rahul Goyal and CFO Tracey Joubert discussed the company’s portfolio priorities, a shift toward more localized commercial execution, and updated capital allocation plans that include an expanded share repurchase authorization.
Industry headwinds and 2026 outlook
Goyal said the company’s 2026 guidance reflects an industry environment facing “significant headwinds,” noting that 2025 brought “material industry declines” that diverged from historical trends and that uncertainty remains. He highlighted two key factors pressuring results: cost inflation tied to Midwest Premium and aluminum pricing, and the lapping of a one-time incentive.
Despite the volatility, Goyal said the company is taking actions on costs, pricing, and brand competitiveness by region. He also emphasized continued investment in brands, capabilities, and technology to position the business for future growth.
Horizon 2030: portfolio choices and growth priorities
Goyal framed Horizon 2030 as a blueprint to return the business to “consistent, scalable, and repeatable top and bottom line growth,” building on what he described as a stronger foundation after the company’s revitalization plan. He cited progress in maintaining share gains in the U.S. from 2023—saying the company has retained about 70% of that share with its core brands—and noted portfolio “premiumization and transformation” improvements of about 5 percentage points. He also said Beyond Beer is approaching about 10% of revenue, with brands such as Topo Chico Hard and “Peaty Feast” contributing.
Goyal said the portfolio strategy recognizes that “all segments matter,” but with clearer choices: strengthening core and value segments while transforming above-premium offerings and expanding Beyond Beer.
- Core brands: Goyal emphasized the importance of loyal core beer drinkers and said Molson Coors has brands positioned to compete in premium lights. He pointed to marketing such as the Miller Lite campaign tied to the NFL and the Olympics featuring Christopher Walken, and said similar work can be expected for Coors Light. He also highlighted continued focus on Coors Banquet and said Molson Canadian is gaining volume and share in Canada. He noted expansion of lower-strength offerings, including Miller Extra Light at about 2.8% ABV in key markets.
- Value segment: Goyal said the company is “elevating” value given consumer budget pressures, describing the value portfolio as sizeable and relevant to distributors. He said the approach will be selective, including expansion of Miller High Life Light to more states and innovation such as Keystone Apple planned for the summer.
- Above-premium: Goyal said Molson Coors is strong in premiumization in Canada and the U.K. but underrepresented in the U.S., creating additional runway. He cited Peroni, including on-premise brand ambassador efforts, and highlighted Madrí’s growth in the U.K. with plans to expand into Europe and Canada. He said Blue Moon Belgian White remains “work in progress,” while Blue Moon non-alcoholic is growing 25% and is the number two non-alc craft brand in the U.S., according to his remarks.
- Beyond Beer: Goyal said the company views Beyond Beer as a key profit pool where consumer needs are evolving. He described Topo Chico’s pivot from hard seltzer to a broader “full flavor beverage” approach, including higher-ABV innovation and new packaging. He said the brand delivered consecutive improvements in dollars and share trends in all quarters of 2025. He also said the company is “just getting started” with Fever-Tree following a transition completed last year, and characterized distributor, retail, and internal teams as energized around the brand.
Operational shift: local execution and capability investments
A central element of Horizon 2030 is “rewiring” how the company operates. Goyal said beer is a “very local business” and that Molson Coors is pushing profit-and-loss accountability closer to customers, where decisions on pricing, promotions, assortment, and investment are made. He said the goal is faster decision-making—“days, not weeks… and definitely not quarters”—with the ability to shift spending toward actions working in specific markets.
Goyal said the company started this journey in the fourth quarter and is entering 2026 with distributors under a reoriented planning approach. In response to questions about coordination and national accounts, he said brand positioning will remain consistent nationally, but execution will vary by geography. He added that the company is changing incentive plans so teams are measured on top- and bottom-line outcomes as close to the market as possible.
On capabilities, Goyal said Molson Coors is investing in AI and analytics to make sales teams more forward-looking and to improve investment decisions, as well as investing in ERP and supply chain technology to augment and automate processes and drive efficiency.
Cost savings, capital allocation, and shareholder returns
Joubert emphasized cash generation as the foundation for strategy execution. She said the company delivered over $1.1 billion in 2025 and expects a similar amount in 2026. She also said that over the past five years, Molson Coors generated over $1 of free cash flow for every $1 of underlying earnings, describing its free cash flow yield as among the highest in consumer packaged goods.
To support the medium-term financial algorithm, Joubert announced a new three-year cost savings program targeting up to $450 million, with savings beginning in 2026. She said savings are expected across both business units and multiple P&L lines, including cost of goods sold through procurement, capital investment, productivity initiatives, and supply chain programs. She said additional savings are expected in Americas through the new structure implemented at the end of 2025, as well as in marketing and administrative areas enabled by technology and capabilities. In EMEA/APAC, she said plans include implementing new technologies, evaluating supply chain opportunities, and portfolio optimization to improve profitability and expand operating margin. Joubert said the savings are intended to help mitigate inflation and support investment levels needed for growth.
On capital allocation, Joubert said the company’s first priority is investing in the business through capital projects, capabilities, brand support, and M&A. She said Molson Coors is rebasing medium-term CapEx expectations to approximately $650 million per year. She added the company targets double-digit returns on cost savings programs and cited prior initiatives including variety packaging capabilities in Fort Worth, adding seltzer capability in Canada, and domestic production of Peroni in the U.S.
For M&A, Joubert said the company would target deals that add around 1%–2% net sales revenue annually to the enterprise and are bottom-line accretive. She said such deals could be in a $200 million–$350 million range and would be funded from cash from operations, with an emphasis on scalability and filling portfolio white spaces.
Joubert also reiterated a commitment to maintaining leverage below 2.5x. She said net debt declined from $11.5 billion and leverage of 4.8x at the time of the 2016 MillerCoors acquisition to $5.4 billion and 2.3x by the end of 2025, noting the company has maintained its highest credit rating since 2016.
On shareholder returns, Joubert said Molson Coors intends to continue sustainably increasing its dividend, as it has for the last five years. She also said the company has executed 72% of its prior $2 billion buyback authorization by the end of 2025. The board approved an expansion and extension of the program, increasing the authorization to an aggregate up to $4 billion (inclusive of approximately $1.4 billion already spent) and extending it through December 31, 2031.
What management said to watch in 2026
Asked about phasing and how investors should measure progress, Joubert said quarterly patterns in 2026 should look “very similar” to the prior year, with marketing spend typically weighted toward the summer selling season. She said the Midwest Premium increase accelerated in the second half of last year, meaning year-over-year comparisons related to that pressure will be more pronounced in the second half of 2026.
Goyal pointed to market share as a key metric, alongside portfolio mix as transformation progresses, as well as margin improvement driven by cost savings and investment discipline. He also highlighted Fever-Tree as a full-year contributor in 2026 and described it as the company’s biggest per-hectoliter brand.
About Molson Coors Beverage (NYSE:TAP)
Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.
In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.
