MOLSON COORS BEVERAGE CO

Risks Factors Summary

The following is a summary of the principal risks that could materially adversely affect our business, financial condition or results of operations in future periods. The summary should be read together with the more detailed description of each risk factor described in Part I—Item 1A. Risk Factors of this report.

•deterioration of general economic, political, credit and/or capital market conditions, including those caused by the ongoing conflict between Russia and Ukraine (which we refer to as "Russia-Ukraine conflict"), Middle East conflict or other geopolitical tensions;

•constant evolution of the global beer industry and the broader alcohol industry, and our position within the global beer industry and success of our products in our markets;

•our ability to successfully and timely premiumize our portfolio and innovate beyond beer;

•weak, or weakening of, economic, social or other conditions in the markets in which we do business, including cost inflation, tariffs and reductions in discretionary consumer spending;

•our dependence on the global supply chain and significant exposure to changes in commodity and other input prices, and the impacts of supply chain constraints and disruptions and inflationary pressures including tariffs;

•changes in the social acceptability, perceptions and the political view of the beverage categories in which we operate, including alcohol;

•cybersecurity incidents impacting our information systems, and violations of data privacy laws and regulations;

•our reliance on third-party service providers and internal and outsourced systems for our information technology and certain other administrative functions;

•our reliance on brand image, reputation, product quality and protection of intellectual property;

•labor strikes, work stoppages or other employee-related issues;

•our dependence on key personnel;

•investment performance of pension plan holdings and other factors impacting related pension plan costs and contributions;

•competition in our markets;

•loss, operational disruptions or closure of a major brewery or other key facility, including those of our suppliers, due to unforeseen or catastrophic events or otherwise;

•climate change, sustainability, human rights, human capital and regulations;

•potential adverse impacts of climate change and other weather events;

•inadequate supply or availability of quality water;

•the integration and use of artificial intelligence and similar technology;

•our debt level risks and operating covenants and restrictions;

•deterioration in our credit rating;

•default by, or failure of, our counterparty financial institutions;

•impairments of the carrying value of our goodwill and other intangible assets;

•the estimates and assumptions on which our financial projections are based may prove to be inaccurate;

•our reliance on a small number of suppliers to obtain the input materials we need to operate our business;

•termination or changes of one or more manufacturer, distribution, or production agreements, or issues caused by our dependence on the parties to these agreements;

•changes in tax, environmental, trade or other regulations or failure to comply with existing licensing, trade and other regulations;

•unfavorable outcomes of legal or regulatory matters;

•our operations in developing and emerging markets;

•changes to the regulation of the distribution systems for our products;

•our consolidated financial statements are subject to fluctuations in foreign exchange rates;

•risks associated with operating our joint ventures or other strategic partnerships;

•failure to successfully identify, complete or integrate attractive acquisitions, joint ventures and other strategic partnerships into our existing operations;

•the dependence of our U.S. business on independent distributors to sell our products, with no assurance that these distributors will effectively sell our products, and distributor consolidation in the U.S.;

•government mandated changes to the retail distribution model resulting from new regulations on our Canada business;

•indemnities provided to the purchaser of our previous interest in the Cervejarias Kaiser Brasil S.A. business in Brazil;

•economic trends and intense competition in European markets;

•the potential for Pentland and the Coors Trust to disagree on a matter submitted to our stockholders or the super-majority of the Board of Directors to disagree on certain actions;

•the interests of the controlling stockholders may differ from those of other stockholders; and

•shareholder activism efforts or unsolicited offers from a third-party.