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Molson Coors announced a first-quarter net-earnings slump of 42% and a net-sales decrease of 11.3% on Thursday.

The company also reported a decline in Canadian brand volume compared to the same period in 2024 and revised its guidance to a low-single-digit decline in net-sales revenue growth.

In Thursday’s earnings call, Molson Coors’ president and CEO Gavin Hattersley said first-quarter performance was affected by a macroenvironment creating “high levels of uncertainty” around global trade policy, consumer confidence and inflation. But Hattersley, who announced last month that he will be stepping down from his position at the end of December after 28 years at the company, stressed that “one quarter does not a year make.”

Molson Coors says it was partly sheltered from tariff concerns as most of its products are made where they are sold, with the exceptions of exports Sol and Molson Canadian.

The company said in its first-quarter report that it will focus on growing its core power brand net revenue, premiumizing its portfolio and scaling and expanding categories beyond traditional beer such as spirits, flavoured beverages and non-alcoholic options.

Coors Light is the number one light beer in Canada where the Molson family of brands has gained market share after eight consecutive quarters of share growth. Miller Lite is a fast-growing brand in the domestic market as well. In the U.S., the Coors Banquet brand is performing strongly, according to the company’s shelf research.

Molson Coors promised strong marketing investments in Madri, Peroni and others as part of its premiumization efforts.

Mediterranean lager, Peroni Nastro Azzurro Stile Capri, launched in Canada last spring in Ontario, marking the first time the brand variant has been made available in North America. 

“We expect it can rival the size of other major European imports,” Hattersley said.

Non-alcohol is another key focus area as part Molson Coors’ plan to create a “whole beverage portfolio” for drinkers and non-drinkers.

“We believe we have a right to win [the non-alcoholic space],” Hattersley said of the category that includes energy drink Zoa, and premium mixer Fever Tree.

In the U.S., a strategic partnership deal for Fever Tree has reportedly had an “immediate impact” on Molson Coors’ bottom line. The company plans to accelerate the brand’s growth with a robust marketing initiative.