# EDGAR Filing Document

**Accession Number:** 0000016918
**File Stem:** 0000016918-23-000017
**Filing Date:** 2023-2
**Character Count:** 191243
**Document Hash:** ebd1394a40777fd218a5445e0c7b959f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000016918-23-000017.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0000016918-23-000017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20230223

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONSTELLATION BRANDS, INC.
- **CENTRAL INDEX KEY:** 0000016918
- **STANDARD INDUSTRIAL CLASSIFICATION:** BEVERAGES [2080]
- **IRS NUMBER:** 160716709
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08495
- **FILM NUMBER:** 23655831

**BUSINESS ADDRESS:**
- **STREET 1:** 207 HIGH POINT DRIVE
- **STREET 2:** BUILDING 100
- **CITY:** VICTOR
- **STATE:** NY
- **ZIP:** 14564
- **BUSINESS PHONE:** 585-678-7100

**MAIL ADDRESS:**
- **STREET 1:** 207 HIGH POINT DRIVE
- **STREET 2:** BUILDING 100
- **CITY:** VICTOR
- **STATE:** NY
- **ZIP:** 14564

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSTELLATION BRANDS INC
- **DATE OF NAME CHANGE:** 20000920

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANANDAIGUA BRANDS INC
- **DATE OF NAME CHANGE:** 19970902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANANDAIGUA WINE CO INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" ? stz-20230223

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) <u>February 23, 2023</u>

**<u>CONSTELLATION BRANDS, INC.</u>**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **<u>Delaware</u>** | **<u>001-08495</u>** | **<u>16-0716709</u>** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

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**<u>207 High Point Drive, Building 100, Victor, NY 14564</u>**

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)

Registrant's telephone number, including area code (**<u>585) 678-7100</u>**

---

| |
|:---|
| **Not Applicable** |
| (Former name or former address, if changed since last report.) |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **Trading**<br>**<u>Symbol(s)</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| Class A Common Stock | STZ | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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| | |
|:---|:---|
| Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

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On February 23, 2023, Constellation Brands, Inc. ("Constellation" or the "Company") issued presentation materials (the "materials") to be used by the Company at various meetings with institutional investors or analysts, including during the Company's previously announced participation in the 2023 Consumer Analyst Group of New York (CAGNY) Conference on Thursday, February 23, 2023, which materials address, among other things, the Company's strategic business initiatives, financial metrics, and operating performance, as well as outlook for the future. A copy of the materials is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

References to Constellation's website and/or other social media sites or platforms in the materials do not incorporate by reference the information on such websites, social media sites, or platforms into this Current Report on Form 8-K, and Constellation disclaims any such incorporation by reference. The information in the materials attached as Exhibit 99.1 is incorporated by reference into this Item 7.01 in satisfaction of the public disclosure requirements of Regulation FD. This information is "furnished" and not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and is not otherwise subject to the liabilities of that section. Such information may be incorporated by reference in another filing under the Securities Exchange Act of 1934 or the Securities Act of 1933 only if and to the extent such subsequent filing specifically references the information incorporated by reference herein.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | <u>[Constellation Brands, Inc. Presentation Materials dated February 23, 2023](cagnyconference.htm)</u>. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date: February 23, 2023 | CONSTELLATION BRANDS, INC. | CONSTELLATION BRANDS, INC. |
|  | By: | /s/ Garth Hankinson |
|  |  | Garth Hankinson |
|  |  | Executive Vice President and<br>Chief Financial Officer |

---

## Exhibit 99.1

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CAGNY 2023

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FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements that are based on certain assumptions, estimates, expectations, plans, analyses, and opinions made by management in light of their experience and perception of historical trends, current conditions, and expected future developments, as well as other factors management believes are appropriate in the circumstances. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond our or Canopy's control, and which could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. When used in this presentation, words such as "anticipate," "intend," "expect," "plan," "continue," "estimate," "exceed," "may," "will," "project," "predict," "propose," "potential," "targeting," "exploring," "scheduled," "implementing," "could," "might," "should," "believe," and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although we believe that the estimates, expectations, plans, and timetables reflected in the forward-looking statements are reasonable, they may vary from management's current estimates, expectations, plans, and timetables, and we can give no assurance that such estimates, expectations, plans, and timetables will prove to be correct, as actual results and future events and timetables could differ materially from those anticipated in such statements. Information provided in this presentation is necessarily summarized and may not contain all available material information. All statements other than statements of historical fact in this presentation may be forward-looking statements, including without limitation statements regarding or applicable to our business strategy, future operations, innovation and Digital Business Acceleration strategies, new products, future financial position and liquidity, future net sales, expected volume, inventory, and depletion trends, future marketing strategies and spend, long-term financial model, future effective tax rates and anticipated tax liabilities, access to capital markets, and prospects, plans, and objectives of management; anticipated inflationary pressures and our responses thereto as well as other unfavorable global and regional economic conditions, geopolitical events, and military conflicts, such as repercussions from the conflict in Ukraine; our ESG strategy, corporate social responsibility and sustainability initiatives, environmental stewardship targets, and human capital and diversity, equity, and inclusion objectives, goals, and priorities; the potential impact to supply, production levels, and costs due to global supply chain constraints, transportation, wildfires, and severe weather events; the impact of the Reclassification on the market price of our common stock, associated non-recurring costs and expenses related thereto, and Reclassification-related financing costs and expenses; the COVID-19 pandemic; expected or potential actions of third parties, including possible changes to laws, rules, regulations, international trade agreements, tariffs, taxes, other governmental rules or regulations, or other action by regulatory and governmental agencies or other third parties; the future expected balance of supply and demand for and inventory levels of our products; the refinement of our wine and spirits portfolio; the impact of our supply chain finance program; potential amounts of contingent consideration, if any, received in the divestitures of a portion of our wine and spirits business; the manner, timing, and duration of our share repurchase program and source of funds for share repurchases; the amount and timing of future dividends; our beer expansion, optimization, and/or construction activities, including anticipated scope, capacity, supply, costs, capital expenditures, timeframes for completion, discussions with government officials in Mexico, and potential future impairment of non-recoverable brewery construction assets and other costs and expenses; future, target, or expected growth and growth drivers, shareholder value creation, cash flows, gross profit, gross margin, operating income, operating margin, EBIT, leverage ratios, including target debt leverage ratios, dividend payout ratio, depreciation, and other financial metrics; distribution opportunities; strategic business initiatives; expected operating performance; demographic shifts; activities surrounding our investment in Canopy; Canopy's key priorities, expectations, and outlook; Canopy's plans to consolidated its U.S. cannabis assets, our intention to transition Common Shares into Exchangeable Shares and to negotiate an exchange of our notes in Canopy for Exchangeable Shares, and potential results of such transactions, including the termination of certain agreements and the surrender of outstanding Canopy warrants we hold; triggering events for and the potential impact of Canopy Strategic Transactions; a potential future impairment of our investment in Canopy; our future ownership level and structure in Canopy and our future accounting for our investment in Canopy; the anticipated availability of water, agricultural and other raw materials, and packaging materials; future global economic, market, or other regulatory conditions; unanticipated environmental liabilities and costs; timing of accounting elections or assertions or changes in accounting elections, assertions, or standards; changes in interest rates and foreign exchange rates; the actions of competitors; consumer preferences and trends; the anticipated effects and benefits of our investment in Canopy and potential benefits to or loss of benefits by Canopy; the ability of Canopy to grow its business, operations, and activities; potential impacts on Canopy's growth prospects; potential opportunities in the Canadian, U.S., and global cannabis markets; the potential for future form factors and product development; the availability or benefit of Canopy's existing contractual relationships; the ability of Canopy to achieve market scale; future Canopy revenue run rate and expected timing; Canopy's future outstanding share capital; the abilities of management of Canopy and composition of Canopy's management team; total addressable market, potential future profitability, market shares, and operating margins to be achieved in cannabidol, medical, and recreational cannabis markets; product development; clinical trial work; current and future acquisition, disposition, and investment activities; cannabis legalization; the ability of our divisions to grow their businesses, operations, and activities; potential opportunities in the U.S. and global wine and spirits markets and the U.S. beer market; capital allocation priorities and commitments; the potential for future product development and ability to maintain market scale; and key emerging consumer trends. 2

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FORWARD-LOOKING STATEMENTS (CONT.) In addition to the risks and uncertainties of ordinary business operations and conditions in the general economy and markets in which we compete, our forward-looking statements contained in this presentation are also subject to the risk, uncertainty, and possible variance from our current expectations regarding: the ability to recognize anticipated benefits of the Reclassification; the impact of the Reclassification on the market price of our common stock; the incurrence of substantial non-recurring costs and expenses in connection with the negotiation and completion of the Reclassification; litigation matters; water, agricultural and other raw material, and packaging material supply, production, and/or shipment difficulties which could adversely affect our ability to supply our customers; the ability to respond to anticipated inflationary pressures, including reductions in consumer discretionary income and our ability to pass along rising costs through increased selling prices, and unfavorable global or regional economic conditions, including economic slowdown or recession; the actual impact to supply, production levels, and costs from global supply chain constraints, transportation challenges (including from labor strikes or other labor activities), wildfires, and severe weather events; the actual balance of supply and demand for our products and the performance of our distributors; the actual demand, net sales, channel proportions, and volume trends for our products; beer operations expansion, optimization, and/or construction activities, scope, capacity, supply, costs (including impairments), capital expenditures, and timing; the duration and impact of the COVID-19 pandemic; the impact of the military conflict in Ukraine and associated geopolitical tensions and responses, including on inflation, supply chains, commodities, energy, and cyber-security; the amount, timing, and source of funds for any share repurchases; the impact of our investment in Canopy; the amount and timing of future Constellation dividends which are subject to the determination and discretion of our Board of Directors and may be impacted if our ability to use cash flow to fund dividends is affected by unanticipated increases in total net debt, we are unable to generate cash flow at anticipated levels, or we fail to generate expected earnings; the fair value of our investment in Canopy; the accuracy of management's projections relating to the Canopy investment; the timeframe and amount of any potential future impairment of our investment in Canopy; any impact of U.S. federal laws on Canopy Strategic Transactions; the impact of any Canopy Strategic Transaction upon our future ownership level in Canopy or our future share of Canopy's reported earnings and losses; the cannabis industry, including legalization, the demand for cannabis products, and operational risks inherent in the conduct of cannabis activities; expected benefits of our investment in Canopy that may not materialize in the manner or timeframe expected or at all; the transaction to consolidate Canopy's U.S. cannabis assets and our plans to transition into and exchange our remaining notes in Canopy for Exchangeable Shares which may not be completed at all, including because Canopy may not receive the required approval of its shareholders, that such transactions, if completed, may significantly alter our relationship with and investment in Canopy, including by Canopy no longer being able to derive benefits from its current strategic relationship with us, which could negatively impact Canopy, by limiting our right or opportunity to derive economic benefits from our investment in Canopy if Canopy declares dividends or dissolves and we continue to hold Exchangeable Shares or to increase our ownership in Canopy if Canopy's stock price were to recover prior to the expiration of our Canopy warrants that would be surrendered, or by the potential to subject our financial statements to additional volatility if we account for the Exchangeable Shares at fair value; Canopy's consolidation of its U.S. cannabis assets if it is not viewed favorably by members of the investment community, whether or not it is completed, which may cause a decrease in the value of Canopy's common shares and impair its liquidity and marketability or that if such transaction is not completed for any reason, then Canopy will have expended substantial time and resources that could otherwise have been spent on Canopy's existing businesses and the pursuit of other opportunities that could have been beneficial to Canopy; the potential that Canopy will not remain listed on the stock exchanges it is currently listed on and related impacts; the amount of contingent consideration, if any, received in the divestiture of a portion of our wine and spirits business which will depend on actual future brand performance; the expected impacts of wine and spirits portfolio refinement activities; purchase accounting with respect to any transaction, or the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value; our ability to achieve and timeframes for achieving expected target debt leverage ratios, cash flows, operating margin, earnings, and other financial metrics; receipt of any necessary regulatory approvals; operating and financial risks related to managing future growth; competition in our industry or in the cannabis industry; financing, market, economic, regulatory, and environmental risks; global financial conditions; reliance on key personnel; increases in capital or operating costs; changes to international trade agreements or tariffs; any incremental contingent consideration payment paid; accuracy of all projections, including those associated with previously announced acquisitions, investments, and divestitures as well as others associated with Canopy; accuracy of forecasts relating to joint venture businesses; the actual amount and timing of cost reductions based on management's final plans; and other factors and uncertainties disclosed from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended February 28, 2022 and our Quarterly Report on Form 10-Q for the quarter ended November 30, 2022. Forward-looking statements are made as of February 23, 2023, and Constellation does not intend and expressly disclaims any obligation to update or revise the forward-looking information contained in this presentation, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, viewers and listeners are cautioned not to place undue reliance on forward-looking information. 3

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USE OF NON-GAAP FINANCIAL MEASURES, DISCLAIMER, CAUTION REGARDING OUTDATED MATERIAL, AND LOCATION OF DEFINED TERMS This presentation (including audio, video, and supplemental slides, if any) may contain non-GAAP financial measures. These and other non-GAAP financial measures, the purposes for which management uses them, why management believes they are useful to investors, and a reconciliation to the most directly comparable GAAP financial measures can be found in the appendix of this presentation or at ir.cbrands.com under the Financial Info/Financial History (Non-GAAP) section. All references to profit measures and earnings per share on a comparable basis exclude items that affect comparability. Non-GAAP financial measures are also referred to as being presented on a comparable or organic basis. The notes offered under Constellation's commercial paper program have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy Constellation's notes under the commercial paper program. Unless otherwise indicated, the information presented at the 2023 Consumer Analyst Group of New York (CAGNY) Conference and herein is as of February 23, 2023, and, to the best of Constellation's knowledge, timely and accurate when made. Thereafter, it should be considered historical and not subject to further update by Constellation. A list of defined terms used within can be found in the appendix of this presentation. 4

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TODAY'S PRESENTATION OUR CONSUMER-OBSESSION UNDERPINS EVERYTHING WE DO WE HAVE A WELL-CONSIDERED, EFFECTIVE STRATEGIC ROADMAP GROWTH AND VALUE CREATION REMAIN OUR CORE PROPOSITION 5

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OUR DEEP UNDERSTANDING OF CONSUMER TRENDS UNDERPINS OUR STRATEGY 6

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WHY BEVERAGE ALCOHOL? GROWTH IN THE CONSUMER BASE SUPPORTS MARKET EXPANSION U.S. LDA POPULATION GROWTH (CY10 - CY20) U.S. BEVERAGE ALCOHOL DOLLAR SALES GROWTH (CY10 - CY20) 1% CAGR 1 3% CAGR 2 1. Source: United States Census Bureau, 2000 Decennial Census Profile of General Demographic Characteristics and 2021 American Community Survey Demographic and Housing Estimates. 2. Source: Constellation Brands internal estimates. 7

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WHY A HIGHER-END FOCUS? CONSUMER-LED PREMIUMIZATION IS DRIVING HIGHER-END GROWTH HIGHER-END WINE LOWER-END WINE LOWER-END SPIRITS HIGHER-END SPIRITS LOW-END BEER HIGH-END BEER CURRENT TOTAL DOLLAR SALES (FY23 Q3 LTM)$10B $55B Source: IRI, Total U.S. Multi-Outlet + Convenience, 52 weeks ending December 4, 2022 and December 2, 2018. Dollar Sales of categories are based on company estimates. -3%D O LL A R S A LE S C A G R (F Y 1 9 Q 3 L TM - FY 2 3 Q 3 L TM) 12% 8

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U.S. TRACKED CHANNEL DOLLAR SALES GROWTH OF BEVERAGE ALCOHOL CATEGORIES & PRICING SEGMENTS CAPTURING FURTHER CONSUMER-LED PREMIUMIZATION 29% 52% 60% 71% 48% 40% CY10 CY19 CY22 24% 31% 41% 76% 69% 59% CY10 CY19 CY22 34% 47% 53% 66% 53% 47% CY10 CY19 CY22 BEER WINE SPIRITS HIGHER-ENDLOWER-END Source: IRI, MULO+C, Calendar Years 2010, 2019, and 2022. 9

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WHY A DIVERSIFIED PORTFOLIO? VAST MAJORITY OF CONSUMERS DRINK ACROSS BEER, WINE & SPIRITS Source: IRI, Total U.S. All Outlets, 52 weeks ending December 4, 2022 and December 2, 2018. ~300 BPS GROWTH IN SHARE OF CONSUMERS IN THE U.S. WHO DRINK ACROSS MULTIPLE CATEGORIES (FY19 Q3 LTM - FY23 Q3 LTM) 88% 12% ACROSS MULTIPLE CATEGORIES ONLY ONE CATEGORY DOLLAR SALES IN THE U.S. (FY23 Q3 LTM) SHARE OF CONSUMERS WHO DRINK… 10

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CAPTURING HIGHER CONSUMER SPEND $1,944 $840 $291 DRINK BEER, WINE & SPIRITS DRINK TWO CATEGORIES DRINK ONLY ONE CATEGORY Source: IRI, Total U.S. All Outlets, 52 weeks ending December 4, 2022 Average Household Beverage Alcohol Spend Per Year. BEVERAGE ALCOHOL DOLLARS PER BUYER (FY23 Q3 LTM) 11

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WHAT ELSE INFORMS OUR STRATEGY? BETTERMENT, FLAVOR, AND DIGITAL TRENDS ARE ALSO IMPORTANT GROWTH IN THE BETTER-FOR-YOU SEGMENT IN BEVERAGE ALCOHOL IN THE U.S. (CY19-CY22) 25% CAGR 1 1. Source: Better-for-you incudes No-Alcohol, Low-Alcohol, Seltzers, Natural/Organic/Biodynamic, CSD-BevAlc Blend, Kombucha, Light-Calorie, Low-Calorie (excludes Traditional Light Beer). Flavor includes Hard Seltzer, Flavored Beer, Flavored Malt Beverages, Cider, and Ready-to-Drink Cocktails. IRI, Multi-Outlet + Convenience dollar sales, Calendar Years 2019 and 2022. 2. Source: IRI EMI through November 27, 2022. GROWTH IN FLAVOR PRODUCTS IN BEVERAGE ALCOHOL IN THE U.S. (CY19-CY22) 22% CAGR 1 GROWTH IN 3-TIER E-COMMERCE BEVERAGE ALCOHOL SALES IN THE U.S. (CY19-CY22) 3.2X 2 12

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OUR STRATEGIC INITIATIVES CONTINUE WINNING THE CONSUMER, DELIVERING GROWTH, AND CREATING VALUE 13

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1 OUR STRATEGIC INITIATIVES 2 3 4 CONTINUE TO BUILD POWERFUL BRANDS THAT PEOPLE LOVE DEVELOP CONSUMER-LED INNOVATIONS ALIGNED WITH EMERGING TRENDS DEPLOY CAPITAL IN-LINE WITH DISCIPLINED AND BALANCED PRIORITIES OPERATE IN A WAY THAT IS GOOD FOR BUSINESS AND GOOD FOR THE WORLD 14

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A PORTFOLIO OF POWERFUL BRANDS OUR BEER BUSINESS #1 SUPPLIER IN THE HIGH-END OF THE U.S. BEER MARKET OUR WINE AND SPIRITS BUSINESS A LEADING HIGHER-END WINE AND SPIRITS SUPPLIER 15

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#1 PINOT NOIR 1 A PORTFOLIO OF POWERFUL BRANDS 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022. 2. Source: Drinks International. #2 #1 SAUVIGNON BLANC 1 #2 SUPER LUXURY WINE BRAND 1 BEER IN THE U.S. BEER MARKET 1 #1 BEER IN THE HIGH-END 1 #4 #3 BEER IN THE U.S. BEER MARKET 1 BEER IN THE HIGH-END 1 #6 IMPORT IN THE U.S. BEER MARKET 1 #6 BEER IN THE STATE OF CALIFORNIA 1 #3 HIGHER-END AMERICAN RYE WHISKEY 1 #1 TRENDING TEQUILA 2 16

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CORONA EXTRA A LONG-STANDING ICON WITH RE-INVIGORATED GROWTH 1. Sources: Ace Metrix/iSpot.tv syndicated database, Kantar & Pathmatics digital Q1-Q3 CY22 data, and YouGov BrandIndex syndicated tracking data. 2. Source: Numerator insights, FY19 Q3 LTM and FY23 Q3 LTM. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. HIGHLY EFFECTIVE MARKETING INVESTMENTS #1 SCORING AD IN U.S. BEER CATEGORY 1 2ND SHARE OF VOICE POSITION IN U.S. MEDIA 1 UNLOCKING GROWTH FROM BROADENED LDA CONSUMER DEMOGRAPHICS TOP CONSUMER AWARENESS & CONSIDERATION 1 WHITE 8%CAGR DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) 3 HISPANIC OTHER CONSUMERSBLACK 32% 49% 10% FY19 Q3 LTM DOLLAR SALES BY CONSUMER DEMOGRAPHIC 2 32% 45% 13% FY23 Q3 LTM 17

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MODELO ESPECIAL 2ND LARGEST BEER IN THE U.S. WITH CONTINUED GROWTH POTENTIAL 0% 22% SIGNIFICANT SHARE OPPORTUNITY NATIONALLY 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 (Alaska, Hawaii, and Montana data not available in IRI). 2. Sources: Nielsen expanded Hispanic panel, 52 weeks ending November 10, 2018 and Numerator Insights, FY23 Q3 LTM. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. MODELO ESPECIAL DOLLAR SHARE BY STATE 1 FURTHER UPSIDE BEYOND HISPANIC LDA CONSUMER OTHER CONSUMERSHISPANIC 70%30% FY19 Q3 LTM DOLLAR SALES BY CONSUMER DEMOGRAPHIC 2 55%45% FY23 Q3 LTM 19%CAGR DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) 3 18

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PACIFICO THE FASTEST GROWING MAJOR BEER BRAND IN THE U.S. 1. Source: Numerator insights. 2. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. ATTRACTING NEW GENERATIONS OF LDA CONSUMERS TO OUR PORTFOLIO 33%40% 11%2% HIGHER SHARE OF DOLLAR SALES FROM MILLENNIALS & LDA GEN Z CONSUMERS1 DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) 2 21% CAGR SIGNIFICANT HOUSEHOLD PENETRATION OPPORTUNITY 1 19

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KIM CRAWFORD THE #1 NEW ZEALAND WINE BRAND IN THE U.S. EVOLVING INTO A LIFESTYLE BRAND WITH BROADER INTERNATIONAL OFFERINGS #1 SAUVIGNON BLANC IN THE U.S. WINE MARKET 3 SUPER PREMIUM ROSÉ IN THE U.S. WINE MARKET 3 SUPER PREMIUM PROSECCO IN THE U.S. WINE MARKET 3 #4 #5 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 2. Source: Company measures. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) 1 14% CAGR DEPLETIONS (FY23 Q3 LTM) 2 1.8M CASES 8% CAGR DEPLETIONS (FY19 Q3 LTM - FY23 Q3 LTM) 2 20

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MEIOMI THE #1 ULTRA PREMIUM WINE BRAND IN THE U.S. 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 2. Source: Company measures. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 #1 PINOT NOIR IN THE U.S. WINE MARKET 3 ULTRA PREMIUM CHARDONNAY IN THE U.S. WINE MARKET 3 #3 #5 ULTRA PREMIUM ROSÉ IN THE U.S. WINE MARKET 3 DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) 1 15% CAGR DEPLETIONS (FY23 Q3 LTM) 2 1.8M CASES 10% CAGR DEPLETIONS (FY19 Q3 LTM - FY23 Q3 LTM) 2 21

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THE PRISONER WINE CO. AN EXPANDED HIGH-GROWTH, HIGHER-END SET OF BRANDS WITH SIGNIFICANT GLOBAL AND OMNI-CHANNEL OPPORTUNITIES #2 SUPER LUXURY WINE BRAND 3 #7 LUXURY WINE BRAND 3 #1 SUPER LUXURY RED BLEND 3 #2 LUXURY RED BLEND 3 #1 SUPER LUXURY ZINFANDEL 3 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 2. Source: Company measures. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) 131% CAGR DEPLETIONS (FY23 Q3 LTM) 2 570k CASES 23% CAGR DEPLETIONS (FY19 Q3 LTM - FY23 Q3 LTM) 2 22

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HIGH WEST A TOP 15 AMERICAN HIGHER-END WHISKEY BRAND IN THE U.S. #3 HIGHER-END AMERICAN RYE WHISKEY IN THE U.S. 3 19% 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 2. Source: Company measures. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) 1 21% CAGR DEPLETIONS (FY23 Q3 LTM) 2 170k CASES 14% CAGR DEPLETIONS (FY19 Q3 LTM - FY23 Q3 LTM) 2 CONTINUED STRONG GROWTH IN ULTRA PREMIUM AMERICAN WHISKEY SEGMENT IN THE U.S. (FY23 Q3 LTM) 3 23

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CASA NOBLE & MI CAMPO RISING TEQUILA BRANDS DELIVERING SIGNIFICANT GROWTH IN THE U.S. AND KEY INTERNATIONAL METRO MARKETS 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 2. Source: Company measures. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) 1 19% CAGR DEPLETIONS (FY23 Q3 LTM) 2 157k CASES 29% CAGR DEPLETIONS (FY19 Q3 LTM - FY23 Q3 LTM) 2 #1 TOP TRENDING TEQUILA AÑEJO, REPOSADO, & BLANCO 8% CONTINUED STRONG GROWTH IN HIGHER-END TEQUILA SEGMENT IN THE U.S. (FY23 Q3 LTM) 3 24

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A HOLISTIC APPROACH TO BETTERMENT LOWER ALCOHOL LOWER CALORIES NON-ALCOHOLIC LOWER / NO CALORIES ESTABLISHED BRANDS ALIGNED WITH TREND ADDITIONAL OFFERINGS IN CY23 PART OF VENTURES PORTFOLIO 25

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1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 2. Source: Company measures. 3. Part of Constellation Brands Ventures Portfolio BROAD FLAVOR OFFERINGS TRADITIONAL FMB HARD SELTZERS READY-TO- DRINK SPIRITS WINE SPRITZERS COMPLETE RANGE OF "FLAVOR" BRANDS IN ONE PORTFOLIO ICED TEA WINE SPRITZ >50% SHARE OF CHELADA SEGMENT DOLLAR SALES (FY23 Q3 LTM) 2 30% CAGR DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) 1 3.5X DEPLETIONS GROWTH (FY19 Q3 LTM - FY23 Q3 LTM) 2 3 26

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ACCELERATING DIGITAL TRANSFORMATION BEVERAGE ALCOHOL 3-TIER E-COMMERCE SALES REMAINS ELEVATED IN POST-PANDEMIC TIMES >4x above pre-COVID 1 1. Source: IRI EMI through 11/27/22, CBI eCommerce Category Advisory Platform. Pandemic Timeframe & Growth Comparisons = 4WKS 4/19/20 – 11/27/22 (35 Quad Periods) vs. 35 Quad Periods before 4/19/20. 2. Source: IRI EMI through 12/25/22 OUR PORTFOLIO IS OUTPACING BEVERAGE ALCOHOL IN 3-TIER E-COMMERCE 12pts above market 2 27

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DEPLOY CAPITAL IN LINE WITH DISCIPLINED AND BALANCED PRIORITIES COMMITTED TO A DISCIPLINED FINANCIAL FOUNDATION BALANCING REINVESTMENT AND ADDITIONAL RETURNS DEPLOY EXCESS CASH THOUGHTFULLY AND PRUDENTLY 28

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TARGET DIVIDEND PAYOUT RATIO ~30% TARGET NET LEVERAGE RATIO ~3.0X COMMITTED TO A DISCIPLINED FINANCIAL FOUNDATION 1 FOCUSED ON MAINTAINING A SOLID INVESTMENT GRADE RATING TARGETING DIVIDEND GROWTH IN-LINE WITH EARNINGS 2 1. Net leverage ratio defined as debt net of cash divided by comparable basis EBITDA excluding Canopy EIE. EBITDA is calculated on a comparable basis and is a non-GAAP financial measure. A reconciliation to the most directly comparable GAAP financial measure is included within the appendix. 2. Payout ratio defined as dividend per share divided by adjusted earnings per share. 29

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BALANCING REINVESTMENT AND ADDITIONAL RETURNS 1. Organic depletions growth, includes innovation/new products and excludes impact from any future acquisitions/divestitures. 2. $1.2B represents remaining portion of authorization approved by Board of Directors in January 2021 to repurchase up to $2.0 billion of the company's publicly traded common stock as of November 30, 2022. REMAINING CAPACITY FOR OPPORTUNISTIC BUYBACKS $1.2B 2 DEPLOYING CAPITAL TO ORGANIC INVESTMENTS TO SUPPORT GROWTH BUY-BACKS TARGETED TO AT LEAST COVER DILUTION WITH ABILITY TO OPPORTUNISTICALLY DO MORE ADDITIONAL BEER BREWING CAPACITY FY23-26 25-30M HL 1 30

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DEPLOY EXCESS CASH THOUGHTFULLY AND PRUDENTLY ANY POTENTIAL ACQUISITIONS TO BE FOCUSED ON SMALL TARGETS TO FILL PORTFOLIO GAPS TARGET CRITERIA CONSUMER-LED ACCRETIVE SYNERGISTIC RECENT ACQUISITIONS 31

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MODELING WATER STEWARDSHIP TARGETING ~1.1 BILLION GALLONS OF WATER RESTORATION BY FY25 SERVING AS GOOD STEWARDS OF OUR ENIVORNMENT REDUCING GHG EMISSIONS TARGETING ~15% REDUCTION OF SCOPE 1 & SCOPE 2 GHG EMISSIONS BY FY25 1. From baseline fiscal year 2020 Scope 1 and Scope 2 emissions 32

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FEMALE REPRESENTATION FY26 GOAL 1 50% ENHANCING SOCIAL EQUITY WITHIN OUR INDUSTRY AND COMMUNITIES WORKFORCE GENDER AND ETHNIC DIVERSITY REPRESENTATION GOALS 1. Goals referenced from Constellation Brands 2022 ESG Impact Report. Measures refer to U.S. salaried population and self-disclosed employee information. ETHNIC DIVERSITY REPRESENTATION FY26 GOAL 1 30% ENHANCING ECONOMIC DEVELOPMENT IN COMMUNITIES WE OPERATE IN $100M COMMITMENT TO FOCUS ON FEMALE FOUNDER INITIATIVE $100M COMMITMENT TO FOCUS ON MINORITY FOUNDER INITIATIVE 33

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ENHANCING OUR CORPORATE GOVERNANCE PROFILE ALIGNMENT OF VOTING POWER AND ECONOMIC OWNERSHIP OF ALL SHAREHOLDERS 100% OF BOARD ELECTED BY HOLDERS OF CLASS A STOCK ROTATION OF LEAD INDEPENDENT DIRECTOR BETTER ALIGNED WITH SHAREHOLDERS, ADVOCACY GROUPS AND PROXY ADVISORS INTRODUCTION OF ANTI-PLEDGING POLICY 34

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RESPONSIBLE CONSUMPTION STRATEGIES IN ACTION PROMOTING RESPONSIBLE BEVERAGE ALCOHOL CONSUMPTION CHAMPIONING THE SAFE AND RESPONSIBLE ENJOYMENT OF BEVERAGE ALCOHOL IS FOUNDATIONAL TO WHO WE ARE WORKING WITH THE BREWERS' VOLUNTARY INITIATIVE TO PROVIDE KEY CONSUMER INFORMATION ON ALCOHOLIC BEVERAGES SUPPORTING PROGRAMS TO PROMOTE MODERATE CONSUMPTION THROUGH OUR BOARD MEMBERSHIP AT THE WINE INSTITUTE PROMOTING ANTI-DRUNK DRIVING MEASURES THROUGH OUR DISCUS MEMBERSHIP 35

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OUR PATH FORWARD REMAINS A COMPELLING PROPOSITION 36

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BEST-IN-CLASS BEER BUSINESS CONSECUTIVE QUARTERS OF DEPLETIONS GROWTH +7.5% +6.3% +8.8% +9.8% +12.0% +12.6% +6.0% +7.6% +4.5% +5.5% +3.0% +8.9% +7.8% Source: Company quarterly depletion growth rates from FY11 through FY23 Q3; highlighted percentages represent the depletion growth for the fiscal year and initial three quarters of Fiscal 2023; excludes import brands no longer within portfolio (St. Pauli Girl, Tsingtao, and Somersby) . 37

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$5.2 $5.6 $6.1 $6.8 $2.0 $2.2 $2.5 $2.7 FY19 FY20 FY21 FY22 FY23 GUIDANCE 9%-10% GROWTH ~40% AVERAGE OP. MARGIN 1 B IL LI O N S 4%-5% GROWTH ~9% CAGR NET SALES OPERATING INCOME 1 BEST-IN-CLASS BEER BUSINESS 7-9% NET SALES GROWTH 39-40% OPERATING MARGIN 1 MEDIUM-TERM TARGETS 1. Operating margin and operating income are on a comparable basis. All comparable GAAP financial measures for the actual periods presented within the appendix of this presentation. Beer Business implied operating margin guidance for FY23 below medium-term range due to incremental inflation and depreciation. 38

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66% 38% 34% 62% FY19 FY23 Q3 YTD % LOWER-END % HIGHER-END OPTIMIZED WINE & SPIRITS BUSINESS OUR NET SALES HAVE SHIFTED TO BE MAINLY DRIVEN BY OUR HIGHER-END BRANDS 1 OUR NET SALES ARE ALSO SHIFTING TO INTERNATIONAL MARKETS & DTC CHANNELS 90% 85% 2% 4% 8% 11% FY19 FY23 Q3 YTD US WHOLESALE DTC INTERNATIONAL 1. Portfolio shift inclusive of the divestiture to E. & J. Gallo in FY21 of mainstream lower-end brands and the divestiture to The Wine Group in Q3 FY23 of mainstream and premium wine brands primarily in the lower-end categories. 2. Source: Company measures. 2 22 2 39

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OPTIMIZED WINE & SPIRITS BUSINESS $2.9 $2.7 $2.5 $2.1 $0.8 $0.7 $0.6 $0.5 FY19 FY20 FY21 FY22 INCLUDES DIVESTITURE OF LOWER-PRICED BRANDS TO E. & J. GALLO IN FY21 ~25% AVERAGE OP. MARGIN FY23 GUIDANCE ~$(44)M NET SALES B IL LI O N S 0% - (2)% DECLINE 3% - 5% GROWTH ADJUSTMENTS FROM ADDITIONAL DIVESTITURE OF MAINSTREAM AND PREMIUM BRANDS TO THE WINE GROUP CLOSED IN Q3 FY23 ~$(26)M OP. INCOME2 NET SALES OPERATING INCOME 1 MEDIUM-TERM TARGETS 2-4% ORGANIC NET SALES GROWTH 28-29% OPERATING MARGIN 1 1. Operating margin and operating income are on a comparable basis. All comparable GAAP financial measures for the actual periods presented within the appendix of this presentation. Wine & Spirits Business net sales growth guidance for FY23 below medium-term range due to non-recurring net sales benefits in FY22, divestiture of brands in FY23, and incremental inflation. 2. Operating income adjustment based on ~$26M CAM adjustment and <$1M SG&A and OI&E adjustments. 40

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BUILDING LONG TERM SHAREHOLDER VALUE CONSTELLATION BRANDS 10-K COMPETITORS 23.0% 14.7% 11.6% 10.7% 9.5% 9.2% 7.5% 3.8% 0.3% 10-YEAR ANNUALIZED TSR 2 1. Source: IRI and BCG Analysis. 2. Source: Company filings and FactSet. Total Shareholder Returns (TSR) to 1/31/23 as calculated by FactSet. Methodology includes share price performance, with dividends reinvested on the ex-dividend date, and excludes special cash dividends. N/A reflects absence of TSR for competitor not listed as of 3/01/13. N/A2 10 CONSECUTIVE YEARS AS A GROWTH LEADER AMONG CPG PEERS 1 CY21 CY20 CY19 CY18 CY17 CY16 CY15 CY14 CY13 ~8% COMPETITOR AVERAGE 41 CY22

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APPENDIX 1 ADDITIONAL CAPITAL ALLOCATION REFERENCE MATERIALS 42

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TARGETING DIVIDEND GROWTH IN-LINE WITH EARNINGS TARGET ~30% DIVIDEND PAYOUT RATIO COMMITTED TO A DISCIPLINED FINANCIAL FOUNDATION FOCUSED ON MAINTAINING A SOLID INVESTMENT GRADE RATING TARGET ~3.0X LEVERAGE RATIO 1 SMALL ACQUISITIONS TO FILL PORTFOLIO GAPS CONSUMER-LED, ACCRETIVE, SYNERGISTIC TARGETS BALANCING REINVESTMENT AND ADDITIONAL RETURNS 1 2 DEPLOY EXCESS CASH THOUGHTFULLY AND PRUDENTLY3 SHARE REPURCHASES TARGETED TO AT LEAST COVER DILUTION WITH ABILITY TO OPPORTUNISTICALLY DO MORE ~$1.2B OF CAPACITY IN PLACE 3 DEPLOYING CAPITAL TO ORGANIC INVESTMENTS TO SUPPORT GROWTH +25-30M HL BREWING CAPACITY 2 DEPLOY CAPITAL IN LINE WITH DISCIPLINED AND BALANCED PRIORITIES 1. Excludes Canopy EIE. 2. Incremental brewing capacity for the FY23 – FY26 time period supported by expected capital expenditure for the Beer Business in the $5.0 - $5.5 billion range over the same time period and inclusive of maintenance capex. 3. $1.2B represents remaining portion of authorization approved by Board of Directors in January 2021 to repurchase up to $2.0 billion of the company's publicly traded common stock as of November 30, 2022. 43

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1. Excludes Canopy EIE. 2. Excludes commercial paper, working capital lines, letters of credit, and senior notes maturing in FY33, FY48, FY49, and FY51. 3. Includes reduction in short-term borrowings, current maturities of long-term debt, and long-term debt, less current maturities. MAINTAINING A SOLID INVESTMENT GRADE RATING 4.5X 3.9X 3.1X 3.1X 3.0X 3.4X FY19 FY20 FY21 FY22 Q2 FY23 Q3 FY23 INCLUDES ~$3.2B OF DEBT REDUCTION 3 INCREASE DUE TO RECLASSIFICATION FINANCING NET LEVERAGE RATIO 1 TARGET NET LEVERAGE RATIO IN THE ~3.0X RANGE 1 $0.3 $1.0 $1.4 $0.6 $1.8 $2.9 $2.3 $0.5 FY24 FY25 FY26 FY27 FY28 FY29- FY32 NIL DEBT MATURITY PROFILE 2 SENIOR NOTES RECLASSIFICATION FINANCING (BANK DEBT)REVOLVER BANK DEBT PREPAYABLE WITHOUT PENALTY B IL L IO N S 44

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1. Constellation Brands data reflects 03/01/19 to 02/28/22 period. Competitor data reflects fiscal year or cumulative quarterly / half-yearly periods amounting to a year immediately preceding the corresponding Constellation Brands fiscal year period(s). Payout ratio calculated as dividend per share divided by adjusted earnings per share. Yield calculated as dividend per share divided by share closing price. Calculation data sourced from financial results press release of Constellation Brands and competitors and NASDAQ IR Insights. TARGETING DIVIDEND GROWTH IN-LINE WITH EARNINGS TARGET DIVIDEND PAYOUT RATIO IN THE ~30% RANGE 1.5% 1.8% FY20- FY22 28% 29% 30% 27% 29% 30% FY22 FY21 FY20 29% 29% FY20- FY22 CONSTELLATION BRANDS 10-K COMPETITORS AVERAGE DIVIDEND PAYOUT RATIO 1 DIVIDEND YIELD 1 ~$1.7B OF DIVIDENDS PAID 1.3% 1.6% 1.6%1.7% 1.4% 1.8% FY22 FY21 FY20 45

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1. Includes maintenance capex. 2. Organic depletions growth, includes innovation/new products and excludes impact from any future acquisitions/divestitures. 3. Includes 5M HL ABA expansion in Nava and 5M HL expansion in Obregon. 4. Includes 5M HL expansion in Obregon and initial 3M HL module in 'greenfield' development at Veracruz. 5. Includes additional potential expansions to be modularly added aligned with future growth expectations and efficiency attainment assumptions. EXECUTING ORGANIC INVESTMENTS TO SUPPORT GROWTH 1ST WAVE FY24 3 ADDING ~10M HL TOTAL CAPACITY ~51M HL ADDING 25-30M HL OF BREWING CAPACITY TO SUPPORT MEDIUM TERM MID TO HIGH SINGLE-DIGIT VOLUME GROWTH OF BEER BUSINESS 2 CAPITAL EXPENDITURE FOR THE BEER BUSINESS IS EXPECTED TO BE IN THE $5.0B - $5.5B RANGE FOR THE FY23 - FY26 TIME PERIOD 1 2ND WAVE FY25-FY26 4 ADDING ~8M HL TOTAL CAPACITY ~59M HL 3RD WAVE FY26+ 5 ADDING ~7-12M HL TOTAL CAPACITY ~66-71M HL 46

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NEW TASTING FACILITY AT THE PRISONER WINERY ROBERT MONDAVI WINERY RENOVATIONS EXECUTING ORGANIC INVESTMENTS TO SUPPORT GROWTH WINE & SPIRITS HOSPITALITY VENUE UPGRADES TO ENHANCE EXPERIENCES AND SEEK TO MAXIMIZE DIRECT-TO-CONSUMER OPPORTUNITY 47

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BUY-BACKS TARGETED TO AT LEAST COVER DILUTION 1. $1.2B represents remaining portion of authorization approved by Board of Directors in January 2021 to repurchase up to $2.0 billion of the company's publicly traded common stock. 2. Constellation Brands data reflects 03/01/19 to 02/28/22 period. Competitor data reflects fiscal year immediately preceding the corresponding Constellation Brands fiscal year period(s). Share repurchase ratio calculated as share repurchases divided by market capitalization. Calculation data sourced from Bloomberg. $1.4 $1.4 $2.8 FY22 FY23 Q1-Q3 FY22- FY23 Q3 B IL LI O N S COMPLETED REPURCHASES ABILITY TO OPPORTUNISTICALLY DO MORE WITH ~$1.2B OF CAPACITY 1 SHARE REPURCHASE RATIO FROM FY20-FY22 (2) CONSTELLATION BRANDS 10-K COMPETITORS 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.3% 3.2% 4.6% 4.5% ~1.3% COMPETITOR AVERAGE 48

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SMALL ACQUISITIONS TO FILL PORTFOLIO GAPS <5% $8.1B OPERATING CASH FLOW FY20-FY22 M&A EXPENDITURES RECENT ACQUISITIONS OF HIGH-GROWTH BRANDS ALMOST ENTIRELY SELF-FUNDED THROUGH SALE OF SUCCESSFUL VENTURE INVESTMENT ACQUISITIONS HIGHER-END WINES FROM PASO ROBLES, CALIFORNIA, WITH STRONG DIRECT-TO-CONSUMER BUSINESS, INCLUDING ECOMMERCE HIGHER-END WINES FROM WILLAMETTE VALLEY, OREGON PREMIUM BRAND IN HIGH-GROWTH READY-TO-DRINK SEGMENT 49

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APPENDIX 2 ADDITIONAL ESG REFERENCE MATERIALS 50

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WATER RESTORATION STRATEGIES IN ACTION MODELING WATER STEWARDSHIP REFORESTATION OF 2,000+ HECTARES OF LAND NEAR NAVA BREWERY OVER THE NEXT NINE YEARS BUILT 3 DAMS NEAR OBREGON BREWERY SAVING ~15 MILLION CUBIC METERS OF WATER ON AVERAGE IN LAST 3 YEARS NEW TECHNOLOGIES NEAR OUR NAPA VALLEY VINEYARDS REPRESENTING A 39% IMPROVEMENT IN WATER EFFICIENCY TARGETING ~1.1 BILLION GALLONS OF WATER RESTORATION BY FY25 51

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FEMALE REPRESENTATION 1 ETHNIC DIVERSITY REPRESENTATION 1 FY26 GOAL 50%43% FY22 ACHIEVEMENT FOSTERING AN INCLUSIVE CULTURE WE ARE COMMITTED TO CULTIVATING A BEST-IN-CLASS, DIVERSE, AND EQUITABLE WORKFORCE WORKFORCE GENDER AND ETHNIC DIVERSITY REPRESENTATION GOALS FY26 GOAL 30%22% FY22 ACHIEVEMENT 1. Goal progress from Constellation Brands 2022 ESG Impact Report. Measures refer to U.S. salaried population and self-disclosed employee information. 53

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ADVANCING DIVERSITY, EQUITY & INCLUSION IN BEVERAGE ALCOHOL CONTINUED EXECUTION OF EXISTING PROGRAMS CREATING NEW OPPORTUNITIES TO ACCELERATE CHANGE $100M COMMITMENT TO FOCUS ON FEMALE FOUNDER INITIATIVE $100M COMMITMENT TO FOCUS ON MINORITY FOUNDER INITIATIVE SUPPORTING 1,800 ROLES INTENDED FOR THE BLACK COMMUNITY IN THE SPIRITS INDUSTRY VIA PARTNERSHIP WITH PRONGHORN & DISCUS BUILDING MORE GENDER DIVERSE WORKPLACES VIA MEMBERSHIP IN WOMEN OF THE VINE & SPIRITS 54

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APPENDIX 3 DEFINED TERMS & ADDITIONAL FINANCIAL INFORMATION 55

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DEFINED TERMS Unless the context otherwise requires, the terms "Company," "CBI," "STZ," "we," "our," or "us" refer to Constellation Brands, Inc. and its subsidiaries. We use terms in this presentation that are specific to us or are abbreviations that may not be commonly known or used. Term Meaning 10-K Competitors 2022 10-K competitors that are publicly listed companies consist of Anheuser-Busch InBev, The Boston Beer Company, Brown-Forman, Diageo, Duckhorn Portfolio, Heineken, Molson Coors, Pernod Ricard, and Treasury Wine Estates ABA Alternative Beverage Alcohol BPS Basis points CAGR Compound annual growth rate CAM Contribution after marketing, which equals gross profit less marketing expenses Canopy Canopy Growth Corporation Canopy Strategic Transaction(s) Any potential acquisition, divestiture, investment, or other similar transaction made by Canopy, including but not limited to the potential transaction with Acreage and the Canopy Transaction Canopy Transaction Proposed corporate transaction by Canopy, including the creation of Exchangeable Shares, designed to consolidate its U.S. cannabis assets into Canopy USA Common Shares Canopy's common shares CPG Consumer Packaged Goods CY Calendar year DTC Direct-to-consumer EBIT Earnings before interest and taxes EBITDA Earnings before interest, taxes, depreciation, and amortization EIE Equity in earnings ESG Environmental, social, and governance Exchangeable Shares New class of non-voting and non-participating exchangeable shares of Canopy which will be convertible into Common Shares FY Fiscal year GAAP General accepted accounting principles in the U.S. Generation Z consumers Consumer that were born between 1997 and 2012 GHG Greenhouse Gas High-End Beer Beer that sells above $27.00 a case at retail Higher-End Spirits Spirits that generally sell above $14.00 - $17.00 per bottle at retail Higher-End Wine Wine that sells above $11.00 per bottle at retail for table wine and above $13.00 for sparkling wine HL Hectoliters LDA Legal drinking age 56

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DEFINED TERMS Term Meaning Low-End Beer Beer that sells for less than $27.00 per case at retail Lower-End Spirits Spirits that generally sell for less than $14.00 - $17.00 per bottle at retail Lower-End Wine Wine that sells for less than $11.00 per bottle at retail for table wine and less than $13.00 for sparkling wine LTM Last 12 months Luxury Wine Price Segment Wine that sells between $20.00 - $24.99 per bottle at retail OI&E Other income and expenses Reclassification Reclassification, exchange, and conversion of our common stock to eliminate our Class B Common Stock pursuant to the terms and conditions of the reclassification agreement, dated June 30, 2022, among the Company and the members of the Sands stockholder group SG&A Selling, general, and administrative expenses Super Luxury Wine Price Segment Wine that sells above $25.00 per bottle at retail U.S. United States of America 57

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COMPARABLE MEASURES (NON-GAAP) Acquisitions, Divestitures, and Related Costs Acquisitions, divestitures, and related costs includes transaction and associated costs in connection with pending and completed acquisitions, investments, and divestitures. In addition, in connection with acquisitions, the allocation of purchase price in excess of book value for certain inventory on hand at the date of acquisition is referred to as inventory step-up. Inventory step-up represents an assumed manufacturing profit attributable to the acquired company prior to acquisition. For inventory produced and sold after the acquisition date, the related manufacturer's profit accrues to the Company. Restructuring and Other Strategic Business Development Costs Restructuring and other strategic business development costs consist primarily of costs recognized by the Company in connection with certain activities which are intended to simplify, streamline, or increase efficiencies. These costs include restructuring charges, such as employee termination benefit costs, contract termination costs, costs to consolidate or close facilities and relocate employees, and other costs which are not reflective of the core operations of the Company related to strategic business development initiatives. Comparable measures are provided because management uses this information in evaluating the results of the core operations of the Company and/or internal goal setting. In addition, the Company believes this information provides investors valuable insight on underlying business trends and results in order to evaluate year-over-year financial performance. As such, the following items, when appropriate, are excluded from comparable results: 58

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Other Other includes items that are not specifically related to acquisitions and divestitures or restructuring and other strategic business development costs (e.g. unrealized net (gain) loss on securities measured at fair value, loss on extinguishment of debt, impairment of assets, loss on contract termination, and net (gain) loss from the mark to fair value of undesignated commodity derivative contracts prior to settlement). Comparable Basis Earnings before Interest and Taxes ("Comparable Basis EBIT"), as used by the Company, means net income (loss) attributable to CBI plus (i) net income (loss) attributable to noncontrolling interests, (ii) provision for (benefit from) income taxes, and (iii) interest expense, all on a comparable basis. Comparable Basis EBIT is considered a performance measure and the Company considers net income (loss) attributable to CBI the most comparable GAAP measure. Comparable Basis EBIT is used by management in evaluating the results of the core operations of the Company including, the results of its equity method investments. In addition, the Company believes this information provides investors valuable insight on underlying business trends and results in order to evaluate year-over-year financial performance. The Company has disclosed its debt to Earnings before Interest, Taxes, Depreciation, and Amortization ("EBITDA") ratio and net debt to EBITDA ratio. These are non-GAAP financial measures that management believes are of interest to investors and lenders in relation to the Company's overall capital structure and its ability to borrow additional funds. The Company considers EBITDA a measure of liquidity and considers net cash provided by operating activities the most comparable GAAP measure. Free cash flow as used by the Company means the Company's net cash flow from operating activities prepared in accordance with GAAP less capital expenditures for property, plant, and equipment. Free cash flow is considered a liquidity measure and provides useful information to investors about the amount of cash generated, which can then be used, after required debt service and dividend payments, for other general corporate purposes. A limitation of free cash flow is that it does not represent the total increase or decrease in the cash balance for the period. Free cash flow should be considered in addition to, not as a substitute for, or superior to, cash flow from operating activities prepared in accordance with GAAP. COMPARABLE MEASURES (NON-GAAP) 59

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REPORTED STATEMENT OF OPERATIONS (GAAP) Fiscal Year Fiscal Year Fiscal Year Fiscal Year First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year First Quarter Second Quarter Third Quarter Nine Months 2018 2019 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 $7,580.3 $8,116.0 $8,343.5 $8,614.9 $2,026.5 $2,371.1 $2,320.6 $2,102.5 $8,820.7 $2,363.2 $2,655.1 $2,436.5 $7,454.8 (3,767.8) (4,035.7) (4,191.6) (4,148.9) (907.2) (1,141.4) (1,094.9) (969.9) (4,113.4) (1,108.2) (1,329.2) (1,209.6) (3,647.0) 3,812.5 4,080.3 4,151.9 4,466.0 1,119.3 1,229.7 1,225.7 1,132.6 4,707.3 1,255.0 1,325.9 1,226.9 3,807.8 (1,532.7) (1,668.1) (1,621.8) (1,665.1) (380.9) (489.8) (385.8) (454.9) (1,711.4) (438.6) (512.8) (480.2) (1,431.6) — — — — (665.9) — — — (665.9) — — — — — — (449.7) (24.0) — — — — — — — — — — — 74.1 14.2 2.6 (0.7) — (0.2) 1.7 — — — — 2,279.8 2,412.2 2,154.5 2,791.1 75.1 739.2 839.9 677.5 2,331.7 816.4 813.1 746.7 2,376.2 487.2 2,101.6 (2,668.6) 150.3 (899.2) (470.8) (171.8) (93.7) (1,635.5) (187.9) (1,719.1) (37.2) (1,944.2) (332.0) (367.1) (428.7) (385.7) (86.7) (95.8) (88.0) (85.9) (356.4) (88.5) (94.3) (98.7) (281.5) (97.0) (1.7) (2.4) (12.8) — (29.4) — — (29.4) (15.3) (8.0) — (23.3) 2,338.0 4,145.0 (945.2) 2,542.9 (910.8) 143.2 580.1 497.9 310.4 524.7 (1,008.3) 610.8 127.2 (22.7) (685.9) 966.6 (511.1) 13.5 (131.3) (99.3) (92.3) (309.4) (125.4) (132.4) (131.1) (388.9) 2,315.3 3,459.1 21.4 2,031.8 (897.3) 11.9 480.8 405.6 1.0 399.3 (1,140.7) 479.7 (261.7) (11.9) (23.2) (33.2) (33.8) (10.8) (10.4) (10.0) (10.2) (41.4) (9.8) (10.5) (12.0) (32.3) $2,303.4 $3,435.9 $(11.8) $1,998.0 $(908.1) $1.5 $470.8 $395.4 $(40.4) $389.5 $(1,151.2) $467.7 $(294.0) $11.47 $17.57 $(0.07) $10.23 $(4.74) $0.01 $2.48 $2.07 $(0.22) $2.06 $(6.30) $2.52 $(1.48) 200.745 195.532 168.329 195.308 170.602 192.530 189.939 190.685 167.431 189.333 161.730 185.291 164.573 $2.08 $2.96 $3.00 $3.00 $0.76 $0.76 $0.76 $0.76 $3.04 $0.80 $0.80 $0.80 $2.40 $1.88 $2.68 $2.72 $2.72 $0.69 $0.69 $0.69 $0.69 $2.76 $0.72 $0.72 $0.72 $2.16 1.0% 16.5% 102.3% 20.1% 1.5% 91.7% 17.1% 18.5% 99.7% 23.9% (13.1%) 21.5% 305.7% 49.7% 49.7% 50.2% 48.2% 44.8% 48.1% 47.2% 46.1% 46.6% 46.9% 50.1% 49.6% 48.9% 50.3% 50.3% 49.8% 51.8% 55.2% 51.9% 52.8% 53.9% 53.4% 53.1% 49.9% 50.4% 51.1% 20.2% 20.6% 19.4% 19.3% 18.8% 20.7% 16.6% 21.6% 19.4% 18.6% 19.3% 19.7% 19.2% 30.1% 29.7% 25.8% 32.4% 3.7% 31.2% 36.2% 32.2% 26.4% 34.5% 30.6% 30.6% 31.9% (1) Selling, general, and administrative expenses Operating income (loss) Includes impairment of intangible assets of $86.8 million for the year ended February 28, 2018. Effective tax rate Items as a percent of net sales: Cost of product sold Gross profit Class B Convertible Common Stock (Provision for) benefit from income taxes Net income (loss) Net (income) loss attributable to noncontrolling interests Net income (loss) attributable to CBI Diluted net income (loss) per common share attributable to CBI Diluted weighted average common shares outstanding Cash dividends declared per common share: Class A Common Stock Income (loss) before income taxes Cost of product sold Gross profit Selling, general, and administrative expenses (1) Impairment of brewery construction in progress Impairment of assets held for sale Gain (loss) on sale of business Operating income (loss) Income (loss) from unconsolidated investments Interest expense Loss on extinguishment of debt Net sales (in millions, except share and per share data) 60

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RECONCILIATION OF REPORTED AND COMPARABLE NON-GAAP INFORMATION Fiscal Year Fiscal Year Fiscal Year Fiscal Year First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year First Quarter Second Quarter Third Quarter Nine Months 2018 2019 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 $7,580.3 $8,116.0 $8,343.5 $8,614.9 $2,026.5 $2,371.1 $2,320.6 $2,102.5 $8,820.7 $2,363.2 $2,655.1 $2,436.5 $7,454.8 $7,580.3 $8,116.0 $8,343.5 $8,614.9 $2,026.5 $2,371.1 $2,320.6 $2,102.5 $8,820.7 $2,363.2 $2,655.1 $2,436.5 $7,454.8 $(3,767.8) $(4,035.7) $(4,191.6) $(4,148.9) $(907.2) $(1,141.4) $(1,094.9) $(969.9) $(4,113.4) $(1,108.2) $(1,329.2) $(1,209.6) $(3,647.0) 18.7 4.9 1.5 0.4 — (0.1) 0.1 0.1 0.1 1.0 0.9 2.1 4.0 — 8.9 132.1 29.9 2.6 — — — 2.6 — — 1.1 1.1 9.4 16.1 28.7 21.3 (20.7) (15.1) 1.9 (51.2) (85.1) (25.4) 45.5 22.0 42.1 $(3,739.7) $(4,005.8) $(4,029.3) $(4,097.3) $(925.3) $(1,156.6) $(1,092.9) $(1,021.0) $(4,195.8) $(1,132.6) $(1,282.8) $(1,184.4) $(3,599.8) $3,812.5 $4,080.3 $4,151.9 $4,466.0 $1,119.3 $1,229.7 $1,225.7 $1,132.6 $4,707.3 $1,255.0 $1,325.9 $1,226.9 $3,807.8 18.7 4.9 1.5 0.4 — (0.1) 0.1 0.1 0.1 1.0 0.9 2.1 4.0 — 8.9 132.1 29.9 2.6 — — — 2.6 — — 1.1 1.1 9.4 16.1 28.7 21.3 (20.7) (15.1) 1.9 (51.2) (85.1) (25.4) 45.5 22.0 42.1 $3,840.6 $4,110.2 $4,314.2 $4,517.6 $1,101.2 $1,214.5 $1,227.7 $1,081.5 $4,624.9 $1,230.6 $1,372.3 $1,252.1 $3,855.0 $(1,532.7) $(1,668.1) $(1,621.8) $(1,665.1) $(380.9) $(489.8) $(385.8) $(454.9) $(1,711.4) $(438.6) $(512.8) $(480.2) $(1,431.6) 11.3 34.1 (8.5) 6.3 1.6 4.9 (7.5) 8.1 7.1 (1.6) 5.0 (9.8) (6.4) 14.0 17.1 25.3 23.9 0.9 (0.8) (0.2) (0.5) (0.6) 1.4 1.2 0.2 2.8 135.3 122.9 23.2 5.4 — 1.5 (10.4) 24.7 15.8 0.7 17.0 7.4 25.1 $(1,372.1) $(1,494.0) $(1,581.8) $(1,629.5) $(378.4) $(484.2) $(403.9) $(422.6) $(1,689.1) $(438.1) $(489.6) $(482.4) $(1,410.1) $— $— $— $— $(665.9) $— $— $— $(665.9) $— $— $— $— — — — — 665.9 — — — 665.9 — — — — $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $(449.7) $(24.0) $— $— $— $— $— $— $— $— $— — — 449.7 24.0 — — — — — — — — — $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $74.1 $14.2 $2.6 $(0.7) $— $(0.2) $1.7 $— $— $— $— — — (74.1) (14.2) (2.6) 0.7 — 0.2 (1.7) — — — — $— $— $— $— $— $— $— $— $— $— $— $— $— Reported Gain (Loss) on Sale of Business Acquisitions, Divestitures, and Related Costs Comparable Gain (Loss) on Sale of Business Gain (Loss) on Sale of Business Restructuring and Other Strategic Business Development Costs Other Comparable Selling, General, and Administrative Expenses Impairment of Brewery Construction in Progress Reported Impairment of Brewery Construction in Progress Other Comparable Impairment of Brewery Construction in Progress Impairment of Assets Held for Sale Reported Impairment of Assets Held for Sale Restructuring and Other Strategic Business Development Costs Comparable Impairment of Assets Held for Sale Acquisitions, Divestitures, and Related Costs (1) Other Comparable Cost of Product Sold Gross Profit Reported Gross Profit Acquisitions, Divestitures, and Related Costs Restructuring and Other Strategic Business Development Costs Other Comparable Gross Profit Selling, General, and Administrative Expenses Reported Selling, General, and Administrative Expenses Restructuring and Other Strategic Business Development Costs (in millions, except per share data) Net Sales Reported Net Sales Comparable Net Sales Cost of Product Sold Reported Cost of Product Sold Acquisitions, Divestitures, and Related Costs 61

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RECONCILIATION OF REPORTED AND COMPARABLE NON-GAAP INFORMATION Fiscal Year Fiscal Year Fiscal Year Fiscal Year First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year First Quarter Second Quarter Third Quarter Nine Months 2018 2019 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 $2,279.8 $2,412.2 $2,154.5 $2,791.1 $75.1 $739.2 $839.9 $677.5 $2,331.7 $816.4 $813.1 $746.7 $2,376.2 30.0 39.0 (81.1) (7.5) (1.0) 5.5 (7.4) 8.4 5.5 (0.6) 5.9 (7.7) (2.4) 14.0 26.0 607.1 77.8 3.5 (0.8) (0.2) (0.5) 2.0 1.4 1.2 1.3 3.9 144.7 139.0 51.9 26.7 645.2 (13.6) (8.5) (26.5) 596.6 (24.7) 62.5 29.4 67.2 $2,468.5 $2,616.2 $2,732.4 $2,888.1 $722.8 $730.3 $823.8 $658.9 $2,935.8 $792.5 $882.7 $769.7 $2,444.9 $487.2 $2,101.6 $(2,668.6) $150.3 $(899.2) $(470.8) $(171.8) $(93.7) $(1,635.5) $(187.9) $(1,719.1) $(37.2) $(1,944.2) — (95.9) 29.9 2.8 1.6 1.7 0.7 (50.5) (46.5) 0.4 1.1 4.0 5.5 — — — 359.6 24.6 45.4 0.7 11.7 82.4 100.9 1.8 12.9 115.6 (452.6) (1,989.0) 2,450.2 (627.6) 829.4 392.5 134.1 96.3 1,452.3 34.1 1,682.6 14.6 1,731.3 $34.6 $16.7 $(188.5) $(114.9) $(43.6) $(31.2) $(36.3) $(36.2) $(147.3) $(52.5) $(33.6) $(5.7) $(91.8) $(332.0) $(367.1) $(428.7) $(385.7) $(86.7) $(95.8) $(88.0) $(85.9) $(356.4) $(88.5) $(94.3) $(98.7) $(281.5) — (20.1) — — — — — — — — — — — $(332.0) $(387.2) $(428.7) $(385.7) $(86.7) $(95.8) $(88.0) $(85.9) $(356.4) $(88.5) $(94.3) $(98.7) $(281.5) $(97.0) $(1.7) $(2.4) $(12.8) $— $(29.4) $— $— $(29.4) $(15.3) $(8.0) $— $(23.3) 97.0 1.7 2.4 12.8 — 29.4 — — 29.4 15.3 8.0 — 23.3 $— $— $— $— $— $— $— $— $— $— $— $— $— $(22.7) $(685.9) $966.6 $(511.1) $13.5 $(131.3) $(99.3) $(92.3) $(309.4) $(125.4) $(132.4) $(131.1) $(388.9) (9.6) (9.4) (24.8) 27.2 0.2 (4.5) (1.5) 1.4 (4.4) (1.0) (151.6) 11.6 (141.0) (4.9) (6.5) (139.3) (99.4) (1.8) (1.6) 0.1 (19.3) (22.6) (4.2) (0.5) (0.4) (5.1) (376.1) 294.5 (1,106.6) 176.1 (136.5) 3.4 3.3 35.3 (94.5) (7.3) 128.9 (8.7) 112.9 $(413.3) $(407.3) $(304.1) $(407.2) $(124.6) $(134.0) $(97.4) $(74.9) $(430.9) $(137.9) $(155.6) $(128.6) $(422.1) $(11.9) $(23.2) $(33.2) $(33.8) $(10.8) $(10.4) $(10.0) $(10.2) $(41.4) $(9.8) $(10.5) $(12.0) $(32.3) $(11.9) $(23.2) $(33.2) $(33.8) $(10.8) $(10.4) $(10.0) $(10.2) $(41.4) $(9.8) $(10.5) $(12.0) $(32.3) $2,303.4 $3,435.9 $(11.8) $1,998.0 $(908.1) $1.5 $470.8 $395.4 $(40.4) $389.5 $(1,151.2) $467.7 $(294.0) 20.4 (86.4) (76.0) 22.5 0.8 2.7 (8.2) (40.7) (45.4) (1.2) (144.6) 7.9 (137.9) 9.1 19.5 467.8 338.0 26.3 43.0 0.6 (8.1) 61.8 98.1 2.5 13.8 114.4 (587.0) (1,553.8) 1,397.9 (412.0) 1,338.1 411.7 128.9 105.1 1,983.8 17.4 1,882.0 35.3 1,934.7 $1,745.9 $1,815.2 $1,777.9 $1,946.5 $457.1 $458.9 $592.1 $451.7 $1,959.8 $503.8 $588.7 $524.7 $1,617.2 $11.47 $17.57 $(0.07) $10.23 $(4.74) $0.01 $2.48 $2.07 $(0.22) $2.06 $(6.30) $2.52 $(1.48) 0.10 (0.44) (0.39) 0.12 — 0.01 (0.04) (0.21) (0.24) (0.01) (0.78) 0.04 (0.74) 0.05 0.10 2.40 1.73 0.13 0.22 — (0.04) 0.32 0.52 0.01 0.07 0.61 (2.92) (7.95) 7.17 (2.11) 6.83 2.14 0.68 0.55 10.32 0.09 10.13 0.19 10.36 8.70 9.28 $9.12 $9.97 $2.33 $2.38 $3.12 $2.37 $10.20 $2.66 $3.17 $2.83 $8.66 200.745 195.532 194.881 195.308 195.883 192.530 189.939 190.685 192.222 189.333 185.737 185.291 186.793 (1) (2) Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI may not sum as comparable amounts are calculated on a fully diluted basis and Reported Diluted Net Income (Loss) Per Common Share Attributable to CBI may be calculated excluding issuable shares if the effect of including these would have been anti-dilutive. May not sum due to rounding as each item is computed independently. Acquisitions, Divestitures, and Related Costs (1) Restructuring and Other Strategic Business Development Costs (1) Other (1) Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI (1) (2) Diluted weighted average common shares outstanding Reported Diluted Net Income (Loss) Per Common Share Attributable to CBI Reported Net (Income) Loss Attributable to Noncontrolling Interests Comparable Net (Income) Loss Attributable to Noncontrolling Interests Net Income (Loss) Attributable to CBI Reported Net Income (Loss) Attributable to CBI Acquisitions, Divestitures, and Related Costs Restructuring and Other Strategic Business Development Costs Other Comparable Net Income (Loss) Attributable to CBI Diluted Net Income (Loss) Per Common Share Attributable to CBI Net (Income) Loss Attributable to Noncontrolling Interests Reported Loss on Extinguishment of Debt Other Comparable Loss on Extinguishment of Debt (Provision For) Benefit From Income Taxes Reported (Provision For) Benefit From Income Taxes Acquisitions, Divestitures, and Related Costs Restructuring and Other Strategic Business Development Costs Other Comparable (Provision For) Benefit From Income Taxes Loss on Extinguishment of Debt Reported Income (Loss) from Unconsolidated Investments Acquisitions, Divestitures, and Related Costs Restructuring and Other Strategic Business Development Costs Other Comparable Income (Loss) from Unconsolidated Investments Interest Expense Reported Interest Expense Acquisitions, Divestitures, and Related Costs Comparable Interest Expense Income (Loss) from Unconsolidated Investments Reported Operating Income (Loss) Acquisitions, Divestitures, and Related Costs Restructuring and Other Strategic Business Development Costs Other Comparable Operating Income (Loss) 62

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CANOPY EQUITY EARNINGS (LOSSES) AND RELATED ACTIVITIES ("CANOPY EIE") (NON-GAAP) Fiscal Year Fiscal Year Fiscal Year Fiscal Year First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year First Quarter Second Quarter Third Quarter Nine Months 2018 2019 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 $(2.6) $(575.9) $(679.0) $(155.8) $120.5 $(4.2) $(34.1) $(73.6) $(165.0) $(650.7) $(60.8) $(876.5) (13.9) 354.2 532.8 111.5 (150.4) (64.2) (1.5) (104.6) 113.0 615.9 24.1 753.0 (16.5) (221.7) (146.2) (44.3) (29.9) (68.4) (35.6) (178.2) (52.0) (34.8) (36.7) (123.5) 3.9 73.2 52.8 9.6 4.0 10.0 1.7 25.3 7.2 4.5 3.4 15.1 $(12.6) $(148.5) $(93.4) $(34.7) $(25.9) $(58.4) $(33.9) $(152.9) $(44.8) $(30.3) $(33.3) $(108.4) $(0.01) $(2.22) $(2.62) $(0.70) $0.62 $0.02 $(0.17) $(0.22) $(0.78) $(3.35) $(0.31) $(4.41) (0.05) 1.39 2.09 0.50 (0.76) (0.32) (0.01) (0.58) 0.53 3.19 0.13 3.83 $(0.06) $(0.76) $(0.48) $(0.18) $(0.13) $(0.31) $(0.18) $(0.80) $(0.24) $(0.16) $(0.18) $(0.58) $9.28 $9.12 $9.97 $2.33 $2.38 $3.12 $2.37 $10.20 $2.66 $3.17 $2.83 $8.66 (0.06) (0.76) (0.48) (0.18) (0.13) (0.31) (0.18) (0.80) (0.24) (0.16) (0.18) (0.58) $9.34 $9.89 $10.44 $2.51 $2.52 $3.42 $2.55 $10.99 $2.90 $3.33 $3.01 $9.24 (1) (2) Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI, excluding Canopy EIE (2) The Comparable Adjustments Canopy EIE effective tax rate applied to each Comparable Adjustments Canopy EIE amount is generally based upon the jurisdiction in which the adjustment was recognized. The benefit from income taxes effective tax rate applied to our Canopy EIE is generally based on the tax rates of the legal entities that hold our investment. May not sum due to rounding as each item is computed independently. The comparable adjustments and comparable basis diluted net income (loss) per common share are calculated on a fully dilutive basis. Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI - Canopy EIE Reported Canopy EIE Comparable Adjustments Canopy EIE (1) Comparable Canopy EIE Benefit from income taxes Canopy EIE (1) Comparable Net Income (Loss) Attributable to CBI - Canopy EIE Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI - Canopy EIE Calculation Reported Diluted Net Income (Loss) Per Common Share Attributable to CBI - Canopy EIE Comparable Adjustments Canopy EIE Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI - Canopy EIE (2) Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI, excluding Canopy EIE Calculation Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI Comparable Net Income (Loss) Attributable to CBI - Canopy EIE (in millions except per share data) 63

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ADJUSTED EBITDA CALCULATION AND RECONCILIATION, FREE CASH FLOW RECONCILIATION (NON-GAAP) Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year First Quarter Second Quarter Third Quarter Nine Months 2017 2018 2019 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 $7,321.1 $7,580.3 $8,116.0 $8,343.5 $8,614.9 $2,026.5 $2,371.1 $2,320.6 $2,102.5 $8,820.7 $2,363.2 $2,655.1 $2,436.5 $7,454.8 $1,528.6 $2,303.4 $3,435.9 $(11.8) $1,998.0 $(908.1) $1.5 $470.8 $395.4 $(40.4) $389.5 $(1,151.2) $467.7 $(294.0) (154.4) (557.5) (1,620.7) 1,789.7 (51.5) 1,365.2 457.4 121.3 56.3 2,000.2 114.3 1,739.9 57.0 1,911.2 $1,374.2 $1,745.9 $1,815.2 $1,777.9 $1,946.5 $457.1 $458.9 $592.1 $451.7 $1,959.8 $503.8 $588.7 $524.7 $1,617.2 4.1 11.9 23.2 33.2 33.8 10.8 10.4 10.0 10.2 41.4 9.8 10.5 12.0 32.3 502.3 413.3 407.3 304.1 407.2 124.6 134.0 97.4 74.9 430.9 137.9 155.6 128.6 422.1 333.3 332.0 387.2 428.7 385.7 86.7 95.8 88.0 85.9 356.4 88.5 94.3 98.7 281.5 2,213.9 2,503.1 2,632.9 2,543.9 2,773.2 679.2 699.1 787.5 622.7 2,788.5 740.0 849.1 764.0 2,353.1 237.5 293.8 324.2 318.9 293.7 76.0 86.3 86.3 88.7 337.3 92.7 90.8 94.9 278.4 8.2 5.9 6.0 5.7 5.3 1.2 1.1 1.5 1.3 5.1 1.0 0.9 0.9 2.8 245.7 299.7 330.2 324.6 299.0 77.2 87.4 87.8 90.0 342.4 93.7 91.7 95.8 281.2 $2,459.6 $2,802.8 $2,963.1 $2,868.5 $3,072.2 $756.4 $786.5 $875.3 $712.7 $3,130.9 $833.7 $940.8 $859.8 $2,634.3 $1,696.0 $1,931.4 $2,246.3 $2,551.1 $2,806.5 $716.0 $809.9 $918.2 $261.3 $2,705.4 $758.2 $896.1 $626.3 $2,280.6 23.2% 25.5% 27.7% 30.6% 32.6% 35.3% 34.2% 39.6% 12.4% 30.7% 32.1% 33.8% 25.7% 30.6% 5.4 5.3 6.1 4.8 3.7 3.7 3.7 3.6 3.9 3.9 4.0 3.9 4.8 4.8 550.3 22.7 685.9 (966.6) 511.1 (13.5) 131.3 99.3 92.3 309.4 125.4 132.4 131.1 388.9 333.3 332.0 367.1 428.7 385.7 86.7 95.8 88.0 85.9 356.4 88.5 94.3 98.7 281.5 23.5 323.4 237.5 85.1 (148.3) 68.3 (83.4) (58.4) 377.1 303.6 43.8 60.5 35.2 139.5 — 3.6 (13.5) (560.8) (673.4) (154.1) 118.8 29.3 (55.6) (61.6) (165.5) (650.1) (29.8) (845.4) — 464.3 1,971.2 (2,126.4) 802.0 (745.1) (590.0) (199.7) (109.9) (1,644.7) (22.4) (9.3) (7.4) (39.1) (124.8) 237.4 (389.3) 1,153.7 (336.4) 98.7 (79.5) (77.7) (26.3) (84.8) (21.5) (187.1) (9.8) (218.4) (56.1) (60.9) (64.1) (60.4) (63.0) (16.0) (20.0) 2.2 (11.1) (44.9) (16.8) (21.0) (18.3) (56.1) — — — (88.3) (83.3) (19.7) (20.4) (20.8) (21.0) (81.9) (21.6) (22.8) (22.3) (66.7) (204.6) (263.9) (1,889.8) 3,050.4 (168.3) 1,503.3 430.7 119.4 38.9 2,092.3 111.5 1,755.1 54.5 1,921.1 242.7 (187.2) (188.2) (598.0) 39.6 (768.2) (6.7) (24.5) 81.1 (718.3) (45.9) (1,107.3) 1.6 (1,151.6) $2,460.3 $2,802.8 $2,963.1 $2,868.5 $3,072.2 $756.4 $786.5 $875.3 $712.7 $3,130.9 $833.7 $940.8 $859.8 $2,634.3 $2,460.3 $2,802.8 $2,963.1 $2,868.5 $3,072.2 $3,092.9 $3,044.8 $3,024.7 $3,130.9 $3,130.9 $3,208.2 $3,362.5 $3,347.0 $3,347.0 $9,238.1 $10,186.7 $13,616.5 $12,184.6 $10,442.3 $10,444.2 $10,573.5 $10,332.5 $10,416.5 $10,416.5 $10,977.3 $10,950.2 $12,172.3 $12,172.3 6.0 4.4 4.0 (1,153.9) 5.2 8.2 14.0 (195.3) (257.8) (257.8) 8.7 104.8 120.0 120.0 3.8 3.6 4.6 4.2 3.4 3.4 3.5 3.4 3.3 3.3 3.4 3.3 3.6 3.6 $1,696.0 $1,931.4 $2,246.3 $2,551.1 $2,806.5 $716.0 $809.9 $918.2 $261.3 $2,705.4 $758.2 $896.1 $626.3 $2,280.6 (907.4) (1,057.6) (886.3) (726.5) (864.6) (113.9) (239.5) (245.3) (428.1) (1,026.8) (196.6) (238.4) (248.8) (683.8) $788.6 $873.8 $1,360.0 $1,824.6 $1,941.9 $602.1 $570.4 $672.9 $(166.8) $1,678.6 $561.6 $657.7 $377.5 $1,596.8 $9,238.1 $10,186.7 $13,616.5 $12,184.6 $10,442.3 $10,444.2 $10,573.5 $10,332.5 $10,416.5 $10,416.5 $10,977.3 $10,950.2 $12,172.3 $12,172.3 (177.4) (90.3) (93.6) (81.4) (460.6) (503.8) (103.4) (361.3) (199.4) (199.4) (101.8) (165.1) (185.0) (185.0) $9,060.7 $10,096.4 $13,522.9 $12,103.2 $9,981.7 $9,940.4 $10,470.1 $9,971.2 $10,217.1 $10,217.1 $10,875.5 $10,785.1 $11,987.3 $11,987.3 5.9 4.4 3.9 (1,025.7) 5.0 7.8 13.8 (188.5) (252.9) (252.9) 8.7 103.2 118.2 118.2 3.7 3.6 4.6 4.2 3.2 3.2 3.4 3.3 3.3 3.3 3.4 3.2 3.6 3.6 (1) Net Debt to LTM Comparable Basis EBITDA Certain items, when material, are reported as part of the Change in Operating Assets and Liabilities in the Company's quarterly filings. If not material, these same items are reported as part of Other Items. Additionally, non-recurring items are included herein. Net Debt to LTM Comparable Basis EBITDA Total Debt Cash Net Debt Net Debt to LTM Net Income (Loss) Attributable to CBI LTM Comparable Basis EBITDA Total Debt Debt to LTM Net Income (Loss) Attributable to CBI Debt to LTM Comparable Basis EBITDA Free Cash Flow Reconciliation Net Cash Provided By Operating Activities Purchases of Property, Plant, and Equipment Free Cash Flow Provision for (Benefit from) Income Taxes Interest Expense Change in Operating Assets and Liabilities (1) Equity in Earnings (Losses) of Equity Method Investees, Net of Distributed Earnings Unrealized Net Gain (Loss) on Securities Measured at Fair Value Deferred Tax Provision (Benefit) Stock-Based Compensation Expense Noncash Lease Expense Comparable Adjustments Other Items (2) Comparable Basis EBITDA Debt to LTM Net Cash Provided by Operating Activities Comparable provision for (benefit from) income taxes Interest expense Comparable Basis EBIT Comparable Depreciation Comparable Amortization Total Depreciation and Amortization Comparable Basis EBITDA Comparable Basis EBITDA Reconciliation Net Cash Provided By Operating Activities Net Cash Provided By Operating Activities Margin Net income (loss) attributable to NCI (in millions) Net Sales Comparable Basis EBITDA Calculation Net income (loss) attributable to CBI Comparable adjustments Comparable net income (loss) attributable to CBI 64

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ADJUSTED EBITDA CALCULATION AND RECONCILIATION, EXCLUDING CANOPY EIE (NON-GAAP) Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year First Quarter Second Quarter Third Quarter Nine Months 2017 2018 2019 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 $2,632.9 $2,543.9 $2,773.2 $679.2 $699.1 $787.5 $622.7 $2,788.5 $740.0 $849.1 $764.0 $2,353.1 (16.5) (221.7) (146.2) (44.3) (29.9) (68.4) (35.6) (178.2) (52.0) (34.8) (36.7) (123.5) $2,649.4 $2,765.6 $2,919.4 $723.5 $729.0 $855.9 $658.3 $2,966.7 $792.0 $883.9 $800.7 $2,476.6 $2,459.6 $2,802.8 $2,963.1 $2,868.5 $3,072.2 $756.4 $786.5 $875.3 $712.7 $3,130.9 $833.7 $940.8 $859.8 $2,634.3 (16.5) (221.7) (146.2) (44.3) (29.9) (68.4) (35.6) (178.2) (52.0) (34.8) (36.7) (123.5) $2,459.6 $2,802.8 $2,979.6 $3,090.2 $3,218.4 $800.7 $816.4 $943.7 $748.3 $3,309.1 $885.7 $975.6 $896.5 $2,757.8 $2,460.3 $2,802.8 $2,979.6 $3,090.2 $3,218.4 $3,251.7 $3,199.4 $3,204.7 $3,309.1 $3,309.1 $3,394.1 $3,553.3 $3,506.1 $3,506.1 $9,238.1 $10,186.7 $13,616.5 $12,184.6 $10,442.3 $10,444.2 $10,573.5 $10,332.5 $10,416.5 $10,416.5 $10,977.3 $10,950.2 $12,172.3 $12,172.3 6.0 4.4 4.0 (1,153.9) 5.2 8.2 14.0 (195.3) (257.8) (257.8) 8.7 104.8 120.0 120.0 3.8 3.6 4.6 3.9 3.2 3.2 3.3 3.2 3.1 3.1 3.2 3.1 3.5 3.5 $9,238.1 $10,186.7 $13,616.5 $12,184.6 $10,442.3 $10,444.2 $10,573.5 $10,332.5 $10,416.5 $10,416.5 $10,977.3 $10,950.2 $12,172.3 $12,172.3 (177.4) (90.3) (93.6) (81.4) (460.6) (503.8) (103.4) (361.3) (199.4) (199.4) (101.8) (165.1) (185.0) (185.0) $9,060.7 $10,096.4 $13,522.9 $12,103.2 $9,981.7 $9,940.4 $10,470.1 $9,971.2 $10,217.1 $10,217.1 $10,875.5 $10,785.1 $11,987.3 $11,987.3 5.9 4.4 3.9 (1,025.7) 5.0 7.8 13.8 (188.5) (252.9) (252.9) 8.7 103.2 118.2 118.2 3.7 3.6 4.5 3.9 3.1 3.1 3.3 3.1 3.1 3.1 3.2 3.0 3.4 3.4 (1) Net Debt to LTM Comparable Basis EBITDA, excluding Canopy EIE Effective March 1, 2018, we adopted the FASB amended guidance regarding the recognition of revenue from contracts with customers using the retrospective application method. Accordingly, financial information for fiscal year 2017 and fiscal year 2018 presented herein has been adjusted to reflect the adoption of this amended guidance. Net Debt to LTM Comparable Basis EBITDA, excluding Canopy EIE Reconciliation Total Debt Cash Net Debt Debt to LTM Net Income (Loss) Attributable to CBI Comparable Basis EBITDA, excluding Canopy EIE LTM Comparable Basis EBITDA, excluding Canopy EIE Total Debt Debt to LTM Net Income (Loss) Attributable to CBI Debt to LTM Comparable Basis EBITDA, excluding Canopy EIE Less: Comparable Canopy EIE (in millions) Comparable Basis EBIT, excluding Canopy EIE Comparable Basis EBIT Comparable Canopy EIE Comparable Basis EBIT, excluding Canopy EIE Comparable Basis EBITDA, excluding Canopy EIE Comparable Basis EBITDA 65

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BUSINESS SEGMENT INFORMATION Segment Date of Transaction Organic Adjustment Period Wine and Spirits April 29, 2016 April 29, 2016 – April 28, 2017 Wine and Spirits October 14, 2016 October 14, 2016 – October 13, 2017 Wine and Spirits October 19, 2016 October 19, 2016 – October 18, 2017 Wine and Spirits December 17, 2016 December 17, 2015 – December 16, 2016 Wine and Spirits November 1, 2019 November 1, 2018 – October 31, 2019 Beer March 2, 2020 March 2, 2019 – March 1, 2020 Wine and Spirits December 29, 2020 December 29, 2019 – December 28, 2020 Wine and Spirits January 5, 2021 January 5, 2020 – January 4, 2021 Wine and Spirits January 5, 2021 January 5, 2020 – January 4, 2021 Wine and Spirits January 12, 2021 January 12, 2020 – January 11, 2021 Wine and Spirits October 6, 2022 October 6, 2021 – October 5, 2022 (1) Nobilo Divestiture Paul Masson Divestiture Collectively, the October Wine and Spirits Acquisitions. 2022 Wine Divestiture Wine and Spirits Divestiture Transaction Acquisition Prisoner High West (1) Charles Smith (1) Divestiture Canadian business Black Velvet Divestiture Ballast Point Divestiture Concentrate Business Divestiture Organic Net Sales Through February 28, 2019, our internal management financial reporting consisted of two business divisions: (i) Beer and (ii) Wine and Spirits. Beginning March 1, 2019, as a result of our Amounts included for the Canopy segment represent 100% of Canopy's reported results on a two-month lag, prepared in accordance with U.S. GAAP, and converted from Canadian dollars to U.S. dollars. Although we own less than 100% of the outstanding shares of Canopy, 100% of the Canopy results are included in the information below and subsequently eliminated in order to reconcile to our consolidated financial statements. In addition, management excludes items that affect comparability ("Comparable Adjustments") from its evaluation of the results of each operating segment as these Comparable Adjustments are not reflective of core operations of the segments. Segment operating performance and incentive compensation of segment management are evaluated based upon core segment operating income (loss) which do not include the impact of these Comparable Adjustments. Organic For periods of acquisition, the Company defines organic as current period reported less products of acquired businesses reported for the current period, as appropriate. For periods of divestiture, the Company defines organic as prior period reported less products of divested businesses reported for the prior period, as appropriate. The Company provides organic net sales and organic shipment volumes because the Company uses this information in monitoring and evaluating the underlying business trends of its core operations. In addition, the Company believes this information provides investors valuable insight on underlying business trends and results in order to evaluate year-over-year financial performance. 66

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BUSINESS SEGMENT INFORMATION Fiscal Year Fiscal Year Fiscal Year Fiscal Year First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year First Quarter Second Quarter Third Quarter Nine Months 2018 2019 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 $4,660.4 $5,202.1 $5,615.9 $6,074.6 $1,572.0 $1,861.3 $1,752.6 $1,565.7 $6,751.6 $1,898.2 $2,139.3 $1,891.9 $5,929.4 2,556.3 2,532.5 2,367.5 2,208.4 397.7 447.2 506.2 468.2 1,819.3 404.1 442.0 470.5 1,316.6 363.6 381.4 360.1 331.9 56.8 62.6 61.8 68.6 249.8 60.9 73.8 74.1 208.8 2,919.9 2,913.9 2,727.6 2,540.3 454.5 509.8 568.0 536.8 2,069.1 465.0 515.8 544.6 1,525.4 — 48.6 290.2 378.6 117.3 110.8 104.3 111.9 444.3 88.2 86.3 90.2 264.7 — (48.6) (290.2) (378.6) (117.3) (110.8) (104.3) (111.9) (444.3) (88.2) (86.3) (90.2) (264.7) — — — — — — — — — — — — — $7,580.3 $8,116.0 $8,343.5 $8,614.9 $2,026.5 $2,371.1 $2,320.6 $2,102.5 $8,820.7 $2,363.2 $2,655.1 $2,436.5 $7,454.8 $2,531.2 $2,830.7 $3,125.2 $3,402.4 $893.7 $984.0 $958.1 $841.2 $3,677.0 $1,019.5 $1,147.6 $989.5 $3,156.6 1,309.4 1,279.5 1,189.0 1,115.2 207.5 230.5 269.6 240.3 947.9 211.1 224.7 262.6 698.4 — — — — — — — — — — — 0.0 0.0 — 11.2 45.4 (14.1) 7.7 22.2 (56.5) 8.0 (18.6) (125.7) (1.1) 2.9 (123.9) — (11.2) (45.4) 14.1 (7.7) (22.2) 56.5 (8.0) 18.6 125.7 1.1 (2.9) 123.9 (28.1) (29.9) (162.3) (51.6) 18.1 15.2 (2.0) 51.1 82.4 24.4 (46.4) (25.2) (47.2) $3,812.5 $4,080.3 $4,151.9 $4,466.0 $1,119.3 $1,229.7 $1,225.7 $1,132.6 $4,707.3 $1,255.0 $1,325.9 $1,226.9 $3,807.8 $1,840.2 $2,042.9 $2,247.9 $2,494.3 $673.1 $693.0 $723.6 $613.6 $2,703.3 $762.8 $865.6 $710.0 $2,338.4 794.1 771.2 708.4 622.4 104.2 100.2 144.5 121.8 470.7 91.0 99.4 134.8 325.2 (165.8) (197.9) (223.9) (228.6) (54.5) (62.9) (44.3) (76.5) (238.2) (61.3) (82.3) (75.1) (218.7) — (82.7) (685.8) (1,496.0) (184.2) (152.8) (171.0) (122.1) (630.1) (418.2) (1,439.8) (134.6) (1,992.6) — 82.7 685.8 1,496.0 184.2 152.8 171.0 122.1 630.1 418.2 1,439.8 134.6 1,992.6 (188.7) (204.0) (577.9) (97.0) (647.7) 8.9 16.1 18.6 (604.1) 23.9 (69.6) (23.0) (68.7) $2,279.8 $2,412.2 $2,154.5 $2,791.1 $75.1 $739.2 $839.9 $677.5 $2,331.7 $816.4 $813.1 $746.7 $2,376.2 Comparable Adjustments Consolidated Operating Income (Loss) Consolidation and Eliminations (A) Corporate Operations and Other Canopy Consolidation and Eliminations Comparable Adjustments Consolidated Gross Profit Operating Income (Loss) Beer (A) Wine and Spirits (A) Corporate Operations and Other (A) Canopy (A) Wine and Spirits Wine and Spirits Wine Spirits Wine and Spirits Canopy Consolidation and Eliminations Comparable Adjustments Consolidated Net Sales Gross Profit Beer Beer (in millions) Net Sales 67

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BUSINESS SEGMENT INFORMATION Fiscal Year Fiscal Year Fiscal Year Fiscal Year First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year First Quarter Second Quarter Third Quarter Nine Months 2018 2019 2020 2021 2022 2022 2022 2022 2022 2023 2023 2023 2023 $— $— $— $— $— $— $— $— $— $— $— $0.0 $0.0 34.4 33.4 36.4 31.7 1.3 (1.1) 33.4 0.8 34.4 1.5 3.4 35.4 40.3 0.2 (0.2) (3.2) (0.4) (0.6) (0.2) (1.3) (1.4) (3.5) (2.0) (2.3) (4.4) (8.7) — — — — — — — — — — — 0.0 0.0 $— (16.5) (221.7) (146.2) (44.3) (29.9) (68.4) (35.6) (178.2) (52.0) (34.7) (36.7) (123.4) 452.6 2,084.9 (2,480.1) 265.2 (855.6) (439.6) (135.5) (57.5) (1,488.2) (135.4) (1,685.5) (31.5) (1,852.4) $487.2 $2,101.6 $(2,668.6) $150.3 $(899.2) $(470.8) $(171.8) $(93.7) $(1,635.5) $(187.9) $(1,719.1) $(37.2) $(1,944.2) $2,503.1 $2,632.9 $2,543.9 $2,773.2 $679.2 $699.1 $787.5 $622.7 $2,788.5 $740.0 $849.1 $764.0 $2,353.1 54.3% 54.4% 55.6% 56.0% 56.9% 52.9% 54.7% 53.7% 54.5% 53.7% 53.6% 52.3% 53.2% 44.8% 43.9% 43.6% 43.9% 45.7% 45.2% 47.5% 44.8% 45.8% 45.4% 43.6% 48.2% 45.8% NM 23.0% 15.6% (3.7%) 6.6% 20.0% (54.2%) 7.1% (4.2%) (142.5%) (1.3%) 3.2% (46.8%) NM 23.0% 15.6% (3.7%) 6.6% 20.0% (54.2%) 7.1% (4.2%) (142.5%) (1.3%) 3.2% (46.8%) 50.3% 50.3% 49.8% 51.8% 55.2% 51.9% 52.8% 53.9% 53.4% 53.1% 49.9% 50.4% 51.1% 39.5% 39.3% 40.0% 41.1% 42.8% 37.2% 41.3% 39.2% 40.0% 40.2% 40.5% 37.5% 39.4% 27.2% 26.5% 26.0% 24.5% 22.9% 19.7% 25.4% 22.7% 22.7% 19.6% 19.3% 24.8% 21.3% (2.2%) (2.4%) (2.7%) (2.7%) (2.7%) (2.7%) (1.9%) (3.6%) (2.7%) (2.6%) (3.1%) (3.1%) (2.9%) NM (170.2%) NM (395.1%) (157.0%) (137.9%) (164.0%) (109.1%) (141.8%) (474.1%) (1668.4%) (149.2%) (752.8%) NM (170.2%) NM (395.1%) (157.0%) (137.9%) (164.0%) (109.1%) (141.8%) (474.1%) (1668.4%) (149.2%) (752.8%) 30.1% 29.7% 25.8% 32.4% 3.7% 31.2% 36.2% 32.2% 26.4% 34.5% 30.6% 30.6% 31.9% NM = Not Meaningful Wine and Spirits Corporate Operations and Other Canopy Consolidation and Eliminations Consolidated Operating Income (Loss) Beer Comparable Earnings (Losses) Before Interest and Taxes (A+B) Gross Profit as a Percent of Net Sales: Beer Wine and Spirits Canopy Consolidation and Eliminations Consolidated Gross Profit Operating Income (Loss) as a Percent of Net Sales: Income (Loss) from Unconsolidated Investments Beer (B) Wine and Spirits (B) Corporate Operations and Other (B) Canopy (B) Consolidation and Eliminations (B) Comparable Adjustments Consolidated Income (Loss) from Unconsolidated Investments 68

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REPORTED AND ORGANIC NET SALES First Quarter First Quarter Percent Change Second Quarter Second Quarter Percent Change Third Quarter Third Quarter Percent Change Fourth Quarter Fourth Quarter Percent Change Nine Months Nine Months Percent Change 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 $2,363.2 $2,026.5 17% $2,655.1 $2,371.1 12% $2,436.5 $2,320.6 5% $7,454.8 $6,718.2 11% — — — — — (17.4) — (17.4) $2,363.2 $2,026.5 17% $2,655.1 $2,371.1 12% $2,436.5 $2,303.2 6% $7,454.8 $6,700.8 11% $1,898.2 $1,572.0 21% $2,139.3 $1,861.3 15% $1,891.9 $1,752.6 8% $5,929.4 $5,185.9 14% $465.0 $454.5 2% $515.8 $509.8 1% $544.6 $568.0 (4%) $1,525.4 $1,532.3 0% — — — — — (17.4) — (17.4) $465.0 $454.5 2% $515.8 $509.8 1% $544.6 $550.6 (1%) $1,525.4 $1,514.9 1% First Quarter First Quarter Percent Change Second Quarter Second Quarter Percent Change Third Quarter Third Quarter Percent Change Fourth Quarter Fourth Quarter Percent Change Fiscal Year Fiscal Year Percent Change 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 $2,026.5 $1,963.4 3% $2,371.1 $2,260.4 5% $2,320.6 $2,438.1 (5%) $2,102.5 $1,953.0 8% $8,820.7 $8,614.9 2% — (186.8) — (181.4) — (210.3) — (63.8) — (642.3) $2,026.5 $1,776.6 14% $2,371.1 $2,079.0 14% $2,320.6 $2,227.8 4% $2,102.5 $1,889.2 11% $8,820.7 $7,972.6 11% $1,572.0 $1,384.1 14% $1,861.3 $1,635.9 14% $1,752.6 $1,677.9 4% $1,565.7 $1,376.7 14% $6,751.6 $6,074.6 11% $454.5 $579.3 (22%) $509.8 $624.5 (18%) $568.0 $760.2 (25%) $536.8 $576.3 (7%) $2,069.1 $2,540.3 (19%) — (186.8) — (181.4) — (210.3) — (63.8) — (642.3) $454.5 $392.5 16% $509.8 $443.1 15% $568.0 $549.9 3% $536.8 $512.5 5% $2,069.1 $1,898.0 9% First Quarter First Quarter Percent Change Second Quarter Second Quarter Percent Change Third Quarter Third Quarter Percent Change Fourth Quarter Fourth Quarter Percent Change Fiscal Year Fiscal Year Percent Change 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 $1,963.4 $2,097.2 (6%) $2,260.4 $2,344.0 (4%) $2,438.1 $1,999.4 22% $1,953.0 $1,902.9 3% $8,614.9 $8,343.5 3% — (47.3) — (44.0) — (33.6) — (198.0) — (322.9) $1,963.4 $2,049.9 (4%) $2,260.4 $2,300.0 (2%) $2,438.1 $1,965.8 24% $1,953.0 $1,704.9 15% $8,614.9 $8,020.6 7% $1,384.1 $1,477.4 (6%) $1,635.9 $1,640.4 (0%) $1,677.9 $1,310.6 28% $1,376.7 $1,187.5 16% $6,074.6 $5,615.9 8% — (28.6) — (24.7) — (20.2) — (18.5) — (92.0) $1,384.1 $1,448.8 (4%) $1,635.9 $1,615.7 1% $1,677.9 $1,290.4 30% $1,376.7 $1,169.0 18% $6,074.6 $5,523.9 10% $579.3 $619.8 (7%) $624.5 $703.6 (11%) $760.2 $688.8 10% $576.3 $715.4 (19%) $2,540.3 $2,727.6 (7%) — (18.7) — (19.3) — (13.4) — (179.5) — (230.9) $579.3 $601.1 (4%) $624.5 $684.3 (9%) $760.2 $675.4 13% $576.3 $535.9 8% $2,540.3 $2,496.7 2% Wine and Spirits Organic Net Sales Less: Divestitures Fiscal Year 2021 Consolidated Net Sales Less: Divestitures Consolidated Organic Net Sales Beer Net Sales Less: Divestiture Beer Organic Net Sales Wine and Spirits Net Sales Wine and Spirits Organic Net Sales Wine and Spirits Organic Net Sales Fiscal Year 2022 Consolidated Net Sales Less: Divestitures Consolidated Organic Net Sales Beer Net Sales Wine and Spirits Net Sales Less: Divestitures Less: 2022 Wine Divestiture Fiscal Year 2023 Consolidated Net Sales Less: 2022 Wine Divestiture Consolidated Organic Net Sales Beer Net Sales Wine and Spirits Net Sales 69

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![](cagnyconference070.jpg)

REPORTED AND ORGANIC NET SALES First Quarter First Quarter Percent Change Second Quarter Second Quarter Percent Change Third Quarter Third Quarter Percent Change Fourth Quarter Fourth Quarter Percent Change Fiscal Year Fiscal Year Percent Change 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 $2,097.2 $2,047.1 2% $2,344.0 $2,299.1 2% $1,999.4 $1,972.6 1% $1,902.9 $1,797.2 6% $8,343.5 $8,116.0 3% — — — — — (8.5) — (17.5) — (26.0) $2,097.2 $2,047.1 2% $2,344.0 $2,299.1 2% $1,999.4 $1,964.1 2% $1,902.9 $1,779.7 7% $8,343.5 $8,090.0 3% $1,477.4 $1,375.1 7% $1,640.4 $1,527.1 7% $1,310.6 $1,209.8 8% $1,187.5 $1,090.1 9% $5,615.9 $5,202.1 8% $619.8 $672.0 (8%) $703.6 $772.0 (9%) $688.8 $762.8 (10%) $715.4 $707.1 1% $2,727.6 $2,913.9 (6%) — — — — — (8.5) — (17.5) — (26.0) $619.8 $672.0 (8%) $703.6 $772.0 (9%) $688.8 $754.3 (9%) $715.4 $689.6 4% $2,727.6 $2,887.9 (6%) First Quarter First Quarter Percent Change Second Quarter Second Quarter Percent Change Third Quarter Third Quarter Percent Change Fourth Quarter Fourth Quarter Percent Change Fiscal Year Fiscal Year Percent Change 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 $2,047.1 $1,928.5 6% $2,299.1 $2,087.9 10% $1,972.6 $1,801.9 9% $1,797.2 $1,762.0 2% $8,116.0 $7,580.3 7% $1,375.1 $1,239.2 11% $1,527.1 $1,381.7 11% $1,209.8 $1,042.5 16% $1,090.1 $997.0 9% $5,202.1 $4,660.4 12% $672.0 $689.3 (3%) $772.0 $706.2 9% $762.8 $759.4 0% $707.1 $765.0 (8%) $2,913.9 $2,919.9 (0%) First Quarter First Quarter Percent Change Second Quarter Second Quarter Percent Change Third Quarter Third Quarter Percent Change Fourth Quarter Fourth Quarter Percent Change Fiscal Year Fiscal Year Percent Change 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 $1,935.5 $1,871.8 3% $2,084.5 $2,021.2 3% $1,799.1 $1,810.5 (1%) $1,765.9 $1,628.0 8% $7,585.0 $7,331.5 3% (13.2) — — — — — — — (13.2) — (13.7) — (13.6) — (9.9) — — — (37.2) — — (89.6) — (100.1) — (98.9) — (22.6) — (311.2) $1,908.6 $1,782.2 7% $2,070.9 $1,921.1 8% $1,789.2 $1,711.6 5% $1,765.9 $1,605.4 10% $7,534.6 $7,020.3 7% $1,242.3 $1,151.0 8% $1,378.9 $1,222.5 13% $1,040.1 $964.6 8% $997.2 $891.2 12% $4,658.5 $4,229.3 10% $693.2 $720.8 (4%) $705.6 $798.7 (12%) $759.0 $845.9 (10%) $768.7 $736.8 4% $2,926.5 $3,102.2 (6%) (13.2) — — — — — — — (13.2) — (13.7) — (13.6) — (9.9) — — — (37.2) — — (89.6) — (100.1) — (98.9) — (22.6) — (311.2) $666.3 $631.2 6% $692.0 $698.6 (1%) $749.1 $747.0 0% $768.7 $714.2 8% $2,876.1 $2,791.0 3% Wine and Spirits Organic Net Sales Less: Canadian Divestiture Consolidated Net Sales Less: Prisoner Less: October Wine and Spirits Acquisitions Less: Canadian Divestiture Consolidated Organic Net Sales Beer Net Sales Wine and Spirits Net Sales Less: Prisoner Less: October Wine and Spirits Acquisitions Fiscal Year 2019 Consolidated Net Sales Beer Net Sales Wine and Spirits Net Sales Effective March 1, 2018, we adopted the FASB amended guidance regarding the recognition of revenue from contracts with customers using the retrospective application method. Accordingly, financial information for the interim and annual periods of fiscal 2018 presented in the above Fiscal Year 2019 analysis has been adjusted to reflect the adoption of this amended guidance. For the interim and annual periods presented below for the Fiscal Year 2018 analysis, financial information has not been adjusted to reflect the adoption of this amended guidance as it is not deemed material. Fiscal Year 2018 Wine and Spirits Organic Net Sales Fiscal Year 2020 Consolidated Net Sales Less: Black Velvet Divestiture Consolidated Organic Net Sales Beer Net Sales Wine and Spirits Net Sales Less: Black Velvet Divestiture 70

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![](cagnyconference071.jpg)

THANK YOU

------

### Attached PDF Documents

**Attachment 1:** `cagnyconference.pdf`

![img-0.jpeg](img-0.jpeg)

Constellation Brands

WORTH REACHING FOR

**CAGNY 2023**

Constellation Brands

# FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements that are based on certain assumptions, estimates, expectations, plans, analyses, and opinions made by management in light of their experience and perception of historical trends, current conditions, and expected future developments, as well as other factors management believes are appropriate in the circumstances. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond our or Canopy's control, and which could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. When used in this presentation, words such as 'anticipate,' 'intend,' 'expect,' 'plan,' 'continue,' 'estimate,' 'exceed,' 'may,' 'will,' 'project,' 'predict,' 'propose,' 'potential,' 'targeting,' 'exploring,' 'scheduled,' 'implementing,' 'could,' 'might,' 'should,' 'believe,' and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although we believe that the estimates, expectations, plans, and timetables reflected in the forward-looking statements are reasonable, they may vary from management's current estimates, expectations, plans, and timetables, and we can give no assurance that such estimates, expectations, plans, and timetables will prove to be correct, as actual results and future events and timetables could differ materially from those anticipated in such statements. Information provided in this presentation is necessarily summarized and may not contain all available material information.

All statements other than statements of historical fact in this presentation may be forward-looking statements, including without limitation statements regarding or applicable to our business strategy, future operations, innovation and Digital Business Acceleration strategies, new products, future financial position and liquidity, future net sales, expected volume, inventory, and depletion trends, future marketing strategies and spend, long-term financial model, future effective tax rates and anticipated tax liabilities, access to capital markets, and prospects, plans, and objectives of management; anticipated inflationary pressures and our responses thereto as well as other unfavorable global and regional economic conditions, geopolitical events, and military conflicts, such as repercussions from the conflict in Ukraine; our ESG strategy, corporate social responsibility and sustainability initiatives, environmental stewardship targets, and human capital and diversity, equity, and inclusion objectives, goals, and priorities; the potential impact to supply, production levels, and costs due to global supply chain constraints, transportation, wildfires, and severe weather events; the impact of the Reclassification on the market price of our common stock, associated non-recurring costs and expenses related thereto, and Reclassification-related financing costs and expenses; the COVID-19 pandemic; expected or potential actions of third parties, including possible changes to laws, rules, regulations, international trade agreements, tariffs, taxes, other governmental rules or regulations, or other action by regulatory and governmental agencies or other third parties; the future expected balance of supply and demand for and inventory levels of our products; the refinement of our wine and spirits portfolio; the impact of our supply chain finance program; potential amounts of contingent consideration, if any, received in the divestitures of a portion of our wine and spirits business; the manner, timing, and duration of our share repurchase program and source of funds for share repurchases; the amount and timing of future dividends; our beer expansion, optimization, and/or construction activities, including anticipated scope, capacity, supply, costs, capital expenditures, timeframes for completion, discussions with government officials in Mexico, and potential future impairment of non-recoverable brewery construction assets and other costs and expenses; future, target, or expected growth and growth drivers, shareholder value creation, cash flows, gross profit, gross margin, operating income, operating margin, EBIT, leverage ratios, including target debt leverage ratios, dividend payout ratio, depreciation, and other financial metrics; distribution opportunities; strategic business initiatives; expected operating performance; demographic shifts; activities surrounding our investment in Canopy; Canopy's key priorities, expectations, and outlook; Canopy's plans to consolidate its U.S. cannabis assets, our intention to transition Common Shares into Exchangeable Shares and to negotiate an exchange of our notes in Canopy for Exchangeable Shares, and potential results of such transactions, including the termination of certain agreements and the surrender of outstanding Canopy warrants we hold; triggering events for and the potential impact of Canopy Strategic Transactions; a potential future impairment of our investment in Canopy; our future ownership level and structure in Canopy and our future accounting for our investment in Canopy; the anticipated availability of water, agricultural and other raw materials, and packaging materials; future global economic, market, or other regulatory conditions; unanticipated environmental liabilities and costs; timing of accounting elections or assertions or changes in accounting elections, assertions, or standards; changes in interest rates and foreign exchange rates; the actions of competitors; consumer preferences and trends; the anticipated effects and benefits of our investment in Canopy and potential benefits to or loss of benefits by Canopy; the ability of Canopy to grow its business, operations, and activities; potential impacts on Canopy's growth prospects; potential opportunities in the Canadian, U.S., and global cannabis markets; the potential for future form factors and product development; the availability or benefit of Canopy's existing contractual relationships; the ability of Canopy to achieve market scale; future Canopy revenue run rate and expected timing; Canopy's future outstanding share capital; the abilities of management of Canopy and composition of Canopy's management team; total addressable market; potential future profitability, market shares, and operating margins to be achieved in cannibalized, medical, and recreational cannabis markets; product development; clinical trial work; current and future acquisition, disposition, and investment activities; cannabis legalization; the ability of our divisions to grow their businesses, operations, and activities; potential opportunities in the U.S. and global wine and spirits markets and the U.S. beer market; capital allocation priorities and commitments; the potential for future product development and ability to maintain market scale; and key emerging consumer trends.

2

Constellation Brands

# FORWARD-LOOKING STATEMENTS (CONT.)

In addition to the risks and uncertainties of ordinary business operations and conditions in the general economy and markets in which we compete, our forward-looking statements contained in this presentation are also subject to the risk, uncertainty, and possible variance from our current expectations regarding: the ability to recognize anticipated benefits of the Reclassification; the impact of the Reclassification on the market price of our common stock; the incurrence of substantial non-recurring costs and expenses in connection with the negotiation and completion of the Reclassification; litigation matters; water, agricultural and other raw material, and packaging material supply, production, and/or shipment difficulties which could adversely affect our ability to supply our customers; the ability to respond to anticipated inflationary pressures, including reductions in consumer discretionary income and our ability to pass along rising costs through increased selling prices, and unfavorable global or regional economic conditions, including economic slowdown or recession; the actual impact to supply, production levels, and costs from global supply chain constraints, transportation challenges (including from labor strikes or other labor activities), wildfires, and severe weather events; the actual balance of supply and demand for our products and the performance of our distributors; the actual demand, net sales, channel proportions, and volume trends for our products; beer operations expansion, optimization, and/or construction activities, scope, capacity, supply, costs (including impairments), capital expenditures, and timing; the duration and impact of the COVID-19 pandemic; the impact of the military conflict in Ukraine and associated geopolitical tensions and responses, including on inflation, supply chains, commodities, energy, and cyber-security; the amount, timing, and source of funds for any share repurchases; the impact of our investment in Canopy; the amount and timing of future Constellation dividends which are subject to the determination and discretion of our Board of Directors and may be impacted if our ability to use cash flow to fund dividends is affected by unanticipated increases in total net debt, we are unable to generate cash flow at anticipated levels, or we fail to generate expected earnings; the fair value of our investment in Canopy; the accuracy of management's projections relating to the Canopy investment; the timeframe and amount of any potential future impairment of our investment in Canopy; any impact of U.S. federal laws on Canopy Strategic Transactions; the impact of any Canopy Strategic Transaction upon our future ownership level in Canopy or our future share of Canopy's reported earnings and losses; the cannabis industry, including legalization, the demand for cannabis products, and operational risks inherent in the conduct of cannabis activities; expected benefits of our investment in Canopy that may not materialize in the manner or timeframe expected or at all; the transaction to consolidate Canopy's U.S. cannabis assets and our plans to transition into and exchange our remaining notes in Canopy for Exchangeable Shares which may not be completed at all, including because Canopy may not receive the required approval of its shareholders, that such transactions, if completed, may significantly alter our relationship with and investment in Canopy, including by Canopy no longer being able to derive benefits from its current strategic relationship with us, which could negatively impact Canopy, by limiting our right or opportunity to derive economic benefits from our investment in Canopy if Canopy declares dividends or dissolves and we continue to hold Exchangeable Shares or to increase our ownership in Canopy if Canopy's stock price were to recover prior to the expiration of our Canopy warrants that would be surrendered, or by the potential to subject our financial statements to additional volatility if we account for the Exchangeable Shares at fair value; Canopy's consolidation of its U.S. cannabis assets if it is not viewed favorably by members of the investment community, whether or not it is completed, which may cause a decrease in the value of Canopy's common shares and impair its liquidity and marketability or that if such transaction is not completed for any reason, then Canopy will have expended substantial time and resources that could otherwise have been spent on Canopy's existing businesses and the pursuit of other opportunities that could have been beneficial to Canopy; the potential that Canopy will not remain listed on the stock exchanges it is currently listed on and related impacts; the amount of contingent consideration, if any, received in the divestiture of a portion of our wine and spirits business which will depend on actual future brand performance; the expected impacts of wine and spirits portfolio refinement activities; purchase accounting with respect to any transaction, or the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value; our ability to achieve and timeframes for achieving expected target debt leverage ratios, cash flows, operating margin, earnings, and other financial metrics; receipt of any necessary regulatory approvals; operating and financial risks related to managing future growth; competition in our industry or in the cannabis industry; financing, market, economic, regulatory, and environmental risks; global financial conditions; reliance on key personnel; increases in capital or operating costs; changes to international trade agreements or tariffs; any incremental contingent consideration payment paid; accuracy of all projections, including those associated with previously announced acquisitions, investments, and divestitures as well as others associated with Canopy; accuracy of forecasts relating to joint venture businesses; the actual amount and timing of cost reductions based on management's final plans; and other factors and uncertainties disclosed from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended February 28, 2022 and our Quarterly Report on Form 10-Q for the quarter ended November 30, 2022. Forward-looking statements are made as of February 23, 2023, and Constellation does not intend and expressly disclaims any obligation to update or revise the forward-looking information contained in this presentation, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, viewers and listeners are cautioned not to place undue reliance on forward-looking information.

3

Constellation Brands

# USE OF NON-GAAP FINANCIAL MEASURES, DISCLAIMER, CAUTION REGARDING OUTDATED MATERIAL, AND LOCATION OF DEFINED TERMS

This presentation (including audio, video, and supplemental slides, if any) may contain non-GAAP financial measures. These and other non-GAAP financial measures, the purposes for which management uses them, why management believes they are useful to investors, and a reconciliation to the most directly comparable GAAP financial measures can be found in the appendix of this presentation or at ir.cbrands.com under the Financial Info/Financial History (Non-GAAP) section. All references to profit measures and earnings per share on a comparable basis exclude items that affect comparability. Non-GAAP financial measures are also referred to as being presented on a comparable or organic basis.

The notes offered under Constellation's commercial paper program have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy Constellation's notes under the commercial paper program.

Unless otherwise indicated, the information presented at the 2023 Consumer Analyst Group of New York (CAGNY) Conference and herein is as of February 23, 2023, and, to the best of Constellation's knowledge, timely and accurate when made. Thereafter, it should be considered historical and not subject to further update by Constellation.

A list of defined terms used within can be found in the appendix of this presentation.

4

Constellation Brands

![img-1.jpeg](img-1.jpeg)

# TODAY'S PRESENTATION

![img-2.jpeg](img-2.jpeg)

OUR CONSUMER-OBSESSION
UNDERPINS EVERYTHING WE DO

![img-3.jpeg](img-3.jpeg)

WE HAVE A WELL-CONSIDERED,
EFFECTIVE STRATEGIC ROADMAP

![img-4.jpeg](img-4.jpeg)

GROWTH AND VALUE CREATION
REMAIN OUR CORE PROPOSITION

5

Constellation Brands

# OUR DEEP UNDERSTANDING OF CONSUMER TRENDS UNDERPINS OUR STRATEGY

![img-5.jpeg](img-5.jpeg)

6

Constellation Brands

# WHY BEVERAGE ALCOHOL?

GROWTH IN THE CONSUMER BASE SUPPORTS MARKET EXPANSION

U.S. LDA
POPULATION GROWTH
(CY10 - CY20)

![img-6.jpeg](img-6.jpeg)

U.S. BEVERAGE ALCOHOL
DOLLAR SALES GROWTH
(CY10 - CY20)

![img-7.jpeg](img-7.jpeg)

1. Source: United States Census Bureau, 2000 Decennial Census Profile of General Demographic Characteristics and 2021 American Community Survey Demographic and Housing Estimates.
2. Source: Constellation Brands internal estimates.

7

Constellation Brands

# WHY A HIGHER-END FOCUS?

CONSUMER-LED PREMIUMIZATION IS DRIVING HIGHER-END GROWTH

![img-8.jpeg](img-8.jpeg)

Source: IRI, Total U.S. Multi-Outlet + Convenience, 52 weeks ending December 4, 2022 and December 2, 2018. Dollar Sales of categories are based on company estimates.

8

Constellation Brands

# CAPTURING FURTHER CONSUMER-LED PREMIUMIZATION

U.S. TRACKED CHANNEL DOLLAR SALES GROWTH OF BEVERAGE ALCOHOL CATEGORIES & PRICING SEGMENTS

BEER

![img-9.jpeg](img-9.jpeg)

WINE

![img-10.jpeg](img-10.jpeg)

SPIRITS

![img-11.jpeg](img-11.jpeg)

LOWER-END HIGHER-END

Source: IRI, MULO+C, Calendar Years 2010, 2019, and 2022.

9

Constellation Brands

# WHY A DIVERSIFIED PORTFOLIO?

VAST MAJORITY OF CONSUMERS DRINK ACROSS BEER, WINE & SPIRITS

![img-12.jpeg](img-12.jpeg)

SHARE OF CONSUMERS
WHO DRINK...

■ ACROSS MULTIPLE
CATEGORIES

■ ONLY ONE
CATEGORY

GROWTH IN SHARE OF CONSUMERS
IN THE U.S. WHO DRINK ACROSS
MULTIPLE CATEGORIES
(FY19 Q3 LTM - FY23 Q3 LTM)

~300
BPS

Source: IRI, Total U.S. All Outlets, 52 weeks ending December 4, 2022 and December 2, 2018.

10

Constellation Brands

# CAPTURING HIGHER CONSUMER SPEND

BEVERAGE ALCOHOL DOLLARS PER BUYER
(FY23 Q3 LTM)

■ DRINK BEER, WINE
& SPIRITS

■ DRINK TWO
CATEGORIES

■ DRINK ONLY ONE
CATEGORY

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

Source: IRI, Total U.S. All Outlets, 52 weeks ending December 4, 2022 Average Household Beverage Alcohol Spend Per Year.

11

Constellation Brands

# WHAT ELSE INFORMS OUR STRATEGY?

BETTERMENT, FLAVOR, AND DIGITAL TRENDS ARE ALSO IMPORTANT

GROWTH IN THE
BETTER-FOR-YOU SEGMENT IN
BEVERAGE ALCOHOL IN THE U.S.
(CY19-CY22)

25%
CAGR1

GROWTH IN FLAVOR PRODUCTS
IN BEVERAGE ALCOHOL
IN THE U.S.
(CY19-CY22)

22%
CAGR1

GROWTH IN 3-TIER E-COMMERCE
BEVERAGE ALCOHOL SALES
IN THE U.S.
(CY19-CY22)

3.2x2

1. Source: Better-for-you includes No-Alcohol, Low-Alcohol, Seltzers, Natural/Organic/Biodynamic, CSD-BevAlc Blend, Kombucha, Light-Calorie, Low-Calorie (excludes Traditional Light Beer). Flavor includes Hard Seltzer, Flavored Beer, Flavored Malt Beverages, Cider, and Ready-to-Drink Cocktails, IRI, Multi-Outlet + Convenience dollar sales, Calendar Years 2019 and 2022.
2. Source: IRI EMI through November 27, 2022.

12

Constellation Brands

# OUR STRATEGIC INITIATIVES CONTINUE WINNING THE CONSUMER, DELIVERING GROWTH, AND CREATING VALUE

![img-3.jpeg](img-3.jpeg)

13

Constellation Brands

# OUR STRATEGIC INITIATIVES

1 CONTINUE TO BUILD POWERFUL BRANDS THAT PEOPLE LOVE
2 DEVELOP CONSUMER-LED INNOVATIONS ALIGNED WITH EMERGING TRENDS
3 DEPLOY CAPITAL IN-LINE WITH DISCIPLINED AND BALANCED PRIORITIES
4 OPERATE IN A WAY THAT IS GOOD FOR BUSINESS AND GOOD FOR THE WORLD

14

Constellation Brands

# A PORTFOLIO OF POWERFUL BRANDS

## OUR BEER BUSINESS

#1 SUPPLIER IN THE HIGH-END OF THE U.S. BEER MARKET

![img-4.jpeg](img-4.jpeg)

## OUR WINE AND SPIRITS BUSINESS

A LEADING HIGHER-END WINE AND SPIRITS SUPPLIER

![img-5.jpeg](img-5.jpeg)

Constellation Brands

# A PORTFOLIO OF POWERFUL BRANDS

#4 BEER IN THE U.S.
BEER MARKET1

#3 BEER IN THE
HIGH-END1

![img-6.jpeg](img-6.jpeg)

![img-7.jpeg](img-7.jpeg)

#2 BEER IN THE U.S.
BEER MARKET1

#1 BEER IN THE
HIGH-END1

![img-8.jpeg](img-8.jpeg)

#6 IMPORT IN THE U.S. BEER
MARKET1

#6 BEER IN THE STATE OF
CALIFORNIA1

#1
PINOT
NOIR1

![img-9.jpeg](img-9.jpeg)

#1
SAUVIGNON
BLANC1

![img-10.jpeg](img-10.jpeg)

#2
SUPER
LUXURY
WINE
BRAND1

![img-11.jpeg](img-11.jpeg)

#3
HIGHER-END
AMERICAN
RYE WHISKEY1

![img-12.jpeg](img-12.jpeg)

#1
TRENDING
TEQUILA2

![img-13.jpeg](img-13.jpeg)

1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022.

2. Source: Drinks International.

16

Constellation Brands

# CORONA EXTRA

A LONG-STANDING ICON WITH RE-INVIGORATED GROWTH

HIGHLY EFFECTIVE MARKETING INVESTMENTS

![img-14.jpeg](img-14.jpeg)

TOP

SCORING AD
IN U.S. BEER
CATEGORY 1

2ND

SHARE OF VOICE
POSITION IN
U.S. MEDIA 1

#1

CONSUMER
AWARENESS &
CONSIDERATION 1

UNLOCKING GROWTH FROM
BROADENED LDA CONSUMER DEMOGRAPHICS

DOLLAR SALES BY CONSUMER DEMOGRAPHIC 2

![img-15.jpeg](img-15.jpeg)

■ HISPANIC ■ WHITE ■ BLACK ■ OTHER CONSUMERS

8% CAGR

DOLLAR SALES IN U.S.
TRACKED CHANNELS
(FY19 Q3 LTM - FY23 Q3 LTM) 3

1. Sources: Ace Metrix/iSpot.tv syndicated database, Kantor & Pathmatics digital Q1-Q3 CY22 data, and YouGov Brandindex syndicated tracking data.

2. Source: Numerator insights, FY19 Q3 LTM and FY23 Q3 LTM.

3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018.

17

Constellation Brands

# MODELO ESPECIAL

2ND LARGEST BEER IN THE U.S. WITH CONTINUED GROWTH POTENTIAL

SIGNIFICANT SHARE OPPORTUNITY NATIONALLY

MODELO ESPECIAL DOLLAR SHARE BY STATE 1

![img-16.jpeg](img-16.jpeg)

FURTHER UPSIDE BEYOND
HISPANIC LDA CONSUMER
DOLLAR SALES BY CONSUMER DEMOGRAPHIC 2

![img-17.jpeg](img-17.jpeg)

19% CAGR

DOLLAR SALES IN U.S.
TRACKED CHANNELS
(FY19 Q3 LTM - FY23 Q3 LTM) 3

1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 (Alaska, Hawaii, and Montana data not available in IRI).

2. Sources: Nielsen expanded Hispanic panel, 52 weeks ending November 10, 2018 and Numerator Insights, FY23 Q3 LTM.

3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018.

18

Constellation Brands

# PACIFICO

THE FASTEST GROWING MAJOR BEER BRAND IN THE U.S.

ATTRACTING NEW GENERATIONS OF LDA CONSUMERS TO OUR PORTFOLIO

HIGHER SHARE OF
DOLLAR SALES FROM
MILLENNIALS & LDA GEN Z
CONSUMERS1

SIGNIFICANT
HOUSEHOLD
PENETRATION
OPPORTUNITY 1

![img-18.jpeg](img-18.jpeg)

40%

2%

![img-19.jpeg](img-19.jpeg)

33%

11%

21%
CAGR

DOLLAR SALES IN U.S.
TRACKED CHANNELS
(FY19 Q3 LTM - FY23 Q3 LTM)2

1. Source: Numerator insights.

2. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018.

19

Constellation Brands

# KIM CRAWFORD

THE #1 NEW ZEALAND WINE BRAND IN THE U.S. EVOLVING INTO A LIFESTYLE BRAND WITH BROADER INTERNATIONAL OFFERINGS

14%
CAGR

DOLLAR SALES
IN U.S. TRACKED CHANNELS
(FY19 Q3 LTM - FY23 Q3 LTM)1

1.8M
CASES

DEPLETIONS
(FY23 Q3 LTM)2

8%
CAGR

DEPLETIONS
(FY19 Q3 LTM - FY23 Q3 LTM)2

#1

SAUVIGNON
BLANC IN THE
U.S. WINE MARKET3

#4

SUPER PREMIUM
PROSECCO IN
THE U.S. WINE
MARKET3

#5

SUPER PREMIUM
ROSÉ IN THE U.S.
WINE MARKET3

![img-20.jpeg](img-20.jpeg)

1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018.

2. Source: Company measures.

3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022

20

Constellation Brands

# MEIOMI

THE #1 ULTRA PREMIUM WINE BRAND IN THE U.S.

15%
CAGR

DOLLAR SALES
IN U.S. TRACKED CHANNELS
(FY19 Q3 LTM - FY23 Q3 LTM)1

1.8M
CASES

DEPLETIONS
(FY23 Q3 LTM)2

10%
CAGR

DEPLETIONS
(FY19 Q3 LTM - FY23 Q3 LTM)2

#1

PINOT NOIR IN
THE U.S. WINE
MARKET3

#3

ULTRA PREMIUM
CHARDONNAY
IN THE U.S. WINE
MARKET3

#5

ULTRA PREMIUM
ROSÉ IN THE U.S.
WINE MARKET3

![img-0.jpeg](img-0.jpeg)

1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018.

2. Source: Company measures.

3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022

21

Constellation Brands

# THE PRISONER WINE CO.

AN EXPANDED HIGH-GROWTH, HIGHER-END SET OF BRANDS
WITH SIGNIFICANT GLOBAL AND OMNI-CHANNEL OPPORTUNITIES

**31%**
CAGR
DOLLAR SALES
IN U.S. TRACKED CHANNELS
(FY19 Q3 LTM - FY23 Q3 LTM)1

**570k**
CASES
DEPLETIONS
(FY23 Q3 LTM)2

**23%**
CAGR
DEPLETIONS
(FY19 Q3 LTM - FY23 Q3 LTM)2

![img-1.jpeg](img-1.jpeg)

1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018.

2. Source: Company measures.

3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022

22

Constellation Brands

# HIGH WEST

A TOP 15 AMERICAN HIGHER-END WHISKEY BRAND IN THE U.S.

21%
CAGR

DOLLAR SALES
IN U.S. TRACKED CHANNELS
(FY19 Q3 LTM - FY23 Q3 LTM)

170k
CASES
DEPLETIONS
(FY23 Q3 LTM)2

14%
CAGR
DEPLETIONS
(FY19 Q3 LTM - FY23 Q3 LTM)2

HIGHER-END
AMERICAN
RYE WHISKEY
IN THE U.S.3

HIGH
WEST

#3

DOUBLE RYE
A BLEND OF STRAIGHT
RYE WHISKEYS

ROURION

#4

#5

#6

#7

#8

#9

#10

#11

#12

#13

#14

#15

#16

#17

#18

#19

#20

#21

#22

#23

#24

#25

#26

#27

#28

#29

#30

#31

#32

#33

#34

#35

#36

#37

#38

#39

#40

#41

#42

#43

#44

#45

#46

#47

#48

#49

#50

#51

#52

#53

#54

#55

#56

#57

#58

#59

#60

#61

#62

#63

#64

#65

#66

#67

#68

#69

#70

#71

#72

#73

#74

#75

#76

#77

#78

#79

#80

#81

#82

#83

#84

#85

#86

#87

#88

#89

#90

#91

#92

#93

#94

#95

#96

#97

#98

#99

#100

CONTINUED
STRONG GROWTH IN
ULTRA PREMIUM
AMERICAN WHISKEY
SEGMENT IN THE U.S.
(FY23 Q3 LTM)3

19%

1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018.

2. Source: Company measures.

3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022

23

Constellation Brands

# CASA NOBLE & MI CAMPO

RISING TEQUILA BRANDS DELIVERING SIGNIFICANT GROWTH
IN THE U.S. AND KEY INTERNATIONAL METRO MARKETS

19%
CAGR

DOLLAR SALES
IN U.S. TRACKED CHANNELS
(FY19 Q3 LTM - FY23 Q3 LTM)1

157k
CASES
DEPLETIONS
(FY23 Q3 LTM)2

29%
CAGR
DEPLETIONS
(FY19 Q3 LTM - FY23 Q3 LTM)2

CASA NOBLE®
TEQUILA

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

#1 TOP
TRENDING
TEQUILA

AÑEJO,
REPOSADO,
& BLANCO

CONTINUED
STRONG GROWTH IN
HIGHER-END TEQUILA
SEGMENT IN THE U.S.
(FY23 Q3 LTM)3

8%

1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018.

2. Source: Company measures.

3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022

24

Constellation Brands

# A HOLISTIC APPROACH TO BETTERMENT

LOWER ALCOHOL
LOWER CALORIES

NON-ALCOHOLIC
LOWER / NO CALORIES

ESTABLISHED
BRANDS
ALIGNED
WITH TREND

![img-4.jpeg](img-4.jpeg)

![img-5.jpeg](img-5.jpeg)

![img-6.jpeg](img-6.jpeg)

![img-7.jpeg](img-7.jpeg)

PART OF VENTURES
PORTFOLIO

![img-8.jpeg](img-8.jpeg)

ADDITIONAL
OFFERINGS
IN CY23

![img-9.jpeg](img-9.jpeg)

![img-10.jpeg](img-10.jpeg)

![img-11.jpeg](img-11.jpeg)

![img-12.jpeg](img-12.jpeg)

![img-13.jpeg](img-13.jpeg)

Constellation Brands

# BROAD FLAVOR OFFERINGS

![img-14.jpeg](img-14.jpeg)

**30%**
CAGR

DOLLAR SALES IN U.S.
TRACKED CHANNELS
(FY19 Q3 LTM -
FY23 Q3 LTM)1

**>50%**
SHARE

OF CHELADA
SEGMENT DOLLAR
SALES (FY23 Q3 LTM)2

**3.5x**

DEPLETIONS GROWTH
(FY19 Q3 LTM -
FY23 Q3 LTM)2

COMPLETE RANGE OF "FLAVOR"
BRANDS IN ONE PORTFOLIO

TRADITIONAL
FMB

![img-15.jpeg](img-15.jpeg)

HARD
SELTZERS

![img-16.jpeg](img-16.jpeg)

READY-TO-
DRINK SPIRITS

![img-17.jpeg](img-17.jpeg)

![img-18.jpeg](img-18.jpeg)

WINE
SPRITZERS

![img-19.jpeg](img-19.jpeg)

ICED TEA
WINE SPRITZ

1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018.

2. Source: Company measures.

3. Part of Constellation Brands Ventures Portfolio

26

Constellation Brands

# ACCELERATING DIGITAL TRANSFORMATION

BEVERAGE ALCOHOL
3-TIER E-COMMERCE SALES
REMAINS ELEVATED IN
POST-PANDEMIC TIMES

OUR PORTFOLIO
IS OUTPACING
BEVERAGE ALCOHOL
IN 3-TIER E-COMMERCE

**>4x** above **12pts**
pre-COVID1 above market2

1. Source: IRI EMI through 11/27/22. CBI eCommerce Category Advisory Platform. Pandemic Timeframe & Growth Comparisons = 4WKS 4/19/20 - 11/27/22 (35 Quad Periods) vs. 35 Quad Periods before 4/19/20.

2. Source: IRI EMI through 12/25/22

![img-20.jpeg](img-20.jpeg)

Constellation Brands

# DEPLOY CAPITAL IN LINE WITH DISCIPLINED AND BALANCED PRIORITIES

![img-21.jpeg](img-21.jpeg)

COMMITTED TO A DISCIPLINED FINANCIAL FOUNDATION

![img-22.jpeg](img-22.jpeg)

BALANCING REINVESTMENT AND ADDITIONAL RETURNS

![img-23.jpeg](img-23.jpeg)

DEPLOY EXCESS CASH THOUGHTFULLY AND PRUDENTLY

28

Constellation Brands

# COMMITTED TO A DISCIPLINED FINANCIAL FOUNDATION

FOCUSED ON
MAINTAINING A SOLID
INVESTMENT GRADE RATING

TARGET NET
LEVERAGE RATIO

~3.0X1

TARGETING
DIVIDEND GROWTH
IN-LINE WITH EARNINGS

TARGET DIVIDEND
PAYOUT RATIO

~30%2

1. Net leverage ratio defined as debt net of cash divided by comparable basis EBITDA excluding Canopy EIE. EBITDA is calculated on a comparable basis and is a non-GAAP financial measure. A reconciliation to the most directly comparable GAAP financial measure is included within the appendix.

2. Payout ratio defined as dividend per share divided by adjusted earnings per share.

29

Constellation Brands

# BALANCING REINVESTMENT AND ADDITIONAL RETURNS

DEPLOYING CAPITAL TO
ORGANIC INVESTMENTS
TO SUPPORT GROWTH

ADDITIONAL BEER BREWING
CAPACITY FY23-26

25-30M HL1

BUY-BACKS TARGETED TO AT LEAST
COVER DILUTION WITH ABILITY TO
OPPORTUNISTICALLY DO MORE

REMAINING CAPACITY FOR
OPPORTUNISTIC BUYBACKS

$1.2B2

1. Organic depletions growth, includes innovation/new products and excludes impact from any future acquisitions/divestitures.

2. $1.2B represents remaining portion of authorization approved by Board of Directors in January 2021 to repurchase up to $2.0 billion of the company's publicly traded common stock as of November 30, 2022.

30

Constellation Brands

# DEPLOY EXCESS CASH THOUGHTFULLY AND PRUDENTLY

ANY POTENTIAL ACQUISITIONS TO BE FOCUSED ON
SMALL TARGETS TO FILL PORTFOLIO GAPS

TARGET CRITERIA

CONSUMER-LED
ACCRETIVE
SYNERGISTIC

RECENT ACQUISITIONS

![img-0.jpeg](img-0.jpeg)

31

Constellation Brands

# SERVING AS GOOD STEWARDS OF OUR ENVIRONMENT

MODELING
WATER STEWARDSHIP

TARGETING

~1.1 BILLION
GALLONS

OF WATER RESTORATION
BY FY25

REDUCING
GHG EMISSIONS

TARGETING

~15%

REDUCTION

OF SCOPE 1 & SCOPE 2
GHG EMISSIONS BY FY25

1. From baseline fiscal year 2020 Scope 1 and Scope 2 emissions

32

Constellation Brands

# ENHANCING SOCIAL EQUITY WITHIN OUR INDUSTRY AND COMMUNITIES

WORKFORCE GENDER AND ETHNIC DIVERSITY REPRESENTATION GOALS

FEMALE REPRESENTATION

FY26 GOAL1
50%

ETHNIC DIVERSITY REPRESENTATION

FY26 GOAL1
30%

ENHANCING ECONOMIC DEVELOPMENT IN COMMUNITIES WE OPERATE IN

$100M

COMMITMENT TO FOCUS ON FEMALE FOUNDER INITIATIVE

$100M

COMMITMENT TO FOCUS ON MINORITY FOUNDER INITIATIVE

1. Goals referenced from Constellation Brands 2022 ESG Impact Report. Measures refer to U.S. salaried population and self-disclosed employee information.

33

Constellation Brands

# ENHANCING OUR CORPORATE GOVERNANCE PROFILE

ALIGNMENT OF VOTING
POWER AND ECONOMIC
OWNERSHIP OF ALL
SHAREHOLDERS

100% OF BOARD
ELECTED BY HOLDERS OF
CLASS A STOCK

INROTATION OF LEAD
INDEPENDENT DIRECTOR

INTRODUCTION OF
ANTI-PLEDGING POLICY

BETTER ALIGNED WITH
SHAREHOLDERS,
ADVOCACY GROUPS
AND PROXY ADVISORS

34

Constellation Brands

# PROMOTING RESPONSIBLE BEVERAGE ALCOHOL CONSUMPTION

CHAMPIONING THE SAFE AND RESPONSIBLE ENJOYMENT OF BEVERAGE ALCOHOL IS FOUNDATIONAL TO WHO WE ARE

## RESPONSIBLE CONSUMPTION STRATEGIES IN ACTION

WORKING WITH THE BREWERS' VOLUNTARY INITIATIVE TO PROVIDE KEY CONSUMER INFORMATION ON ALCOHOLIC BEVERAGES

SUPPORTING PROGRAMS TO PROMOTE MODERATE CONSUMPTION THROUGH OUR BOARD MEMBERSHIP AT THE WINE INSTITUTE

PROMOTING ANTI-DRUNK DRIVING MEASURES THROUGH OUR DISCUS MEMBERSHIP

35

Constellation Brands

# OUR PATH FORWARD REMAINS A COMPELLING PROPOSITION

![img-1.jpeg](img-1.jpeg)

36

Constellation Brands

# BEST-IN-CLASS BEER BUSINESS

50+

CONSECUTIVE

QUARTERS OF DEPLETIONS GROWTH

![img-2.jpeg](img-2.jpeg)

Source: Company quarterly depletion growth rates from FY11 through FY23 Q3; highlighted percentages represent the depletion growth for the fiscal year and initial three quarters of Fiscal 2023; excludes import brands no longer within portfolio (St. Pauli Girl, Tsingtao, and Somersby).

37

[LOGO]

Constellation Brands

# BEST-IN-CLASS BEER BUSINESS

![img-3.jpeg](img-3.jpeg)

## MEDIUM-TERM TARGETS

7-9%

NET SALES GROWTH

39-40%

OPERATING MARGIN 1

1. Operating margin and operating income are on a comparable basis. All comparable GAAP financial measures for the actual periods presented within the appendix of this presentation. Beer Business implied operating margin guidance for FY23 below medium-term range due to incremental inflation and depreciation.

38

Constellation Brands

# OPTIMIZED WINE & SPIRITS BUSINESS

OUR NET SALES HAVE SHIFTED TO BE MAINLY
DRIVEN BY OUR HIGHER-END BRANDS 1

■ % LOWER-END ■ % HIGHER-END

![img-4.jpeg](img-4.jpeg)

OUR NET SALES ARE ALSO SHIFTING TO
INTERNATIONAL MARKETS & DTC CHANNELS

■ US WHOLESALE ■ DTC ■ INTERNATIONAL

![img-5.jpeg](img-5.jpeg)

1. Portfolio shift inclusive of the divestiture to E. & J. Gallo in FY21 of mainstream lower-end brands and the divestiture to The Wine Group in Q3 FY23 of mainstream and premium wine brands primarily in the lower-end categories.

2. Source: Company measures.

39

Constellation Brands

# OPTIMIZED WINE & SPIRITS BUSINESS

![img-6.jpeg](img-6.jpeg)

MEDIUM-TERM
TARGETS

2-4%

ORGANIC NET SALES GROWTH

28-29%

OPERATING MARGIN 1

1. Operating margin and operating income are on a comparable basis. All comparable GAAP financial measures for the actual periods presented within the appendix of this presentation. Wine & Spirits Business net sales growth guidance for FY23 below medium-term range due to non-recurring net sales benefits in FY22, divestiture of brands in FY23, and incremental inflation.
2. Operating income adjustment based on ~$26M CAM adjustment and <$1M SG&A and OI&E adjustments.

40

Constellation Brands

# BUILDING LONG TERM SHAREHOLDER VALUE

10 CONSECUTIVE YEARS AS A GROWTH LEADER AMONG CPG PEERS 1

CY22

- CY21
- CY20
- CY19
- CY18
- CY17
- CY16
- CY15
- CY14
- CY13

10-YEAR ANNUALIZED TSR 2

CONSTELLATION BRANDS 10-K COMPETITORS

![img-0.jpeg](img-0.jpeg)

1. Source: IRI and BCG Analysis.

2. Source: Company filings and FactSet. Total Shareholder Returns (TSR) to 1/31/23 as calculated by FactSet. Methodology includes share price performance, with dividends reinvested on the ex-dividend date, and excludes special cash dividends. N/A reflects absence of TSR for competitor not listed as of 3/01/13.

41

Constellation Brands

# APPENDIX 1
## ADDITIONAL CAPITAL ALLOCATION
## REFERENCE MATERIALS

42

Constellation Brands

# DEPLOY CAPITAL IN LINE WITH DISCIPLINED AND BALANCED PRIORITIES

## 1 COMMITTED TO A DISCIPLINED FINANCIAL FOUNDATION

FOCUSED ON MAINTAINING A
SOLID INVESTMENT GRADE RATING

TARGET ~3.0X LEVERAGE RATIO 1

TARGETING DIVIDEND GROWTH
IN-LINE WITH EARNINGS

TARGET ~30% DIVIDEND PAYOUT RATIO

## 2 BALANCING REINVESTMENT AND ADDITIONAL RETURNS

DEPLOYING CAPITAL TO ORGANIC INVESTMENTS
TO SUPPORT GROWTH

+25-30M HL BREWING CAPACITY 2

SHARE REPURCHASES TARGETED TO AT LEAST COVER
DILUTION WITH ABILITY TO OPPORTUNISTICALLY DO MORE

~$1.2B OF CAPACITY IN PLACE 3

## 3 DEPLOY EXCESS CASH THOUGHTFULLY AND PRUDENTLY

SMALL ACQUISITIONS TO FILL PORTFOLIO GAPS

CONSUMER-LED, ACCRETIVE, SYNERGISTIC TARGETS

1. Excludes Canopy EIE.
2. Incremental brewing capacity for the FY23 - FY26 time period supported by expected capital expenditure for the Beer Business in the $5.0 - $5.5 billion range over the same time period and inclusive of maintenance capex.
3. $1.2B represents remaining portion of authorization approved by Board of Directors in January 2021 to repurchase up to $2.0 billion of the company's publicly traded common stock as of November 30, 2022.

43

Constellation Brands

# MAINTAINING A SOLID INVESTMENT GRADE RATING

TARGET NET LEVERAGE RATIO IN THE ~3.0X RANGE 1

NET LEVERAGE RATIO 1

![img-1.jpeg](img-1.jpeg)

DEBT MATURITY PROFILE 2

![img-2.jpeg](img-2.jpeg)

1. Excludes Canopy EIE.

2. Excludes commercial paper, working capital lines, letters of credit, and senior notes maturing in FY33, FY48, FY49, and FY51.

3. Includes reduction in short-term borrowings, current maturities of long-term debt, and long-term debt, less current maturities.

44

Constellation Brands

# TARGETING DIVIDEND GROWTH IN-LINE WITH EARNINGS

TARGET DIVIDEND PAYOUT RATIO IN THE ~30% RANGE

DIVIDEND PAYOUT RATIO 1

![img-3.jpeg](img-3.jpeg)

DIVIDEND YIELD 1

![img-4.jpeg](img-4.jpeg)

1. Constellation Brands data reflects 03/01/19 to 02/28/22 period. Competitor data reflects fiscal year or cumulative quarterly / half-yearly periods amounting to a year immediately preceding the corresponding Constellation Brands fiscal year period(s). Payout ratio calculated as dividend per share divided by adjusted earnings per share. Yield calculated as dividend per share divided by share closing price. Calculation data sourced from financial results press release of Constellation Brands and competitors and NASDAQ IR Insights.

45

Constellation Brands

# EXECUTING ORGANIC INVESTMENTS TO SUPPORT GROWTH

CAPITAL EXPENDITURE FOR THE BEER BUSINESS IS EXPECTED TO BE IN THE $5.0B - $5.5B RANGE FOR THE FY23 - FY26 TIME PERIOD 1

ADDING 25-30M HL OF BREWING CAPACITY TO SUPPORT MEDIUM TERM MID TO HIGH SINGLE-DIGIT VOLUME GROWTH OF BEER BUSINESS 2

1ST WAVE
FY24 3

ADDING

~10M HL

TOTAL CAPACITY

~51M HL

2ND WAVE
FY25-FY26 4

ADDING

~8M HL

TOTAL CAPACITY

~59M HL

3RD WAVE
FY26+ 5

ADDING

~7-12M HL

TOTAL CAPACITY

~66-71M HL

1. Includes maintenance capex.

2. Organic depletions growth, includes innovation/new products and excludes impact from any future acquisitions/divestitures.

3. Includes 5M HL ABA expansion in Nava and 5M HL expansion in Obregon.

4. Includes 5M HL expansion in Obregon and initial 3M HL module in 'greenfield' development at Veracruz.

5. Includes additional potential expansions to be modularly added aligned with future growth expectations and efficiency attainment assumptions.

46

Constellation Brands

# EXECUTING ORGANIC INVESTMENTS TO SUPPORT GROWTH

WINE & SPIRITS HOSPITALITY VENUE UPGRADES
TO ENHANCE EXPERIENCES AND
SEEK TO MAXIMIZE DIRECT-TO-CONSUMER OPPORTUNITY

NEW TASTING
FACILITY AT THE
PRISONER WINERY

ROBERT MONDAVI
WINERY
RENOVATIONS

47

Constellation Brands

# BUY-BACKS TARGETED 10% AT LEAST COVER DILUTION

ABILITY TO OPPORTUNISTICALLY DO MORE WITH ~$1.2B OF CAPACITY 1

SHARE REPURCHASE RATIO FROM FY20-FY22 (2)

■ CONSTELLATION BRANDS □ 10-K COMPETITORS

![img-5.jpeg](img-5.jpeg)

COMPLETED REPURCHASES

![img-6.jpeg](img-6.jpeg)

1. $1.2B represents remaining portion of authorization approved by Board of Directors in January 2021 to repurchase up to $2.0 billion of the company's publicly traded common stock.
2. Constellation Brands data reflects 03/01/19 to 02/28/22 period. Competitor data reflects fiscal year immediately preceding the corresponding Constellation Brands fiscal year period(s). Share repurchase ratio calculated as share repurchases divided by market capitalization. Calculation data sourced from Bloomberg.

48

Constellation Brands

# SMALL ACQUISITIONS TO FILL PORTFOLIO GAPS

RECENT ACQUISITIONS OF HIGH-GROWTH BRANDS ALMOST ENTIRELY SELF-FUNDED THROUGH SALE OF SUCCESSFUL VENTURE INVESTMENT

![img-7.jpeg](img-7.jpeg)

35%

M&A EXPENDITURES

$8.1B OPERATING CASH FLOW FY20-FY22

![img-8.jpeg](img-8.jpeg)

49

Constellation Brands

## APPENDIX 2

### ADDITIONAL ESG

### REFERENCE MATERIALS

50

Constellation Brands

# MODELING WATER STEWARDSHIP

TARGETING

**~1.1 BILLION GALLONS**

OF WATER RESTORATION BY FY25

## WATER RESTORATION STRATEGIES IN ACTION

REFORESTATION OF  
2,000+ HECTARES OF  
LAND NEAR NAVA  
BREWERY OVER THE  
NEXT NINE YEARS

BUILT 3 DAMS NEAR  
OBREGON BREWERY  
SAVING ~15 MILLION CUBIC  
METERS OF WATER ON  
AVERAGE IN LAST 3 YEARS

NEW TECHNOLOGIES NEAR  
OUR NAPA VALLEY  
VINEYARDS REPRESENTING  
A 39% IMPROVEMENT IN  
WATER EFFICIENCY

51

Constellation Brands

# REDUCING GHG EMISSIONS

TARGETING

**~15% REDUCTION**

OF SCOPE 1 & SCOPE 2 GHG EMISSIONS BY FY25$^{1}$

## GHG STRATEGIES IN ACTION

99% OF BIOGAS GENERATED AT NAVA BREWERY IS USED IN ITS BOILERS REDUCING METHANE EMISSIONS

PLAN TO CONVERT PORTION OF BEER OPERATIONS TO NATURAL GAS AND INVEST IN WIND FARMS

100% OF ELECTRICITY PROCURED AT WOODBRIDGE WINERY IS FROM A RENEWABLE SOURCE

1. From baseline fiscal year 2020 Scope 1 and Scope 2 emissions

52

Constellation Brands

# FOSTERING AN INCLUSIVE CULTURE

WE ARE COMMITTED TO CULTIVATING A BEST-IN-CLASS, DIVERSE,
AND EQUITABLE WORKFORCE

WORKFORCE GENDER AND ETHNIC DIVERSITY REPRESENTATION GOALS

FEMALE REPRESENTATION 1

FY22 ACHIEVEMENT

43%

FY26
GOAL

50%

ETHNIC DIVERSITY REPRESENTATION 1

FY22 ACHIEVEMENT

22%

FY26
GOAL

30%

1. Goal progress from Constellation Brands 2022 ESG Impact Report. Measures refer to U.S. salaried population and self-disclosed employee information.

53

Constellation Brands

# ADVANCING DIVERSITY, EQUITY & INCLUSION IN BEVERAGE ALCOHOL

CONTINUED EXECUTION OF
EXISTING PROGRAMS

$100M

COMMITMENT TO FOCUS ON
FEMALE FOUNDER INITIATIVE

$100M

COMMITMENT TO FOCUS ON
MINORITY FOUNDER INITIATIVE

CREATING NEW OPPORTUNITIES
TO ACCELERATE CHANGE

SUPPORTING 1,800 ROLES INTENDED FOR
THE BLACK COMMUNITY IN THE SPIRITS
INDUSTRY VIA PARTNERSHIP WITH

PRONGHORN & DISCUS

BUILDING MORE GENDER DIVERSE
WORKPLACES VIA MEMBERSHIP IN

WOMEN OF THE VINE & SPIRITS

54

Constellation Brands

## APPENDIX 3

### DEFINED TERMS &
ADDITIONAL FINANCIAL INFORMATION

55

**Constellation Brands**

## DEFINED TERMS

Unless the context otherwise requires, the terms “Company,” “CBI,” “STZ,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. We use terms in this presentation that are specific to us or are abbreviations that may not be commonly known or used.

| Term | Meaning |
| --- | --- |
| 10-K Competitors | 2022 10-K competitors that are publicly listed companies consist of Anheuser-Busch InBev, The Boston Beer Company, Brown-Forman, Diageo, Duckhorn Portfolio, Heineken, Molson Coors, Pernod Ricard, and Treasury Wine Estates |
| ABA | Alternative Beverage Alcohol |
| BPS | Basis points |
| CAGR | Compound annual growth rate |
| CAM | Contribution after marketing, which equals gross profit less marketing expenses |
| Canopy | Canopy Growth Corporation |
| Canopy Strategic Transaction(s) | Any potential acquisition, divestiture, investment, or other similar transaction made by Canopy, including but not limited to the potential transaction with Acreage and the Canopy Transaction |
| Canopy Transaction | Proposed corporate transaction by Canopy, including the creation of Exchangeable Shares, designed to consolidate its U.S. cannabis assets into Canopy USA |
| Common Shares | Canopy’s common shares |
| CPG | Consumer Packaged Goods |
| CY | Calendar year |
| DTC | Direct-to-consumer |
| EBIT | Earnings before interest and taxes |
| EBITDA | Earnings before interest, taxes, depreciation, and amortization |
| EIE | Equity in earnings |
| ESG | Environmental, social, and governance |
| Exchangeable Shares | New class of non-voting and non-participating exchangeable shares of Canopy which will be convertible into Common Shares |
| FY | Fiscal year |
| GAAP | General accepted accounting principles in the U.S. |
| Generation Z consumers | Consumer that were born between 1997 and 2012 |
| GHG | Greenhouse Gas |
| High-End Beer | Beer that sells above $27.00 a case at retail |
| Higher-End Spirits | Spirits that generally sell above $14.00 - $17.00 per bottle at retail |
| Higher-End Wine | Wine that sells above $11.00 per bottle at retail for table wine and above $13.00 for sparkling wine |
| HL | Hectoliters |
| LDA | Legal drinking age |

56

**Constellation Brands**

## DEFINED TERMS

| Term | Meaning |
| --- | --- |
| Low-End Beer | Beer that sells for less than $27.00 per case at retail |
| Lower-End Spirits | Spirits that generally sell for less than $14.00 - $17.00 per bottle at retail |
| Lower-End Wine | Wine that sells for less than $11.00 per bottle at retail for table wine and less than $13.00 for sparkling wine |
| LTM | Last 12 months |
| Luxury Wine Price Segment | Wine that sells between $20.00 - $24.99 per bottle at retail |
| OI&E | Other income and expenses |
| Reclassification | Reclassification, exchange, and conversion of our common stock to eliminate our Class B Common Stock pursuant to the terms and conditions of the reclassification agreement, dated June 30, 2022, among the Company and the members of the Sands stockholder group |
| SG&A | Selling, general, and administrative expenses |
| Super Luxury Wine Price Segment | Wine that sells above $25.00 per bottle at retail |
| U.S. | United States of America |

57

Constellation Brands

## COMPARABLE MEASURES (NON-GAAP)

Comparable measures are provided because management uses this information in evaluating the results of the core operations of the Company and/or internal goal setting. In addition, the Company believes this information provides investors valuable insight on underlying business trends and results in order to evaluate year-over-year financial performance. As such, the following items, when appropriate, are excluded from comparable results:

### *Acquisitions, Divestitures, and Related Costs*

Acquisitions, divestitures, and related costs includes transaction and associated costs in connection with pending and completed acquisitions, investments, and divestitures. In addition, in connection with acquisitions, the allocation of purchase price in excess of book value for certain inventory on hand at the date of acquisition is referred to as inventory step-up. Inventory step-up represents an assumed manufacturing profit attributable to the acquired company prior to acquisition. For inventory produced and sold after the acquisition date, the related manufacturer’s profit accrues to the Company.

### *Restructuring and Other Strategic Business Development Costs*

Restructuring and other strategic business development costs consist primarily of costs recognized by the Company in connection with certain activities which are intended to simplify, streamline, or increase efficiencies. These costs include restructuring charges, such as employee termination benefit costs, contract termination costs, costs to consolidate or close facilities and relocate employees, and other costs which are not reflective of the core operations of the Company related to strategic business development initiatives.

58

Constellation Brands

# COMPARABLE MEASURES (NON-GAAP)

### *Other*

Other includes items that are not specifically related to acquisitions and divestitures or restructuring and other strategic business development costs (e.g. unrealized net (gain) loss on securities measured at fair value, loss on extinguishment of debt, impairment of assets, loss on contract termination, and net (gain) loss from the mark to fair value of undesignated commodity derivative contracts prior to settlement).

Comparable Basis Earnings before Interest and Taxes ('Comparable Basis EBIT'), as used by the Company, means net income (loss) attributable to CBI plus (i) net income (loss) attributable to noncontrolling interests, (ii) provision for (benefit from) income taxes, and (iii) interest expense, all on a comparable basis. Comparable Basis EBIT is considered a performance measure and the Company considers net income (loss) attributable to CBI the most comparable GAAP measure. Comparable Basis EBIT is used by management in evaluating the results of the core operations of the Company including, the results of its equity method investments. In addition, the Company believes this information provides investors valuable insight on underlying business trends and results in order to evaluate year-over-year financial performance.

The Company has disclosed its debt to Earnings before Interest, Taxes, Depreciation, and Amortization ('EBITDA') ratio and net debt to EBITDA ratio. These are non-GAAP financial measures that management believes are of interest to investors and lenders in relation to the Company's overall capital structure and its ability to borrow additional funds. The Company considers EBITDA a measure of liquidity and considers net cash provided by operating activities the most comparable GAAP measure.

Free cash flow as used by the Company means the Company's net cash flow from operating activities prepared in accordance with GAAP less capital expenditures for property, plant, and equipment. Free cash flow is considered a liquidity measure and provides useful information to investors about the amount of cash generated, which can then be used, after required debt service and dividend payments, for other general corporate purposes. A limitation of free cash flow is that it does not represent the total increase or decrease in the cash balance for the period. Free cash flow should be considered in addition to, not as a substitute for, or superior to, cash flow from operating activities prepared in accordance with GAAP.

59

Constellation Brands

## REPORTED STATEMENT OF OPERATIONS (GAAP)

|  | Fiscal Year 2018 | Fiscal Year 2019 | Fiscal Year 2020 | Fiscal Year 2021 | First Quarter 2022 | Second Quarter 2022 | Third Quarter 2022 | Fourth Quarter 2022 | Fiscal Year 2022 | First Quarter 2023 | Second Quarter 2023 | Third Quarter 2023 | Nine Months 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in millions, except share and per share data) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net sales | $7,580.3 | $8,116.0 | $8,343.5 | $8,614.9 | $2,026.5 | $2,371.1 | $2,320.6 | $2,102.5 | $8,820.7 | $2,363.2 | $2,655.1 | $2,436.5 | $7,454.8 |
| Cost of product sold | (3,767.8) | (4,035.7) | (4,191.6) | (4,148.9) | (907.2) | (1,141.4) | (1,094.9) | (969.9) | (4,113.4) | (1,108.2) | (1,329.2) | (1,209.6) | (3,647.0) |
| Gross profit | 3,812.5 | 4,080.3 | 4,151.9 | 4,466.0 | 1,119.3 | 1,229.7 | 1,225.7 | 1,132.6 | 4,707.1 | 1,255.0 | 1,325.9 | 1,226.9 | 3,807.8 |
| Selling, general, and administrative expenses (1) | (1,532.7) | (1,668.1) | (1,621.8) | (1,665.1) | (380.9) | (489.8) | (385.8) | (454.9) | (1,711.4) | (438.6) | (512.8) | (480.2) | (1,431.6) |
| Impairment of brewery construction in progress | - | - | - | - | (665.9) | - | - | - | (665.9) | - | - | - | - |
| Impairment of assets held for sale | - | - | (449.7) | (24.0) | - | - | - | - | - | - | - | - | - |
| Gain (loss) on sale of business | - | - | 74.1 | 14.2 | 2.6 | (0.7) | - | (0.2) | 1.7 | - | - | - | - |
| Operating income (loss) | 2,279.8 | 2,412.2 | 2,154.5 | 2,791.1 | 75.1 | 739.2 | 839.9 | 677.5 | 2,331.7 | 816.4 | 813.1 | 746.7 | 2,376.2 |
| Income (loss) from unconsolidated investments | 487.2 | 2,101.6 | (2,668.6) | 150.3 | (899.2) | (470.8) | (171.8) | (93.7) | (1,635.5) | (187.9) | (1,719.1) | (37.2) | (1,944.2) |
| Interest expense | (332.0) | (367.1) | (428.7) | (385.7) | (86.7) | (95.8) | (88.0) | (85.9) | (356.4) | (88.5) | (94.3) | (98.7) | (281.5) |
| Loss on extinguishment of debt | (97.0) | (1.7) | (2.4) | (12.8) | - | (29.4) | - | - | (29.4) | (15.3) | (8.0) | - | (23.3) |
| Income (loss) before income taxes | 2,338.0 | 4,145.0 | (945.2) | 2,542.5 | (910.8) | 143.2 | 580.1 | 497.9 | 310.4 | 524.7 | (1,008.3) | 610.8 | 127.2 |
| (Provision for) benefit from income taxes | (22.7) | (685.9) | 966.6 | (511.1) | 13.5 | (131.3) | (99.3) | (92.3) | (309.4) | (125.4) | (132.4) | (131.1) | (388.9) |
| Net income (loss) | 2,315.3 | 3,459.1 | 21.4 | 2,031.8 | (897.3) | 11.9 | 480.8 | 405.6 | 1.6 | 399.3 | (1,140.7) | 479.7 | (261.7) |
| Net (income) loss attributable to noncontrolling interests | (11.9) | (23.2) | (33.2) | (33.8) | (10.8) | (10.4) | (10.0) | (10.2) | (41.4) | (9.8) | (10.5) | (12.0) | (32.3) |
| Net income (loss) attributable to CBI | $2,303.4 | $3,435.9 | $(11.8) | $1,998.0 | $(908.1) | $1.5 | $470.8 | $395.4 | $(40.4) | $389.5 | $(1,151.2) | $467.7 | $(294.0) |
| Diluted net income (loss) per common share attributable to CBI | $11.47 | $17.57 | $(0.07) | $10.23 | $(4.74) | $0.01 | $2.48 | $2.07 | $(0.22) | $2.06 | $(6.30) | $2.52 | $(1.48) |
| Diluted weighted average common shares outstanding | 200.745 | 195.532 | 168.329 | 195.308 | 170.602 | 192.530 | 189.939 | 190.685 | 167.431 | 189.333 | 161.730 | 185.291 | 164.573 |
| Cash dividends declared per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Class A Common Stock | $2.08 | $2.96 | $3.00 | $3.00 | $0.76 | $0.76 | $0.76 | $0.76 | $3.04 | $0.80 | $0.80 | $0.80 | $2.40 |
| Class B Convertible Common Stock | $1.88 | $2.68 | $2.72 | $2.72 | $0.69 | $0.69 | $0.69 | $0.69 | $2.76 | $0.72 | $0.72 | $0.72 | $2.16 |
| Effective tax rate | 1.0% | 16.5% | 102.3% | 20.1% | 1.5% | 91.7% | 17.1% | 18.5% | 99.7% | 23.9% | (13.1%) | 21.5% | 305.7% |
| Items as a percent of net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cost of product sold | 49.7% | 49.7% | 50.2% | 48.2% | 44.8% | 48.1% | 47.2% | 46.1% | 46.6% | 46.9% | 50.1% | 49.6% | 48.9% |
| Gross profit | 50.3% | 50.3% | 49.8% | 51.8% | 55.2% | 51.9% | 52.8% | 53.9% | 53.4% | 53.1% | 49.9% | 50.4% | 51.1% |
| Selling, general, and administrative expenses | 20.2% | 20.6% | 19.4% | 19.3% | 18.8% | 20.7% | 16.6% | 21.6% | 19.4% | 18.6% | 19.3% | 19.7% | 19.2% |
| Operating income (loss) | 30.1% | 29.7% | 25.8% | 32.4% | 3.7% | 31.2% | 36.2% | 32.2% | 26.4% | 34.5% | 30.6% | 30.6% | 31.9% |

$^{(1)}$ Includes impairment of intangible assets of $86.8 million for the year ended February 28, 2018.

60

Constellation Brands

# RECONCILIATION OF REPORTED AND COMPARABLE NON-GAAP INFORMATION

(in millions, except per share data)

|  | Fiscal Year 2018 | Fiscal Year 2019 | Fiscal Year 2020 | Fiscal Year 2021 | First Quarter 2022 | Second Quarter 2022 | Third Quarter 2022 | Fourth Quarter 2022 | Fiscal Year 2022 | First Quarter 2023 | Second Quarter 2023 | Third Quarter 2023 | Nine Months 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Net Sales | $7,580.3 | $8,116.0 | $8,343.5 | $8,614.9 | $2,026.5 | $2,371.1 | $2,320.6 | $2,102.5 | $8,820.7 | $2,363.2 | $2,655.1 | $2,436.5 | $7,454.8 |
| Comparable Net Sales | $7,580.3 | $8,116.0 | $8,343.5 | $8,614.9 | $2,026.5 | $2,371.1 | $2,320.6 | $2,102.5 | $8,820.7 | $2,363.2 | $2,655.1 | $2,436.5 | $7,454.8 |
| Cost of Product Sold |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Cost of Product Sold | $(3,767.8) | $(4,035.7) | $(4,191.6) | $(4,148.9) | $(907.2) | $(1,141.4) | $(1,094.9) | $(969.9) | $(4,113.4) | $(1,108.2) | $(1,329.2) | $(1,209.6) | $(3,647.0) |
| Acquisitions, Divestitures, and Related Costs | 18.7 | 4.9 | 1.5 | 0.4 | - | (0.1) | 0.1 | 0.1 | 0.1 | 1.0 | 0.9 | 2.1 | 4.0 |
| Restructuring and Other Strategic Business Development Costs | - | 8.9 | 132.1 | 29.9 | 2.6 | - | - | - | 2.6 | - | - | 1.1 | 1.1 |
| Other | 9.4 | 16.1 | 28.7 | 21.3 | (20.7) | (15.1) | 1.9 | (51.2) | (85.1) | (25.4) | 45.5 | 22.0 | 42.1 |
| Comparable Cost of Product Sold | $(3,739.7) | $(4,005.8) | $(4,029.3) | $(4,097.3) | $(925.3) | $(1,156.6) | $(1,092.9) | $(1,021.0) | $(4,195.8) | $(1,132.6) | $(1,282.8) | $(1,184.4) | $(3,599.8) |
| Gross Profit |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Gross Profit | $3,812.5 | $4,080.3 | $4,151.9 | $4,466.0 | $1,119.3 | $1,229.7 | $1,225.7 | $1,132.6 | $4,707.3 | $1,255.0 | $1,325.9 | $1,226.9 | $3,807.8 |
| Acquisitions, Divestitures, and Related Costs | 18.7 | 4.9 | 1.5 | 0.4 | - | (0.1) | 0.1 | 0.1 | 0.1 | 1.0 | 0.9 | 2.1 | 4.0 |
| Restructuring and Other Strategic Business Development Costs | - | 8.9 | 132.1 | 29.9 | 2.6 | - | - | - | 2.6 | - | - | 1.1 | 1.1 |
| Other | 9.4 | 16.1 | 28.7 | 21.3 | (20.7) | (15.1) | 1.9 | (51.2) | (85.1) | (25.4) | 45.5 | 22.0 | 42.1 |
| Comparable Gross Profit | $3,840.6 | $4,110.2 | $4,314.2 | $4,517.6 | $1,101.2 | $1,214.5 | $1,227.7 | $1,081.5 | $4,624.9 | $1,230.6 | $1,372.3 | $1,252.1 | $3,855.0 |
| Selling, General, and Administrative Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Selling, General, and Administrative Expenses | $(1,532.7) | $(1,668.1) | $(1,621.8) | $(1,665.1) | $(380.9) | $(489.8) | $(385.8) | $(454.9) | $(1,711.4) | $(438.6) | $(512.8) | $(480.2) | $(1,431.6) |
| Acquisitions, Divestitures, and Related Costs (1) | 11.3 | 34.1 | (8.5) | 6.3 | 1.6 | 4.9 | (7.5) | 8.1 | 7.1 | (1.6) | 5.0 | (9.8) | (6.4) |
| Restructuring and Other Strategic Business Development Costs | 14.0 | 17.1 | 25.3 | 23.9 | 0.9 | (0.8) | (0.2) | (0.5) | (0.6) | 1.4 | 1.2 | 0.2 | 2.1 |
| Other | 135.3 | 122.9 | 23.2 | 5.4 | - | 1.5 | (10.4) | 24.7 | 15.8 | 0.7 | 17.0 | 7.8 | 25.1 |
| Comparable Selling, General, and Administrative Expenses | $(1,372.1) | $(1,494.0) | $(1,581.8) | $(1,629.5) | $(378.4) | $(484.2) | $(403.9) | $(422.6) | $(1,689.1) | $(438.1) | $(489.6) | $(482.4) | $(1,410.1) |
| Impairment of Brewery Construction in Progress |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Impairment of Brewery Construction in Progress | $ - | $ - | $ - | $ - | $(665.9) | $ - | $ - | $ - | $(665.9) | $ - | $ - | $ - | $ - |
| Other | - | - | - | - | 665.9 | - | - | - | 665.9 | - | - | - | - |
| Comparable Impairment of Brewery Construction in Progress | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
| Impairment of Assets Held for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Impairment of Assets Held for Sale | $ - | $ - | $(449.7) | $(24.0) | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
| Restructuring and Other Strategic Business Development Costs | - | - | 449.7 | 24.0 | - | - | - | - | - | - | - | - | - |
| Comparable Impairment of Assets Held for Sale | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
| Gain (Loss) on Sale of Business |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Gain (Loss) on Sale of Business | $ - | $ - | $74.1 | $14.2 | $2.6 | $(0.7) | $ - | $(0.2) | $1.7 | $ - | $ - | $ - | $ - |
| Acquisitions, Divestitures, and Related Costs | - | - | (74.1) | (14.2) | (2.6) | 0.7 | - | 0.2 | (1.7) | - | - | - | - |
| Comparable Gain (Loss) on Sale of Business | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |

61

Constellation Brands

# RECONCILIATION OF REPORTED AND COMPARABLE NON-GAAP INFORMATION

|  | Year 2018 | Year 2019 | Year 2020 | Year 2021 | First Quarter 2022 | Second Quarter 2022 | Third Quarter 2022 | Fourth Quarter 2022 | Year 2022 | First Quarter 2023 | Second Quarter 2023 | Third Quarter 2023 | Fourth Quarter 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Reported Operating Income (Loss) | $2,779.8 | $2,412.2 | $2,154.5 | $2,795.8 | $75.1 | $739.2 | $839.9 | $677.5 | $2,431.7 | $836.4 | $813.1 | $746.7 | $2,376.2 |
| Acquisitions, Divestitures, and Related Costs | 30.0 | 19.0 | (61.1) | (5.1) | (1.9) | 5.3 | (7.4) | 6.4 | 5.3 | (0.6) | 5.9 | (7.7) | (1.6) |
| Restructuring and Other Strategic Business Development Costs | 14.0 | 26.0 | 607.1 | 7.4 | 3.5 | (0.8) | (0.2) | (0.5) | 2.0 | 1.4 | 1.2 | 3.9 | 0.7 |
| Other | 144.7 | 128.0 | 51.9 | 7.7 | 449.2 | (13.6) | (8.5) | (16.9) | 598.6 | 126.7 | 82.5 | 29.4 | 0.5 |
| Comparable Operating Income (Loss) | $2,468.5 | $2,616.2 | $2,732.4 | $2,886.1 | $722.8 | $730.3 | $833.6 | $668.9 | $2,935.8 | $730.5 | $803.7 | $769.7 | $2,444.5 |
| Income (Loss) from Unconsolidated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Income (Loss) from Unconsolidated Investments | $487.2 | $2,101.6 | $(1,668.6) | $153.3 | $(899.2) | $(470.8) | $(171.8) | $(95.7) | $(1,635.5) | $(187.9) | $(1,719.1) | $(37.2) | $(1,944.1) |
| Acquisitions, Divestitures, and Related Costs | - | (95.9) | 29.9 | 2.4 | 1.6 | 1.7 | 0.7 | (50.0) | (48.5) | 0.4 | 1.3 | 4.0 | 0.2 |
| Restructuring and Other Strategic Business Development Costs | - | - | - | 353.1 | 24.6 | 45.4 | 0.7 | 11.7 | 82.4 | 100.9 | 1.8 | 12.9 | 12.9 |
| Other | (452.6) | (1,989.0) | 2,450.2 | (627.6) | 828.4 | 392.5 | 136.1 | 36.2 | 1,452.9 | 34.1 | 1,432.6 | 14.5 | 1,719.1 |
| Comparable Income (Loss) from Unconsolidated Investments | $34.6 | $16.7 | $(188.5) | $(114.0) | $(40.6) | $(31.2) | $(96.3) | $(36.2) | $(147.3) | $(52.5) | $(33.6) | $(5.2) | $(92.4) |
| Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Interest Expense | $(332.0) | $(367.1) | $(428.7) | $(385.7) | $(86.7) | $(95.8) | $(88.0) | $(85.9) | $(356.4) | $(88.5) | $(94.3) | $(98.2) | $(285.5) |
| Acquisitions, Divestitures, and Related Costs | - | (20.1) | - | - | - | - | - | - | - | - | - | - | - |
| Comparable Interest Expense | $(332.0) | $(367.2) | $(428.7) | $(385.7) | $(86.7) | $(95.8) | $(88.0) | $(85.9) | $(356.4) | $(88.5) | $(94.3) | $(98.2) | $(285.5) |
| Loss on Extinguishment of Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Loss on Extinguishment of Debt | $(97.0) | $(1.7) | $(2.4) | $(12.6) | $ - | $(29.4) | $ - | $ - | $(29.4) | $(15.3) | $(8.0) | $ - | $(23.1) |
| Other | 83.5 | 1.7 | 2.4 | 0.9 | - | 29.4 | - | - | 29.4 | 25.2 | 0.0 | - | 0.0 |
| Comparable Loss on Extinguishment of Debt | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - |
| (Provision For) Benefit From Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported (Provision For) Benefit From Income Taxes | $(22.7) | $(885.9) | $968.6 | $(511.1) | $13.5 | $(131.3) | $(99.3) | $(92.3) | $(309.4) | $(125.4) | $(132.4) | $(151.1) | $(388.1) |
| Acquisitions, Divestitures, and Related Costs | 0.0 | 19.4 | (14.8) | - | 0.2 | (4.5) | (1.5) | 1.4 | (6.4) | (1.0) | (101.6) | 11.4 | (141.0) |
| Restructuring and Other Strategic Business Development Costs | (4.9) | (6.5) | (130.3) | (96.4) | (1.8) | (1.6) | 0.1 | (19.3) | (22.6) | (4.2) | (0.5) | (0.4) | (5.1) |
| Other | (236.1) | 294.5 | (1,106.6) | 136.1 | (136.5) | 3.4 | 3.3 | 35.2 | (34.5) | (7.3) | 138.9 | (8.7) | (0.7) |
| Comparable (Provision For) Benefit From Income Taxes | $(413.3) | $(407.3) | $(304.1) | $(407.2) | $(114.6) | $(134.0) | $(97.4) | $(74.3) | $(430.5) | $(137.9) | $(135.6) | $(126.6) | $(422.1) |
| Net (Income) Loss Attributable to Noncontrolling Interests |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Net (Income) Loss Attributable to Noncontrolling Interests | $(11.9) | $(23.2) | $(35.2) | $(32.8) | $(10.8) | $(10.4) | $(10.0) | $(10.2) | $(41.4) | $(9.8) | $(10.5) | $(12.0) | $(32.2) |
| Comparable Net (Income) Loss Attributable to Noncontrolling Interests | $(11.9) | $(23.2) | $(35.2) | $(32.8) | $(10.8) | $(10.4) | $(10.0) | $(10.2) | $(41.4) | $(9.8) | $(10.5) | $(12.0) | $(32.2) |
| Net Income (Loss) Attributable to CBI |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Net Income (Loss) Attributable to CBI | $2,301.4 | $1,435.9 | $(11.8) | $1,990.0 | $(908.1) | $1.5 | $470.8 | $385.4 | $(40.4) | $389.5 | $(1,151.2) | $467.7 | $(294.0) |
| Acquisitions, Divestitures, and Related Costs | 20.4 | (86.4) | (76.4) | 0.6 | 0.8 | 2.7 | (8.2) | (40.7) | (45.4) | (1.2) | (144.6) | 7.3 | (113.7) |
| Restructuring and Other Strategic Business Development Costs | 9.1 | (9.1) | 467.9 | 336.5 | 26.3 | 43.0 | 0.6 | (8.1) | 43.9 | 96.1 | 2.5 | 13.9 | 13.4 |
| Other | (587.0) | (1,010.8) | 1,397.9 | (417.9) | 1,338.1 | 411.7 | 128.9 | 105.1 | 1,983.6 | 17.3 | 1,820.0 | 20.2 | 1,593.2 |
| Comparable Net Income (Loss) Attributable to CBI | $1,765.9 | $1,815.7 | $1,777.9 | $1,946.5 | $657.1 | $658.9 | $532.1 | $261.7 | $1,930.8 | $503.8 | $586.7 | $524.7 | $1,617.2 |
| Diluted Net Income (Loss) Per Common Share Attributable to CBI |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Diluted Net Income (Loss) Per Common Share Attributable to CBI | $11.47 | $17.57 | $(0.07) | $10.22 | $(4.74) | $0.01 | $2.48 | $2.07 | $(0.22) | $2.08 | $(6.30) | $2.02 | $(1.46) |
| Acquisitions, Divestitures, and Related Costs (1) | 0.10 | (0.44) | (0.59) | 0.02 | - | 0.01 | (0.04) | (0.21) | (0.26) | (0.01) | (0.78) | 0.04 | (0.78) |
| Restructuring and Other Strategic Business Development Costs (2) | 0.05 | 0.10 | 2.44 | 1.79 | 0.13 | 0.22 | - | (0.04) | 0.32 | 0.52 | 0.01 | 0.02 | 0.01 |
| Other (3) | (2.92) | (7.91) | 7.17 | (2.52) | 0.83 | 2.14 | 0.00 | 0.50 | 10.33 | 0.09 | 10.19 | 0.19 | 0.19 |
| Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI (1)(4) | $8.75 | $9.24 | $9.12 | $9.57 | $2.53 | $2.38 | $3.12 | $2.37 | $10.20 | $2.68 | $3.17 | $2.81 | $8.65 |
| Diluted weighted average common shares outstanding | 100.749 | 105.532 | 104.661 | 105.368 | 105.883 | 102.530 | 109.939 | 100.685 | 102.222 | 109.333 | 105.737 | 105.255 | 106.713 |

$^{(1)}$ May not sum due to rounding as each item is computed independently.

$^{(2)}$ Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI may not sum as comparable amounts are calculated on a fully diluted basis and Reported Diluted Net Income (Loss) Per Common Share Attributable to CBI may be calculated excluding issuable shares if the effect of including these would have been anti-dilutive.

62

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## CANOPY EQUITY EARNINGS (LOSSES) AND RELATED ACTIVITIES ("CANOPY EIE") (NON-GAAP)

|  | Fiscal Year 2018 | Fiscal Year 2019 | Fiscal Year 2020 | Fiscal Year 2021 | First Quarter 2022 | Second Quarter 2022 | Third Quarter 2022 | Fourth Quarter 2022 | Fiscal Year 2022 | First Quarter 2023 | Second Quarter 2023 | Third Quarter 2023 | Nine Months 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in millions except per share data) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Comparable Net Income (Loss) Attributable to CBI - Canopy EIE |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Canopy EIE |  | $(2.6) | $(575.9) | $(679.0) | $(155.8) | $120.5 | $(4.2) | $(34.1) | $(73.6) | $(165.0) | $(650.7) | $(60.8) | $(876.5) |
| Comparable Adjustments Canopy EIE (1) |  | (13.9) | 354.2 | 532.8 | 111.5 | (150.4) | (64.2) | (1.5) | (104.6) | 113.0 | 615.9 | 24.1 | 753.0 |
| Comparable Canopy EIE |  | (16.5) | (221.7) | (146.2) | (44.3) | (29.9) | (68.4) | (35.6) | (178.2) | (52.0) | (34.8) | (36.7) | (123.5) |
| Benefit from income taxes Canopy EIE (1) |  | 3.9 | 73.2 | 52.8 | 9.6 | 4.0 | 10.0 | 1.7 | 25.3 | 7.2 | 4.5 | 3.4 | 15.1 |
| Comparable Net Income (Loss) Attributable to CBI - Canopy EIE |  | $(12.6) | $(148.5) | $(93.4) | $(34.7) | $(25.9) | $(58.4) | $(33.9) | $(152.9) | $(44.8) | $(30.3) | $(33.3) | $(108.4) |
| Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI - Canopy EIE Calculation |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reported Diluted Net Income (Loss) Per Common Share Attributable to CBI - Canopy EIE |  | $(0.01) | $(2.22) | $(2.62) | $(0.70) | $0.62 | $0.02 | $(0.17) | $(0.22) | $(0.78) | $(3.35) | $(0.31) | $(4.41) |
| Comparable Adjustments Canopy EIE |  | (0.05) | 1.39 | 2.09 | 0.50 | (0.76) | (0.32) | (0.01) | (0.58) | 0.53 | 3.19 | 0.13 | 3.83 |
| Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI - Canopy EIE (2) |  | $(0.06) | $(0.76) | $(0.48) | $(0.18) | $(0.13) | $(0.31) | $(0.18) | $(0.80) | $(0.24) | $(0.16) | $(0.18) | $(0.58) |
| Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI, excluding Canopy EIE Calculation |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI |  | $9.28 | $9.12 | $9.97 | $2.33 | $2.38 | $3.12 | $2.37 | $10.20 | $2.66 | $3.17 | $2.83 | $8.66 |
| Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI - Canopy EIE |  | (0.06) | (0.76) | (0.48) | (0.18) | (0.13) | (0.31) | (0.18) | (0.80) | (0.24) | (0.16) | (0.18) | (0.58) |
| Comparable Diluted Net Income (Loss) Per Common Share Attributable to CBI, excluding Canopy EIE (2) |  | $9.34 | $9.89 | $10.44 | $2.51 | $2.52 | $3.42 | $2.55 | $10.99 | $2.90 | $3.33 | $3.01 | $9.24 |

(1) The Comparable Adjustments Canopy EIE effective tax rate applied to each Comparable Adjustments Canopy EIE amount is generally based upon the jurisdiction in which the adjustment was recognized. The benefit from income taxes effective tax rate applied to our Canopy EIE is generally based on the tax rates of the legal entities that hold our investment.

(2) May not sum due to rounding as each item is computed independently. The comparable adjustments and comparable basis diluted net income (loss) per common share are calculated on a fully dilutive basis.

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# ADJUSTED EBITDA CALCULATION AND RECONCILIATION, FREE CASH FLOW RECONCILIATION (NON-GAAP)

|  | First Year 2017 | First Year 2018 | First Year 2019 | First Year 2020 | First Year 2021 | First Quarter 2022 | Second Quarter 2022 | Third Quarter 2022 | Fourth Quarter 2022 | First Year 2023 | First Quarter 2023 | Second Quarter 2023 | Third Quarter 2023 | Total Months 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Sales | $7,321.1 | $5,580.3 | $8,116.0 | $8,343.5 | $8,614.3 | $2,026.5 | $2,371.1 | $2,420.6 | $2,103.2 | $8,837.7 | $2,363.2 | $2,431.1 | $2,436.5 | $7,454.7 |
| Comparable Basis EBITDA Calculation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income (loss) attributable to CBI | $1,528.6 | $2,303.4 | $3,435.9 | $(11.8) | $1,994.2 | $(908.1) | $1.5 | $470.8 | $390.4 | $(40.4) | $389.5 | $(1,151.2) | $467.7 | $(294.0) |
| Comparable adjustments | (154.4) | (557.5) | (1,620.7) | $1,789.7 | (51.1) | $1,165.2 | $457.4 | $321.3 | $26.1 | $2,062.7 | $114.3 | $1,739.9 | $97.2 | $1,913.2 |
| Comparable net income (loss) attributable to CBI | $1,293.2 | $1,945.9 | $1,815.2 | $1,577.9 | $1,946.5 | $457.1 | $458.9 | $592.1 | $451.7 | $1,593.2 | $503.8 | $588.7 | $1,247.2 | $1,617.7 |
| Net income (loss) attributable to NCI | 4.1 | 11.9 | 23.2 | 33.2 | 11.4 | 10.8 | 10.4 | 10.0 | 10.2 | 4.0 | 9.8 | 10.5 | 12.0 | 12.7 |
| Comparable provision for (benefit from) income taxes | 302.3 | 413.3 | 407.3 | 304.2 | 407.2 | 124.6 | 134.0 | 97.4 | 74.9 | 410.7 | 137.9 | 153.6 | 128.4 | 422.7 |
| Interest expense | 333.3 | 332.0 | 367.2 | 428.7 | 385.7 | 86.7 | 91.8 | 88.0 | 85.9 | 35.0 | 88.5 | 94.3 | 98.7 | 281.5 |
| Comparable Basis EBIT | 2,213.9 | 2,558.3 | 2,632.0 | 2,543.0 | 2,712.2 | 679.2 | 699.1 | 787.5 | 622.7 | 2,782.5 | 740.0 | 849.1 | 744.2 | 2,957.4 |
| Comparable Depreciation | 237.5 | 293.8 | 324.2 | 318.9 | 292.7 | 76.0 | 86.5 | 86.3 | 88.7 | 107.3 | 92.7 | 90.8 | 94.3 | 278.4 |
| Comparable Amortization | 8.2 | 5.9 | 4.0 | 5.7 | 5.5 | 1.2 | 1.1 | 1.5 | 1.3 | 5.1 | 1.0 | 0.9 | 0.9 | 2.9 |
| Total Depreciation and Amortization | 245.7 | 299.7 | 330.2 | 324.4 | 299.6 | 77.2 | 87.4 | 87.8 | 50.0 | 342.4 | 59.7 | 91.7 | 95.5 | 281.5 |
| Comparable Basis EBITDA | $2,459.6 | $2,802.8 | $2,963.3 | $2,868.5 | $3,072.2 | $756.4 | $786.5 | $875.3 | $712.2 | $3,130.5 | $833.7 | $940.8 | $859.2 | $2,634.7 |
| Comparable Basis EBITDA Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Cash Provided By Operating Activities | $1,686.0 | $1,931.4 | $2,246.3 | $2,551.1 | $2,806.5 | $716.0 | $809.9 | $938.2 | $263.3 | $2,705.4 | $758.2 | $896.1 | $626.5 | $2,280.0 |
| Net Cash Provided By Operating Activities Margin | 22.3% | 22.3% | 27.7% | 30.6% | 22.6% | 31.3% | 34.2% | 39.6% | 12.4% | 30.5% | 32.1% | 33.8% | 39.2% | 30.6% |
| Debt to LTM Net Cash Provided by Operating Activities | 5.4 | 5.3 | 6.1 | 6.0 | 5.7 | 2.7 | 2.7 | 3.6 | 3.9 | 4.0 | 4.0 | 3.9 | 4.0 | 4.0 |
| Provision for (Benefit from) Income Taxes | 550.3 | 22.7 | 885.3 | (966.0) | 531.3 | (12.5) | 131.3 | 99.3 | 90.2 | 307.8 | 125.4 | 132.4 | 131.3 | 388.7 |
| Interest Expense | 333.3 | 332.0 | 367.2 | 428.7 | 385.7 | 86.7 | 91.8 | 88.0 | 85.9 | 35.0 | 88.5 | 94.3 | 98.7 | 281.5 |
| Change in Operating Assets and Liabilities (1) | 23.5 | 323.4 | 237.5 | 85.7 | (148.7) | 68.3 | (83.4) | (58.4) | 377.1 | 307.8 | 43.8 | 82.5 | 35.2 | 139.7 |
| Equity in Earnings (Losses) of Equity (Method Inventories, Net of Distributed Earnings) | - | 3.6 | (11.3) | (560.8) | (677.4) | (254.3) | 118.8 | 29.3 | (55.5) | (63.0) | (285.5) | (650.1) | (29.1) | (845.1) |
| Unrealized Net Gain (Loss) on Securities Measured at Fair Value | - | 464.3 | 1,971.1 | (2,126.4) | 80.5 | (745.1) | (590.0) | (199.7) | (109.7) | (1,644.2) | (22.4) | (9.3) | (7.4) | (39.1) |
| Deferred Tax Provision (Benefit) | (124.8) | 237.4 | (188.5) | 1,153.7 | (338.4) | 98.7 | (79.5) | (77.7) | (26.3) | (64.4) | (21.5) | (187.1) | (9.4) | (218.4) |
| Stock-Based Compensation Expense | (56.1) | (60.9) | (64.3) | (60.4) | (61.8) | (10.0) | (20.0) | 2.2 | (11.1) | (44.2) | (18.8) | (21.0) | (18.1) | (56.1) |
| Noncash Lease Expense | - | - | - | (88.3) | (83.7) | (19.7) | (20.4) | (20.8) | (21.0) | (83.9) | (21.6) | (22.8) | (22.1) | (80.1) |
| Comparable Adjustments | (254.6) | (263.9) | (1,809.8) | 1,050.0 | (160.2) | 1,503.3 | 430.7 | 119.4 | 39.5 | 2,052.1 | 111.5 | 1,755.1 | 54.5 | 1,925.1 |
| Other Items (1) | 242.7 | (187.2) | (188.2) | (598.0) | 39.4 | (568.2) | (6.7) | (24.5) | 81.1 | (710.1) | (45.9) | (1,107.3) | 4.4 | (1,151.1) |
| Comparable Basis EBITDA | $2,460.3 | $2,802.8 | $2,963.3 | $2,868.5 | $3,072.2 | $756.4 | $786.5 | $875.3 | $712.2 | $3,130.5 | $833.7 | $940.8 | $859.2 | $2,634.7 |
| LTM Comparable Basis EBITDA | $2,460.3 | $2,802.8 | $2,963.3 | $2,868.5 | $3,072.2 | $3,592.9 | $3,944.8 | $3,024.7 | $3,130.9 | $3,130.5 | $1,208.2 | $3,362.5 | $3,347.5 | $3,347.5 |
| Total Debt | $9,238.1 | $10,186.7 | $10,610.5 | $12,184.4 | $10,442.1 | $10,444.2 | $10,575.5 | $10,332.5 | $10,416.5 | $10,414.5 | $10,977.3 | $10,950.2 | $12,172.3 | $12,172.3 |
| Debt to LTM Net Income (Loss) Attributable to CBI | 6.0 | 4.4 | 4.0 | (1,153.9) | 3.2 | 8.7 | 14.0 | (105.3) | (127.6) | (257.4) | 8.7 | 104.8 | 120.0 | 120.0 |
| Debt to LTM Comparable Basis EBITDA | 3.8 | 3.6 | 4.4 | 4.2 | 3.4 | 3.4 | 3.5 | 3.4 | 3.3 | 3.3 | 3.4 | 3.3 | 3.4 | 3.3 |
| Free Cash Flow Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Cash Provided By Operating Activities | $1,686.0 | $1,931.4 | $2,246.3 | $2,551.1 | $2,806.5 | $716.0 | $809.9 | $938.2 | $263.3 | $2,705.4 | $758.2 | $896.1 | $626.5 | $2,280.0 |
| Purchases of Property, Plant, and Equipment | (307.4) | (1,057.6) | (888.3) | (726.5) | (864.6) | (113.9) | (230.5) | (245.3) | (420.1) | (1,020.6) | (296.6) | (238.4) | (260.5) | (683.6) |
| Free Cash Flow | $788.6 | $975.8 | $1,300.0 | $1,824.4 | $1,943.9 | $602.1 | $570.4 | $872.9 | $1,065.5 | $1,078.6 | $561.8 | $657.7 | $377.5 | $1,598.7 |
| Net Debt to LTM Comparable Basis EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Debt | $9,238.1 | $10,186.7 | $10,610.5 | $12,184.4 | $10,442.1 | $10,444.2 | $10,575.5 | $10,332.5 | $10,416.5 | $10,414.5 | $10,977.3 | $10,950.2 | $12,172.3 | $12,172.3 |
| Cash | (177.4) | (195.3) | (93.8) | (81.6) | (460.8) | (303.8) | (159.4) | (392.3) | (199.4) | (199.4) | (105.8) | (105.1) | (105.0) | (105.1) |
| Net Debt | $9,660.7 | $10,096.4 | $10,522.9 | $12,103.2 | $9,966.7 | $9,940.4 | $10,430.1 | $9,971.2 | $10,212.6 | $10,212.6 | $10,875.5 | $10,785.1 | $11,987.5 | $11,987.5 |
| Net Debt to LTM Net Income (Loss) Attributable to CBI | 5.9 | 4.4 | 3.9 | (1,025.7) | 3.0 | 7.9 | 13.8 | (108.5) | (122.0) | (252.5) | 8.7 | 103.2 | 110.2 | 110.2 |
| Net Debt to LTM Comparable Basis EBITDA | 3.9 | 3.6 | 4.0 | 4.0 | 3.4 | 3.2 | 3.4 | 3.3 | 3.3 | 3.3 | 3.4 | 3.3 | 3.4 | 3.3 |

$^{(1)}$ Certain items, when material, are reported as part of the Change in Operating Assets and Liabilities in the Company's quarterly filings. If not material, these same items are reported as part of Other Items. Additionally, non-recurring items are included herein.

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## ADJUSTED EBITDA CALCULATION AND RECONCILIATION, EXCLUDING CANOPY EIE (NON-GAAP)

|  | Fiscal Year 2017 | Fiscal Year 2018 | Fiscal Year 2019 | Fiscal Year 2020 | Fiscal Year 2021 | First Quarter 2022 | Second Quarter 2022 | Third Quarter 2022 | Fourth Quarter 2022 | Fiscal Year 2022 | First Quarter 2023 | Second Quarter 2023 | Third Quarter 2023 | Nine Months 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Comparable Basis EBIT, excluding Canopy EIE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Comparable Basis EBIT |  |  | $2,632.9 | $2,543.9 | $2,773.2 | $679.2 | $699.1 | $787.5 | $622.7 | $2,788.5 | $740.0 | $849.1 | $764.0 | $2,353.1 |
| Comparable Canopy EIE |  |  | (16.5) | (221.7) | (146.2) | (44.3) | (29.9) | (68.4) | (35.6) | (178.2) | (52.0) | (34.8) | (36.7) | (123.5) |
| Comparable Basis EBIT, excluding Canopy EIE |  |  | $2,649.4 | $2,765.6 | $2,919.4 | $723.5 | $729.0 | $855.9 | $658.3 | $2,966.7 | $792.0 | $883.9 | $800.7 | $2,476.6 |
| Comparable Basis EBITDA, excluding Canopy EIE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Comparable Basis EBITDA | $2,459.6 | $2,802.8 | $2,963.1 | $2,868.5 | $3,072.2 | $756.4 | $786.5 | $875.3 | $712.7 | $3,130.9 | $833.7 | $940.8 | $859.8 | $2,634.3 |
| Less: Comparable Canopy EIE |  |  | (16.5) | (221.7) | (146.2) | (44.3) | (29.9) | (68.4) | (35.6) | (178.2) | (52.0) | (34.8) | (36.7) | (123.5) |
| Comparable Basis EBITDA, excluding Canopy EIE | $2,459.6 | $2,802.8 | $2,979.6 | $3,090.2 | $3,218.4 | $800.7 | $816.4 | $943.7 | $748.3 | $3,309.1 | $885.7 | $975.6 | $896.5 | $2,757.8 |
| LTM Comparable Basis EBITDA, excluding Canopy EIE | $2,460.3 | $2,802.8 | $2,979.6 | $3,090.2 | $3,218.4 | $3,251.7 | $3,199.4 | $3,204.7 | $3,309.1 | $3,309.1 | $3,394.1 | $3,553.3 | $3,506.1 | $3,506.1 |
| Total Debt | $9,238.1 | $10,186.7 | $13,616.5 | $12,184.6 | $10,442.3 | $10,444.2 | $10,573.5 | $10,332.5 | $10,416.5 | $10,416.5 | $10,977.3 | $10,950.2 | $12,172.3 | $12,172.3 |
| Debt to LTM Net Income (Loss) Attributable to CBI | 6.0 | 4.4 | 4.0 | (1,153.9) | 5.2 | 8.2 | 14.0 | (195.3) | (257.8) | (257.8) | 8.7 | 104.8 | 120.0 | 120.0 |
| Debt to LTM Comparable Basis EBITDA, excluding Canopy EIE | 3.8 | 3.6 | 4.6 | 3.9 | 3.2 | 3.2 | 3.3 | 3.2 | 3.1 | 3.1 | 3.2 | 3.1 | 3.5 | 3.5 |
| Net Debt to LTM Comparable Basis EBITDA, excluding Canopy EIE Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Debt | $9,238.1 | $10,186.7 | $13,616.5 | $12,184.6 | $10,442.3 | $10,444.2 | $10,573.5 | $10,332.5 | $10,416.5 | $10,416.5 | $10,977.3 | $10,950.2 | $12,172.3 | $12,172.3 |
| Cash | (177.4) | (90.3) | (93.6) | (81.4) | (460.6) | (503.8) | (103.4) | (361.3) | (199.4) | (199.4) | (101.8) | (165.1) | (185.0) | (185.0) |
| Net Debt | $9,060.7 | $10,096.4 | $13,522.9 | $12,103.2 | $9,981.7 | $9,940.4 | $10,470.1 | $9,971.2 | $10,217.1 | $10,217.1 | $10,875.5 | $10,785.1 | $11,987.3 | $11,987.3 |
| Debt to LTM Net Income (Loss) Attributable to CBI | 5.9 | 4.4 | 3.9 | (1,025.7) | 5.0 | 7.8 | 13.8 | (188.5) | (252.9) | (252.9) | 8.7 | 103.2 | 118.2 | 118.2 |
| Net Debt to LTM Comparable Basis EBITDA, excluding Canopy EIE | 3.7 | 3.6 | 4.5 | 3.9 | 3.1 | 3.1 | 3.3 | 3.1 | 3.1 | 3.1 | 3.2 | 3.0 | 3.4 | 3.4 |

$^{(1)}$ Effective March 1, 2018, we adopted the FASB amended guidance regarding the recognition of revenue from contracts with customers using the retrospective application method. Accordingly, financial information for fiscal year 2017 and fiscal year 2018 presented herein has been adjusted to reflect the adoption of this amended guidance.

65

Constellation Brands

# BUSINESS SEGMENT INFORMATION

## Organic Net Sales

Amounts included for the Canopy segment represent 100% of Canopy's reported results on a two-month lag, prepared in accordance with U.S. GAAP, and converted from Canadian dollars to U.S. dollars. Although we own less than 100% of the outstanding shares of Canopy, 100% of the Canopy results are included in the information below and subsequently eliminated in order to reconcile to our consolidated financial statements.

In addition, management excludes items that affect comparability ('Comparable Adjustments') from its evaluation of the results of each operating segment as these Comparable Adjustments are not reflective of core operations of the segments. Segment operating performance and incentive compensation of segment management are evaluated based upon core segment operating income (loss) which do not include the impact of these Comparable Adjustments.

## Organic

For periods of acquisition, the Company defines organic as current period reported less products of acquired businesses reported for the current period, as appropriate. For periods of divestiture, the Company defines organic as prior period reported less products of divested businesses reported for the prior period, as appropriate. The Company provides organic net sales and organic shipment volumes because the Company uses this information in monitoring and evaluating the underlying business trends of its core operations. In addition, the Company believes this information provides investors valuable insight on underlying business trends and results in order to evaluate year-over-year financial performance.

| Transaction | Segment | Date of Transaction | Organic Adjustment Period |
| --- | --- | --- | --- |
| Acquisition |  |  |  |
| Prisoner | Wine and Spirits | April 29, 2016 | April 29, 2016 - April 28, 2017 |
| High West (1) | Wine and Spirits | October 14, 2016 | October 14, 2016 - October 13, 2017 |
| Charles Smith (1) | Wine and Spirits | October 19, 2016 | October 19, 2016 - October 18, 2017 |
| Divestiture |  |  |  |
| Canadian business | Wine and Spirits | December 17, 2016 | December 17, 2015 - December 16, 2016 |
| Black Velvet Divestiture | Wine and Spirits | November 1, 2019 | November 1, 2018 - October 31, 2019 |
| Ballast Point Divestiture | Beer | March 2, 2020 | March 2, 2019 - March 1, 2020 |
| Concentrate Business Divestiture | Wine and Spirits | December 29, 2020 | December 29, 2019 - December 28, 2020 |
| Wine and Spirits Divestiture | Wine and Spirits | January 5, 2021 | January 5, 2020 - January 4, 2021 |
| Nobilo Divestiture | Wine and Spirits | January 5, 2021 | January 5, 2020 - January 4, 2021 |
| Paul Masson Divestiture | Wine and Spirits | January 12, 2021 | January 12, 2020 - January 11, 2021 |
| 2022 Wine Divestiture | Wine and Spirits | October 6, 2022 | October 6, 2021 - October 5, 2022 |

$^{(1)}$ Collectively, the October Wine and Spirits Acquisitions.

66

Constellation Brands

# BUSINESS SEGMENT INFORMATION

|  | Fiscal Year 2018 | Fiscal Year 2019 | Fiscal Year 2020 | Fiscal Year 2021 | First Quarter 2022 | Second Quarter 2022 | Third Quarter 2022 | Fourth Quarter 2022 | Fiscal Year 2022 | First Quarter 2023 | Second Quarter 2023 | Third Quarter 2023 | Nine Months 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Beer | $4,660.4 | $5,202.1 | $5,615.9 | $6,074.6 | $1,572.0 | $1,861.3 | $1,752.6 | $1,565.7 | $6,751.6 | $1,898.2 | $2,139.3 | $1,891.9 | $5,929.4 |
| Wine and Spirits |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Wine | 2,556.3 | 2,532.5 | 2,367.5 | 2,208.4 | 397.7 | 447.2 | 506.2 | 468.2 | 1,819.3 | 404.1 | 442.0 | 470.5 | 1,316.6 |
| Spirits | 363.6 | 381.4 | 360.1 | 331.9 | 56.8 | 62.6 | 61.8 | 68.6 | 249.8 | 60.9 | 73.8 | 74.1 | 208.8 |
| Wine and Spirits | 2,919.9 | 2,913.9 | 2,727.6 | 2,540.3 | 454.5 | 509.8 | 568.0 | 536.8 | 2,069.1 | 465.0 | 515.8 | 544.6 | 1,525.4 |
| Canopy | - | 48.6 | 290.2 | 378.6 | 117.3 | 110.8 | 104.3 | 111.9 | 444.3 | 88.2 | 86.3 | 90.2 | 264.7 |
| Consolidation and Eliminations | - | (48.6) | (290.2) | (378.6) | (117.3) | (110.8) | (104.3) | (111.9) | (444.3) | (88.2) | (86.3) | (90.2) | (264.7) |
| Comparable Adjustments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Consolidated Net Sales | $7,580.3 | $8,116.0 | $8,343.5 | $8,614.9 | $2,026.5 | $2,371.1 | $2,320.6 | $2,102.5 | $8,820.7 | $2,363.2 | $2,655.1 | $2,436.5 | $7,454.8 |
| Gross Profit |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Beer | $2,531.2 | $2,830.7 | $3,125.2 | $3,402.4 | $893.7 | $984.0 | $958.1 | $841.2 | $3,677.0 | $1,019.5 | $1,147.6 | $989.5 | $3,156.6 |
| Wine and Spirits | 1,309.4 | 1,279.5 | 1,189.0 | 1,115.2 | 207.5 | 230.5 | 269.6 | 240.3 | 947.9 | 211.1 | 224.7 | 262.6 | 698.4 |
| Corporate Operations and Other | - | - | - | - | - | - | - | - | - | - | - | 0.0 | 0.0 |
| Canopy | - | 11.2 | 45.4 | (14.1) | 7.7 | 22.2 | (56.5) | 8.0 | (18.6) | (125.7) | (1.1) | 2.9 | (123.9) |
| Consolidation and Eliminations | - | (11.2) | (45.4) | 14.1 | (7.7) | (22.2) | 56.5 | (8.0) | 18.6 | 125.7 | 1.1 | (2.9) | 123.9 |
| Comparable Adjustments | (28.1) | (29.9) | (162.3) | (51.6) | 18.1 | 15.2 | (2.0) | 51.1 | 82.4 | 24.4 | (46.4) | (25.2) | (47.2) |
| Consolidated Gross Profit | $3,812.5 | $4,080.3 | $4,151.9 | $4,466.0 | $1,119.3 | $1,229.7 | $1,225.7 | $1,132.6 | $4,707.3 | $1,255.0 | $1,325.9 | $1,226.9 | $3,807.8 |
| Operating Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Beer (A) | $1,840.2 | $2,042.9 | $2,247.9 | $2,494.3 | $673.1 | $693.0 | $723.6 | $613.6 | $2,703.3 | $762.8 | $865.6 | $710.0 | $2,338.4 |
| Wine and Spirits (A) | 794.1 | 771.2 | 708.4 | 622.4 | 104.2 | 100.2 | 144.5 | 121.8 | 470.7 | 91.0 | 99.4 | 134.8 | 325.2 |
| Corporate Operations and Other (A) | (165.8) | (197.9) | (223.9) | (228.6) | (54.5) | (62.9) | (44.3) | (76.5) | (238.2) | (61.3) | (82.3) | (75.1) | (218.7) |
| Canopy (A) | - | (82.7) | (685.8) | (1,496.0) | (184.2) | (152.8) | (171.0) | (122.1) | (630.1) | (418.2) | (1,439.8) | (134.6) | (1,992.6) |
| Consolidation and Eliminations (A) | - | 82.7 | 685.8 | 1,496.0 | 184.2 | 152.8 | 171.0 | 122.1 | 630.1 | 418.2 | 1,439.8 | 134.6 | 1,992.6 |
| Comparable Adjustments | (188.7) | (204.0) | (577.9) | (97.0) | (647.7) | 8.9 | 16.1 | 18.6 | (604.1) | 23.9 | (69.6) | (23.0) | (68.7) |
| Consolidated Operating Income (Loss) | $2,279.8 | $2,412.2 | $2,154.5 | $2,791.1 | $75.1 | $739.2 | $839.9 | $677.5 | $2,331.7 | $816.4 | $813.1 | $746.7 | $2,376.2 |

67

Constellation Brands

# BUSINESS SEGMENT INFORMATION

|  | Fiscal Year 2018 | Fiscal Year 2019 | Fiscal Year 2020 | Fiscal Year 2021 | First Quarter 2022 | Second Quarter 2022 | Third Quarter 2022 | Fourth Quarter 2022 | Fiscal Year 2022 | First Quarter 2023 | Second Quarter 2023 | Third Quarter 2023 | Nine Months 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Income (Loss) from Unconsolidated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Beer (B) | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $ - | $0.0 | $0.0 |
| Wine and Spirits (B) | 34.4 | 33.4 | 36.4 | 31.7 | 1.3 | (1.1) | 33.4 | 0.8 | 34.4 | 1.5 | 3.4 | 35.4 | 40.3 |
| Corporate Operations and Other (B) | 0.2 | (0.2) | (3.2) | (0.4) | (0.6) | (0.2) | (1.3) | (1.4) | (3.5) | (2.0) | (2.3) | (4.4) | (8.7) |
| Canopy (B) | - | - | - | - | - | - | - | - | - | - | - | 0.0 | 0.0 |
| Consolidation and Eliminations (B) | $ - | (16.5) | (221.7) | (146.2) | (44.3) | (29.9) | (68.4) | (35.6) | (178.2) | (52.0) | (34.7) | (36.7) | (123.4) |
| Comparable Adjustments | 452.6 | 2,084.9 | (2,480.1) | 265.2 | (855.6) | (439.6) | (135.5) | (57.5) | (1,488.2) | (135.4) | (1,685.5) | (31.5) | (1,852.4) |
| Consolidated Income (Loss) from Unconsolidated Investments | $487.2 | $2,101.6 | $(2,668.6) | $150.3 | $(899.2) | $(470.8) | $(171.8) | $(93.7) | $(1,635.5) | $(187.9) | $(1,719.1) | $(37.2) | $(1,944.2) |
| Comparable Earnings (Losses) Before Interest and Taxes (A+B) | $2,503.1 | $2,632.9 | $2,543.9 | $2,773.2 | $679.2 | $699.1 | $787.5 | $622.7 | $2,788.5 | $740.0 | $849.1 | $764.0 | $2,353.1 |
| Gross Profit as a Percent of Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Beer | 54.3% | 54.4% | 55.6% | 56.0% | 56.9% | 52.9% | 54.7% | 53.7% | 54.5% | 53.7% | 53.6% | 52.3% | 53.2% |
| Wine and Spirits | 44.8% | 43.9% | 43.6% | 43.9% | 45.7% | 45.2% | 47.5% | 44.8% | 45.8% | 45.4% | 43.6% | 48.2% | 45.8% |
| Canopy | NM | 23.0% | 15.6% | (3.7%) | 6.6% | 20.0% | (54.2%) | 7.1% | (4.2%) | (142.5%) | (1.3%) | 3.2% | (46.8%) |
| Consolidation and Eliminations | NM | 23.0% | 15.6% | (3.7%) | 6.6% | 20.0% | (54.2%) | 7.1% | (4.2%) | (142.5%) | (1.3%) | 3.2% | (46.8%) |
| Consolidated Gross Profit | 50.3% | 50.3% | 49.8% | 51.8% | 55.2% | 51.9% | 52.8% | 53.9% | 53.4% | 53.1% | 49.9% | 50.4% | 51.1% |
| Operating Income (Loss) as a Percent of Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Beer | 39.5% | 39.3% | 40.0% | 41.1% | 42.8% | 37.2% | 41.3% | 39.2% | 40.0% | 40.2% | 40.5% | 37.5% | 39.4% |
| Wine and Spirits | 27.2% | 26.5% | 26.0% | 24.5% | 22.9% | 19.7% | 25.4% | 22.7% | 22.7% | 19.6% | 19.3% | 24.8% | 21.3% |
| Corporate Operations and Other | (2.2%) | (2.4%) | (2.7%) | (2.7%) | (2.7%) | (2.7%) | (1.9%) | (3.6%) | (2.7%) | (2.6%) | (3.1%) | (3.1%) | (2.9%) |
| Canopy | NM | (170.2%) | NM | (395.1%) | (157.0%) | (137.9%) | (164.0%) | (109.1%) | (141.8%) | (474.1%) | (1668.4%) | (149.2%) | (752.8%) |
| Consolidation and Eliminations | NM | (170.2%) | NM | (395.1%) | (157.0%) | (137.9%) | (164.0%) | (109.1%) | (141.8%) | (474.1%) | (1668.4%) | (149.2%) | (752.8%) |
| Consolidated Operating Income (Loss) | 30.1% | 29.7% | 25.8% | 32.4% | 3.7% | 31.2% | 36.2% | 32.2% | 26.4% | 34.5% | 30.6% | 30.6% | 31.9% |

NM = Not Meaningful

68

Constellation Brands

# REPORTED AND ORGANIC NET SALES

| Fiscal Year 2023 | First Quarter 2023 | First Quarter 2022 | Percent Change | Second Quarter 2023 | Second Quarter 2022 | Percent Change | Third Quarter 2023 | Third Quarter 2022 | Percent Change | Fourth Quarter 2023 | Fourth Quarter 2022 | Percent Change | Nine Months 2023 | Nine Months 2022 | Percent Change |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consolidated Net Sales | $2,363.2 | $2,026.5 | 17% | $2,655.1 | $2,371.1 | 12% | $2,436.5 | $2,320.6 | 5% |  |  |  | $7,454.8 | $6,718.2 | 11% |
| Less: 2022 Wine Divestiture | - | - | - | - | - | - | - | (17.4) | - |  |  |  | - | (17.4) | - |
| Consolidated Organic Net Sales | $2,363.2 | $2,026.5 | 17% | $2,655.1 | $2,371.1 | 12% | $2,436.5 | $2,303.2 | 6% |  |  |  | $7,454.8 | $6,700.8 | 11% |
| Beer Net Sales | $1,898.2 | $1,572.0 | 21% | $2,139.3 | $1,861.3 | 15% | $1,891.9 | $1,752.6 | 8% |  |  |  | $5,929.4 | $5,185.9 | 14% |
| Wine and Spirits Net Sales | $465.0 | $454.5 | 2% | $515.8 | $509.8 | 1% | $544.6 | $568.0 | (4%) |  |  |  | $1,525.4 | $1,532.3 | 0% |
| Less: 2022 Wine Divestiture | - | - | - | - | - | - | - | (17.4) | - |  |  |  | - | (17.4) | - |
| Wine and Spirits Organic Net Sales | $465.0 | $454.5 | 2% | $515.8 | $509.8 | 1% | $544.6 | $550.6 | (1%) |  |  |  | $1,525.4 | $1,514.9 | 1% |
| Fiscal Year 2022 | First Quarter 2022 | First Quarter 2021 | Percent Change | Second Quarter 2022 | Second Quarter 2021 | Percent Change | Third Quarter 2022 | Third Quarter 2021 | Percent Change | Fourth Quarter 2022 | Fourth Quarter 2021 | Percent Change | Fiscal Year 2022 | Fiscal Year 2021 | Percent Change |
| Consolidated Net Sales | $2,026.5 | $1,963.4 | 3% | $2,371.1 | $2,260.4 | 5% | $2,320.6 | $2,438.1 | (5%) | $2,102.5 | $1,953.0 | 8% | $8,820.7 | $8,614.9 | 2% |
| Less: Divestitures | - | (186.8) | - | - | (181.4) | - | - | (210.3) | - | - | (63.8) | - | - | (642.3) | - |
| Consolidated Organic Net Sales | $2,026.5 | $1,776.6 | 14% | $2,371.1 | $2,079.0 | 14% | $2,320.6 | $2,227.8 | 4% | $2,102.5 | $1,889.2 | 11% | $8,820.7 | $7,972.6 | 11% |
| Beer Net Sales | $1,572.0 | $1,384.1 | 14% | $1,861.3 | $1,635.9 | 14% | $1,752.6 | $1,677.9 | 4% | $1,565.7 | $1,376.7 | 14% | $6,751.6 | $6,074.6 | 11% |
| Wine and Spirits Net Sales | $454.5 | $579.3 | (22%) | $509.8 | $624.5 | (18%) | $568.0 | $760.2 | (25%) | $536.8 | $576.3 | (7%) | $2,069.1 | $2,540.3 | (19%) |
| Less: Divestitures | - | (186.8) | - | - | (181.4) | - | - | (210.3) | - | - | (63.8) | - | - | (642.3) | - |
| Wine and Spirits Organic Net Sales | $454.5 | $392.5 | 16% | $509.8 | $443.1 | 15% | $568.0 | $549.9 | 3% | $536.8 | $512.5 | 5% | $2,069.1 | $1,898.0 | 9% |
| Fiscal Year 2021 | First Quarter 2021 | First Quarter 2020 | Percent Change | Second Quarter 2021 | Second Quarter 2020 | Percent Change | Third Quarter 2021 | Third Quarter 2020 | Percent Change | Fourth Quarter 2021 | Fourth Quarter 2020 | Percent Change | Fiscal Year 2021 | Fiscal Year 2020 | Percent Change |
| Consolidated Net Sales | $1,963.4 | $2,097.2 | (6%) | $2,260.4 | $2,344.0 | (4%) | $2,438.1 | $1,999.4 | 22% | $1,953.0 | $1,902.9 | 3% | $8,614.9 | $8,343.5 | 3% |
| Less: Divestitures | - | (47.3) | - | - | (44.0) | - | - | (33.6) | - | - | (198.0) | - | - | (322.9) | - |
| Consolidated Organic Net Sales | $1,963.4 | $2,049.9 | (4%) | $2,260.4 | $2,300.0 | (2%) | $2,438.1 | $1,965.8 | 24% | $1,953.0 | $1,704.9 | 15% | $8,614.9 | $8,020.6 | 7% |
| Beer Net Sales | $1,384.1 | $1,477.4 | (6%) | $1,635.9 | $1,640.4 | (0%) | $1,677.9 | $1,310.6 | 28% | $1,376.7 | $1,187.5 | 16% | $6,074.6 | $5,615.9 | 8% |
| Less: Divestiture | - | (28.6) | - | - | (24.7) | - | - | (20.2) | - | - | (18.5) | - | - | (92.0) | - |
| Beer Organic Net Sales | $1,384.1 | $1,448.8 | (4%) | $1,635.9 | $1,615.7 | 1% | $1,677.9 | $1,290.4 | 30% | $1,376.7 | $1,169.0 | 18% | $6,074.6 | $5,523.9 | 10% |
| Wine and Spirits Net Sales | $579.3 | $619.8 | (7%) | $624.5 | $703.6 | (11%) | $760.2 | $688.8 | 10% | $576.3 | $715.4 | (19%) | $2,540.3 | $2,727.6 | (7%) |
| Less: Divestitures | - | (18.7) | - | - | (19.3) | - | - | (13.4) | - | - | (179.5) | - | - | (230.9) | - |
| Wine and Spirits Organic Net Sales | $579.3 | $601.1 | (4%) | $624.5 | $684.3 | (9%) | $760.2 | $675.4 | 13% | $576.3 | $535.9 | 8% | $2,540.3 | $2,496.7 | 2% |

69

Constellation Brands

# REPORTED AND ORGANIC NET SALES

| Fiscal Year 2020 | First Quarter 2020 | First Quarter 2019 | Percent Change | Second Quarter 2020 | Second Quarter 2019 | Percent Change | Third Quarter 2020 | Third Quarter 2019 | Percent Change | Fourth Quarter 2020 | Fourth Quarter 2019 | Percent Change | Fiscal Year 2020 | Fiscal Year 2019 | Percent Change |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consolidated Net Sales | $2,097.2 | $2,047.1 | 2% | $2,344.0 | $2,299.1 | 2% | $1,999.4 | $1,972.6 | 1% | $1,902.9 | $1,797.2 | 6% | $8,343.5 | $8,116.0 | 3% |
| Less: Black Velvet Divestiture | - | - | - | - | - | - | - | (8.5) | - | - | (17.5) | - | - | (26.0) | - |
| Consolidated Organic Net Sales | $2,097.2 | $2,047.1 | 2% | $2,344.0 | $2,299.1 | 2% | $1,999.4 | $1,964.1 | 2% | $1,902.9 | $1,779.7 | 7% | $8,343.5 | $8,090.0 | 3% |
| Beer Net Sales | $1,477.4 | $1,375.1 | 7% | $1,640.4 | $1,527.1 | 7% | $1,310.6 | $1,209.8 | 8% | $1,187.5 | $1,090.1 | 9% | $5,615.9 | $5,202.1 | 8% |
| Wine and Spirits Net Sales | $619.8 | $672.0 | (8%) | $703.6 | $772.0 | (9%) | $688.8 | $762.8 | (10%) | $715.4 | $707.1 | 1% | $2,727.6 | $2,913.9 | (6%) |
| Less: Black Velvet Divestiture | - | - | - | - | - | - | - | (8.5) | - | - | (17.5) | - | - | (26.0) | - |
| Wine and Spirits Organic Net Sales | $619.8 | $672.0 | (8%) | $703.6 | $772.0 | (9%) | $688.8 | $754.3 | (9%) | $715.4 | $689.6 | 4% | $2,727.6 | $2,887.9 | (6%) |
| Fiscal Year 2019 | First Quarter 2019 | First Quarter 2018 | Percent Change | Second Quarter 2019 | Second Quarter 2018 | Percent Change | Third Quarter 2019 | Third Quarter 2018 | Percent Change | Fourth Quarter 2019 | Fourth Quarter 2018 | Percent Change | Fiscal Year 2019 | Fiscal Year 2018 | Percent Change |
| Consolidated Net Sales | $2,047.1 | $1,928.5 | 6% | $2,299.1 | $2,087.9 | 10% | $1,972.6 | $1,801.9 | 9% | $1,797.2 | $1,762.0 | 2% | $8,116.0 | $7,580.3 | 7% |
| Beer Net Sales | $1,375.1 | $1,239.2 | 11% | $1,527.1 | $1,381.7 | 11% | $1,209.8 | $1,042.5 | 16% | $1,090.1 | $997.0 | 9% | $5,202.1 | $4,660.4 | 12% |
| Wine and Spirits Net Sales | $672.0 | $689.3 | (3%) | $772.0 | $706.2 | 9% | $762.8 | $759.4 | 0% | $707.1 | $765.0 | (8%) | $2,913.9 | $2,919.9 | (0%) |

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![img-0.jpeg](img-0.jpeg)

Constellation Brands

WORTH REACHING FOR

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