2021-03-11 MOLSON COORS BEVERAGE CO Cybersecurity Incident

Page last updated on September 23, 2025

MOLSON COORS BEVERAGE CO initially disclosed a cybersecurity incident in an SEC 8-K filing on 2021-03-11 09:06:41 EST.

Incident Details

Material: Yes
Is Breach: Unknown
Records Compromised: Unknown
Data Types Impacted: No Data Types Tracked (yet)

Compromised Date: Unknown
Detected Date: Unknown
Disclosure Date: 2021-03-11
Contained Date: Unknown
Recovered Date: Unknown

Attack Goal: Unknown
Attack Tactics¹: TA0040
Attack Techniques¹: No Attack Techniques Tracked (yet)

Costs: $120M - $140M

• Consulting costs (Indirect): Not Tracked (yet)
• Forensics (Indirect): Not Tracked (yet)
• Incident response (Indirect): Not Tracked (yet)
• Lost revenue (Indirect): $120M - $140M

Filings

8-K filed on 2021-03-11

MOLSON COORS BEVERAGE CO filed an 8-K at 2021-03-11 09:06:41 EST
Accession Number: 0001104659-21-034789

Item 8.01 Other Events.

On March 11, 2021, Molson Coors Beverage Company (the "Company") announced that it experienced a systems outage that was caused by a cybersecurity incident. The Company has engaged leading forensic information technology firms and legal counsel to assist the Company's investigation into the incident and the Company is working around the clock to get its systems back up as quickly as possible.

Although the Company is actively managing this cybersecurity incident, it has caused and may continue to cause a delay or disruption to parts of the Company's business, including its brewery operations, production, and shipments. In addition to the other information set forth in this report, one should carefully consider the discussion on the risks and uncertainties that cybersecurity incidents and operational disruptions to key facilities may have on the Company, its business and financial results contained in Part I, "Item 1A. Risk Factors" in its 2020 Annual Report on Form 10-K, filed with the SEC on February 11, 2021.

8-K filed on 2021-03-26

MOLSON COORS BEVERAGE CO filed an 8-K at 2021-03-26 17:16:28 EDT
Accession Number: 0001157523-21-000389

Item 7.01 Regulation FD Disclosure.

On March 26, 2021, Molson Coors Beverage Company issued a press release reaffirming its key financial guidance for fiscal year 2021 and providing an update on the impact on the cybersecurity incident previously disclosed on March 11, 2021 and the February 2021 winter storms in Texas. A copy of the related press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

This information, including Exhibit 99.1, will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section, and it will not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Exhibit No.

News Release of Molson Coors Beverage Company, dated March 26, 2021

Molson Coors Reaffirms Key Financial Guidance for Full Year 2021 and Provides an Update on the Impact of the Cybersecurity Incident and Texas Storms

GOLDEN, Colo. & MONTREAL--(BUSINESS WIRE)--March 26, 2021--Molson Coors Beverage Company (NYSE: TAP; TSX: TPX) today reaffirms key financial guidance for full year 2021 and provides an update on the impacts to its business resulting from the systems outages caused by a cybersecurity incident previously disclosed on March 11, 2021 as well as the eleven-day closure of the Fort Worth, Texas brewery caused by the winter storms in February 2021.

Molson Coors has made substantial progress in restoring its systems following the recent cybersecurity incident. Globally, all breweries are currently producing and shipping products, and are ramping up to near normal operating levels. Despite this progress led by the significant efforts of the Molson Coors team, along with the support of leading forensic information technology firms and other advisors, the Company has experienced and continues to experience some delays and disruptions in its business, including brewery operations, production and shipments in the U.K., Canada and the U.S. Additionally, the cybersecurity incident was preceded by an unprecedented February winter storm in Texas that forced local government authorities to impose energy restrictions, causing the Fort Worth brewery to be offline for eleven days. Lastly, the ongoing on-trade shutdowns in the U.K. due to the coronavirus pandemic continue to be a challenge. All three of these events will negatively impact first quarter 2021 financial results.

Molson Coors' President and Chief Executive Officer Gavin Hattersley commented, "Over the past few weeks, we have faced significant and unforeseeable obstacles. While these obstacles will have a negative impact on our first quarter shipments and financial results, we believe the fundamentals of our revitalization plan are strong and our future remains bright. We continue to build on the strength of our core brands, aggressively grow our above premium portfolio, expand beyond beer, invest in our capabilities and support our people and our communities."

Notwithstanding these incidents and the uncertainty that remains due to the ongoing coronavirus pandemic, including the timing and strength of the recovery, Molson Coors reaffirms its key financial guidance for full year 2021 as it continues to expect a mid-single digit increase in net sales revenue in 2021 on a constant currency basis, approximately flat underlying EBITDA in 2021 compared to 2020 on a constant currency basis and a net debt-to-underlying EBITDA ratio of approximately 3.25x by the end of 2021 and below 3.0x by the end of 2022. In addition, Molson Coors continues to expect that its board of directors will be in a position to reinstate a dividend in the second half of 2021.

Molson Coors currently estimates that the impacts of the cybersecurity incident and the February winter storms in Texas will shift between 1.8 and 2.0 million hectoliters of production and shipments from the first quarter 2021 to the balance of fiscal year 2021 and will also shift between $120 million to $140 million of underlying EBITDA from the first quarter 2021 to the balance of fiscal year 2021. Molson Coors also expects to incur incremental one-time costs in both our first and second quarters 2021 as a result of the cybersecurity incident.

A further update on these matters, and the Company's first quarter results will be provided on its upcoming investor earnings call and webcast on April 29, 2021 at 11:00 am ET.

Answers to certain frequently asked questions related to the press release follow:

1. What will the financial impact be to the Company from these incidents?

The cybersecurity incident and the February winter storms in Texas will have a negative impact on first quarter 2021 results and we expect between 1.8 and 2.0 million hectoliters of production and shipments to shift from the first quarter 2021 to the balance of the year and will also shift between $120 million to $140 million of underlying EBITDA from the first quarter 2021 to the balance of fiscal year 2021. We expect to incur certain incremental one-time costs related to consultants, experts and data recovery efforts in both our first and second quarters 2021 as a result of the cybersecurity incident.

2. How will the Company disclose the costs related to the cybersecurity incident in its financial statements and public filings?

We expect to incur certain incremental one-time costs related to consultants, experts and data recovery efforts in both our first and second quarters 2021 as a result of the cybersecurity incident. The incremental costs net of related insurance recoveries will be reported in our GAAP financial statements but excluded from underlying results and reported as a non-GAAP item. The timing and recognition of related costs may differ from the timing or recognition of any insurance reimbursement. Any incremental costs associated with the Fort Worth brewery weather incident will be reported through underlying results.

3. What will be the impact to the Company's long-term financial health from the cybersecurity incident?

We do not believe the first quarter incidents will impact our long-term financial health or our ability to execute against our revitalization plan announced in October 2019. We believe the impact is short-term in nature and have reaffirmed our key financial guidance for 2021 as we continue to expect a mid-single digit increase of net sales revenue on a constant currency basis in 2021 compared to 2020, approximately flat underlying EBITDA on a constant currency basis compared to 2020 and a net debt-to-underlying EBITDA ratio of approximately 3.25x by the end of 2021 and below 3.0x by the end of 2022. In addition, our current expectation remains that our board of directors will be in a position to reinstate a dividend in the second half of 2021. The Company generates meaningful cash flow each year and we intend to maintain our investment grade rating.

4. What steps were taken in response to the cybersecurity incident?

Immediately upon learning of the cybersecurity incident, we activated our incident response plan and communicated with our employees and business partners about the issue. We have also engaged leading forensic IT experts and legal counsel to assist our investigation, restore operations and identify the root cause. We have made substantial progress in restoring our systems and all of our breweries are producing and shipping products. We notified law enforcement and are cooperating in their investigation. We also have notified and are working with all of our relevant insurance companies.

5. Will this impact your innovation pipeline?

The impact of the cybersecurity incident and Texas storms on our innovation pipeline have been minimal and we are excited about our launches. The second Vizzy variety pack and Vizzy Lemonade are already in the market, Topo Chico Hard Seltzer and Proof Point are expected to launch on March 29, 2021, as planned, and we expect new variety packs for Coors Seltzer and Topo Chico Ranch Water to follow.

Company Information