Molson Coors Beverage Q2 2021 Earnings Call Transcript

Quartr
Provided by Quartr
July 29, 2021

Key Takeaways

  • Molson Coors delivered a 13.7% net sales revenue increase in constant currency, reaching 98% of Q2 2019 levels despite ongoing pandemic restrictions.
  • The company achieved its best US brand mix since 2008, doubling its US hard seltzer segment share and fueling growth in Vizzy and Topo Chico Hard Seltzer.
  • Molson Coors is discontinuing around 100 SKUs including 11 economy brands to streamline its US portfolio, premiumize offerings, and boost supply chain flexibility and margins.
  • Underlying costs per hectoliter increased by 8% due to freight and packaging inflation, partially offset by hedging and cost savings, while marketing spend rose sharply to support the revitalization plan.
  • Net debt was reduced to $6.9 billion (3.35× EBITDA), the dividend was reinstated at $0.54 per share, and the company targets a net debt/EBITDA of 3.25× by year-end.
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Earnings Conference Call
Molson Coors Beverage Q2 2021
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Operator

Good day, and welcome to the Molson Coors Beverage Company second quarter fiscal year 2021 earnings conference call. You can find related slides on the Investor Relations page of the Molson Coors website. Our speakers today are Gavin Hattersley, President and Chief Executive Officer, and Tracey Joubert, Chief Financial Officer. With that, I will hand it over to Greg Tierney, Vice President of FP&A and Investor Relations.

Greg Tierney
Greg Tierney
VP of FP&A and Investor Relations at Molson Coors Beverage Company

Thank you, operator, and hello, everyone. Following prepared remarks from Gavin and Tracey, we will take your questions. Please limit yourself to one question, and if you have more than one question, please ask the most pressing question first, and then re-enter the queue for follow-up. If you have technical questions on the quarter, please take them up with our IR team in the days and weeks to follow. Now, today's discussion includes forward-looking statements, and actual results or trends could differ materially from our forecasts. For more information, please refer to the risk factors discussed in our most recent filings with the SEC. We assume no obligation to update forward-looking statements. GAAP reconciliations for any non-U.S. GAAP measures are included in our news release. Also, unless otherwise indicated, all financial results the company discusses are versus the comparable prior year period and in U.S. dollars.

Greg Tierney
Greg Tierney
VP of FP&A and Investor Relations at Molson Coors Beverage Company

With that, over to you, Gavin.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Thanks, Greg. Good morning, and thank you everybody for joining us today. Nearly two years ago, we laid out the Molson Coors Revitalization Plan, a multi-year strategy to deliver the sustainable top-line growth that has eluded our business for many years, while at the same time delivering sustainable bottom-line growth. Under the plan, we have streamlined the company and are reinvesting those savings to build on the strength of our iconic core, aggressively grow our above-premium portfolio, expand beyond the beer aisle, enhance our capabilities, and support our people and communities. We had a few doubters then, and we had some unexpected challenges since, from a global pandemic to severe Texas winter storms to a cyber attack on our company. Nearly two years later, we can say to those doubters with confidence that Molson Coors is on the path to deliver sustainable top and bottom-line growth.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Our performance this quarter speaks for itself. I say that because for nearly two years, we've talked a lot about the outputs of our Revitalization Plan, new investments, new partnerships, new product launches, and new campaigns. Today we're able to start talking meaningfully about outcomes from the Revitalization Plan. That's an important shift. In the second quarter, despite ongoing pandemic restrictions, we delivered the most top-line growth of any quarter in over a decade, and we nearly achieved 2019 net sales revenue levels on a constant currency basis, despite those pandemic restrictions during this quarter. I'm incredibly pleased with this progress because it's a strong indicator of what is yet to come through our Revitalization Plan. Our progress was primarily driven by three things.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

First, it was driven by the fact that we delivered the best brand mix in the U.S. since the inception of the MillerCoors joint venture in 2008. This significant premiumization of our portfolio was led by the strong growth of our U.S. hard seltzers, where we doubled our share of the U.S. hard seltzer segment in the second quarter. We took over as the global brewer with the fastest-growing U.S. seltzer portfolio, and we recently passed another major brewer and are now fourth in total U.S. seltzer share as we continue to move towards our goal of achieving a 10% share in the U.S. by year-end. Those are outcomes. We're also continuing to see strong traction with our Vizzy innovation. Vizzy's fast-turning new lemonade variety pack helped the Vizzy brand gain almost a full point of U.S. share in the second quarter.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

We just added another new package to that family with Vizzy Watermelon, which has been a hit with retailers thus far. Topo Chico Hard Seltzer continues to exceed our expectations in the 16 markets in which it's sold in the U.S. The demand has far outpaced our original plans for the brand, and with supply improving, we are now positioned to be more aggressive in marketing this brand. That is an outcome. Outside of the U.S., our Canadian hard seltzer portfolio continues to perform very well. The combination of Vizzy and Coors Seltzer has earned more than a 50% share of the hard seltzer category with the largest beer retailer in the country.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Vizzy specifically has earned the number one spot in the on-premise in key regions like Ontario, and we're looking forward to fuel its momentum with Vizzy Lemonade, which launched in Canada just a few weeks ago. That's an outcome. In Europe, Three Fold in the U.K. and Wai Moment in Central and Eastern Europe continue to build distribution and consumer awareness with a strong mix of brand advertising. The category is still at an early stage, but we are well-positioned to win, share, and develop our portfolio as popularity around hard seltzers continues to grow. While our fast-growing hard seltzer portfolio is driving our premiumization, it's not alone. Madrí continues to exceed expectations in the U.K. on-premise, with unprecedented consumer demand. Praha, from the Staropramen stable of brands, is performing ahead of expectations in the Central and Eastern European markets, beating initial estimates by more than 50%.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Our Latin America business, where our global brands primarily operate in the above-premium price segment, has exceeded expectations given the coronavirus pandemic throughout the region. Collectively, for the first half of 2021, the region is exceeding brand volume levels for the comparable 2019 period, despite continued government-issued pandemic restrictions. For example, our Puerto Rican operations, which had been in long-term decline, are currently growing. Those are outcomes. In Canada, our Six Pints craft division is growing absolute volume despite its reliance on the on-premise. In the U.S., Blue Moon LightSky was the number one new beer item in 2020 and has grown double digits this year, building off its strong base, while Leinenkugel's Summer Shandy brand volume is up 10% year to date. Those are outcomes.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

In just a few weeks, the Yuengling joint venture will launch in the state of Texas, where distributor, retailer, and customer interest has been incredibly high. Product shipments begin next week and are scheduled to hit retail by August the 23rd. The other factor that drove the best brand mix in more than a decade is the rationalization of the long, long tail of our economy portfolio in the U.S. As we have discussed, in recent months in the U.S., we paused production of a number of smaller, low-margin, slow-moving economy brands and SKUs. This allowed us to improve our brewing efficiency and stabilize inventories of our core brands, and it also premiumized our portfolio and improved our margins. We intend to maintain that higher level of premiumization and service.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

After an extensive analysis of our business, we are meaningfully streamlining and premiumizing our U.S. portfolio, discontinuing around 100 SKUs, including the elimination of 11 economy brands altogether. This will improve supply chain flexibility for our more profitable priority brands, enhance our innovation efforts, enable us to better focus resources, and ensure dependable and on-time shipments to our distributors. Let's be clear. While economy brands have typically not been a focus of the investment community, distributors who sell brands like Magnum and Mickey's Ice are going to feel it when they're discontinued. Our local sales teams are partnering with distributors and retailers on a market-by-market basis on exit plans and to identify swaps that make sense. The headline is simple. Premiumization is here to stay at Molson Coors.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

We're going to invest bigger behind our fast-growing global hard seltzer portfolio, and we're going to permanently streamline our smaller portfolio of legacy brands. We're excited about the progress we're making, and we're not about to stop now. Our top-line growth was also driven by the strength of our core brands and the pace of the return to the on-premise. Coors Light and Miller Lite again grew share of the U.S. premium light segments. With on-premise accounts reopening in a big way across the U.S., the brands were at 97% of their total 2019 STR volume in the second quarter. Coors Light specifically achieved its best half-year share trend in four years, and its U.S. STRs rose by 1.7% in the second quarter. At the same time, Miller Lite grew 3.2% in the U.S. in the quarter.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

In Canada, Coors Light has grown share with our largest retail customer for four straight quarters. Our top-line growth was also aided by the investments we have made in our Beyond Beer initiatives. Standing here at the end of July, ZOA has already far surpassed our expectations for the entire year, and its co-owner, Dwayne Johnson, continues to amplify the product across his massive social media presence, as well as through a new TV campaign that debuted during the Olympics this month. The RTD coffee market is estimated at $4.3 billion in 2021, and La Colombe is ranked number 1 in the Above Premium category. We're excited about the progress we are making and continue to have success with distribution to large national and regional retailers in both the drug and convenience store channels.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Truss Canada, our joint venture with Hexo, has grown to more than a 50% share of the Canadian cannabis beverage industry and now holds seven of the top 10 SKUs in the country. In the U.S., after starting in the Denver metro area, Truss US has expanded distribution to other distributors and independent retailers across the state, a strong vote of confidence in the joint venture's plan and in its brands. As I said earlier, the results from the second quarter demonstrate that the Revitalization Plan is starting to pay off. We're going to continue investing in our business, in our people, and in our communities to continue driving the results we're starting to see. You saw that in the last quarter as we announced two new projects to increase our global hard seltzer production capacity. Canada, we announced plans to quadruple our in-house hard seltzer production capacity.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

In the U.K., we announced plans to add a new hard seltzer canning line in our Burton Upon Trent brewery while also upgrading our beer and cider packaging facilities to drive efficiencies. Those two investments follow a similar effort last year to increase our hard seltzer production capacity five-fold in the U.S. These investments will have long-lasting benefits as we bring more production in-house and ultimately improve our profit margin. The investments in our business are not stopping there. Finally, after more than one year of pandemic-related challenges, we're going to be able to more fully invest behind our brands. Now, what does that mean? Well, sticking in the U.K. for a moment, Three Fold Hard Seltzer is backed by the biggest brand investment Molson Coors has ever made into a new U.K. Category.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

You can expect to see a boost in our marketing spending over the second half of the year as well. That's because markets are opening back up. Our local alliances are reactivating for the first time in over one year, and our inventory will have recovered to a point that it makes sense to more fully invest behind the brand marketing. As important as that is, our success or failure as a company isn't entirely defined by our top-line growth. It's also determined in part by how well we support our approximately 17,000 employees and support our hometown communities all around the world.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

That's why we directly engaged our North American employees in what we call Project Justice, an effort we started last summer and have continued in 2021. Through this initiative, we are supporting 33 organizations across the U.S. and Canada that are working to create a more just and inclusive world. That's also why we're expanding our scholarship program for U.S. college students of color who are pursuing careers in fermentation and brewing sciences as we work to bring more diverse voices to our industry. That's why we're looking within our organization to improve the representation of women and people of color across the biggest part of our business. We also just released our annual ESG report called Our imprint, with a refreshed strategy that focuses on two key pillars: people and planet.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

From eliminating plastic rings in the U.K. to saving over 100 million gallons of water annually through our Golden Brewery modernization project, to the significant work we are doing to support our people. We've made great progress against our goals. Stay tuned as we continue our ESG journey. We've had our share of challenges over the last several years, but that is changing. Today, the sun is also the same thing. Molson Coors' future is bright, and the Molson Coors Revitalization Plan is succeeding. We're de-leveraging our business. We've reinstated a dividend. We're thinking more consciously about how we best support our people in the communities in which we operate. We're investing behind our brands. We're reshaping our portfolio, and we're expanding into new spaces. Nearly two years into our Molson Coors Revitalization Plan, our results are improving.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

We're going to put our foot even more firmly on the gas pedal as we drive towards our sustainable top and bottom line growth initiative for this business. Tracey?

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

Thank you, Gavin, and hello, everyone. We posted a strong second quarter, which exceeded expectations. We continue to make real progress executing our Molson Coors Revitalization Plan, and we are starting to see the results in our operating performance. As Gavin noted, we continue to premiumize our brands and strengthen our core business. Our improved financial flexibility has enabled us to invest in our business while continuing to de-lever our balance sheet and to reinstate a dividend. Now, let me take you through our quarterly results in more detail and provide an update on our outlook. Consolidated net sales revenue increased 13.7% in constant currency, delivering 98% of second quarter 2019 levels, despite continuing to operate with varying degrees of on-premise restrictions. Consolidated financial volumes improved 5.5%, outpacing brand volume growth of 3.1%, driven by higher Europe volumes and favorable U.S. domestic shipments.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

Top-line performance benefited from on-premise reopenings in the quarter for most of our major markets, as well as strong global net pricing, positive channel mix, and historic favorable brand mix levels in the U.S. as we continue to premiumize our portfolio. Net sales per hectoliter on a brand volume basis increased 5% in constant currency, driven by pricing growth coupled with positive brand and channel mix, partially offset by geographic mix given the strong growth in Europe and Latin America. This top-line growth was somewhat offset by inflationary pressures, which impacted most consumer product companies, as well as increased marketing investments as we continue to execute our Molson Coors Revitalization Plan. Underlying cost per hectoliter increased 8% on a constant currency basis, driven by cost inflation, including higher freight and packaging costs. However, with robust hedging and cost savings programs, we have been able to significantly mitigate much of the inflationary pressures.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

MG&A in the quarter increased 25.3% on a constant currency basis as we cycled timing shifts and targeted reductions to marketing spend in the prior year period due to the coronavirus pandemic. As planned, we significantly increased marketing investments in the quarter, putting strong commercial pressure behind our key innovations and core brands. Underlying EBITDA decreased 1.3% on a constant currency basis, but increased compared to 2019 second quarter levels. Underlying free cash flow was $2.2 million for the first half of the year, a decrease of $238.2 million from the prior year period. This decrease was wholly driven by lapping roughly $500 million in benefits in the prior year related to tax deferrals due to governmental programs and was partially offset by favorable working capital and lower capital spend.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

Capital expenditures paid were $212 million for the first half of the year as we continue to invest behind capability programs such as our previously announced Golden Brewery modernization project and our new Montreal brewery. Capital expenditures were lower in the first half of the year compared to the prior year, primarily due to project timing. Let's look at our results by business unit. In North America, the on-premise channel accounted for approximately 13% of our net sales revenue in the quarter, compared to approximately 16% in the same period in 2019. In North America, on-premise reopenings varied by market. In the U.S., our largest market, we continued to see progressive reopenings during the quarter and attained over 80% of 2019 levels as of quarter end.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

In Latin America, restrictions continued to ease, while in Canada, significant restrictions continued throughout the quarter, with on-premise volumes about one quarter of pre-pandemic levels. North America net sales revenue was up 8.3% in constant currency, driven by strong net pricing growth, positive brand mix in the U.S., favorable U.S. shipment timing, and higher Latin America volumes. Of note, U.S. net sales revenue exceeded the second quarter 2019 levels. In the U.S., domestic shipment volumes increased 1.2%, outpacing brand volume declines of 4% as we focus on rebuilding inventory following the first quarter supply disruptions. The brand volume declines were entirely due to economy, which was down double digits as we deprioritized certain non-core SKUs. Our Above Premium portfolio was up double digits, and our premium brands were up low single digits.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

In fact, our U.S. Above Premium brand volumes reached a record high portion of our portfolio compared to any prior quarter since the creation of the MillerCoors joint venture in 2008. Canada brand volumes declined 5.1%, while Latin America brand volumes experienced triple-digit growth, driven by strong core brand performance. Net sales per hectoliter on a brand volume basis increased 4.7% in constant currency, with pricing growth delivered across all geographies. The U.S. increased 6.9%, driven by net pricing and historic levels of positive brand mix. While the intention decline in economy was a contributor, about half of this record mix performance was due to growth in Above Premium, led by innovation brands including Vizzy, Topo Chico Hard Seltzer, and ZOA. These positive factors were partially offset by negative geographic mix resulting from the restricted trading environment in the higher revenue Canadian business and strong growth in Latin America.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

Underlying cost per hectoliter increased 8.5%, driven by inflation, including higher transportation and packaging materials costs and mixed impacts from premiumization. Underlying MG&A increased 24.2% due to higher marketing investments. We increased marketing investment behind core innovation brands, we increased media spending behind our iconic core brands, Coors Light and Miller Lite. Our U.S. media spend approached 2019 levels, while local tactical spend was somewhat constrained due to on-premise restrictions which eased throughout the quarter. North America underlying EBITDA decreased 10.7% in constant currency as higher gross profit was more than offset by higher planned MG&A. Europe net sales revenue was up 52.3% in constant currency, driven by volume increases and positive channel, geographic, and brand mix due to on-premise progressive reopenings, most meaningfully in the U.K., given the reduced on-premise restrictions compared to nearly full lockdowns in the prior year quarter.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

Above Premium brand volumes reached a record high portion of our Europe portfolio. Europe financial volumes increased 17.8%, and brand volumes increased 15.4%, driven by a significant increase in U.K. on-premise volumes. Net sales per hectoliter on a brand volume basis increased 16.6%, driven by favorable channel, geographic, and brand mix, particularly from our higher margin on-premise focused U.K. business as well as positive pricing. Underlying EBITDA increased 189% in constant currency, driven by gross margin impacts of higher volumes and favorable channel geographic and brand mix as a result of gradual on-premise reopening, partially offset by higher MG&A spend. Turning to the balance sheet, as of June 30, 2021, we had lowered our net debt to underlying EBITDA ratio to 3.35x and reduced our net debt to $6.9 billion, down from 3.5x and $7.5 billion respectively as of December 31, 2020.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

We ended the second quarter with strong borrowing capacity, with no outstanding balance on our $1.5 billion U.S. credit facility. Turning to our financial outlook, we are again reaffirming our 2021 annual guidance originally provided on February 11th, 2021. While we are certainly in a better place than we were a year ago, it bears reminding that uncertainty as it pertains to the coronavirus and its variants remains to varying degrees by market. Now I'll provide some underlying expectations to provide some additional context for the balance of the year. We expect to deliver mid-single digit net sales revenue growth for the full year on a constant currency basis. Building off the strong shipment growth in the U.S. in the second quarter, we continue to work aggressively to build inventories to more optimal levels.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

In the U.S., we expect on-premise trends to continue to improve as we lap restrictions in the prior year period. In Canada, we are seeing gradual on-premise reopenings varying by province, which should provide positive channel mix. In Europe, the U.K. should benefit from this full on-premise reopening July 19th. The comparison is more difficult than it was for the second quarter given the on-premise was largely open for the full third quarter of 2020. Our guidance also anticipates continued strength in our best premium portfolio, particularly hard seltzers. We expect continued solid progress against our previously discussed emerging growth three-year revenue goal of $1 billion, against which we are tracking ahead of plan.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

We continue to anticipate underlying EBITDA to be roughly flat compared to 2020, as top-line growth is expected to be offset by continued cost inflationary headwinds, but more significantly, from increased investments to deliver against our Revitalization Plan. We intend to increase marketing investments to build on the strengths of our core brands and support successful innovations. As a result, we expect significant year-on-year increases in marketing investments over the balance of the year, and most notably in the third quarter. We expect third quarter marketing investments to be higher than the second quarter of 2021, and also higher than the third quarter of 2019, as we continue to ramp up supply following the disruptions in the first quarter. Obviously, this will have an impact on our bottom line, particularly in the third quarter, but this will strengthen the future of our brands.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

As a reminder, in 2020, our working capital benefited from the deferral of approximately $130 million in tax payments from various government-sponsored payment deferral programs related to the coronavirus pandemic. We currently anticipate the majority to be paid this year as they become due. Moving to capital allocation, we continue to prioritize investing in our business to drive top-line growth and efficiencies, reducing debt, and returning cash to shareholders. First, we plan to continue to prudently invest in brewery modernization and production capacity and capabilities to support new innovations and growth initiatives, improve efficiencies, and advance towards our sustainability goals. Second, we have a strong desire to maintain, and in time, upgrade our investment-grade rating.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

As such, we expect to continue to pay down debt and reaffirm our target net debt to underlying EBITDA ratio to be approximately 3.25x by the end of 2021, and below 3x by the end of 2022. Demonstrating our commitment to this goal, on July the 15th, we announced that we had repaid in full the $1 billion, 2.1% senior notes that were maturing that day using a combination of commercial paper and cash on hand. Third, and also as announced on July the 15th, our board of directors determined to reinstate a quarterly dividend on our Class A and Class B common shares, and declared a quarterly dividend of $0.34 per share. The board made the decision to reinstate a dividend at a level that they believe is sustainable and gives room for future increases as business performance improves.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

We are proud of our operational performance in the quarter, which underscores successful execution against our Molson Coors Revitalization Plan. We are excited about the future of Molson Coors as we drive towards our goal of long-term sustainable revenue and underlying EBITDA growth. With that, we look forward to taking your questions. Operator.

Operator

Thank you. We will now begin the question and answer session. To ask a question, you may press star one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star two. At this time, we'll pause momentarily to assemble our roster. Our first question comes from Robert Ottenstein, Evercore.

Robert Ottenstein
Robert Ottenstein
Analyst at Evercore ISI

Great. Anna, great, thank you very much. Gavin, I'm wondering if you could talk a little bit about what you've learned so far about the hard seltzer market. Clearly it seems that there's some issues with beer branded trademarks. At the same time, you've got this proliferation of 700 brands or more that I understand. There's competition from various ready to drinks. Love to get your thoughts on that. Also, love to understand why you're not using the Vizzy trademark more in Europe and the U.K., and that you feel that you need to have different sorts of trademarks there. A lot of questions. Just really love to get your thoughts on what you've learned about hard seltzers and what's going on in that segment. Thank you.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Thanks, Robert, good morning. Look, we've always said that the growth rates weren't going to continue at the elevated levels that they were, and that others might have seen. Robert, it's really no surprise to us that this rate of growth slowed because the category was cycling last year's huge comps, we've said in the past that seltzers were a beneficiary of the on-premise shutdown because it had such distribution exposure in the off-premise. As the on-premise has reopened, there's less distribution there. This is not a surprise to us. I think we've been saying this for almost a year. We've also been saying for a while, even if it's growing at 10%, 20%, 40%, there really isn't anything else in the beer space that's growing that quickly. It's good for the beer category and it's good for us.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

In North America, in the U.S., we've got two very clear and differentiated winners from our point of view, we plan to continue our focus on Vizzy and Topo Chico Hard Seltzer. You refer to Coors Seltzer, Rob, I would say to you that Coors Seltzer up in Canada is actually doing really well. It's already achieved double-digit share in some retailers, between Vizzy and Coors Seltzer, it's probably the most successful product launches that we've had for our company in five years up in Canada. We do believe that there'll be a shakeout in the near future as many brands struggle to succeed in the crowded space. While Vizzy and Topo Chico Hard Seltzer continued to accelerate, Coors Seltzer wasn't.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

That's why we made the decision in the U.S. to discontinue Coors Seltzer and commit our energy, our resources, the material supply we've got in our shelf space to Vizzy and Topo Chico. Of course, it's going to stay in Canada because it's doing, as I said, really well. The market dynamics are different, and the brand has performed well. In Europe, it's exhibiting in the U.K., and Central Eastern Europe, some of the same trends in the early days as the U.S. did. We've obviously tested all of our options from a brand point of view, and the early read was that Three Fold was the right brand to go with, and it's landed very well. We're building capacity there, and I think we're well-positioned in the U.K. to be a strong player if it takes off like it did in the U.S.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

The same applies to Central and Eastern Europe. Wai Moment was the best brand, resonated really well with the consumers there. The Central Eastern European team do a fantastic job from an execution point of view. The execution's really good, and we actually have first-mover advantage in Central and Eastern Europe, we feel very good about our leading position in Central and Eastern Europe with that brand as well. I think I hit all your questions, Rob, if I didn't, I'm happy to take a follow-up from you.

Robert Ottenstein
Robert Ottenstein
Analyst at Evercore ISI

Thank you for that detail. The only other one was how do you look at the interaction between hard seltzers and ready-to-drinks? There's some observers say that there's really not much interaction. It's the same occasion. I'm not sure I believe that 100%, but love to get your thoughts on the various ready-to-drink concoctions that are coming up and how you intend to play in that space going forward as well. I know you're doing a few things there. Thank you.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Sure, Rob. RTD beverages are an emerging and fast-growing segment. In fact, RTD sales already outpace spirits, that gap's only going to likely widen in the future. Competing in this space is a natural fit for companies like ourselves who've got experience packaging beverages in 12-ounce cans and bottles and working with our distributor partners to get those products out there. We look forward to competing in this category with Proof Point. We've got Superbird as well, which is the top end of that, which we launched earlier this year. We have other offerings that we believe will appeal to consumers in our innovation pipeline.

Robert Ottenstein
Robert Ottenstein
Analyst at Evercore ISI

How much interaction do you see in that in these ready-to-drink products with hard seltzers, or is it too early to say?

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

I think it's too early to say, Rob. Obviously, there is some interaction. It's interesting, we've been asked this question as it relates to the beer category. There's more of seltzer's volume and growth is coming from outside of the beer category than is coming from inside the beer category. Our data would suggest that. I've seen our competitors say the same thing. Certainly, it's been very positive from an overall beer category, beer segment point of view.

Robert Ottenstein
Robert Ottenstein
Analyst at Evercore ISI

Terrific. Thank you very much.

Operator

Our first question comes from Bill Kirk with MKM Partners.

Bill Kirk
Analyst at MKM Partners

Hey, thank you for taking the question. You talked a bit about the rationale to streamline economy brands, but it also looks like there's some discontinuing of some SKUs for pack sizes on brands like Coors Light and Miller Lite. Can you talk about the decision, I guess, to streamline pack sizes as it relates to your efficiency efforts?

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Yeah. Thanks, Bill. Good morning to you as well. Look, we did a thorough review of all of our SKUs and brands. I would say the majority of the SKU and brand, or certainly all the brand reductions or the majority of the SKU reductions are in our economy space. We did identify a few SKUs which were slow-moving and which could be substituted with other more profitable SKUs that would make us more effective. There would have been just a few outside of the economy space that we rationalized. The vast majority of it, Bill, is in the economy space.

Bill Kirk
Analyst at MKM Partners

Got it. Tracey, as a follow-up, I think you said that U.S. brand volume declines were entirely economy. Does that mean excluding the discontinued economy brands, that U.S. brand volume's positive, or do the remaining economy brands still drag that number into the negative?

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

No. The four SKUs are just recent. I would say that it's really the entire economy portfolio that is driving that down.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Bill, Miller Lite and Coors Light in the second quarter, as I said, I think, in my prepared remarks, grew. I don't think I've been able to say that often over the last 15 years or so. Our above-premium portfolio did very well as well with the Blue Moon franchise coming back strongly, our craft brands coming back, and we're very pleased with our seltzer performance.

Bill Kirk
Analyst at MKM Partners

Thank you. Appreciate it, guys.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Thanks, Bill.

Operator

Our first question comes from Lauren Lieberman, Barclays.

Lauren Lieberman
Lauren Lieberman
Analyst at Barclays

Great, thanks. Good morning. I'd love to talk a little bit more about on-premise. Number one, just thinking about brand strategy and portfolio. First, I was curious about hard seltzer, the degree to which you're trying to expand presence of your brands in on-premise. I think that you had mentioned Vizzy as an on-premise play in Canada. If I got that wrong, I apologize, but I was curious if that was in the thought process for the U.S. Also just the, I think, industry-wide discussion of big brands gaining more presence, share of tap handles and so on, as on-premise reopens. I was curious the degree to which you're starting to see that or have been positioning for that to be the case as reopening continues. Thanks.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Thanks, Lauren. Look, yes, during the pandemic, we did see increased demand for large trusted brands, and this is particularly true in the on-premise. Many on-premise owners are sticking to faster-moving brands. This obviously benefits brands like Miller Lite and Coors Light, in particular for us. We are seeing that trend stick as we settle into the sort of new normal. As I said earlier, with Miller Lite and Coors Light, we did grow segment share for the 27th quarter. We're also seeing growth in our above-premium portfolio. For example, Blue Moon in the U.S. is up nearly 15% in the quarter. Peroni's up nearly 35%, and it has provided us an outstanding opportunity to sample our newer offerings, like Blue Moon LightSky and Vizzy and Topo Chico Hard Seltzer, which we actually missed that opportunity last year.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Certainly, I wouldn't say it's just Vizzy that's going on-premise. I would say it's both Vizzy and Topo Chico Hard Seltzer. Topo Chico, as well as it's doing, it's still in fairly limited number of markets, less than half of the states in the U.S. In those states, the desire for it to be on-premise has been very good. Canada, obviously, a little too early to say because the restrictions there have dragged on a little longer than they did in the United States. Too soon to tell how the Canadian on-premise is going to open up. In Europe, it's been very pleasing. We, as you know, significantly over-indexed to the on-premise. The on-premise recovery that's taking place in Europe has been very positive for us.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

In fact, in July, we've seen the on-premise business in the U.K. start to approach 2019 levels and hold there. That has been very encouraging for us.

Lauren Lieberman
Lauren Lieberman
Analyst at Barclays

Just to follow up, to just clarify, I think it's within on-premise that's opened, do you believe that you're gaining share within those outlets because of any degree of greater distribution or relative presence within the channel?

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

In the U.S., the answer is yes. In the U.K., the data lags a little bit, not ready to call that yet. We have a hypothesis that we are, I don't have data yet to support that. In Canada, obviously, the reopening is not in a place where we can determine that yet. In our biggest market, the answer to that is yes, Lauren.

Lauren Lieberman
Lauren Lieberman
Analyst at Barclays

Okay, great. The plan is to bring Vizzy and Topo Chico Hard Seltzer on-premise in the U.S., and you have the capacity to do that in your plans. Is that for this year, or is that more of a looking into 2022?

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Certainly, we have the capacity with Vizzy. We've been able to meet all the demand that our distributors have had for Vizzy, really since the beginning of the year. Topo Chico, obviously, is more challenging from a supply point of view. It continues to perform extremely well. It's only got one SKU. It's got distribution in only 16 markets. Supply continues to be a little tight, but our production is improving. That is going to allow us to push distribution, which would include the on-premise, but also allows us to start turning our marketing campaign on behind Topo Chico as well, Lauren. I guess that's a convoluted way of saying yes.

Lauren Lieberman
Lauren Lieberman
Analyst at Barclays

Okay, great. Thank you so much.

Operator

Next question, Steve Powers, Deutsche Bank.

Steve Powers
Steve Powers
Analyst at Deutsche Bank

Thank you very much. A question centered on brand volume dynamics. In Europe, if my numbers are correct, it looks like you're at about 91% of 2019 in the quarter, which is up from the mid-70s last quarter, which is great. I guess, just as you think about the back half, do you think you kind of hold steady at that mid-90s index level, or do you think your plans envision improvement, number one? As we pivot to North America, you're also at 91% index to 2019 in the quarter, but that was down from 94% in the first quarter, presumably as the economy brands were deprioritized. As we think about the back half, similar question, do you think you recover that index to 2019 in the back half, number one?

Steve Powers
Steve Powers
Analyst at Deutsche Bank

Number two, you mentioned that premium and above premium were at the highest percentage of the overall mix that you've ever seen. I guess, curious as to whether in absolute terms, those price tiers are, how they compare to where you were in 2019 in a similar time frame. Thank you.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Thanks, Steve. Okay, let me see if I can get all these for you. Looking in Europe, as I said, actually, and particularly in the U.K., as you know, on-premise is really important to us, and we've actually seen the on-premise approached 2019 levels for most of July, actually. It actually spiked a bit higher than that, but that was distorted by the Euro finals. We were actually in the U.K., we were actually for a few weeks, quite substantially above 2019 levels. That's settled back down now, and as I said, we're approaching 2019 levels. Central Eastern Europe is being a little bit more impacted by tourism. So we're probably not quite at the U.K. levels in Central and Eastern Europe.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

In the U.S., we've seen, as I think I said on our last call, more outlets open from an on-premise point of view than we were initially expecting. Certainly, volume has increased and settled down into a fairly stable level. We will have, in the back half of the year, a lot more fairs, festivals, alliance opportunities, which we didn't have in the second half of last year. I'm referring to football primarily, which is a big drinking occasion for us. Without wishing to put particular goals out there, we are encouraged by what we're seeing from an on-premise and venue volume point of view. I wasn't totally sure I got your price tiers question, Steve, so let me give it a shot. We did, as I said, have the strongest share of our portfolio being above premium in the second quarter.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Based on an NSR point of view, it was up into the high teens level, which we haven't seen levels like that since, I don't know, the joint venture started. Working particularly well. In Q2, our NSR was actually above 2019. Encouraging signs for sure.

Steve Powers
Steve Powers
Analyst at Deutsche Bank

Okay. No, that's helpful. If I just play it back to you, it sounds like you do in North America expect that the total portfolio, not just the on-premise, but the total brand volume portfolio can better approach 2019 levels in the back half versus what we saw in the second quarter. Is that a fair play back?

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Not really, Steve, because of our decisions around the economy portfolio, right? The economy portfolio, as I said in my prepared remarks and as we announced to our distributors today, we are taking a meaningful cut on our economy portfolio to rationalize that. That would be a negative for us. If you look at our share performance, I see our share performance quoted often, 70% of that decline in share is the economy portfolio for us. We paused a lot of SKUs and brands and some of them, as we announced today, won't come back. Certainly from a premium light and above premium point of view, which includes seltzers, we're feeling really good about our position and our momentum.

Steve Powers
Steve Powers
Analyst at Deutsche Bank

Okay. That helps. Thank you very much. Appreciate it.

Operator

Our next question comes from Kevin Grundy, Jefferies.

Kevin Grundy
Kevin Grundy
Analyst at Jefferies

Hey, good morning, everyone. I wanted to kind of pull together some of the topics we've discussed so far on the call, kind of bring it back to the revenue and EBITDA guidance. Kind of, Gavin, as you're assessing the first six months of the year, looking to the balance of the year and specifically around the major puts and takes. When you spoke with the investment community in June, you said the company was running ahead of plan. on-premise recovery certainly seems to be running ahead of plan and certainly where folks thought perhaps six months ago, the performance of your seltzer portfolio, similarly also running ahead of plan. Commodity worse. It seems like the SKU rationalization probably has greater pace than you anticipated at the start of the year.

Kevin Grundy
Kevin Grundy
Analyst at Jefferies

When you kind of pull all this together, I was hoping you could comment on anything perhaps we're missing? Just put a finer point on the puts and takes as you look back over the past six months, how this has progressed, your level of confidence for the company as you look to the balance of the year, and then perhaps just confirm, given the setup here and the strategy, it sounds like the inclination will be to reinvest any top-line upside. If you could just confirm that.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Yeah. Thanks, Kevin. Yeah, a lot going on there. I guess the two things which I would say when we talk to the investment community after Q1, which didn't transpire as we were expecting was Canada. The reopening of the on-premise and the continuation of the lockdown went on for longer than we were expecting in Canada. In the U.K., we were expecting so-called Freedom Day to be back in June. As you know, that was delayed into July. I would say those are the two things that we didn't know at that time. From a Molson Coors Revitalization Plan point of view, yes. The whole rationale for the Molson Coors Revitalization Plan is to drive both top-line and bottom-line growth.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

The first year was always going to be a reinvestment year, which was supposed to be last year, but we've been through all the reasons why that didn't make sense, and we're certainly reinvesting behind our brands this year. We increased our marketing spend meaningfully in the second quarter. There were a couple of things that didn't make sense for us to do, like investing meaningful marketing in Canada while it was closed and delaying the U.K. out a month. That was probably marketing spend that we would have spent in Q2, which will now move into the back half of the year, and as Tracey said, primarily in Q3. Our supply situation has improved meaningfully since the cybersecurity attack.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Our fast-moving brands and SKUs, with the exception of one or two SKUs or subsegments, are at inventory levels that are higher than they were at the same time last year, which allows us now to really put emphasis behind our brands. As I said, Topo Chico is supply. We've worked really well with our partners to increase our supply in the third quarter and beyond. That'll be coming through, which will allow our marketing teams to really put emphasis behind that. I think I've answered your question, Kevin, but help me if I haven't.

Kevin Grundy
Kevin Grundy
Analyst at Jefferies

Again, that's extremely helpful. If I could just squeeze in one quick follow-up. Tracey, on the cadence of the margin profile for this company, there's a lot of discussion on the ability for the company to reach pre-pandemic levels. As you look out, I understand there's a lot of volatility still in the environment. How should investors think about that, balancing the need to reinvest and get investment levels back to pre-pandemic levels? Is there any reason to think that over the next couple of years that at the total company level, margins should not reach where they were in 2019? I'll pass it on.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

Look, we had not given guidance beyond this year. As Gavin spoke to Revitalization Plan, that is about premiumization, which obviously comes with higher margin. It is about the cost savings initiatives in our breweries as well as from a G&A point of view. That should help. Beyond that, we haven't given guidance. I would just consider those items specifically related to Revitalization.

Kevin Grundy
Kevin Grundy
Analyst at Jefferies

Very good. I'll leave it there. Thank you. Good luck.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Thanks, Kevin.

Tracey Joubert
Tracey Joubert
CFO at Molson Coors Beverage Company

Thank you.

Operator

Our next question comes from Nadine Sarwat with Bernstein.

Nadine Sarwat
Nadine Sarwat
Analyst at Bernstein

Morning, everybody. Thank you for taking my question. I wanted to zoom in a little bit more on Europe. How much of the volume growth that you saw in Europe came from restocking at distributor levels or retailers, especially on trade? As you said, Freedom Day was meant to be in June, then it was moved to July. Any update on the state of the inventories now and how that can help us think of the state in Q3? Thank you.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Thanks, Nadine. As far as inventory levels, is that a question for Europe or for the U.S.?

Nadine Sarwat
Nadine Sarwat
Analyst at Bernstein

Maybe we kick off with Europe and then that was actually going to be my follow-up on the U.S.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Okay. Well, look, in Europe, we experienced progressive improvements as hospitality reopened. As you know, it reopened for outdoor consumption on April 12th, and then moved indoors on May 17th, and then obviously only fully out into Freedom Day on July 19th. We saw on-premise volumes in Q2 average around 70% of pre-pandemic levels. As I said, in July, we've seen on-premise really start to approach the 2019 levels. There wasn't a one week or two week buildup of inventory in the on-premise. I would say that would be more progressive. Frankly, we don't hold big inventories in the U.K. at all, so it's not going to be a material impact one way or another from an inventory level point of view.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

For as far as inventories in the U.S. are concerned, look, we said we wanted to be in a better place by Memorial Day, we were going to be in a good place by July the 4th with our big brands and our fast-moving SKUs. Certainly, cans was always the big challenge and we delivered what we said we were going to do with the cans on our big brands and large packs. The inventory levels for those SKUs actually have been and continue to be above the same levels as they were in 2020. We're making good progress there.

Nadine Sarwat
Nadine Sarwat
Analyst at Bernstein

Great. That's very helpful. Then if I could just squeeze in one more follow-up. A lot of questions so far on Topo Chico. Can you give us any indication as to data you're getting from the consumers? How much of that performance is coming with respect to new trials or repeat buys? Any additional color would be helpful.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Yeah, Nadine. The demand for Topo Chico is incredibly strong. It's really only got one SKU, and we've only got distribution in 16 markets. It's already the number three new item in the segment. It's quickly become the fastest-turning seltzer brand in Texas, the number three fastest-turning seltzer overall, right behind White Claw and Truly. Our supply continues to be tight, but our production's improved, that is going to allow us to push distribution and features. Our distributors, our retail partners have got strong belief in this brand, and we're seeing that from a consumer point of view as well. It's actually a top 10 growth brand in the country, and as I said, less than half of the states. From a where is the volume coming from, it's coming from across all of the demographic groups. There's no one particular demographic group that dominates.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

I'm sure it's taking share from some of our competitors. Yes, for sure.

Nadine Sarwat
Nadine Sarwat
Analyst at Bernstein

Okay. Thank you. I'll turn it over.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Thanks, Nadine.

Operator

Our next question is from Laurent Grandet, Guggenheim.

Laurent Grandet
Laurent Grandet
Analyst at Guggenheim

Thank you, and good afternoon, everyone. Two sets of questions, and the first one is really trying to exhaust the questions on seltzer. You recently mentioned that Coors Seltzer is tough, but you reiterated your goal to reach 10% of the seltzer category by year-end. If you can re-provide some color on how do you think you will bridge the gap from where you are right now to 10%? Really on this, with the loss of Coors Seltzer, will you be pushing for within the short term to gain more shelf space? How comfortable you are you will get that? Also with Coors Seltzer gone, you probably got some more, how you say, manufacturing capacity, potentially to launch faster Topo Chico if you were to return it in-house sooner.

Laurent Grandet
Laurent Grandet
Analyst at Guggenheim

Wanted to know if the stop has been impacting the timeline for Topo Chico to be repatriated in-house and to be relaunched in more states?

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Thanks, Laurent. As far as our 10% share goal is concerned, as I said, I think we've got two clear and differentiated winners with Vizzy and Topo Chico. With Vizzy, we're seeing strong traction with the innovation that we've brought, particularly the variety pack two and Vizzy Lemonade. We're seeing with retailers where we've got all three Vizzy SKUs on shelf that we see almost a two-thirds increase in each of those SKUs velocities. We're going to continue to fuel Vizzy's momentum. We've got more innovation coming. We have had innovation LTOs, like our June Pride pack, and we've just recently launched a watermelon variety pack. It's carved out a unique point of difference in the category and so much so that we're well on our way to becoming the number four spot in the segment, despite all the new entrants in 2021.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

I'm not going to show our hand in terms of which brands are going to take Coors Seltzer's space. You can assume that we do have innovation coming on Vizzy, and we'll utilize Coors Seltzer space to put that innovation from Vizzy into that space. We feel good about Vizzy. Vizzy will certainly be a big part of getting to our 10% share goal, as will Topo Chico. As I said to Nadine, I'm not going to repeat all of that, it does remain incredibly strong. Supply is improving. We have worked with our third-party suppliers to ramp up supply. We'll go national when we believe we can supply the markets that we're in at this point in time. How high is high is not quite clear yet on Topo Chico because we haven't been able to supply all the demand in Texas.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

We're over a 10% share, I said. Other states we're doing equally as well. In terms of when are we going to bring it in-house, we've always said we're going to bring it in-house in 2022. That plan is on track. When we do, it'll improve our margins and it's a slightly different process than perhaps Vizzy or Coors Seltzer, so it's not a direct substitution from a liquid point of view, but certainly from a can availability point of view, we've got that capacity and it's ready. Happy to take one more question, I think, operator.

Operator

Our last question comes from Sean King with UBS.

Sean King
Sean King
Analyst at UBS

Great. Thanks for getting me in here. One question I have is what was the cadence of depletions from, I guess we heard in the U.S., like a positive mid-single digits back in April to the -4% for the quarter? Any insights maybe you could provide on what you're seeing in July for depletions.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Thanks, Sean. Look, from a second quarter point of view, most of our decline would've been in the economy space. If you look at our share, I think I said, almost approaching 70% of our share loss is economy. It's a very choiceful decision that we've made. That doesn't mean that we don't think all segments matter, because we do. We do believe all segments matter, but we've chosen to ensure that we meet the demands of the largest segment of our consumers at this point in time. Most of that decline would've been driven by the choice we made around economy. As far as volume guidance into the second half, Sean, we don't do that as a matter of principle anymore. I know we used to do it in years past, but we're not going to give that now.

Sean King
Sean King
Analyst at UBS

All right. Worth a shot, but I appreciate the color. Thank you.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Thanks, Sean.

Operator

This concludes our question and answer session. I would like to turn the conference back to the speakers for any closing remarks.

Gavin Hattersley
Gavin Hattersley
President and CEO at Molson Coors Beverage Company

Thanks very much, operator. Look, I understand that there were more questions that we weren't able to get to today given the time constraints. Please, if you could follow up with our investor relations team, and we look forward to talking with many of you as the year progresses. Thank you everybody for participating in today's call.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Executives
    • Gavin Hattersley
      Gavin Hattersley
      President and CEO
    • Greg Tierney
      Greg Tierney
      VP of FP&A and Investor Relations
    • Tracey Joubert
      Tracey Joubert
      CFO
Analysts
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