Molson Coors Beverage (TAP) 8-K Net Sales Revenue Decreased 3.2% Reported and 2.0% in Constant Currency

Exhibit 99.2

 Q3’19 Results & Revitalization Plan  October 30, 2019 

 STABILIZE BELOW PREMIUM  This presentation includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “anticipate,” “project,” “will,” “outlook,” and similar expressions identify forward-looking statements, which generally are not historic in nature. 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”). These factors include, among others, the impact of increased competition resulting from further consolidation of brewers, competitive pricing and product pressures; health of the beer industry and our brands in our markets; economic conditions in our markets; additional impairment charges; our ability to maintain manufacturer/distribution agreements; changes in our supply chain system; availability or increase in the cost of packaging materials; success of our joint ventures; risks relating to operations in developing and emerging markets; changes in legal and regulatory requirements, including the regulation of distribution systems; fluctuations in foreign currency exchange rates; increase in the cost of commodities used in the business; the impact of climate change and the availability and quality of water; loss or closure of a major brewery or other key facility; our ability to implement our strategic initiatives, including executing and realizing cost savings; our ability to successfully integrate newly acquired businesses; cost reduction strategies, including the 2019 revitalization plan and the estimated range of related restructuring charges and timing of cash charges; pension plan and other post-retirement benefit costs; failure to comply with debt covenants or deterioration in our credit rating; our ability to maintain good labor relations; our ability to maintain brand image, reputation and product quality; and other 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 presentation 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.Non-GAAP InformationPlease see our most recent earnings release or visit the investor relations page of our website – www.molsoncoors.com – to find disclosure and applicable reconciliations of non-GAAP financial measures discussed in this presentation.  2  Forward Looking Statements 

   Reinvigorating Our Big Brands  3  Introduction  President & Chief Executive Officer Gavin Hattersley    We are one of the world’s leading brewers with beers that have stood the test of time    We are implementing a plan to invest in our brands, making hard choices to unlock resources  In the face of changing consumer behavior and taste, we must change to get to consistent topline growth        We will streamline decision-making, move faster as a company and take calculated risks   

 Chief Financial Officer Tracey Joubert 

 KEY TAKEAWAYS  UNDERLYING EBITDA(constant currency)  NSR (constant currency)  -5.6%  -2.0%  UNDERLYING COGS/HL(constant currency)  +5.9%  -1.6% YoY YTD’19  +5.8% YoY YTD’19  -7.2% YoY YTD’19  5  ____________________Note: Non-GAAP underlying earnings before interest, tax, depreciation and amortization (EBITDA) is calculated by excluding special and other non-core items from the nearest U.S. GAAP earnings. See reconciliation to nearest U.S. GAAP measures on our website. COGS/HL on a financial volume basis in constant currency.  Strong pricing in all BUsPositive global sales mixOffset by volume declinesInflation, volume deleverage, partially offset by savingsLower incentive compensationMarketing spend per hectoliter up slightly in Q3 and YTDMaintained cash flow focus  Third Quarter 2019   

 UNDERLYING EBITDA  NSR   -8.6%  -2.3%  COGS/HL  +6.6%  KEY TAKEAWAYS  6  ____________________Note: Non-GAAP underlying earnings before interest, tax, depreciation and amortization (EBITDA) is calculated by excluding special and other non-core items from the nearest U.S. GAAP earnings. See reconciliation to nearest U.S. GAAP measures on our website. COGS/HL on a financial volume basis.  Strong pricing, mix positive for first time since Q2 2017Unfavorable brand volume and negative impacts of timing of distributor inventory levelsInflation, volume deleverage, unanticipated increase in property tax in Golden, partially offset by savingsCycling a net benefit from amicable resolution of vendor disputeMarketing spend up for premiumization priorities, including Blue Moon, Peroni, Cape Line    United StatesQ3 2019 Performance 

 UNDERLYING EBITDA(constant currency)  NSR(constant currency)  +0.6%  +1.7%  COGS/HL(constant currency)  +3.5%  KEY TAKEAWAYS  7  ____________________Note: Non-GAAP underlying earnings before interest, tax, depreciation and amortization (EBITDA) is calculated by excluding special and other non-core items from the nearest U.S. GAAP earnings. See reconciliation to nearest U.S. GAAP measures on our website. NSR/HL on a brand volume basis in constant currency. COGS/HL on a financial volume basis in constant currency.   Positive pricing and mixVolume down slightlyCOGS/HL increase driven by inflationLower incentive compensationHigher total marketing investment focused on national champion brands and premiumization   EuropeQ3 2019 Performance   

 UNDERLYING EBITDA(constant currency)  NSR (constant currency)  -12.3%  -4.9%  COGS/HL(constant currency)  +9.7%  KEY TAKEAWAYS  8  ____________________Note: Non-GAAP underlying earnings before interest, tax, depreciation and amortization (EBITDA) is calculated by excluding special and other non-core items from the nearest U.S. GAAP earnings. See reconciliation to nearest U.S. GAAP measures on our website. NSR/HL on a brand volume basis in constant currency. COGS/HL on a financial volume basis in constant currency.   Continued positive pricingLower brand and contract volumes Volume deleverage, cycling PY distribution gains, brewery start-up costs and inflation, partially offset by savingsLower marketing spend and incentive compensationImpairment charge of $668M  CanadaQ3 2019 Performance   

 UNDERLYING EBITDA(USD millions, % constant currency)  NSR (constant currency)  -15.5%  COGS/HL(constant currency)  +6.1%  KEY TAKEAWAYS  +189.7%  9  ____________________Note: Non-GAAP underlying earnings before interest, tax, depreciation and amortization (EBITDA) is calculated by excluding special and other non-core items from the nearest U.S. GAAP earnings. See reconciliation to nearest U.S. GAAP measures on our website. COGS/HL on a financial volume basis in constant currency.   Volume decline driven by Paraguay, India, Puerto Rico, and shipment timingNet sales decrease driven by geographic mixGeographic mix, inflationLower marketing spend and incentive compensation expense  InternationalQ3 2019 Performance   

     COST SAVINGS  ~$700M 2017-2019      Mid-single digit percentage increase constant currency  2019 CONSOLIDATED UNDERLYING COGS/HL    2019 CONSOLIDATED INTEREST EXPENSE  $275M +/- 5%    2019 CAPITAL SPENDING  $700M +/- 10%      ~$850M  2019 UNDERLYING D&A      $1.4 billion +/- 10%  2019 UNDERLYING FCF  10  2019 Outlook 

 Revitalization Plan 

 We Have The Firepower To Succeed Long-Term  We Have The Scale & Brands To Compete Successfully   12    Premium  Economy  Above Premium  Adjacencies  $10.5 billion in net sales revenue Nearly 90 million HL brand volume$2.3 billion in underlying EBITDA $1.3 billion in underlying free cash flow  ____________________Note: For the 12-months ended September 30, 2019 

 Outlook and Capital Allocation  Financial Discipline          $700M expected savings from 2017-2019  Cost Savings  Anticipated 3 year average FCF delivery of more than $1.4B (1)  $2.7B debt reduction (2)  Increased dividend by ~40% in September 2019  Strong Cash Flow  Balance Sheet Strength  Strong Cash Return  13  ____________________(1) Fiscal years 2017 - 2019(2) Debt reduction since Q4’16 

 Our Industry Has Faced Unprecedented Challenges  What Has Affected Molson Coors Performance    Fundamental Changes in Growth Drivers…  Increase exposure to growing segmentsBigger and faster innovationsSimplify structure and decision makingIncrease brand investmentsIncrease marketing spend and innovation capabilities  Rapidly shifting drinking preferences and behaviorsInnovation and direct customer communication led by disruptive brandsOverall beer losing share to other alcoholic and non alcoholic beveragesFast growing segments: Above Premium, Imports and FMBs  …Opportunity to improve    14 

 Our Approach To Delivering The Growth Target  Our Revitalization Plan    Strategic  Organizational  Increase investment in marketing and capabilities    Streamline our company to enable growth    Aggressively grow above premiumbeer      Invest in our iconic brands    Expand in adjacencies and beyond beer  15 

   16  Reinvigorating Our Big Brands   Invest In Iconic Brands    Accelerating investment behind our largest brandsFocusing on recruitment of new legal drinking age consumersDriving relevance with breakthrough marketingInnovating on core brands to attract new legal age drinkers    Stabilize brand performance and position for sustainable growth 

 Reinvigorating Our Big Brands   Making Progress on Coors Light, Our Top Priority  Coors Light Sales Volume % Change (1)    Attracting new legal age drinkersRefreshed brand purpose; stronger emotional relevancyBreakthrough new creative highlighting new occasionsDriving talkability in culture  2 billion PR impressions earned in Q3    17    ____________________Nielsen All Outlet as of October 19, 2019. 

   Reinvigorating Our Big Brands   Redefining “Miller Time” For a New Generation  ____________________Nielsen All Outlet as of October 19, 2019.  20 quarters of consecutive segment share gain    18  Miller Lite Volume % Change (1)   

         Delivering Customer Excellence   Aggressively Grow Above Premium  +53% Year over Year, fastest growing top-30 import in the us (2)  Blue Moon Belgian White’s Best Quarter since 2017 in the US  19    Over 30% of Europe portfolio is above premium (1)   +40% YTD in Canada (1)  ____________________Internal data. YTD through September 30,2019Nielsen All Outlet through October 19, 2019 

        Exciting New Innovation Pipeline for 2020  Develop Above Premium Brands to Enhance Value  Premiumize  Pure light beer – organic ingredientsTo launch in March 2020  The ultimate light beerNational distribution to start in 2020  One-of-a-kind taste, lower caloriesTo launch in 2020    20 

         Delivering Customer Excellence   Recent Success Expanding into Adjacencies  Rapid scale-up leveraging distribution platform  Top 10 Growth Brand (2)  Carling Black Fruits Draught +75% Year Over Year (1)    Two #1 New FMB brand franchise in 2018 and 2019  21    Wine spritzers, a light & refreshing alternative to beer, 4 months to market  ____________________Internal data. YTD through September 30,2019Nielsen All Outlet for the 14 weeks ended September 16, 2019 

         Delivering Customer Excellence   Strong Pipeline of Additional Adjacencies  Early mover advantagefull portfolio of thc and cbd non-alc beverages  Introducing Vizzy! the First hard seltzer infused with super fruits  22  Iconic brand delivering a low sugar and low calorie recipe    Positive market test results capitalizing on RTD coffee growth 

 Molson Coors Beverage Company   

 Increase Investment Behind Commercial and M&A Capabilities to Unlock Growth          Targeted Insights and New Forms of Innovation  Precision Marketing  eCommerce  Next-Gen In-House Marketing Capabilities                 Increased Investment in Capabilities  24   

   We Are More Powerful Together   Reorganizing to Simplify and Fund Growth  Consolidating operations for the U.S. and CanadaTwo business units: North America and EuropeConsolidating and reorganizing North America office locationsIntegrated and streamlined leadership teamIncremental $150M of cost savings, taking 2020 – 2022 cost savings program to $600M  Delivers nimble, faster moving companyCreates more accountability within the leadership teamAll cost savings reinvested in brand building and organizational capabilities$120M - $180M in costs to achieve synergies, to be spread over the balance of this year, 2020 and 2021    25  Streamlining our company…  …To Support Our Growth   

     2020 Guidance  A Transition YearNet Sales Revenue expected to be flat to down low-single-digits on a constant currency basisUnderlying EBITDA expected to be down mid-single-digits on a constant currency basis from trailing twelve months (1)Expected Underlying Free Cash Flow of $1.1 billion +/- 10%Expected Cost Savings upsized from $450M to $600M for the 2020-2022 program  Outlook And Capital Allocation      Post-2020 Guidance  Improvement in Net Sales Revenue expectedExpected Underlying EBITDA to grow in constant currencyIncremental ~$150M Annual Cost Savings, included within the $600M program, expected to be reinvested once achieved      Balance Sheet and Return of Capital  Intend to maintain investment grade ratingIntend to maintain current dividend payout of 20–25% of trailing annual underlying EBITDA    More Details to Be Provided on 4Q 2019 Call  ____________________Note: The change in structure to two business units will not be effective until January 1, 2020, and therefore the resulting financial reporting changes will not be reflected until our first quarter 2020 resultsBased on $2,289 million Underlying EBITDA for the 12-months ended September 30, 2019.  26 

 Molson Coors Beverage Company 

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