Molson Coors Beverage : 2024 Supplemental Report - Proxy Statement

We are pleased to invite you to attend the 2024 Annual Meeting of Stockholders (Annual Meeting), which will be held on Wednesday, May 15, 2024, at 11:00 a.m., Mountain Daylight Time, at our Golden Brewery, 13th Street & Ford Street, Golden, Colorado 80401, USA. Molson Coors Beverage Company (Molson Coors, Company, we, us or our) traditionally alternates its annual meetings between its two principal executive offices in Montréal, Québec, and Golden, Colorado.

The attached 2024 Notice of Annual Meeting and Proxy Statement explains our voting procedures, describes the business we will conduct at the Annual Meeting, and provides information about our Company that you should consider when you vote your shares.

2023 - Another Year of Growth (1)

Molson Coors delivered an incredible year of growth in 2023. We entered the year with strong momentum built on: the strength of our core power brands; our rapidly growing above premium portfolio; our enhanced commercial and supply chain capabilities; and our vastly improved financial flexibility. By capitalizing on that momentum in 2023, we were able to achieve our second consecutive year of both top- and bottomટline growth with net sales revenue growth of 9.3% and underlying income before income tax growth of 36.9% (2), both on a constant currency basis (3). This is an excellent illustration of our strategy at work.

Molson Coors achieved brand volume, volume share, and net sales growth in each of its three largest global markets in 2023. We have beloved and iconic brands, an exciting innovation pipeline, compelling commercial programing, strong and supportive distributor partners, and the financial flexibility to balance growth with reinvestment. This gives us confidence in our ability to deliver continued growth in 2024.

2023 was certainly an unusual year in the U.S. beer industry, as we saw a major shift in consumer purchasing habits that largely impacted the premium segment. And Molson Coors was well positioned to benefit from this trend. Despite the major shifts in consumer preferences we have seen in U.S. beer, Molson Coors' positive results were not driven by a few brands or even a single market showing strength. Rather, Molson Coors achieved brand volume, volume share, and net sales growth in each of its three largest global markets in 2023.

To further expand, the net sales revenue growth was driven by: favorable global net pricing; Americas' volume growth supported by the incredible work of our supply chain team to meet the elevated demand; and, positive sales mix. Furthermore, our cost savings efforts and volume leverage meaningfully offset continued input cost inflation and robust reinvestment in our business to support our strong momentum resulting in significant operating margin expansion.

Underpinning our performance were our core power brands. Coors Light and Miller Lite grew U.S. brand volumes close to double digits and Coors Banquet performed even better. Molson Canadian brands, Carling, and Ožujsko, which are leaders in their respective markets, also performed strongly. And our highly successful above premium innovations like Simply Spiked and Madrí also contributed to our positive results.

Our work over the last several years has enabled us to improve our position in the industry, strengthen our balance sheet, invest in the growth of our business and our people, and drive shareholder value.

In 2023, we deployed nearly $700 million in capital primarily to support productivity improvements and cost savings, and enhance our capabilities. And, under our string of pearls approach to M&A, we advanced our strategic growth initiatives with the acquisition of Blue Run Spirits and the increase of our investment in ZOA energy drinks. We also continued to reduce our net debt. At year end, we had lowered our net debt to underlying EBITDA ratio to 2.2x, which aligns with our longટterm target of less than 2.5x (4). Additionally, we returned significant cash to our shareholders. We again raised our dividend in 2023, increasing it by 8%, and announced a new and meaningfully larger share repurchase program in October. We intend to execute our newly authorized $2 billion repurchase program in a systemic and opportunistic way over its fiveટyear term.

Advancing Toward our Sustainability Goals

As one of the world's largest global beverage companies, we have a long history of sustainability and are committed to driving longટlasting, meaningful change by incorporating sustainability into our business, as detailed in OurܥImprint Report (5). We are making progress against our goals through 2025 and working to expand our strategy through 2030.

Sincerely,

Geoffrey E. Molson

Chair

April 3, 2024

In fact, in an effort to best ensure we have strong oversight and management of our programs and accelerate progress toward our 2025 goals, starting in 2022 and continuing in 2023 and 2024, we have based a portion of the shortટterm compensation for the top senior leaders in our organization on a number of quantitative People & Planet metrics, including emissions, water use, employee culture, and safety.

Looking Ahead - Confident in Continued Growth

We enter 2024 with significant momentum that we expect to continue. We have beloved and iconic brands, an exciting innovation pipeline, compelling commercial programing, strong and supportive distributor partners, and the financial flexibility to balance growth with reinvestment. This gives us confidence in our ability to deliver continued growth in 2024.

Of course, none of this would be possible without the contributions of our over 16,000 dedicated employees, our valued partners, and our bestટinટclass and supportive customer network. We are thankful to you all for your enduring support.

As is noted in our proxy materials, Louis Vachon retired from the Board in December 2023. Louis has been an invaluable member of our Board for more than a decade, and his insight, candor and expertise have bettered Molson Coors in countless ways. We are grateful for his positive impact on our business. We are also excited to welcome Jill Timm as a new Director of Molson Coors. Jill was appointed to the Board in December 2023 and will be standing for election for the first time. Her experience across finance, accounting, tax, investor relations, and corporate strategy is both broad and deep, and her perspective will be valuable as Molson Coors looks to accelerate its growth in 2024 and beyond.

We look forward to welcoming you to the Annual Meeting and encourage you to review our proxy materials and the voting instructions on the following pages to ensure that your shares are represented. On behalf of all of us at Molson Coors, we thank you for your continued support.

David S. Coors

Vice Chair

This Proxy Statement contains forwardટlooking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. From time to time, we may also provide oral or written forwardટlooking statements in other materials we release to the public. Such forwardટlooking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act ofܥ1995.

Statements that refer to, among other things, projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forwardટlooking statements. In addition, statements that we make in this Proxy Statement that are not statements of historical fact may also be forwardટlooking statements. Words suchܥas "expects," "intend," "goals," "plans," "believes," "continues," "may," "anticipate," "seek," "estimate," "outlook," "trends," "future benefits," "potential," "projects," "strategies," "implies," and variations of such words and similar expressions are intended to identify forwardટlooking statements. Forwardટlooking and other statements in this Proxy Statement regarding our

environmental and sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange Commission (SEC).

Forwardટlooking statements are subject to risks and uncertainties that could cause actual results to be materially different from those indicated (both favorably and unfavorably). These risks and uncertainties include, but are not limited to, those described in Part I-Item 1A "Risk Factors" in our Annual Report on Form 10ટK for the fiscal year ended December 31, 2023, and those described from time to time in our past and future reports filed with the SEC. Caution should be taken not to place undue reliance on any such forwardટlooking statements. Forwardટlooking statements speak only as of the date when made andܥwe undertake no obligation to update any forwardટlooking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Special Note Regarding ForwardટLooking Statements

Table of Contents

2024 NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

PROXY STATEMENT

PROXY SUMMARY

Overview of Voting Matters and Board

Recommendations

Corporate Governance Highlights - Page

Director Nominee Highlights

2023 Compensation Highlights

PROPOSAL NO. 1 - ELECTION OF DIRECTORS

2024 Nominees for Class A Directors

2023 Nominees for Class B Directors

Board Skills & Experience and Demographic Matrix

Position of Director Emeritus

Family Relationship Disclosure

BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

Corporate Responsibility

Board and Committee Governance

Stockholder Engagement

Certain Governance Policies

DIRECTOR COMPENSATION

General

2023 Compensation

Director Stock Ownership Requirements

Director Compensation Table

RELATED PERSON TRANSACTIONS

Approval of Related Person Transactions

Certain Related Person Transactions

MANAGEMENT

Executive Officers

PROPOSAL NO. 2 - ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION (THE ADVISORY SAYટONટPAY VOTE)

• Components of Executive Compensation and

1. PROPOSAL NO. 3 - RATIFY APPOINTMENT OF
2. INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR

PROPOSAL NO. 1

To elect the 14 director nominees identified in the accompanying Proxy Statement.

PROPOSAL NO. 2

To approve, in a nonટbinding advisory vote, the compensation of the named executive officers (NEOs).

PROPOSAL NO. 3

To ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2024.

Record Date

Stockholders of record at the close of business on Marchܥ22,ܥ2024 (Record Date) are entitled to receive notice of, and to vote at, the Annual Meeting and any and all adjournments or postponements thereof.

For a detailed description of our classes of stock and the exchangeable shares issued by Molson Coors Canada Inc., a Canadian corporation and our whollyટowned indirect subsidiary, please refer to the "Questions and Answers" section of this Proxy Statement.

Notice of Internet Availability of Proxy Materials

We will begin mailing a Notice of Internet Availability of Proxy Materials for the Annual Meeting on or about April 3, 2024. The Notice of Internet Availability will explain how to access our Proxy Statement and our Annual Report on Form 10ટK for the fiscal year ended December 31, 2023 and how to vote.

Voting Your Shares

We hope you will be able to attend the Annual Meeting. Whether or not you plan to attend, your vote is important to us. We urge you to review our proxy materials and promptly submit your proxy/voting instructions by telephone or via the internet, or mark, sign, date and return the proxy/voting instruction card in the envelope provided, so that your shares will be represented and voted at the Annual Meeting, even if you cannot personally attend.

Thank you for your interest in our Company. We look forward to seeing you at the Annual Meeting.

By order of our Board of Directors, Molson Coors Beverage Company

Dated: April 3, 2024

Natalie Maciolek

Chief Legal & Government Affairs Officer and Secretary

The Board of Directors (Board) of Molson Coors Beverage Company (Molson Coors, Company, we, us or our) is furnishing this Proxy Statement in connection with the solicitation of proxies for use at the 2024 Annual Meeting of Stockholders (Annual Meeting), which will be held on May 15, 2024, at 11:00 a.m., Mountain Daylight Time, at our Golden Brewery, 13th Street & Ford Street, Golden, Colorado 80401. The proxies may also be voted at any adjournments or postponements of the Annual Meeting.

We have dual principal executive offices located at P.O. Boxܥ4030, BC555, Golden, Colorado 80401 USA and 111 Boulevard RobertટBourassa, 9th Floor, Montréal, Québec, H3C 2M1 Canada (Principal Executive Offices).

We will begin mailing a Notice of Internet Availability of Proxy Materials for the Annual Meeting, containing instructions on how to access our proxy materials and vote, on or about April 3, 2024.

We are committed to strong corporate governance, sustainability and the accountability of our Board and our senior management team to our stockholders. Highlights of our corporate governance program include:

• Recent Board refreshment efforts, in part as a result of stockholder dialogue, which increased the number of women directors to four and the number of ethnically or racially diverse directors to three;
• Formal incorporation of environmental, social and governance (ESG, which we refer to as People & Planet) priorities and metrics into the Company's culture and values, as well as shortટterm incentive awards for the top senior leaders in our organization;
• Regular Board and committee review of our significant People & Planet, and human capital matters, corporate citizenship, social responsibility, environmental matters, and public policy issues;
• Separation of our Chief Executive Officer (CEO) and Board Chair positions;
• Regular executive sessions of independent directors at Board meetings that are chaired by the independent director member of the Governance Committee (the Independent Governance Committee Member);
• Independent Governance Committee Member reviews and approves Board and committee agendas, together with the Board Chair and the Vice Chair;

• Ongoing review and annual assessment of Board composition and refreshment matters, including diversity of opinion, personal and professional background and experience, as well as diversity of gender, race or ethnicity, nationality, age and country of origin;
• Active stockholder engagement;
• Significant director and executive officer stock ownership requirements;
• Annual Board and committee selfટevaluations and regular discussions and feedback aimed at enhancing Board and committee effectiveness;
• Robust director orientation and continuing education programs;
• Strong antiટpledging policy and prohibition on hedging and short sales;
• An age 72 retirement policy for independent directors as detailed further in the "Board Composition and Refreshment" section of this Proxy Statement;
• Annual advisory vote by Class A and Class B stockholders, voting together as a single class, to approve the compensation of our named executive officers (NEOs);
• Annual election of all directors;
• Independent Audit, Compensation and Human Resources (Compensation & HR) and Finance committees; and
• Majority independent Board.

Director Nominee Highlights - Page 15

2024 Nominees For Class A Directors

Committee

Memberships Independent

Compensation & HR

Governance

Governance

Compensation & HR

None

Governance

Governance

Audit; Finance

None

Audit; Finance

Audit; Compensation &

HR