Dye & Durham launching strategic review that could include company sale
In connection with the review, the company announced that it has entered into a co-operation agreement with Plantro Ltd., a large shareholder that has been pushing for such a sale.
Dye & Durham says that as part of the agreement with Plantro, David Danziger will be appointed to the board and serve as chair of a newly formed special committee that will lead the strategic review.
It says Danziger is an experienced finance leader with a background in consulting on audits, accounting, mergers and acquisition and management.
In early June, Plantro demanded immediate action from Dye & Durham to address the nearly $1 billion in lost shareholder value after the company's share price had fallen by around 60 per cent since last December.
Plantro raised concerns about falling cash generation and rising costs and pushed for a special meeting of shareholders, a request it has agreed to withdraw under the agreement with the company.
This report by The Canadian Press was first published July 30, 2025.
Companies in this story: (TSX:DND)
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SSR Mining Reports Second Quarter 2025 Results
DENVER--(BUSINESS WIRE)--SSR Mining Inc. (Nasdaq/TSX: SSRM) ("SSR Mining" or the 'Company") reports consolidated financial results for the second quarter ended June 30, 2025. Operating results: Second quarter 2025 production was 120,191 gold equivalent ounces at cost of sales of $1,396 per payable ounce and all-in sustaining costs ('AISC') of $2,068 per payable ounce, or $1,858 per payable ounce exclusive of costs incurred at Çöpler in the quarter. (1) Year-to-date, the Company produced 223,987 gold equivalent ounces at cost of sales of $1,357 per payable ounce and all-in-sustaining costs of $2,024 per payable ounce, or $1,807 exclusive of costs incurred at Çöpler during the year. The Company remains on track for full-year 2025 guidance of 410,000 to 480,000 gold equivalent ounces from its Marigold, CC&V, Seabee and Puna operations at consolidated cost of sales of $1,375 to $1,435 per payable ounce and AISC of $2,090 to $2,150 per payable ounce. Financial results: In the second quarter of 2025, SSR Mining reported net income attributable to SSR Mining shareholders of $90.1 million, or $0.42 per diluted share and adjusted net income attributable to SSR Mining shareholders of $110.1 million, or $0.51 per diluted share. For the second quarter of 2025, SSR Mining generated $157.8 million in operating cash flow and $98.4 million in free cash flow. Over the same period, operating cash flow and free cash flow before working capital adjustments totaled $196.0 million and $136.6 million, respectively. Cash and liquidity position: As of June 30, 2025, SSR Mining had a cash and cash equivalent balance of $412.1 million and total liquidity of $912.1 million inclusive of the Company's undrawn revolving credit facility and accompanying accordion feature. In the second quarter of 2025, SSR Mining received $44.4 million in business interruption insurance proceeds associated with the Çöpler Incident. CC&V integration: In the first full quarter of operations within the SSR Mining portfolio, CC&V produced 44,062 ounces of gold at cost of sales of $1,116 per payable ounce and AISC of $1,339 per payable ounce. The CC&V integration has continued to progress positively, with the mine generating nearly $85 million in mine site free cash flow since the close of the acquisition. CC&V remains on track for full-year guidance metrics, and a technical report for CC&V based on existing Mineral Reserves remains on track for publication in 2025. Çöpler update: The Company continues to work closely with the relevant authorities in Türkiye to advance the restart of the Çöpler mine, including progressing various engineering plans and design documents. During the second quarter of 2025, the Company recorded an increase to the reclamation and remediation costs associated with the Çöpler incident. The revised estimate reflects an increase of $12.9 million above the previously disclosed estimated reclamation and remediation cost range of $250 to $300 million provided in the first quarter of 2024. The revision in estimate reflects the Company's advancement of the engineering and construction design of the East Storage Facility and the advancement of the studies for the permanent closure of the heap leach pad. While SSR Mining remains confident and committed to restarting operations, at this time, the Company is not able to estimate or predict when and under what conditions operations will resume at Çöpler. Puna mine life extension: SSR Mining has continued to advance opportunities to extend the Puna mine life, including pit laybacks at the Chinchillas pit, processing of stockpiles, and advancing exploration and engineering work at Cortaderas. Based on the work currently completed at Chinchillas, SSR Mining expects that 2026 silver production at Puna will be between 7 and 8 million ounces, an increase against the 2023 Puna Technical Report Summary ('TRS'). Production in 2027 and 2028 is expected to average approximately 4 million ounces of silver. The Company will continue to evaluate opportunities to extend the mine life at Puna, including advancing studies on the Cortaderas deposit. Development & exploration: During the second quarter of 2025, $16.2 million was spent at Hod Maden as engineering and initial site establishment efforts continued to progress, bringing year-to-date spend to $29.1 million at the project. Additionally, SSR Mining continued to advance exploration and development activities across its portfolio in the quarter. Rod Antal, Executive Chairman of SSR Mining, said, 'The second quarter of 2025 was another period of strong operational performance. Pleasingly, CC&V delivered well against expectations in its first full quarter in our portfolio, and the mine has now generated approximately $85 million in asset-level free cash flow in the four months since its acquisition, a remarkable outcome. With an updated technical report for CC&V also expected this year, we are excited to provide our initial view of the longer-term potential of the asset and further demonstrate the benefits of this accretive transaction. In Türkiye, initial development activities continued at Hod Maden, while efforts at Çöpler remain focused on advancing requirements towards a restart. Lastly, through our continued drive to deliver organic growth across the portfolio, we are pleased to announce the near-term extension of operations at Puna. This update provides a meaningful improvement over Puna's prior life of mine plan, and we view this extension as a first step in highlighting the continued and future upside at the asset through further development at Chinchillas and at Cortaderas.' Financial and Operating Summary A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2025 and June 30, 2024 are presented below: (1) The Company reports non-GAAP financial measures including adjusted net income attributable to SSR Mining shareholders, adjusted net income per share attributable to SSR Mining shareholders, cash provided by operating activities before changes in working capital, cash costs and AISC per ounce sold to manage and evaluate its operating performance at its mines. Cost of sales excludes depreciation, depletion, and amortization. AISC includes the cash component of care and maintenance costs. See 'Non-GAAP Financial Measures' at the end of this press release for an explanation of these financial measures and a reconciliation of these financial measures to net income (loss), cost of sales, and cash generated by operating activities, which are the most comparable GAAP financial measures. (2) Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate. (3) Gold equivalent ounces ('GEOs') are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average London Bullion Market Association ('LBMA') prices for the period. The Company does not include by-products in the GEO calculations. (4) Expand Marigold, USA (5) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Marigold. See "Cautionary Note Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. Expand For the three months ended June 30, 2025 and 2024, Marigold produced 35,906 and 25,691 ounces of gold, respectively. For the six months ended June 30, 2025 and 2024, Marigold produced 74,492 and 60,371 ounces of gold, respectively. During the second quarter of 2025, Marigold reported cost of sales of $1,584 per payable ounce and AISC of $1,977 per payable ounce. Full-year 2025 production guidance for Marigold is 160,000 to 190,000 ounces of gold at mine site cost of sales of $1,530 to $1,570 per payable ounce and AISC of $1,800 to $1,840 per payable ounce. For the remainder of the year, Marigold's production is expected to be approximately 55-60% weighted to the fourth quarter. Cripple Creek & Victor, USA (For the six months ended June 30, 2025, all metrics represent the period from February 28, 2025 to June 30, 2025, the period for which the Company was entitled to the economic benefits of CC&V following the acquisition) Three Months Ended June 30, Six Months Ended June 30, Operating Data 2025 2024 2025 2024 Gold produced (oz) 44,062 — 55,344 — Gold sold (oz) 44,800 — 56,100 — Ore mined (kt) 3,441 — 5,265 — Waste removed (kt) 4,880 — 6,451 — Total material mined (kt) 8,321 — 11,716 — Strip ratio 1.4 — 1.2 — Ore stacked (kt) 3,519 — 5,378 — Gold grade stacked (g/t) 0.50 — 0.45 — Average realized gold price ($/oz sold) $ 3,336 — $ 3,282 — Cost of sales ($/oz gold sold) $ 1,116 N/A $ 1,212 N/A Cash costs ($/oz gold sold) (6) $ 1,105 N/A $ 1,199 N/A AISC ($/oz gold sold) (6) $ 1,339 N/A $ 1,427 N/A Expand (6) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at CC&V. See "Cautionary Note Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. Expand For the three months ended June 30, 2025, CC&V produced 44,062 ounces of gold. Reflecting the closing of the CC&V acquisition during the first quarter of 2025, CC&V produced 55,344 for the period from February 28, 2025 and June 30, 2025. Inclusive of the 28,000 ounces of gold produced in the first two months of 2025, first half production from CC&V totaled 83,344 ounces of gold. During the second quarter of 2025, CC&V reported cost of sales of $1,116 per payable ounce and AISC of $1,339 per payable ounce. For the period of February 28, 2025 to December 31, 2025, production guidance for CC&V is 90,000 to 110,000 ounces of gold at mine site cost of sales of $1,470 to $1,510 per payable ounce and AISC of $1,800 to $1,840 per payable ounce. For the remainder of the year, CC&V's production is expected to be evenly weighted between the third and fourth quarters. Sustaining capital in the second half of 2025 is expected to be 75% weighted to the third quarter, with AISC expected to peak in the third quarter accordingly. A technical report for CC&V based on existing Mineral Reserves remains on track for publication in 2025. Seabee, Canada (7) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Seabee. See "Cautionary Note Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. Expand For the three months ended June 30, 2025 and 2024, Seabee produced 10,998 and 16,709 ounces of gold, respectively. For the six months ended June 30, 2025 and 2024, Seabee produced 36,999 and 40,482 ounces of gold, respectively. During the second quarter of 2025, Seabee reported cost of sales of $1,785 per payable ounce and AISC of $2,708 per payable ounce. Production during the second quarter of 2025 was impacted by power interruptions caused by forest fires to the north of the mine. The power supply to the site was restored on June 13, 2025, and there was no damage to the site as a result of the fires. In support of the emergency recovery and relief efforts for communities impacted by this year's forest fires across northern Saskatchewan & Manitoba, SSR Mining made a donation to the Canadian Red Cross. This donation was matched by the Government of Canada through a program designed to maximize the impact of support to those affected by the fires. Due to the suspension of operations in the second quarter and a concerted effort to prioritize underground mine development over the remainder of the year, full-year 2025 production at Seabee is targeted at the low end of the mine's previously issued production guidance of 70,000 to 80,000 ounces of gold. Puna, Argentina (8) GEOs are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the GEO calculations. (9) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of silver sold to manage and evaluate operating performance at Puna. See 'Cautionary Note Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. Expand For the three months ended June 30, 2025 and 2024, Puna produced 2.8 and 2.7 million ounces of silver, respectively. For the six months ended June 30, 2025 and 2024, Puna produced 5.4 and 4.6 million ounces of silver, respectively. During the second quarter of 2025, Puna reported cost of sales of $15.03 per payable ounce and AISC of $12.57 per payable ounce. Full-year 2025 production guidance at Puna is 8.00 to 8.75 million ounces at cost of sales of $12.50 to $14.00 per payable ounce of silver and AISC of $14.25 to $15.75 per payable ounce of silver. Puna's production over the remainder of 2025 is expected to be approximately 55% weighted to the third quarter. SSR Mining has continued to advance opportunities to extend the Puna mine life, including pit laybacks at the Chinchillas pit, processing of stockpiles, and advancing exploration and engineering work at Cortaderas. Based on the work currently completed at Chinchillas, SSR Mining expects that 2026 silver production at Puna will be between 7 and 8 million ounces, an increase against the 2023 Puna TRS. Production in 2027 and 2028 is expected to average approximately 4 million ounces of silver. The Company will continue to evaluate opportunities to extend mine, including advancing studies on the Cortaderas deposit. Çöpler, Türkiye (amounts presented on 100% basis) Operations at Çöpler were suspended following the February 13, 2024 incident at the Çöpler mine (the 'Çöpler Incident'). During the suspension, care and maintenance expense has been recorded which represents depreciation and direct costs not associated with the environmental reclamation and remediation costs. (10) Expand The Company continues to work closely with the relevant authorities in Türkiye to advance the restart of the Çöpler mine, including progressing various engineering plans and design documents. During the second quarter of 2025, the Company recorded an adjustment of reclamation and remediation costs associated with the Çöpler incident of $62.9 million, comprised of $9.4 million related to reclamation costs and $53.5 million related to remediation costs. The revised estimate is now $312.9 million, an increase of $12.9 million above the previously disclosed estimated reclamation and remediation cost range of $250.0 to $300.0 million. The revised estimate reflects the Company's advancement of the engineering and construction design of the permanent storage facility and the advancement of the studies for the permanent closure of the heap leach pad. As part of the heap leach pad closure planning, the Company will conduct further field investigations to confirm the integrity of the heap leach pad liner. This will entail exposing and inspecting sections of the heap leach pad liner. Following completion of the liner inspection, the Company will use the findings to refine and update the closure plan for the heap leach pad. These studies and inspections may result in revisions to the scope of work, estimated costs, and overall timelines related to the heap leach pad closure. While SSR Mining remains confident and committed to restarting operations, at this time, the Company is not able to estimate or predict when and under what conditions operations will resume at Çöpler. For additional information on the Çöpler Incident, including a discussion of the associated risks, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 18, 2025, and the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, filed on May 6, 2025, and June 30, 2025, filed on August 5, 2025. Conference Call Information This news release should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the U.S. Securities and Exchange Commission (the 'SEC') and available on the SEC website at or About SSR Mining SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX. For more information, please visit: Cautionary Note Regarding Forward-Looking Information and Statements: Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively 'forward-looking information') within the meaning of applicable securities laws. Forward-looking information may be contained in this document and our other public filings. Forward-looking information relates to statements concerning our outlook and anticipated events or results and in some cases, can be identified by terminology such as 'may', 'will', 'could', 'should', 'expect', 'plan', 'anticipate', 'believe', 'intend', 'estimate', 'projects', 'predict', 'potential', 'continue' or other similar expressions concerning matters that are not historical facts. Forward-looking information and statements in this news release are based on certain key expectations and assumptions made by us. Although we believe that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because we can give no assurance that they will prove to be correct. Forward-looking information and statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include, but are not limited to: local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; developments with respect to global pandemics, including the duration, severity and scope of a pandemic and potential impacts on mining operations; risks and uncertainties resulting from the incident at Çöpler described in our Annual Report on Form 10-K for the year ended December 31, 2024; and other risk factors detailed from time to time in our reports filed with the Securities and Exchange Commission on EDGAR and the Canadian securities regulatory authorities on SEDAR. Forward-looking information and statements in this news release include any statements concerning, among other things: all information related to the Company's Çöpler operations, including timelines, outlook, preliminary costs, remediation plans, and possible restart plans; forecasts and outlook; preliminary cost reporting in this document; timing, production, operating, cost, and capital expenditure guidance; our operational and development targets and catalysts and the impact of any suspensions on operations; the results of any gold reconciliations; the ability to discover additional oxide gold ore; the generation of free cash flow and payment of dividends; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; Mineral Resources, Mineral Reserves, conversion of Mineral Resources, realization of Mineral Reserves, and the existence or realization of Mineral Resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; timing and impact surrounding suspension or interruption of operations as a result of regulatory requirements or actions by governmental authority; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions. Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of our filings on EDGAR and SEDAR, and include: the assumptions made in respect of the Company's Çöpler operations; the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at our operations; commodity prices; the ultimate determination of and realization of Mineral Reserves; existence or realization of Mineral Resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; the Company's ability to efficiently integrate acquired mines and businesses and to manage the costs related to any such integration, or to retain key technical, professional or management personnel; lack of social opposition to our mines or facilities; lack of legal challenges with respect to our properties; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. The above list is not exhaustive of the factors that may affect any of the Company's forward-looking information. You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in our filings on our website at on SEDAR at and on EDGAR at and other unforeseen events or circumstances. Other than as required by law, we do not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. Cautionary Note Regarding Non-GAAP Measures We have included certain non-GAAP performance measures throughout this document. These performance measures are employed by us to measure our operating and economic performance internally and to assist in decision-making, as well as to provide key performance information to senior management. We believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders also use this information to evaluate our operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Our definitions of our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. These non-GAAP measures should be read in conjunction with our condensed consolidated interim financial statements. Cash costs, AISC per ounce sold, and free cash flow are Non-GAAP Measures with no standardized definition under U.S. GAAP. Non-GAAP Measure – Net Cash Net cash (debt) are used by management and investors to measure the Company's underlying operating performance. The Company believes that net cash (debt) is a useful measure for shareholders as it helps evaluate liquidity and available cash. The following table provides a reconciliation of cash and cash equivalents to net cash: In addition to net cash and net debt, the Company also uses Total liquidity to measure its financial position. Total liquidity is calculated as Cash and cash equivalents plus Restricted cash and borrowing capacity under current revolving credit facilities, including accordion features. As of June 30, 2025, no borrowings were outstanding on the Company's $400 million credit facility with a $100 million accordion feature. The following table provides a reconciliation of Cash and cash equivalents to Total liquidity: Non-GAAP Measure - Cash Costs and AISC Cash Costs and All-In Sustaining Costs ('AISC') per payable ounce of gold and respective unit cost measures are non-U.S. GAAP metrics developed by the World Gold Council to provide transparency into the costs associated with producing gold and provide a standard for comparison across the industry. The World Gold Council is a market development organization for the gold industry. The Company uses cash costs per ounce of precious metals sold and AISC per ounce of precious metals to monitor its operating performance internally. The most directly comparable measure prepared in accordance with GAAP is cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations and the impact of byproduct credits on its cost structure. The Company also believes it is a relevant metric used to understand its operating profitability. When deriving the cost of sales associated with an ounce of precious metal, the Company includes by-product credits, which allows management and other stakeholders to assess the net costs of gold and silver production. AISC includes total cost of sales incurred at the Company's mining operations, which forms the basis of cash costs. Additionally, the Company includes sustaining capital expenditures, sustaining mine-site exploration and evaluation costs, reclamation cost accretion and amortization, and general and administrative expenses. This measure seeks to reflect the ongoing cost of gold and silver production from current operations; therefore, growth capital is excluded. The Company determines sustaining capital to be capital expenditures that are necessary to maintain current production and execute the current mine plan. The Company determines growth capital to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation. The Company believes that AISC provides additional information to management and stakeholders that provides visibility to better define the total costs associated with production and better understanding of the economics of the Company's operations and performance compared to other producers. In deriving the number of ounces of precious metal sold, the Company considers the physical ounces available for sale after the treatment and refining process, commonly referred to as payable metal, as this is what is sold to third parties. The following tables provide a reconciliation of cost of sales to cash costs and AISC used in the calculation of 2025 cost guidance: Gold Production koz 160 – 190 90 – 110 70 – 80 — — 320 – 380 — 320 – 380 Silver Production Moz — — — 8.00 – 8.75 — 8.00 – 8.75 — 8.00 – 8.75 Gold Equivalent Production koz 160 – 190 90 – 110 70 – 80 90 – 100 — 410 – 480 — 410 – 480 Gold Sold koz 160 – 190 90 – 110 70 – 80 — — 320 – 380 — 320 – 380 Silver Sold Moz — — — 8.00 – 8.75 — 8.00 – 8.75 — 8.00 – 8.75 Gold Equivalent Sold koz 160 – 190 90 – 110 70 – 80 90 – 100 — 410 – 480 — 410 – 480 Cost of Sales (GAAP) $M 245 – 298 132 – 166 86 – 102 100 – 123 — 563 – 689 — 563 – 689 By-Product Credits + Treatment & Refining Costs $M — (1) — (8) — (10) — (10) Cash Cost (non-GAAP) (14) $M 245 – 298 131 – 165 86 – 102 92 – 114 — 554 – 679 — 554 – 679 Sustaining Capital Expenditures (15) $M 45 27 32 15 — 119 — 119 Reclamation Cost Accretion & Amortization $M 3 9 3 9 — 24 — 24 General & Administrative $M — — — — 60 – 65 60 – 65 — 60 – 65 Share-Based Compensation (16) $M — — — — 30 – 35 30 – 35 — 30 – 35 Care & Maintenance (17) $M — — — — — — 80 – 100 80 – 100 All-In Sustaining Cost (non-GAAP) (14) $M 293 – 346 166 – 201 121 – 137 115 – 138 90 – 100 786 – 921 80 – 100 866 – 1,021 Cost of Sales per Ounce (GAAP) $/oz 1,530 – 1,570 1,470 – 1,510 1,230 – 1,270 12.50 – 14.00 — 1,375 – 1,435 — 1,375 – 1,435 Cash Cost per Ounce (non-GAAP) (14) $/oz 1,530 – 1,570 1,460 – 1,500 1,230 – 1,270 11.35 – 12.85 — 1,350 – 1,410 — 1,350 – 1,410 All-In Sustaining Cost per Ounce (non-GAAP) (14) $/oz 1,800 – 1,840 1,800 – 1,840 1,710 – 1,750 14.25 – 15.75 — 1,890 – 1,950 — 2,090 – 2,150 Expand (12) Figures may not add due to rounding. (13) CC&V figures are presented as of February 28, 2025 onwards to account for attributable production to SSR Mining following the close of the CC&V transaction. Prior to the closing of the acquisition, CC&V produced 28,000 ounces of gold. For the full year, inclusive of ounces produced under Newmont's ownership, CC&V is expected to produce between 118,000 and 138,000 ounces of gold. (14) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at its mines. AISC includes reclamation cost accretion and amortization and certain lease payments. Total AISC includes G&A costs and share-based compensation, but excludes any care & maintenance costs incurred at Çöpler. Consolidated AISC reflects cash care & maintenance costs of approximately $20 - $25 million per quarter incurred at Çöpler until the mine is restarted. (15) Refer to '2025 Capital Guidance' table within our press release dated March 31, 2025 for a breakdown of sustaining exploration and evaluation expenditures. No material capital expenditures are expected at Çöpler until the mine is restarted. (16) Share-based compensation guidance uses a reference price of approximately US$15 per share. (17) Reflects the cash component of care & maintenance expenses that would be incurred at Çöpler in the event the operation did not restart within 2025. SSR Mining continues to work closely with the relevant authorities in Türkiye to advance the restart of the Çöpler mine, but at this time the Company is not able to estimate or predict when and under what conditions operations will resume. Expand The following tables provide a reconciliation of Cost of sales to cash costs and AISC: Three Months Ended June 30, 2024 Marigold CC&V Seabee Puna Corporate Total Çöpler Consolidated Cost of sales (GAAP) (18) $ 39,237 N/A $ 17,275 $ 40,070 $ — $ 96,582 $ — $ 96,582 By-product credits $ (61) N/A $ (14) $ (13,783) $ — $ (13,858) $ — $ (13,858) Treatment and refining charges $ 74 N/A $ 45 $ 2,038 $ — $ 2,157 $ — $ 2,157 Cash costs (non-GAAP) $ 39,250 N/A $ 17,306 $ 28,325 $ — $ 84,881 $ — $ 84,881 Sustaining capital and lease related expenditures $ 12,432 N/A $ 6,201 $ 3,550 $ — $ 22,183 $ 4,602 $ 26,785 Sustaining exploration and evaluation expense $ 274 N/A $ — $ — $ — $ 274 $ — $ 274 Care and maintenance (19) $ — N/A $ — $ — $ — $ — $ 17,283 $ 17,283 Reclamation cost accretion and amortization $ 605 N/A $ 922 $ 5,926 $ — $ 7,453 $ 493 $ 7,946 General and administrative expense and stock-based compensation expense (20) $ — N/A $ — $ — $ 13,452 $ 13,452 $ — $ 13,452 Total AISC (non-GAAP) $ 52,561 N/A $ 24,429 $ 37,801 $ 13,452 $ 128,243 $ 22,378 $ 150,621 Gold sold (oz) 25,450 N/A 15,020 — — 40,470 — 40,470 Silver sold (oz) — N/A — 2,489,064 — 2,489,064 — 2,489,064 Gold equivalent sold (oz) (21) 25,450 N/A 15,020 30,720 — 71,190 — 71,190 Cost of sales per gold ounces sold $ 1,542 N/A $ 1,150 N/A N/A N/A N/A N/A Cost of sales per silver ounces sold N/A N/A N/A $ 16.10 N/A N/A N/A N/A Cost of sales per gold equivalent ounce sold $ 1,542 N/A $ 1,150 $ 1,304 N/A $ 1,357 N/A $ 1,357 Cash cost per gold ounce sold $ 1,542 N/A $ 1,152 N/A N/A N/A N/A N/A Cash cost per silver ounce sold N/A N/A N/A $ 11.38 N/A N/A N/A N/A Cash cost per gold equivalent ounce sold $ 1,542 N/A $ 1,152 $ 922 N/A $ 1,192 N/A $ 1,192 AISC per gold ounce sold $ 2,065 N/A $ 1,626 N/A N/A N/A N/A N/A AISC per silver ounce sold N/A N/A N/A $ 15.19 N/A N/A N/A N/A AISC per gold equivalent ounce sold $ 2,065 N/A $ 1,626 $ 1,231 N/A $ 1,801 N/A $ 2,116 Expand (18) Excludes depreciation, depletion, and amortization. (19) Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC. (20) General and administrative expense for the three months ended June 30, 2025 included $6.4 million in share based compensation expense. (21) GEOs are calculated using the silver ounces sold multiplied by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include copper, lead, or zinc as they are considered by-products. GEOs sold may not re-calculate based on amounts presented in this table due to rounding. Expand Six Months Ended June 30, 2025 Marigold CC&V (22) Seabee Puna Corporate Total Çöpler Consolidated Cost of sales (GAAP) (23) $ 115,102 $ 67,968 $ 41,604 $ 74,915 $ — $ 299,589 $ — $ 299,589 By-product credits $ (71) $ (714) $ (40) $ (23,255) $ — $ (24,080) $ — $ (24,080) Treatment and refining charges $ 158 $ 5 $ 66 $ (344) $ — $ (115) $ — $ (115) Cash costs (non-GAAP) $ 115,189 $ 67,259 $ 41,630 $ 51,316 $ — $ 275,394 $ — $ 275,394 Sustaining capital and lease related expenditures $ 23,439 $ 7,667 $ 20,510 $ 5,977 $ — $ 57,593 $ 4,621 $ 62,214 Sustaining exploration and evaluation expense $ 1,674 $ — $ — $ — $ — $ 1,674 $ — $ 1,674 Care and maintenance (24) $ — $ — $ 234 $ — $ — $ 234 $ 42,358 $ 42,592 Reclamation cost accretion and amortization $ 1,363 $ 5,117 $ 1,388 $ 5,804 $ — $ 13,672 $ 845 $ 14,517 General and administrative expense and stock-based compensation expense (25) $ — $ — $ — $ — $ 50,529 $ 50,529 $ — $ 50,529 Total AISC (non-GAAP) $ 141,665 $ 80,043 $ 63,762 $ 63,097 $ 50,529 $ 399,096 $ 47,824 $ 446,920 Gold sold (oz) 75,997 56,100 36,350 — — 168,447 — 168,447 Silver sold (oz) — — — 4,908,738 — 4,908,738 — 4,908,738 Gold equivalent sold (oz) (26) 75,997 56,100 36,350 52,396 — 220,843 — 220,843 Cost of sales per gold ounces sold $ 1,515 $ 1,212 $ 1,145 N/A N/A N/A N/A N/A Cost of sales per silver ounces sold N/A N/A N/A $ 15.26 N/A N/A N/A N/A Cost of sales per gold equivalent ounce sold $ 1,515 $ 1,212 $ 1,145 $ 1,430 N/A $ 1,357 N/A $ 1,357 Cash cost per gold ounce sold $ 1,516 $ 1,199 $ 1,145 N/A N/A N/A N/A N/A Cash cost per silver ounce sold N/A N/A N/A $ 10.45 N/A N/A N/A N/A Cash cost per gold equivalent ounce sold $ 1,516 $ 1,199 $ 1,145 $ 979 N/A $ 1,247 N/A $ 1,247 AISC per gold ounce sold $ 1,864 $ 1,427 $ 1,754 N/A N/A N/A N/A N/A AISC per silver ounce sold N/A N/A N/A $ 12.85 N/A N/A N/A N/A AISC per gold equivalent ounce sold $ 1,864 $ 1,427 $ 1,754 $ 1,204 N/A $ 1,807 N/A $ 2,024 Expand Six Months Ended June 30, 2024 Marigold CC&V Seabee Puna Corporate Total Çöpler Consolidated Cost of sales (GAAP) (23) $ 88,308 N/A $ 41,708 $ 68,044 $ — $ 198,060 $ 24,423 $ 222,483 By-product credits $ (62) N/A $ (39) $ (22,848) $ — $ (22,949) $ (345) $ (23,294) Treatment and refining charges $ 147 N/A $ 80 $ 3,520 $ — $ 3,747 $ 351 $ 4,098 Cash costs (non-GAAP) $ 88,393 N/A $ 41,749 $ 48,716 $ — $ 178,858 $ 24,429 $ 203,287 Sustaining capital and lease related expenditures $ 14,737 N/A $ 21,106 $ 6,909 $ — $ 42,752 $ 9,689 $ 52,441 Sustaining exploration and evaluation expense $ 628 N/A $ — $ — $ — $ 628 $ — $ 628 Care and maintenance (24) $ — N/A $ — $ — $ — $ — $ 24,961 $ 24,961 Reclamation cost accretion and amortization $ 1,540 N/A $ 1,849 $ 8,075 $ — $ 11,464 $ 978 $ 12,442 General and administrative expense and stock-based compensation expense (25) $ — N/A $ — $ — $ 26,312 $ 26,312 $ — $ 26,312 Total AISC (non-GAAP) $ 105,298 N/A $ 64,704 $ 63,700 $ 26,312 $ 260,014 $ 60,057 $ 320,071 Gold sold (oz) 62,319 N/A 43,470 — — 105,789 23,960 129,749 Silver sold (oz) — N/A — 4,147,685 — 4,147,685 — 4,147,685 Gold equivalent sold (oz) (26) 62,319 N/A 43,470 49,115 — 154,904 23,960 178,864 Cost of sales per gold ounces sold $ 1,417 N/A $ 959 N/A N/A N/A $ 1,019 N/A Cost of sales per silver ounces sold N/A N/A N/A $ 16.41 N/A N/A N/A N/A Cost of sales per gold equivalent ounce sold $ 1,417 N/A $ 959 $ 1,385 N/A $ 1,279 $ 1,019 $ 1,244 Cash cost per gold ounce sold $ 1,418 N/A $ 960 N/A N/A N/A $ 1,020 N/A Cash cost per silver ounce sold N/A N/A N/A $ 11.75 N/A N/A N/A N/A Cash cost per gold equivalent ounce sold $ 1,418 N/A $ 960 $ 992 N/A $ 1,155 $ 1,020 $ 1,137 AISC per gold ounce sold $ 1,690 N/A $ 1,488 N/A N/A N/A $ 2,507 N/A AISC per silver ounce sold N/A N/A N/A $ 15.36 N/A N/A N/A N/A AISC per gold equivalent ounce sold $ 1,690 N/A $ 1,488 $ 1,297 N/A $ 1,679 $ 2,507 $ 1,789 Expand (22) CC&V data presented represents the period from February 28, 2025 to June 30, 2025, the period for which the Company was entitled to the economic benefits of CC&V following the acquisition. (23) Excludes depreciation, depletion, and amortization. (24) Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC. (25) General and administrative expense for the six months ended June 30, 2025 included $15.8 million in share based compensation expense. (26) GEOs are calculated using the silver ounces sold multiplied by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include copper, lead, or zinc as they are considered by-products. GEOs sold may not re-calculate based on amounts presented in this table due to rounding. Expand Non-GAAP Measure - Adjusted Net Income (Loss) Attributable to SSR Mining Shareholders and Adjusted Net Income (Loss) Per Share Attributable to SSR Mining Shareholders Adjusted attributable net income (loss) and adjusted attributable net income (loss) per share are used by management to measure the Company's underlying operating performance. We believe this measure is also useful for shareholders to assess the Company's operating performance. The most directly comparable financial measures prepared in accordance with GAAP are net income (loss) attributable to SSR Mining shareholders and net income (loss) per share attributable to SSR Mining shareholders. Adjusted net income (loss) attributable to SSR Mining shareholders is defined as net income (loss) adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the Company's underlying operations, including the expected impacts of Çöpler Incident; inflationary impacts on tax balances; transaction, integration; and other non-recurring items. The following table provides a reconciliation of Net income (loss) attributable to SSR Mining shareholders to adjusted net income (loss) attributable to SSR Mining shareholders: (23) For the three months ended June 30, 2025, the effects of the Çöpler Incident represent (1) reclamation costs of $7.5 million (presented net of pre-tax attributable non-controlling interest of $1.9 million) and remediation costs of $42.8 million (presented net of pre-tax attributable non-controlling interest of $10.7 million) and (2) contingencies and expenses of $1.8 million (presented net of pre-tax attributable non-controlling interest of $0.5 million). For the six months ended June 30, 2025, the effects of the Çöpler Incident represent (1) reclamation costs of $7.5 million (presented net of pre-tax attributable non-controlling interest of $1.9 million) and remediation costs of $42.8 million (presented net of pre-tax attributable non-controlling interest of $10.7 million) and (2) contingencies and expenses of $3.1 million (presented net of pre-tax attributable non-controlling interest of $0.8 million). For the six months ended June 30, 2024, the effects of the Çöpler Incident represent (1) reclamation costs of $9.0 million (presented net of pre-tax attributable non-controlling interest of $2.2 million) and remediation costs of $209.3 million (presented net of pre-tax attributable non-controlling interest of $52.4 million); (2) impairment charges of $91.4 million (presented net of pre-tax attributable non-controlling interest of $22.8 million) related to plans to permanently close the heap leach pad; and (3) contingencies and expenses of $12.3 million (presented net of pre-tax attributable non-controlling interest of $3.0 million). (24) For the three and six months ended June 30, 2025, represents $35.5 million (presented net of pre-tax attributable non-controlling interest of $8.9 million) of business interruption insurance proceeds received associated with the Çöpler Incident. (25) Adjusted net income (loss) per diluted share attributable to SSR Mining shareholders is calculated using diluted common shares, which are calculated in accordance with GAAP. For the three months ended June 30, 2024, $1.2 million interest saving on 2019 Notes, net of tax, and dilutive potential shares of approximately 12.9 million were excluded from the computation of diluted loss per common share attributable to SSR Mining shareholders in the Condensed Consolidated Statement of Operations as they were antidilutive. For the six months ended June 30, 2024, $2.5 million interest saving on 2019 Notes, net of tax, and dilutive potential shares of approximately 12.9 million were excluded from the computation of diluted loss per common share attributable to SSR Mining shareholders in the Condensed Consolidated Statement of Operations as they were antidilutive. These interest savings and shares were included in the computation of adjusted net income (loss) per diluted share attributable to SSR Mining shareholders for the six months ended June 30, 2024. Expand Non-GAAP Measure - Free Cash Flow, Cash Flow From Operating Activities Before Changes in Working Capital, and Free Cash Flow Before Changes in Working Capital The Company uses free cash flow, cash flow from operating activities before changes in working capital, and free cash flow before changes in working capital to supplement information in its condensed consolidated financial statements. The most directly comparable financial measures prepared in accordance with GAAP is cash provided by operating activities. The Company believes that in addition to conventional measures prepared in accordance with US GAAP, certain investors and analysts use this information to evaluate the ability of the Company to generate cash flow after capital investments and build the Company's cash resources. The Company calculates free cash flow by deducting cash capital spending from cash generated by operating activities. The Company does not deduct payments made for business acquisitions. The following table provides a reconciliation of cash provided by operating activities to free cash flow: We also present operating cash flow before working capital adjustments and free cash flow before working capital adjustments as non-GAAP cash flow measures to supplement our operating cash flow and free cash flow (non-GAAP) measures. We believe presenting both operating cash flow and free cash flow before working capital adjustments, which reflects an exclusion of net changes in operating assets and liabilities, will be useful for investors because it presents cash flow that is actually generated from the continuing business. The Company calculates cash generated by (used in) operating activities before changes in working capital by adjusting cash generated by (used in) operating activities by the net change in operating assets and liabilities. The Company also calculates free cash flow before changes in working capital by deducting cash capital spending from cash flow from operating activities before changes in working capital. The following table provides a reconciliation of cash provided by operating activities to cash generated by (used in) operating activities before changes in working capital, and free cash flow before changes in working capital:
Business Wire
9 hours ago
- Business Wire
Vecima to Highlight Efficient, AI-powered Video Streaming and Innovative Monetization Solutions at IBC 2025
VICTORIA, British Columbia--(BUSINESS WIRE)--Vecima Networks Inc. (TSX: VCM) today announced its MediaScale™ solution line-up for IBC 2025 in Amsterdam, highlighting multiple video industry innovations, including KeyFrame and MediaScale Open CDN. The KeyFrame Media Optimization solution enables Content Providers to elevate video quality using real-time generative AI while simultaneously reducing bitrates. This patented technology not only continues to ensure true 1080p and 4K resolution but also features advanced capabilities such as denoising and artifact removal, spatial and temporal anti-aliasing, and artifact-free upscaling. In addition, it can significantly reduce bitrates, resulting in efficiencies in both storage and transmission. Blue Stream Fiber, Florida's fastest-growing fiber-optic telecommunications provider, recently announced its deployment of KeyFrame to enhance the video quality streaming experience for subscribers of its Blue Stream Fiber TV service. With the MediaScale Open CDN solution, Content Providers can improve video streaming quality and cut public CDN costs, and Broadband Service Providers can reduce streaming congestion and monetize the content they're already delivering. Open CDN delivers video streaming at the highest available bitrates, with reduced rebuffering, while providing the lowest cost of ownership available. The subscriber's viewing experience is improved significantly since the content is cached deep inside the operator's network ― much closer to the subscriber than is currently possible using public CDNs. Vecima's existing edge caching technology currently enables a broad set of operators around the world to deliver high-quality IP video content to millions of subscribers. Through the application of Open Caching technology, this large cache footprint can be used to bring significant value to content providers and improve customer satisfaction to millions of video subscribers. MediaScale Ad Monetization with Dynamic Content helps Broadband Service Providers gain control over content by supporting content rights, blackouts, and advertising. By manipulating content at the edge of the network, operators can deliver more efficient, personalized video content and more opportunities to monetize that content with targeted, high-value ads. 'Vecima's MediaScale platform is used by operators around the world and continues to be the model for reliable, flexible, and simplified video streaming,' said Paul Strickland, Vice President and General Manager, Vecima Content Delivery & Storage. 'We're helping content owners and service providers alike reduce churn, drive greater revenues, and increase subscriber satisfaction with our comprehensive platform of video delivery solutions.' Visit Vecima at IBC 2025, September 12-15, at the RAI in Amsterdam Stand B15 in Hall 1 About Vecima Networks Vecima Networks Inc. (TSX: VCM) is leading the global evolution to the multigigabit, content-rich networks of the future. Our talented people deliver future-ready software, services, and integrated platforms that power broadband and video streaming networks, monitor and manage transportation, and transform experiences in homes, businesses, and everywhere people connect. We help our customers evolve their networks with cloud-based solutions that deliver ground-breaking speed, superior video quality, and exciting new services to their subscribers. Learn more at This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding Vecima's business strategies and objectives, and the anticipated benefits, performance, capabilities, availability or adoption of its products and services. Such statements reflect current expectations and assumptions about future events and are subject to risks and uncertainties. Vecima undertakes no obligation to update any forward-looking statements unless required by law.
Business Wire
10 hours ago
- Business Wire
Molson Coors Beverage Company Reports 2025 Second Quarter Results
GOLDEN, Colo. & MONTRÉAL--(BUSINESS WIRE)--Molson Coors Beverage Company ("MCBC," "Molson Coors" or "the Company") (NYSE: TAP, TAP.A; TSX: TPX.A, TPX.B) today reported results for the 2025 second quarter. 2025 SECOND QUARTER FINANCIAL HIGHLIGHTS 1 Net sales decreased 1.6% reported and 2.6% in constant currency. U.S. GAAP income before income taxes decreased 0.9% to $554.9 million. Underlying (Non-GAAP) income before income taxes was $531.5 million, a decrease of 0.8% in constant currency. U.S. GAAP net income attributable to MCBC of $428.7 million, $2.13 per share on a diluted basis. Underlying (Non-GAAP) diluted EPS of $2.05 increased 6.8%. Updated or reaffirmed 2025 full year guidance for the following key financial metrics: Net sales: 3% to 4% decline on a constant currency basis, compared to low single-digit decline, previously Underlying (Non-GAAP) income (loss) before income taxes: 12% to 15% decline on a constant currency basis, compared to a low-single digit decline, previously Underlying (Non-GAAP) diluted earnings per share: 7% to 10% decline compared to a low single-digit growth, previously Underlying (Non-GAAP) net interest expense: $225 million, plus or minus 5%, compared to $215 million, plus or minus 5%, previously Underlying (Non-GAAP) free cash flow: $1.3 billion, plus or minus 10%, remains unchanged CEO AND CFO PERSPECTIVES Gavin Hattersley, President and Chief Executive Officer Statement: "We continue to view the incremental softness in the industry performance this year as cyclical, and we continue to believe in Molson Coors' ability to achieve its long-term growth objectives. That said, our second quarter financial results were impacted by the macroeconomic environment and its broad effects on the beer industry and consumer, our softer U.S. share performance, as well as the resulting impact of volume deleverage. Additionally, in the quarter we experienced expected headwinds primarily from the discontinuation of our contract brewing arrangements in the Americas at the end of 2024. This was all partially offset by strong price and mix growth across both business units, favorable timing of U.S. shipments and lower MG&A largely due to reduced incentive compensation and the timing of marketing spend. As a result of the anticipated ongoing macroeconomic impacts on the industry, our lower-than-expected U.S. share performance, and higher-than-expected indirect tariff impacts on the pricing of aluminum, in particular the Midwest Premium pricing, we have adjusted our 2025 full year top and bottom-line guidance. However, we are reaffirming our annual underlying free cash flow guidance of $1.3 billion plus or minus 10% due to expected higher cash tax benefits and favorable working capital. While navigating these macroeconomic pressures, we have continued to execute our Acceleration Plan and prudently invest behind our business and our brands to support long-term profitable growth. Collectively, we have held most of the share gains over the last three years for our core U.S. power brands – Coors Light, Miller Lite, and Coors Banquet. We remain committed to our premiumization plans: in EMEA&APAC behind the strength of Madri, in Canada with continued growth in Miller Lite and our flavor portfolio, and in the U.S. with Peroni and our partnership with Fever-Tree as well as continued focus against Blue Moon." Tracey Joubert, Chief Financial Officer Statement: "We are pleased with the strength of our balance sheet and cash generation, which is particularly important during a challenging macroeconomic environment. It has allowed us to continue to execute our strategic growth initiatives as well as return $500 million to shareholders for the first half of the year through a competitive dividend and accelerated pace of share repurchases. We are committed to protecting and growing our underlying free cash flow while making prudent capital allocation decisions that support the long-term health of our business and brands and returning even more cash to shareholders." For the Six Months Ended ($ in millions, except per share data) (Unaudited) June 30, 2025 June 30, 2024 Reported Increase (Decrease) Foreign Exchange Impact Constant Currency Increase (Decrease) (1) Net sales $ 5,504.9 $ 5,848.7 (5.9 )% $ 11.7 (6.1 )% U.S. GAAP income (loss) before income taxes $ 711.2 $ 825.3 (13.8 )% $ 4.1 (14.3 )% Underlying income (loss) before income taxes (1) $ 662.6 $ 790.0 (16.1 )% $ 4.8 (16.7 )% U.S. GAAP net income (loss) (2) $ 549.7 $ 634.8 (13.4 )% Per diluted share (4) $ 2.71 $ 2.99 (9.4 )% Underlying net income (loss) (1) $ 514.0 $ 607.0 (15.3 )% Per diluted share $ 2.54 $ 2.86 (11.2 )% Financial volume (3) 36.279 40.404 (10.2 )% Brand volume (3) 36.159 38.614 (6.4 )% The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable. Expand (1) Represents income (loss) before income taxes and net income (loss) attributable to MCBC adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency. (2) Net income (loss) attributable to MCBC. (3) See Worldwide and Segment Brand and Financial Volume in the Appendix for definitions of financial volume and brand volume as well as the reconciliation from financial volume to brand volume. Expand QUARTERLY CONSOLIDATED HIGHLIGHTS (VERSUS SECOND QUARTER 2024 RESULTS) Net sales: The following table highlights the drivers of the change in net sales for the three months ended June 30, 2025, compared to June 30, 2024 (in percentages): Net sales decreased 1.6%, driven by lower financial volumes, partially offset by favorable price and sales mix and favorable foreign currency impacts. Net sales decreased 2.6% in constant currency. Financial volumes decreased 7.0%, primarily due to lower shipments in both the Americas and EMEA&APAC segments. Brand volumes decreased 5.1%, including a 4.0% decrease in the Americas as well as a 7.8% decrease in EMEA&APAC. Price and sales mix favorably impacted net sales by 4.4%, primarily due to favorable sales mix and increased net pricing in both segments. Americas favorable sales mix was primarily driven by lower contract brewing volume. Net sales per hectoliter increased 5.8% reported and 4.7% on a constant currency basis. Cost of goods sold ("COGS"): decreased 0.2% on a reported basis, primarily due to lower financial volumes, partially offset by higher cost of goods sold per hectoliter and unfavorable foreign currency impacts of $21.3 million. COGS per hectoliter: increased 7.3% on a reported basis, primarily due to unfavorable mix driven by lower contract brewing volumes in the Americas segment and premiumization, volume deleverage, cost inflation related to materials and manufacturing expenses as well as unfavorable changes in our unrealized mark-to-market commodity derivative positions, partially offset by cost savings initiatives. Underlying (Non-GAAP) COGS per hectoliter: increased 4.9% in constant currency, primarily due to unfavorable mix driven by lower contract brewing volumes in the Americas segment and premiumization, volume deleverage as well as cost inflation related to materials and manufacturing expenses, partially offset by cost savings initiatives. Marketing, general & administrative ("MG&A"): decreased 4.9% on a reported basis, primarily due to timing of marketing investment and lower general and administrative expenses as a result of lower incentive compensation expense, partially offset by unfavorable foreign currency impacts of $7.3 million. Underlying (Non-GAAP) MG&A: decreased 5.8% in constant currency. U.S. GAAP income (loss) before income taxes: U.S. GAAP income before income taxes declined 0.9% on a reported basis, primarily due to lower financial volumes, cost inflation related to materials and manufacturing expenses as well as the unfavorable changes in our unrealized mark-to-market commodity derivative positions, partially offset by increased net pricing, favorable mix, lower MG&A expense, the favorable fair value adjustment of our investment in Fevertree Drinks plc and cost savings initiatives. Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes decreased 0.8% in constant currency, primarily due to lower financial volumes and cost inflation related to materials and manufacturing expenses, partially offset by increased net pricing, favorable mix, lower MG&A expense and cost savings initiatives. (1) See Appendix for definitions and reconciliations of non-GAAP financial measures. Expand The second quarter U.S. GAAP effective tax rate and Underlying (Non-GAAP) effective tax rate were relatively flat compared to the prior year. Net income (loss) attributable to MCBC per diluted share: Net income attributable to MCBC per diluted share increased 4.9%, primarily due to a decrease in the weighted average diluted shares outstanding driven by share repurchases. Underlying (Non-GAAP) net income (loss) attributable to MCBC per diluted share: Underlying net income attributable to MCBC per diluted share increased 6.8%, primarily due to a decrease in the weighted average diluted shares outstanding driven by share repurchases. QUARTERLY SEGMENT HIGHLIGHTS (VERSUS SECOND QUARTER 2024 RESULTS) Americas Segment Overview The following tables highlight the Americas segment results for the three and six months ended June 30, 2025, compared to June 30, 2024: For the Six Months Ended ($ in millions) (Unaudited) June 30, 2025 June 30, 2024 Reported % Change FX Impact Constant Currency % Change (2) Net sales (1) $ 4,386.6 $ 4,721.3 (7.1 ) $ (19.4 ) (6.7 ) Income (loss) before income taxes (1) $ 747.5 $ 807.7 (7.5 ) $ 0.3 (7.5 ) Underlying income (loss) before income taxes (1)(2) $ 717.0 $ 808.5 (11.3 ) $ 0.3 (11.4 ) The reported percent change and the constant currency percent change in the above tables are presented as (unfavorable) favorable. Expand (1) Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals. (2) Represents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency. Expand Americas Segment Highlights (Versus Second Quarter 2024 Results) Net sales: The following table highlights the drivers of the change in net sales for the three months ended June 30, 2025, compared to June 30, 2024 (in percentages): Net sales decreased 2.8%, driven by lower financial volumes and unfavorable foreign currency impacts, partially offset by favorable price and sales mix. Net sales decreased 2.6% in constant currency. Financial volumes decreased 6.6%, primarily due to lower U.S. brand volume and an approximate 3% impact from lower contract brewing volume related to the exit of contract brewing arrangements in both the U.S. and Canada at the end of 2024, partially offset by favorable timing of U.S. shipments. Americas brand volumes decreased 4.0%, including a 5.3% decrease in the U.S., impacted by the macroeconomic environment resulting in industry softness as well as lower share performance. Price and sales mix favorably impacted net sales by 4.0%, primarily due to favorable sales mix as a result of lower contract brewing volumes and positive brand mix as well as increased net pricing. Net sales per hectoliter increased 4.2% reported and 4.3% on a constant currency basis. U.S. GAAP income (loss) before income taxes: U.S. GAAP income before income taxes increased 10.5% on a reported basis, primarily due to favorable mix, increased net pricing, lower MG&A expense, favorable unrealized fair value adjustment of the investment in Fevertree Drinks plc and cost savings initiatives, partially offset by lower financial volumes and cost inflation related to materials and manufacturing expenses. Lower MG&A spend was primarily due to timing of marketing investment and lower incentive compensation. Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes increased 5.4% in constant currency, primarily due to favorable mix, increased net pricing, lower MG&A expense and cost savings initiatives, partially offset by lower financial volumes and cost inflation related to materials and manufacturing expenses. EMEA&APAC Segment Overview The following tables highlight the EMEA&APAC segment results for the three and six months ended June 30, 2025, compared to June 30, 2024: For the Six Months Ended ($ in millions) (Unaudited) June 30, 2025 June 30, 2024 Reported % Change FX Impact Constant Currency % Change (2) Net sales (1) $ 1,131.2 $ 1,138.0 (0.6 ) $ 31.1 (3.3 ) Income (loss) before income taxes (1) $ 45.6 $ 70.2 (35.0 ) $ 7.4 (45.6 ) Underlying income (loss) before income taxes (1)(2) $ 53.2 $ 63.7 (16.5 ) $ 7.9 (28.9 ) The reported percent change and the constant currency percent change in the above tables are presented as (unfavorable) favorable. Expand (1) Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals. (2) Represents income (loss) before income taxes adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency. Expand EMEA&APAC Segment Highlights (Versus Second Quarter 2024 Results) Net sales: The following table highlights the drivers of the change in net sales for the three months ended June 30, 2025, compared to June 30, 2024 (in percentages): Net sales increased 3.0%, driven by favorable price and sales mix and favorable foreign currency impacts, partially offset by lower financial volumes. Net sales decreased 2.3% in constant currency. Financial and brand volumes decreased 7.8%, primarily due to lower volumes across all regions driven by soft market demand and a heightened competitive landscape. Price and sales mix favorably impacted net sales by 5.5%, primarily due to geographic mix, premiumization and higher factored brand volumes, as well as increased net pricing. Net sales per hectoliter increased 11.8% reported and 6.0% on a constant currency basis. U.S. GAAP income (loss) before income taxes: U.S. GAAP income before income taxes decreased 20.2% on a reported basis primarily due to lower financial volumes and higher U.K. waste management fees as a result of the change in the extended producer responsibility regulations, partially offset by lower MG&A expense driven by lower incentive compensation and cost savings, increased net pricing and favorable mix, as well as favorable foreign currency impacts of $5.4 million. Underlying (Non-GAAP) income (loss) before income taxes: Underlying income before income taxes decreased 17.9% in constant currency, primarily due to lower financial volumes and higher U.K. waste management fees as a result of the change in the extended producer responsibility regulations, partially offset by lower MG&A expense driven by lower incentive compensation and cost savings, increased net pricing and favorable mix. CASH FLOW AND LIQUIDITY HIGHLIGHTS U.S. GAAP cash from operations: Net cash provided by operating activities of $627.6 million for the six months ended June 30, 2025, decreased $267.0 million compared to $894.6 million for the six months ended June 30, 2024. The decrease in net cash provided by operating activities was primarily due to lower net income adjusted for non-cash items, the unfavorable movement of working capital and higher interest paid, partially offset by lower income taxes paid. The unfavorable movement of working capital was primarily driven by the $60.6 million payment as final resolution of the Keystone litigation case and the timing of payables and inventories, partially offset by lower payments for prior year annual incentive compensation and the timing of receivables. Underlying (Non-GAAP) free cash flow: Cash provided of $293.5 million for the six months ended June 30, 2025, represents a decrease in cash provided of $211.5 million from the prior year, which was primarily due to a decline in operating cash flows, partially offset by cash impact of non-GAAP adjustment of $60.6 million payment as final resolution of the Keystone litigation case. Debt: Total debt as of June 30, 2025, was $6,319.3 million and cash and cash equivalents totaled $613.8 million, resulting in net debt of $5,705.5 million and a net debt to underlying EBITDA ratio of 2.41x. As of June 30, 2024, our net debt to underlying EBITDA ratio was 2.13x. Dividends: We paid cash dividends of $192.7 million and $188.4 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Share Repurchase Program: We paid $306.8 million and $375.3 million, including brokerage commissions, for share repurchases during the six months ended June 30, 2025 and June 30, 2024, respectively. 2025 OUTLOOK We have adjusted our 2025 guidance for certain key financial metrics due to the impacts of the global macroeconomic environment on the beer industry and consumer trends along with lower-than-expected U.S. share performance. While we have included in our guidance our best estimate of some of these factors, including the indirect tariff impacts on the pricing of aluminum, in particular the Midwest Premium, the impacts of these trends are difficult to predict and include inherent uncertainties that could impact our financial performance beyond what is contemplated in our guidance. Net sales: 3% to 4% decline on a constant currency basis, compared to low single-digit decline, previously Underlying (Non-GAAP) income (loss) before income taxes: 12%-15% decline on a constant currency basis, compared to a low-single digit decline, previously Underlying (Non-GAAP) diluted earnings per share: 7%-10% decline compared to a low single-digit growth, previously Underlying (Non-GAAP) net interest expense: $225 million, plus or minus 5%, compared to $215 million, plus or minus 5%, previously Capital expenditures: $650 million incurred, plus or minus 5% remained unchanged from the first quarter of 2025 Underlying (Non-GAAP) free cash flow: $1.3 billion, plus or minus 10% Underlying (Non-GAAP) depreciation and amortization: $675 million, plus or minus 5% Underlying (Non-GAAP) effective tax rate: in the range of 22% to 24% SUBSEQUENT EVENTS On July 16, 2025, our Board declared a dividend of $0.47 per share, to be paid on September 19, 2025, to shareholders of Class A and Class B common stock of record on September 5, 2025. Shareholders of exchangeable shares will receive the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.64 per share. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law in the U.S. The OBBBA permanently extends certain expiring provisions from the Tax Cuts and Jobs Act of 2017, including accelerated tax recovery for certain capital investments and research and development expenditures and the business interest expense limitation. Additionally, the OBBBA includes changes to the taxation of foreign income for U.S.-domiciled businesses. While we are currently evaluating the impact of the OBBBA to the Company, we do anticipate a decrease in our current year cash tax liability as a result of the OBBBA. NOTES Unless otherwise indicated in this release, all $ amounts are in U.S. Dollars, and all quarterly comparative results are for the Company's second quarter ended June 30, 2025, compared to the second quarter ended June 30, 2024. Some numbers may not sum due to rounding. 2025 SECOND QUARTER INVESTOR CONFERENCE CALL Molson Coors Beverage Company will conduct an earnings conference call with financial analysts and investors at 8:30 a.m. Eastern Time today to discuss the Company's 2025 second quarter results. The live webcast will be accessible via our website, An online replay of the webcast is expected to be posted within two hours following the live webcast. The Company will post this release and related financial statements on its website today. OVERVIEW OF MOLSON COORS BEVERAGE COMPANY For more than two centuries, we have brewed beverages that unite people to celebrate all life's moments. From our core power brands Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko to our above premium brands including Madrí Excepcional, Staropramen, Blue Moon Belgian White and Leinenkugel's Summer Shandy, to our economy and value brands like Miller High Life and Keystone Light, we produce many beloved and iconic beers. While our Company's history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer, spirits like Five Trail whiskey and non-alcoholic beverages. We also have partner brands, such as Simply Spiked, ZOA Energy, Fever-Tree, among others, through license, distribution, partnership and joint venture agreements. As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions. To learn more about Molson Coors Beverage Company, visit ABOUT MOLSON COORS CANADA INC. Molson Coors Canada Inc. ("MCCI") is a subsidiary of Molson Coors Beverage Company. MCCI Class A and Class B exchangeable shares offer substantially the same economic and voting rights as the respective classes of common shares of MCBC, as described in MCBC's annual proxy statement and Form 10-K filings with the U.S. Securities and Exchange Commission. The trustee holder of the special Class A voting stock and the special Class B voting stock has the right to cast a number of votes equal to the number of then outstanding Class A exchangeable shares and Class B exchangeable shares, respectively. FORWARD-LOOKING STATEMENTS This press release includes 'forward-looking statements' within the meaning of the U.S. federal securities laws. Generally, the words "expects," "intend," "goals," "plans," "believes," "confidence," "view," "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 forward-looking statements. Statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements, and include, but are not limited to, statements under the headings "CEO and CFO Perspectives" and "2025 Outlook," with respect to, among others, expectations and impacts of cost inflation and tariffs, limited consumer disposable income, consumer preferences, overall volume and market share trends, our competitive position, pricing trends, macroeconomic forces, beverage industry trends, cost reduction strategies, execution of our Acceleration Plan, shipment levels and profitability, the sufficiency of capital resources, anticipated results, expectations for funding future capital expenditures and operations, effective tax rate, debt service capabilities, timing and amounts of debt and leverage levels, Preserving the Planet and related initiatives, expectations regarding the impact of the OBBBA on our current year cash tax liability and expectations regarding future dividends and share repurchases. In addition, statements that we make in this press release that are not statements of historical fact may also be forward-looking statements. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's historical experience, and present projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission ('SEC'), including the risks discussed in our filings with the SEC, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. MARKET AND INDUSTRY DATA The market and industry data used, if any, in this press release are based on independent industry publications, customer specific data, trade or business organizations, reports by market research firms and other published statistical information from third parties, including Circana (formerly Information Resources, Inc.) for U.S. market data and Beer Canada for Canadian market data (collectively, the 'Third Party Information'), as well as information based on management's good faith estimates, which we derive from our review of internal information and independent sources. Such Third Party Information generally states that the information contained therein or provided by such sources has been obtained from sources believed to be reliable. APPENDIX BALANCE SHEETS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In millions, except par value) (Unaudited) As of June 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 613.8 $ 969.3 Trade receivables, net 1,021.7 693.1 Other receivables, net 133.7 149.8 Inventories, net 902.0 727.8 Other current assets, net 404.9 308.4 Total current assets 3,076.1 2,848.4 Property, plant and equipment, net 4,633.4 4,460.4 Goodwill 5,592.0 5,582.3 Other intangibles, net 12,394.4 12,195.2 Other assets 1,130.8 978.0 Total assets $ 26,826.7 $ 26,064.3 Liabilities and equity Current liabilities Accounts payable and other current liabilities $ 3,178.3 $ 3,013.0 Current portion of long-term debt and short-term borrowings 62.3 32.2 Total current liabilities 3,240.6 3,045.2 Long-term debt 6,257.0 6,113.9 Pension and postretirement benefits 415.1 416.7 Deferred tax liabilities 2,794.2 2,733.4 Other liabilities 323.1 302.4 Total liabilities 13,030.0 12,611.6 Redeemable noncontrolling interest 160.4 168.5 Molson Coors Beverage Company stockholders' equity Capital stock Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued) — — Class A common stock, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively) — — Class B common stock, $0.01 par value (authorized: 500.0 shares; issued: 216.1 shares and 215.5 shares, respectively) 2.2 2.1 Class A exchangeable shares, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively) 100.8 100.8 Class B exchangeable shares, no par value (issued and outstanding: 7.1 shares and 7.2 shares, respectively) 266.9 271.1 Paid-in capital 7,230.6 7,223.6 Retained earnings 8,597.5 8,238.0 Accumulated other comprehensive income (loss) (1,066.9 ) (1,362.4 ) Class B common stock held in treasury at cost (30.3 shares and 24.8 shares, respectively) (1,690.4 ) (1,380.8 ) Total Molson Coors Beverage Company stockholders' equity 13,440.7 13,092.4 Noncontrolling interests 195.6 191.8 Total equity 13,636.3 13,284.2 Total liabilities and equity $ 26,826.7 $ 26,064.3 Expand CASH FLOW STATEMENTS - MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited) For the Six Months Ended June 30, 2025 June 30, 2024 Cash flows from operating activities Net income (loss) including noncontrolling interests $ 547.4 $ 635.2 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Depreciation and amortization 350.4 336.7 Amortization of debt issuance costs and discounts 2.6 2.7 Share-based compensation 18.9 24.2 (Gain) loss on sale or impairment of property, plant, equipment and other assets, net (6.1 ) (6.4 ) Unrealized (gain) loss on foreign currency fluctuations, fair value investments and derivative instruments, net (77.4 ) (28.0 ) Equity (income) loss (8.5 ) 2.8 Income tax (benefit) expense 163.8 190.1 Income tax (paid) received (58.0 ) (105.2 ) Interest expense, excluding amortization of debt issuance costs and discounts 120.3 110.5 Interest paid (137.2 ) (102.5 ) Other non-cash items, net (2.1 ) — Change in current assets and liabilities (net of impact of business combinations) and other (286.5 ) (165.5 ) Net cash provided by (used in) operating activities 627.6 894.6 Cash flows from investing activities Additions to property, plant and equipment (400.6 ) (392.2 ) Proceeds from sales of property, plant, equipment and other assets 4.4 10.3 Acquisition of business, net of cash acquired (20.8 ) — Other (82.7 ) 0.5 Net cash provided by (used in) investing activities (499.7 ) (381.4 ) Cash flows from financing activities Dividends paid (192.7 ) (188.4 ) Payments for purchases of treasury stock (306.8 ) (375.3 ) Payments on debt and borrowings (5.8 ) (3.4 ) Proceeds on debt and borrowings — 863.7 Other (0.9 ) (11.0 ) Net cash provided by (used in) financing activities (506.2 ) 285.6 Effect of foreign exchange rate changes on cash and cash equivalents 22.8 (20.4 ) Net increase (decrease) in cash and cash equivalents (355.5 ) 778.4 Balance at beginning of year 969.3 868.9 Balance at end of period $ 613.8 $ 1,647.3 Expand SUMMARIZED SEGMENT RESULTS (hectoliter volume and $ in millions) (Unaudited) Americas Q2 2025 Q2 2024 Reported % Change FX Impact Constant Currency % Change (3) YTD 2025 YTD 2024 Reported % Change FX Impact Constant Currency % Change (3) Net sales (1) $ 2,504.8 $ 2,575.9 (2.8 ) $ (3.5 ) (2.6 ) $ 4,386.6 $ 4,721.3 (7.1 ) $ (19.4 ) (6.7 ) COGS (1)(2) $ (1,468.4 ) $ (1,525.7 ) 3.8 $ 2.4 3.6 $ (2,638.3 ) $ (2,841.2 ) 7.1 $ 12.5 6.7 MG&A $ (526.4 ) $ (560.7 ) 6.1 $ 1.0 5.9 $ (1,040.7 ) $ (1,067.4 ) 2.5 $ 7.1 1.8 Income (loss) before income taxes $ 538.2 $ 487.1 10.5 $ 0.5 10.4 $ 747.5 $ 807.7 (7.5 ) $ 0.3 (7.5 ) Underlying income (loss) before income taxes (3) $ 514.2 $ 487.4 5.5 $ 0.5 5.4 $ 717.0 $ 808.5 (11.3 ) $ 0.3 (11.4 ) Financial volume (1)(4) 15.307 16.396 (6.6 ) 27.049 30.306 (10.7 ) Brand volume 15.038 15.670 (4.0 ) 26.969 28.561 (5.6 ) EMEA&APAC Q2 2025 Q2 2024 Reported % Change FX Impact Constant Currency % Change (3) YTD 2025 YTD 2024 Reported % Change FX Impact Constant Currency % Change (3) Net sales (1) $ 703.9 $ 683.3 3.0 $ 36.3 (2.3 ) $ 1,131.2 $ 1,138.0 (0.6 ) $ 31.1 (3.3 ) COGS (1)(2) $ (465.4 ) $ (431.9 ) (7.8 ) $ (23.7 ) (2.3 ) $ (772.4 ) $ (753.5 ) (2.5 ) $ (19.5 ) 0.1 MG&A $ (166.7 ) $ (167.8 ) 0.7 $ (8.3 ) 5.6 $ (305.6 ) $ (315.7 ) 3.2 $ (5.7 ) 5.0 Income (loss) before income taxes $ 64.8 $ 81.2 (20.2 ) $ 5.4 (26.8 ) $ 45.6 $ 70.2 (35.0 ) $ 7.4 (45.6 ) Underlying income (loss) before income taxes (3) $ 72.4 $ 81.0 (10.6 ) $ 5.9 (17.9 ) $ 53.2 $ 63.7 (16.5 ) $ 7.9 (28.9 ) Financial volume (1)(4) 5.564 6.037 (7.8 ) 9.233 10.101 (8.6 ) Brand volume 5.574 6.045 (7.8 ) 9.190 10.053 (8.6 ) Unallocated & Eliminations Q2 2025 Q2 2024 Reported % Change FX Impact Constant Currency % Change (3) YTD 2025 YTD 2024 Reported % Change FX Impact Constant Currency % Change (3) Net sales $ (7.9 ) $ (6.9 ) (14.5 ) $ — (14.5 ) $ (12.9 ) $ (10.6 ) (21.7 ) — (21.7 ) COGS (2) $ 14.9 $ 35.2 (57.7 ) $ — (57.7 ) $ 38.6 $ 39.4 (2.0 ) $ (0.2 ) (1.5 ) Income (loss) before income taxes $ (48.1 ) $ (8.4 ) (472.6 ) $ (2.0 ) (448.8 ) $ (81.9 ) $ (52.6 ) (55.7 ) $ (3.6 ) (48.9 ) Underlying income (loss) before income taxes (3) $ (55.1 ) $ (37.2 ) (48.1 ) $ (2.0 ) (42.7 ) $ (107.6 ) $ (82.2 ) (30.9 ) $ (3.4 ) (26.8 ) Financial volume (0.001 ) (0.003 ) N/M (0.003 ) (0.003 ) N/M Consolidated Q2 2025 Q2 2024 Reported % Change FX Impact Constant Currency % Change (3) YTD 2025 YTD 2024 Reported % Change FX Impact Constant Currency % Change (3) Net sales $ 3,200.8 $ 3,252.3 (1.6 ) $ 32.8 (2.6 ) $ 5,504.9 $ 5,848.7 (5.9 ) $ 11.7 (6.1 ) COGS $ (1,918.9 ) $ (1,922.4 ) 0.2 $ (21.3 ) 1.3 $ (3,372.1 ) $ (3,555.3 ) 5.2 $ (7.2 ) 5.4 MG&A $ (693.1 ) $ (728.5 ) 4.9 $ (7.3 ) 5.9 $ (1,346.3 ) $ (1,383.1 ) 2.7 $ 1.4 2.6 Income (loss) before income taxes $ 554.9 $ 559.9 (0.9 ) $ 3.9 (1.6 ) $ 711.2 $ 825.3 (13.8 ) $ 4.1 (14.3 ) Underlying income (loss) before income taxes (3) $ 531.5 $ 531.2 0.1 $ 4.4 (0.8 ) $ 662.6 $ 790.0 (16.1 ) $ 4.8 (16.7 ) Financial volume (4) 20.870 22.430 (7.0 ) 36.279 40.404 (10.2 ) Brand volume 20.612 21.715 (5.1 ) 36.159 38.614 (6.4 ) N/M = not meaningful The reported percent change and the constant currency percent change in the above table are presented as (unfavorable) favorable. Expand (1) Includes gross inter-segment volumes, sales and purchases, which are eliminated in the consolidated totals. (2) The unrealized changes in fair value on our commodity swaps, which are economic hedges, are recorded as COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility. (3) Represents income (loss) before taxes adjusted for non-GAAP items. See the Non-GAAP Measures and Reconciliations section for definitions and reconciliations of non-GAAP financial measures including constant currency. (4) Financial volume in hectoliters for the Americas and EMEA&APAC segments excludes royalty volume of 0.693 million hectoliters and 0.336 million hectoliters, respectively, for the three months ended June 30, 2025 and excludes royalty volume of 0.578 million hectoliters and 0.325 million hectoliters, respectively, for the three months ended June 30, 2024. Financial volume in hectoliters for the Americas and EMEA&APAC segments excludes royalty volume of 1.366 million hectoliters and 0.556 million hectoliters, respectively, for the six months ended June 30, 2025 and excludes royalty volume of 1.169 million hectoliters and 0.543 million hectoliters respectively, for the six months ended June 30, 2024. Expand For the Six Months Ended Americas June 30, 2025 June 30, 2024 Change Financial Volume 27.049 30.306 (10.7 )% Contract brewing and wholesale/factored volume (0.800 ) (1.800 ) (55.6 )% Royalty volume 1.366 1.169 16.9 % Sales-To-Wholesaler to Sales-To-Retail adjustment and other (1) (0.646 ) (1.114 ) (42.0 )% Total Americas Brand Volume 26.969 28.561 (5.6 )% EMEA&APAC June 30, 2025 June 30, 2024 Change Financial Volume 9.233 10.101 (8.6 )% Contract brewing and wholesale/factored volume (0.599 ) (0.591 ) 1.4 % Royalty volume 0.556 0.543 2.4 % Total EMEA&APAC Brand Volume 9.190 10.053 (8.6 )% Consolidated June 30, 2025 June 30, 2024 Change Financial Volume 36.279 40.404 (10.2 )% Contract brewing and wholesale/factored volume (1.399 ) (2.391 ) (41.5 )% Royalty volume 1.922 1.712 12.3 % Sales-To-Wholesaler to Sales-To-Retail adjustment and other (0.643 ) (1.111 ) (42.1 )% Total Worldwide Brand Volume 36.159 38.614 (6.4 )% Expand (1) Includes gross inter-segment volumes which are eliminated in the consolidated totals. Expand Worldwide brand volume (or "brand volume" when discussed by segment) reflects owned or actively managed brands sold to unrelated external customers within our geographic markets (net of returns and allowances), royalty volume and our proportionate share of equity investment worldwide brand volume calculated consistently with MCBC owned volume. Financial volume represents owned or actively managed brands sold to unrelated external customers within our geographical markets, net of returns and allowances as well as contract brewing, wholesale non-owned brand volume and company-owned distribution volume. Contract brewing and wholesale/factored volume is included within financial volume, but is removed from worldwide brand volume, as this is non-owned volume for which we do not directly control performance. Factored volume in our EMEA&APAC segment represents the distribution of beer, wine, spirits and other products owned and produced by other companies to the on-premise channel such as bars and restaurants, which is a common arrangement in the U.K. Royalty volume consists of our brands produced and sold by third parties under various license and contract brewing agreements and, because this is owned volume, it is included in worldwide brand volume. Our worldwide brand volume definition also includes an adjustment from Sales-to-Wholesaler ("STW") volume to Sales-to-Retailer ("STR") volume. We believe the brand volume metric is important because, unlike financial volume and STWs, it provides the closest indication of the performance of our brands in relation to market and competitor sales trends. We also utilize net sales per hectoliter and COGS per hectoliter, as well as the year over year changes in these metrics, as key metrics for analyzing our results. These metrics are calculated as net sales and COGS per our unaudited condensed consolidated statements of operations divided by financial volume for the respective period. We believe these metrics are important and useful for investors and management because it provides an indication of the trends of price and sales mix on our net sales and the trends of sales mix and other cost impacts on our COGS. NON-GAAP MEASURES AND RECONCILIATIONS Use of Non-GAAP Measures In addition to financial measures presented on the basis of accounting principles generally accepted in the U.S. ('U.S. GAAP'), we also use non-GAAP financial measures, as listed and defined below, for operational and financial decision making and to assess Company and segment business performance. These non-GAAP measures should be viewed as supplements to (not substitutes for) our results of operations presented under U.S. GAAP. We have provided reconciliations of all historical non-GAAP measures to their nearest U.S. GAAP measure and have consistently applied the adjustments within our reconciliations in arriving at each non-GAAP measure. Our management uses these metrics to assist in comparing performance from period to period on a consistent basis; as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; in communications with the Board of Directors, stockholders, analysts and investors concerning our financial performance; as useful comparisons to the performance of our competitors; and as metrics of certain management incentive compensation calculations. We believe these measures are used by, and are useful to, investors and other users of our financial statements in evaluating our operating performance. Underlying Income (Loss) before Income Taxes (Closest GAAP Metric: Income (Loss) Before Income Taxes) – Measure of the Company's or segment's income (loss) before income taxes excluding the impact of certain non-GAAP adjustment items from our U.S. GAAP financial statements. Non-GAAP adjustment items include goodwill and other intangible and tangible asset impairments, certain restructuring and integration related costs, unrealized mark-to-market gains and losses, adjustments to the redemption value of mandatorily redeemable noncontrolling interests, potential or incurred losses related to certain litigation accruals and settlements, impacts of settlement charges related to annuity purchases and gains and losses on sales of non-operating assets, among other items included in our U.S. GAAP results that warrant adjustment to arrive at non-GAAP results. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective, involve significant management judgment and can vary substantially from company to company. Underlying COGS (Closest GAAP Metric: COGS) – Measure of the Company's COGS adjusted to exclude non-GAAP adjustment items (as defined above). Non-GAAP adjustment items include, among other items, unrealized mark-to-market gains and losses on our commodity derivative instruments, which are economic hedges, and are recorded through COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivatives without the resulting unrealized mark-to-market volatility. We also use underlying COGS per hectoliter, as well as the year over year change in such metric, as a key metric for analyzing our results. This metric is calculated as underlying COGS divided by financial volume for the respective period. Underlying MG&A (Closest GAAP Metric: MG&A) – Measure of the Company's MG&A expense excluding the impact of certain non-GAAP adjustment items (as defined above). Underlying net interest income (expense), net (Closest GAAP Metric: Interest income (expense), net) – Measure of the Company's net interest expense adjusted to exclude adjustments to the redemption value of mandatorily redeemable noncontrolling interests. Underlying net income (loss) attributable to MCBC (Closest GAAP Metric: Net income (loss) attributable to MCBC) – Measure of net income (loss) attributable to MCBC excluding the impact of income (loss) before income tax non-GAAP adjustment items (as defined above), adjustments to the carrying value of redeemable noncontrolling interests resulting from subsequent changes in the redemption value of such interests, the related tax effects of non-GAAP adjustment items and certain other discrete tax items. Underlying net income (loss) attributable to MCBC per diluted share (also referred to as Underlying Diluted Earnings per Share) (Closest GAAP Metric: Net income (loss) attributable to MCBC per diluted share) – Measure of underlying net income (loss) attributable to MCBC (as defined above) per diluted share. If applicable, a reported net loss attributable to MCBC per diluted share is calculated using the basic share count due to dilutive shares being antidilutive. If underlying net income (loss) attributable to MCBC becomes income excluding the impact of our non-GAAP adjustment items, we include the incremental dilutive shares, using the treasury stock method, into the dilutive shares outstanding. Underlying effective tax rate (Closest GAAP Metric: Effective Tax Rate) – Measure of the Company's effective tax rate excluding the related tax impact of pre-tax non-GAAP adjustment items (as defined above) and certain other discrete tax items. Discrete tax items include certain significant tax audit and prior year reserve adjustments, impact of significant tax legislation and tax rate changes and significant non-recurring and period specific tax items. Underlying free cash flow (Closest GAAP Metric: Net Cash Provided by (Used in) Operating Activities) – Measure of the Company's operating cash flow calculated as Net Cash Provided by (Used In) Operating Activities less Additions to property, plant and equipment and excluding the pre-tax cash flow impact of certain non-GAAP adjustment items (as defined above). We consider underlying free cash flow an important measure of our ability to generate cash, grow our business and enhance shareholder value, driven by core operations and after adjusting for non-GAAP adjustment items, which can vary substantially from company to company depending upon accounting methods, book value of assets and capital structure. Underlying depreciation and amortization (Closest GAAP Metric: Depreciation & Amortization) – Measure of the Company's depreciation and amortization excluding the impact of non-GAAP adjustment items (as defined above). These adjustments primarily consist of accelerated depreciation or amortization taken related to the Company's strategic exit or restructuring activities. Net debt and net debt to underlying earnings before interest, taxes, depreciation, and amortization ("underlying EBITDA") (Closest GAAP Metrics: Cash, Debt, & Net Income (Loss)) – Measure of the Company's leverage calculated as net debt (defined as current portion of long-term debt and short-term borrowings plus long-term debt less cash and cash equivalents) divided by the trailing twelve month underlying EBITDA. Underlying EBITDA is calculated as Net income (loss) excluding Interest expense (income), net, Income tax expense (benefit), depreciation and amortization and the impact of non-GAAP adjustment items (as defined above). Effective January 1, 2025, on a prospective basis, Underlying EBITDA excludes amortization of cloud-based software implementation costs. This measure is not the same as the Company's maximum leverage ratio as defined under its revolving credit facility, which allows for other adjustments in the calculation of net debt to EBITDA. Constant currency - Constant currency is a non-GAAP measure utilized to measure performance, excluding the impact of translational and certain transactional foreign currency movements, and is intended to be indicative of results in local currency. As we operate in various foreign countries where the local currency may strengthen or weaken significantly versus the U.S. dollar or other currencies used in operations, we utilize a constant currency measure as an additional metric to evaluate the underlying performance of each business without consideration of foreign currency movements. We present all percentage changes for net sales, underlying COGS, underlying MG&A and underlying income (loss) before income taxes in constant currency and calculate the impact of foreign exchange by translating our current period local currency results (that also include the impact of the comparable prior period currency hedging activities) at the average exchange rates during the respective period throughout the year used to translate the financial statements in the comparable prior year period. The result is the current period results in U.S. dollars, as if foreign exchange rates had not changed from the prior year period. Additionally, we exclude any transactional foreign currency impacts, reported within the other non-operating income (expense), net line item, from our current period results. Our guidance or long-term targets for any of the measures noted above are also non-GAAP financial measures that exclude or otherwise have been adjusted for non-GAAP adjustment items from our U.S. GAAP financial statements. When we provide guidance for any of the various non-GAAP metrics described above, we do not provide reconciliations of the U.S. GAAP measures as we are unable to predict with a reasonable degree of certainty the actual impact of the non-GAAP adjustment items. By their very nature, non-GAAP adjustment items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our Company and its financial results. Therefore, we are unable to provide a reconciliation of these measures without unreasonable efforts. (In millions, except per share data) (Unaudited) For the Three Months Ended June 30, 2024 Cost of goods sold Marketing, general and administrative expenses Income (loss) before income taxes Net income (loss) attributable to MCBC Net income (loss) attributable to MCBC per diluted share Reported (U.S. GAAP) $ (1,922.4 ) $ (728.5 ) $ 559.9 $ 427.0 $ 2.03 Non-GAAP Adjustments (pre-tax) Restructuring — — (0.2 ) (0.2 ) — (Gains) losses on disposals and other — — 0.1 0.1 — Unrealized mark-to-market (gains) losses (28.8 ) — (28.8 ) (28.8 ) (0.14 ) Other items — 0.4 0.2 0.2 — Tax effects of income before income tax non-GAAP adjustments and discrete tax items — — — 5.9 0.03 Underlying (Non-GAAP) $ (1,951.2 ) $ (728.1 ) $ 531.2 $ 404.2 $ 1.92 Expand (In millions, except per share data) (Unaudited) For the Six Months Ended June 30, 2025 Cost of goods sold Marketing, general and administrative expenses Income (loss) before income taxes Net income (loss) attributable to MCBC Diluted earnings per share Non-GAAP adjustments (pre-tax) Restructuring (2) — — 28.0 28.0 0.14 (Gains) losses on disposals and other — — 0.6 0.6 — Unrealized mark-to-market (gains) losses (25.7 ) — (25.7 ) (25.7 ) (0.13 ) Other items (1) — (0.2 ) (51.5 ) (51.5 ) (0.25 ) Tax effects of income before income tax non-GAAP adjustments and discrete tax items — — — 11.9 0.06 Adjustment for redeemable noncontrolling interest recorded to the redemption value — — — 1.0 — Underlying (Non-GAAP) $ (3,397.8 ) $ (1,346.5 ) $ 662.6 $ 514.0 $ 2.54 Expand (In millions, except per share data) (Unaudited) For the Six Months Ended June 30, 2024 Cost of goods sold Marketing, general and administrative expenses Income (loss) before income taxes Net income (loss) attributable to MCBC Diluted earnings per share Reported (U.S. GAAP) $ (3,555.3 ) $ (1,383.1 ) $ 825.3 $ 634.8 $ 2.99 Non-GAAP adjustments (pre-tax) Restructuring — — (1.1 ) (1.1 ) (0.01 ) (Gains) losses on disposals and other — — (5.3 ) (5.3 ) (0.02 ) Unrealized mark-to-market (gains) losses (29.6 ) — (29.6 ) (29.6 ) (0.14 ) Other items — 0.9 0.7 0.7 — Tax effects of income before income tax non-GAAP adjustments and discrete tax items — — — 7.5 0.04 Underlying (Non-GAAP) $ (3,584.9 ) $ (1,382.2 ) $ 790.0 $ 607.0 $ 2.86 Expand (1) During the first quarter of 2025, we made an investment in Fevertree Drinks plc and hold a minority interest. As a result, for the three and six months ended June 30, 2025, we recorded an unrealized fair value adjustment of $25.5 million and $51.2 million, respectively. (2) During the third quarter of 2024, we made the decision to wind down or sell certain U.S. craft businesses and related facilities within the Americas segment. As a result, we recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation of $17.9 million for the six months ended June 30, 2025. Expand Reconciliation to Underlying (Non-GAAP) Income (Loss) Before Income Taxes by Segment (In millions) (Unaudited) For the Three Months Ended June 30, 2025 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ 538.2 $ 64.8 $ (48.1 ) $ 554.9 Cost of goods sold (1) — — (7.0 ) (7.0 ) Marketing, general & administrative (0.1 ) — — (0.1 ) Other non-GAAP adjustment items (2) (23.9 ) 7.6 — (16.3 ) Total non-GAAP adjustment items $ (24.0 ) $ 7.6 $ (7.0 ) $ (23.4 ) Underlying (Non-GAAP) income (loss) before income taxes $ 514.2 $ 72.4 $ (55.1 ) $ 531.5 Expand (In millions) (Unaudited) For the Three Months Ended June 30, 2024 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ 487.1 $ 81.2 $ (8.4 ) $ 559.9 Cost of goods sold (1) — — (28.8 ) (28.8 ) Marketing, general & administrative 0.5 0 (0.1 ) — 0.4 Other non-GAAP adjustment items (2) (0.2 ) (0.1 ) — (0.3 ) Total non-GAAP adjustment items $ 0.3 $ (0.2 ) $ (28.8 ) $ (28.7 ) Underlying (Non-GAAP) income (loss) before income taxes $ 487.4 $ 81.0 $ (37.2 ) $ 531.2 Expand (In millions) (Unaudited) For the Six Months Ended June 30, 2025 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ 747.5 $ 45.6 $ (81.9 ) $ 711.2 Cost of goods sold (1) — — (25.7 ) (25.7 ) Marketing, general & administrative (0.2 ) — — (0.2 ) Other non-GAAP adjustment items (2) (30.3 ) 7.6 — (22.7 ) Total non-GAAP adjustment items $ (30.5 ) $ 7.6 $ (25.7 ) $ (48.6 ) Underlying (Non-GAAP) income (loss) before income taxes $ 717.0 $ 53.2 $ (107.6 ) $ 662.6 Expand (In millions) (Unaudited) For the Six Months Ended June 30, 2024 Americas EMEA&APAC Unallocated Consolidated U.S. GAAP Income (loss) before income taxes $ 807.7 $ 70.2 $ (52.6 ) $ 825.3 Cost of goods sold (1) — — (29.6 ) (29.6 ) Marketing, general & administrative 1.0 (0.1 ) — 0.9 Other non-GAAP adjustment items (2) (0.2 ) (6.4 ) — (6.6 ) Total non-GAAP adjustment items $ 0.8 $ (6.5 ) $ (29.6 ) $ (35.3 ) Underlying (Non-GAAP) income (loss) before income taxes $ 808.5 $ 63.7 $ (82.2 ) $ 790.0 Expand (1) Reflects changes in our mark-to-market positions on our derivative hedges recorded as COGS within Unallocated. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility. (2) See the Reconciliations by Line Item table for further information on our non-GAAP adjustments. Expand Underlying (Non-GAAP) Depreciation and Amortization Reconciliation June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 U.S. GAAP depreciation and amortization $ 170.1 $ 167.7 $ 350.4 $ 336.7 Accelerated depreciation (1) — — (17.9 ) — Underlying (Non-GAAP) depreciation and amortization $ 170.1 $ 167.7 $ 332.5 $ 336.7 Expand (1) During the third quarter of 2024, we made the decision to wind down or sell certain U.S. craft businesses and related facilities within the Americas segment. As a result, we recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation of $17.9 million for the six months ended June 30, 2025. Expand Effective Tax Rate Reconciliation (Unaudited) For the Three Months Ended June 30, 2025 June 30, 2024 U.S. GAAP Effective Tax Rate 24 % 24 % Tax effect of non-GAAP adjustment items and discrete tax items (1) (1 %) — % Underlying (Non-GAAP) Effective Tax Rate 23 % 24 % Expand (1) Adjustments related to the tax effect of non-GAAP adjustment items, as well as certain discrete tax items excluded from our underlying effective tax rate. Discrete tax items include certain significant tax audit and prior year reserve adjustments, impact of significant tax legislation and tax rate changes and significant non-recurring and period specific tax items. Expand Underlying (Non-GAAP) Free Cash Flow (In millions) (Unaudited) For the Six Months Ended June 30, 2025 June 30, 2024 U.S. GAAP Net Cash Provided by (Used In) Operating Activities $ 627.6 $ 894.6 Additions to property, plant and equipment, net (1) (400.6 ) (392.2 ) Cash impact of non-GAAP adjustment items (2) 66.5 2.6 Underlying (Non-GAAP) Free Cash Flow $ 293.5 $ 505.0 Expand (1) Included in net cash provided by (used in) investing activities. (2) Included in net cash provided by (used in) operating activities and reflects the $60.6 million payment as final resolution of the Keystone litigation case paid during the three months ended March 31, 2025. Additionally, includes costs paid for restructuring activities for the six months ended June 30, 2025 and June 30, 2024. Expand Net Debt and Net Debt to Underlying (Non-GAAP) EBITDA Ratio (In millions except net debt to underlying EBITDA ratio) (Unaudited) As of June 30, 2025 June 30, 2024 U.S. GAAP Current portion of long-term debt and short-term borrowings $ 62.3 $ 894.2 Add: Long-term debt 6,257.0 6,161.5 Less: Cash and cash equivalents 613.8 1,647.3 Net debt $ 5,705.5 $ 5,408.4 Q2 Underlying EBITDA $ 763.9 750.1 Q1 Underlying EBITDA 353.3 476.2 Q4 Underlying EBITDA 558.5 566.1 Q3 Underlying EBITDA 692.3 742.9 Non-GAAP Underlying EBITDA (1) $ 2,368.0 $ 2,535.3 Net debt to underlying (Non-GAAP) EBITDA ratio 2.41 2.13 Expand (1) Represents underlying EBITDA on a trailing twelve month basis. Expand Underlying (Non-GAAP) EBITDA Reconciliation (In millions) (Unaudited) For the Three Months Ended June 30, 2025 June 30, 2024 U.S. GAAP Net income (loss) 424.3 425.3 Interest expense (income), net 58.5 51.2 Income tax expense (benefit) 130.6 134.6 Depreciation and amortization 173.9 167.7 Non-GAAP adjustments to arrive at underlying EBITDA (1) (23.4 ) (28.7 ) Underlying (Non-GAAP) EBITDA $ 763.9 $ 750.1 Expand (1) Includes pre-tax non-GAAP adjustments to Net income (loss) as described in other non-GAAP reconciliation tables above excluding non-GAAP adjustments to interest expense (income), net and depreciation and amortization (including amortization of cloud-based software implementation costs). See the (i) Reconciliations to Nearest U.S. GAAP Measures by Line Item, (ii) Underlying Depreciation and Amortization Reconciliation and (iii) Underlying Net Interest Income (Expense), net Reconciliation tables for further information on our non-GAAP adjustments. Expand
