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The US beer biz got off to a better start, even "a little better than we expected," Molson Coors ceo Rahul Goyal commented during co's 1st qtr earnings call this morn. But "our share wasn't where we wanted it to be," he acknowledged. MC estimates the category declined 1.6%, cfo Tracey Joubert said, with MC losing 0.6 pts of share. Co continues to expect beer to do better than the -5% trend it posted in 2025, with MC improving its share performance thru the rest of the yr, she added. In general, execs are feeling good about summer "for category and for our portfolio," Rahul said, tho they "remain cautious" given external "volatility." "Work to Do" on Miller Lite in Great Lakes MC is taking a "sharper diagnostic approach" to identify pain points, Rahul explained, using Miller Lite as an example of the "more targeted ways we are addressing challenges." In its mainstream biz, "Coors Light is holding its own," he said, and "Banquet continues to build momentum," but MC's got "more work to do on Miller Lite." It's seeing "heightened competition in a couple of US regions," Rahul noted, later clarifying that it's mostly in the "Great Lakes area." But "we know where the issues are," he said, insisting it's "not a national concern" in need of a larger brand refresh. Lite is getting greater focus for co's programming linked to America's 250th celebrations, with English & Spanish ads.MC's "Leaky Bucket" of Value Brands; Klapple Coming; Local Focus The co's value portfolio has been "a leaky bucket for a long time," Rahul said, tho it's still a "pretty large base of our business." Right now, co's holding Miller High Life's share pretty "stable" and "doing particularly well" with the brand on-premise. In fact, MC's "top six brands all delivered share growth in the quarter," according to Nielsen CGA data. Plus, High Life Light is "performing well" in 22 states so far, Rahul said. But Keystone Light needs work. So MC's got an apple variant coming plus the reintroduction of Keystone Ice. Beyond those "two big brands," MC's also got "a number of other brands that are very local" in its value biz, also requiring differentiated local execution to leverage higher levels of "loyalty" for these brands "in particular parts of the country."Monaco Brings 80+ New Sales Folks, New Capabilities; Integration "Discipline" But the idea of value "shows up in different ways," Rahul reminded, noting that some consumers think about it in terms of strength or ABV as well. There he turned to MC's recent acquisition of Monaco RTD brand, primarily "a singles business" in c-stores, where the "highly incremental" brand really "strengthens our position." In fact, co kept just over 80 folks from Monaco's sales team to reinforce "continuity" while "meaningfully expanding" MC's "execution muscle" in the key channel. Integrating a new brand and co requires "discipline" and Rahul believes MC has "shown that with Fever-Tree." Co's been "focused on making sure we don't drop a case" as brand transitioned under its wing. Now with Monaco, it needs to "keep the magic that this brand has" and "bring that magic into our business." Production may still be at a 3rd party, but "job one" is to "make sure we can keep the commercial pressure and the focus on the business going forward," Rahul said."One-Offs" Led to Supply Constraints on "Particular Packages in Particular Geographies" Recall, MC offered investors a heads up of a particularly soft 6-9% US shipments decline coming in Q2. Co "did have some challenges with some one-off events" including "weather," brewery "upgrades," and "challenges with some of our suppliers, especially glass supply," Tracey explained today. MC keeps making "progress" and communicating with its distrib network, she continued. Recall, many distribs have complained about sizable supply interruptions leading in some cases to out of stocks, as INSIGHTS reported Monday. But Rahul acknowledged just "a few packages that we have a few pinch points on," following up that it's just some "particular packages in particular geographies."

MC's To Do List: Targeted Action on Miller Lite, "Leaky Bucket" of Value Brands; Keep Monaco "Magic" Alive

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