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The comps rollercoaster continued for Molson Coors in Q1 2026. No longer dealing contract brewing losses and going up against extra soft results in Q1 yr ago, MC US shipments slipped just 2.5% with depletions down 3.5%, driven by "lower share performance in our core and value segments." Americas depletions dropped 3% and shipments fell 2.7% "primarily due to lower US" shipments, partly offset by shipments timing. Net sales in Americas grew 1% for the period with price and sales mix +3.1%, along with pre-tax income up 14.5% on constant currency basis. And on Apr 1, co officially acquired Monaco Cocktails maker Atomic Brands "for a purchase price of $275 million," subject to adjustment for net working capital. But recall that in Q1 2025 MC saw a massive 15.6% shipments drop in Americas with depletions down 7.4% while cycling the previous year's big US inventory build (stemming from Ft Worth strike), discontinuation of contract brewing arrangements with Pabst in US and Labatt in Canada, plus the last vestiges of the Bud Light bump. Just a year before that, co's Americas shipments jumped 7.5% with depletions +5.8% in Q1 2024.$30 Mil Impact from Midwest Premium; $36.1 Mil Decrease in Fair Value of Fevertree Investment Globally, MC's Q1 2026 shipments declined 2.9% with depletions down 3.1%, while net sales increased 2% (+0.1% in constant currency). Co's reported pre-tax income grew 24.6% (+16.2% constant currency) "primarily due to favorable changes in our unrealized mark-to-market commodity derivative positions of $70.5 million, lower MG&A, increased net pricing in the Americas segment and favorable mix as a result of premiumization."Tho that was partly offset by cost increases including a roughly $30 mil unfavorable impact attributable to Midwest Premium aluminum surcharge, as well as "unfavorable changes in the fair value of our investment in Fevertree Drinks plc of $36.1 million." Total COGS per hectoliter grew 3% for the period. But MG&A decreased 6.6% while cycling ~$30 mil of integration and transition fees from co's Fevertree USA deal yr ago, among other factors.Maintained Guidance for Flat Net Sales; Pre-Tax Income Down 15-18% Prexy and ceo Rahul Goyal termed it a "solid start to the year while executing our strategy in a dynamic external environment with limited near-term visibility." Q1 results were "largely in line with our expectations," added cfo Tracey Joubert, noting that "we are reaffirming our full year guidance metrics." Co continues to project flat net sales of -1% to +1% vs 2025 on constant currency basis, with underlying pre-tax income expected to decline in the range of 15-18%.Q2 No Picnic; Monaco to Contribute ~1% to Global Sales on Trailing 12-Mo Basis Despite the improvement to start the yr, Q2 is shaping up as no picnic. Next qtr co's US shipments are "expected to be between 6% and 9% lower than 2025, trailing anticipated brand volume trends," co noted. (Tho shipments are expected to outpace depletions in the second half of the year.) And while Midwest Premium aluminum costs are expected to be inflationary in each qtr this yr, the "largest increase" is currently expected in Q2. Then too, MG&A expenses are expected to increase in Q2-Q4, with the most significant increase expected in Q2 as well. Yet MC will get a solid incremental lift from Monaco, which is "expected to contribute ~1% to global NSR on a trailing twelve-month basis," around $110 mil, "expected to be incrementally profitable in year one with nine months in the portfolio."

MC US Shipments Down 2.5%, Depletions -3.5% in Q1; Atomic Acquired for $275 Mil

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