Slide 1: FY25 Financial Results & FY26 to FY28 Outlook
FY25 FINANCIAL RESULTS & FY26 TO FY28 OUTLOOK Ap r i l 9 , 2 0 2 5
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation, including the oral statements made in the live conference call in connection herewith, contain forward-looking statements that are based on certain assumptions, estimates, expectations, plans, analyses, and opinions made by management in light of their e
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS All Projections speak only as of the date of this presentation. We undertake no obligation to update or revise any Projections, whether as a result of new information, future events, or otherwise, except as required by law. The Projections are based on management’s current
Slide 4: Use of Non-GAAP Financial Measures, Disclaimers
USE OF NON-GAAP FINANCIAL MEASURES, DISCLAIMERS, CAUTION REGARDING OUTDATED MATERIAL, AND LOCATION OF DEFINED TERMS This presentation may contain non-GAAP financial measures.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 us
Slide 5: Overview Key Highlights
OVERVIEW KEY HIGHLIGHTS #1 GROWTH LEADER AMONG LARGE CPG COMPANIES WITH A PORTFOLIO FOCUSED PRIMARILY ON HIGHER-END BEER AND COMPLEMENTARY SUPER PREMIUM AND LUXURY WINE AND SPIRITS BRANDS1 1 SIGNIFICANT CASH GENERATION AND RETURNS TO SHAREHOLDERS EXPECTED • ~$9B in operating cash flow expected from
Slide 6: Overview Financial Results & Outlook
OVERVIEW FINANCIAL RESULTS & OUTLOOK Prior Medium-Term FY24 FY25 Divestiture FY26 Guidance Updated Outlook Outlook Results Results Adjustments FY27 - FY28 ~+2% Reported (2)% to +1% Organic4 Enterprise ~+6 to +8% +5%1 ~+3% Organic3 $(711)M ~+2% to +4% Net Sales Growth (Decline) Beer ~+7 to +9% +9% ~+
Slide 7: FY25 Financial Results
FY25 FINANCIAL RESULTS
Slide 8: FY25 Financial Summary Tables
FY25 FINANCIAL SUMMARY TABLES Operating Net Income (Loss) Adjusted ENTERPRISE Net Sales Income (Loss) Attributable to CBI EBIT EPS FY25 | In millions, except per share data Reported $10,209 $355 $(81) $329 $(0.45) % Change 2% (89)% (105)% (88)% (105)% Comparable $10,209 $3,475 $2,507 $3,498 $13.78 %
Slide 9: Delivering Against Our Strategic Initiatives in FY25
DELIVERING AGAINST OUR STRATEGIC INITIATIVES IN FY25 D E P L O Y C A P I TA L EMPOWER ENTERPRISE CONTINUE TO BUILD DEVELOP CONSUMER-LED IN LINE WITH TO ACHI E V E BE S T I N P O W E R F U L B R A N D S T H AT I N N O VAT I O N S A L I G N E D DI S CI P LI NE D AND C L A S S O P E R AT I O N A L PEOP
Slide 10: Net Sales FY25 vs FY24 Results
NET SALES FY25 VS FY24 RESULTS ENTERPRISE REPORTED $10B | +2% VS FY24 ORGANIC $10B | +3% VS FY24 $ MILLIONS Net Sales of Divested Brand 1 Note: Totals may not sum due to rounding 10 1 Other includes nonbranded sales
Slide 11: Operating Income FY25 vs FY24 Results
OPERATING INCOME FY25 VS FY24 RESULTS REPORTED $0.4B1 | (89)% VS FY24 ENTERPRISE COMPARABLE $3.5B1 | +7% VS FY24 FY25 FY25 Other SG&A $ MILLIONS MKTG. 5% of Net 9.0% of Sales Net Sales CAM of Divested Brand Note: Totals may not sum due to rounding 11 1 Inclusive of $245M of corporate expense.
Slide 12: FY26 to FY28 Enterprise & Businesses Outlook
FY26 TO FY28 ENTERPRISE & BUSINESSES OUTLOOK 1 1 Expectations for fiscal 2026 to fiscal 2028 reflect the anticipated impact of the tariffs announced by the U.S. government on April 2, 2025 and the Canadian government on March 4, 2025.
Slide 13: Enterprise FY26 to FY28 Outlook
ENTERPRISE FY26 TO FY28 OUTLOOK CONSOLIDATED DILUTED EPS TARGET CONSOLIDATED OPERATING INCOME NET SALES Low Single-Digit to Low to Mid Single-Digit CAGR1 Low Single-Digit CAGR1 High Single-Digit CAGR1 ~34-35% Operating Margin Generate cumulative ~$9B OPERATING CASH FLOW Expect to Expect to Expect gr
Slide 14: Beer Business Financial Results & Outlook
BEER BUSINESS FINANCIAL RESULTS & OUTLOOK Prior Medium- FY24 FY25 FY26 Updated Outlook Term Outlook Results Results Guidance FY27 – FY28 Net Sales Growth +7 to 9% +9% +5% Flat to 3% +2 to 4% COGS Growth (Decline) +LSD% +12% +1% +LSD-MSD% Net of cost savings Packaging and Raw Materials Just under mid
Slide 15: Beer Business Growth Drivers
BEER BUSINESS GROWTH DRIVERS BEER BUSINESS SHIPMENT VOLUME GROWTH VOLUME GROWTH DRIVERS AND DRAGS FORECAST Distribution exceeded the ~40-50% growth ACTUAL 1 contribution range from FY23 to FY25 but is expected to contribute within that range +MSD% from FY25 to FY28 VOLUME CAGR +LSD% VOLUME CAGR Inno
Slide 16: Beer Business Distribution & Innovation
BEER BUSINESS DISTRIBUTION & INNOVATION BEER BUSINESS POINTS OF DISTRIBUTION (POD) GROWTH POINTS OF DISTRIBUTION GROWTH DRIVERS FORECAST +MSD% POD CAGR Modelo Especial contributed over 40% of ACTUAL 1 Core Beer Brands POD growth from FY23 to FY25 and is expected to contribute over 30% from FY25 to F
Slide 17: Beer Business Distribution & Innovation
BEER BUSINESS DISTRIBUTION & INNOVATION INNOVATION RUNWAY & PERFORMANCE BRAND 5 80 50 Our focused portfolio of brands and SKUs FAMILIES 1 provides continued runway for disciplined pack and liquid innovation TOTAL 160 1,300 650 SKUS Our top three brands offer a considerably NET SALES 2 lower number o
Slide 18: Beer Category Demographics & Other Factors
BEER CATEGORY DEMOGRAPHICS & OTHER FACTORS DEMOGRAPHICS AND OTHER FACTORS AFFECTING DEMAND / VELOCITIES OF BEER CATEGORY AND IMPORT SEGMENT I MP A C T S S H OW N I N C H A R T D O N OT S P E C I F I C A L L Y R E F L E C T E F F E C T ON C ON S T E L L A T I ON B R A N D S B E E R B U S I N E S S P
Slide 19: Beer Business COGS, Marketing and Other SG&A
BEER BUSINESS COGS, MARKETING AND OTHER SG&A COGS, MARKETING, OTHER SG&A, AND OPERATING INCOME COGS, MARKETING AND OTHER SG&A AS A PERCENT OF NET SALES EXPECTATIONS FORECAST EXPECT TO MAINTAIN We intend to at least partially offset BEST-IN-CLASS ~39-40% OPERATING MARGIN 1 anticipated COGS inflation
Slide 20: W&S Business Financial Results & Outlook
W&S BUSINESS FINANCIAL RESULTS & OUTLOOK Prior Medium- FY24 Results FY25 Results Divestiture FY26 Updated Outlook Term Outlook Adjustments Guidance FY27 – FY28 (9)% Reported (7)% Reported Net Sales Growth (Decline) ~1 to 3% $(711)M (20)% to (17)% Organic3 Flat to 3% (8)% Organic1 (6)% Organic2 COGS
Slide 21: W&S Business Divestiture & Restructuring Impact
W&S BUSINESS DIVESTITURE & RESTRUCTURING IMPACT NET SALES MIX CHANGE BY CATEGORY SEGMENTS & CHANNEL W&S BUSINESS KEY CHANGES FORECAST The 2025 Wine Divestiture Transaction ACTUAL FY25-FY28 FY25 YOY GROWTH BY 1 includes Woodbridge, Cooks, J. Roget, SIMI, TOTAL SEGMENT CHANNEL Robert Mondavi Private S
Slide 22: FY26 to FY28 Capital Allocation Outlook
FY26 TO FY28 CAPITAL ALLOCATION OUTLOOK1 1 Expectations for fiscal 2026 to fiscal 2028 reflect the anticipated impact of the tariffs announced by the U.S. government on April 2, 2025 and the Canadian government on March 4, 2025.
Slide 23: Enterprise Operating Cash Flow & Capital Allocation Priorities
ENTERPRISE OPERATING CASH FLOW & CAPITAL ALLOCATION PRIORITIES ANNUAL OPERATING CASH FLOW FY26 - FY28 CUMULATIVE OPERATING CASH FLOW FORECAST ACTUAL ~$9B FY28 VS FY23 +LSD% TO +MSD% CAGR COMMITTED TO DEPLOYING CASH IN ALIGNMENT WITH ~$3.2B FY26 DISCIPLINED AND CONSISTENT CAPITAL ALLOCATION PRIORITIE
Slide 24: Enterprise Investments Focused on Growth
ENTERPRISE INVESTMENTS FOCUSED ON GROWTH ENTERPRISE CAPITAL EXPENDITURES BEER BREWERY CAPACITY & EXPANSION PLANS FORECAST FORECAST PLAN TO ADD ~7M OF CAPACITY EXPECT ~$2.4B IN TOTAL CAPEX FROM FY26-FY28 WITH PRIMARILY AT VERACRUZ ~$2B IN BEER BUSINESS BETWEEN FY26-FY28 ACTUAL ACTUAL ~55M HL FY26 ~$1
Slide 25: Enterprise Dividends & Share Repurchases
ENTERPRISE DIVIDENDS & SHARE REPURCHASES CASH RETURN TO SHAREHOLDERS CURRENT SHARE REPURCHASE AUTHORIZATIONS AMONGST SELECT BEVERAGE ALCOHOL PEERS FORECAST TIMELINE EXPECT ACTUAL CONTINUED PEER 1 N O C U R R E N T S H AR E R E P U R C H AS E AU T H O R I Z AT I O N STRONG CASH RETURNS $5B FOUR-YEAR
Slide 26: Appendix
APPENDIX
Slide 27: Defined Terms
DEFINED TERMS
Slide 28: Defined Terms
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 $
Slide 29: Defined Terms
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 F
Slide 30: Defined Terms
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 S
Slide 31: Shipment and Depletion Historical Cadence
SHIPMENT AND DEPLETION HISTORICAL CADENCE
Slide 32: Beer Business Historical Shipment Volume Cadence
BEER BUSINESS HISTORICAL SHIPMENT VOLUME CADENCE H1 H1 H1 H1 H2 H1 H2 55% 55% 56% 51% 49% H2 H2 50% 50% H2 45% 45% Q2 Q2 Q2 44% Q2 Q3 Q2 Q3 Q1 Q3 Q1 Q3 Q1 Q1 Q1 Q4 Q3 Q4 Q4 Q4 Q4 32
Slide 33: Beer Business Historical Depletion Volume Cadence
BEER BUSINESS HISTORICAL DEPLETION VOLUME CADENCE H1 H1 H1 54% H1 H1 54% 55% H2 54% H2 54% H2 H2 H2 46% 46% 46% 46% Q2 Q2 45% Q2 Q2 Q2 Q1 Q1 Q1 Q3 Q1 Q3 Q3 Q1 Q3 Q3 Q4 Q4 Q4 Q4 Q4 33
Slide 34: Wine and Spirits Business Historical Shipment Volume Cadence
WINE AND SPIRITS BUSINESS HISTORICAL SHIPMENT VOLUME CADENCE H2 H1 H2 H1 H2 H1 H2 H1 53% 52% H1 H2 48% 50% 50% 50% 50% 47% 50% 50% Q3 Q3 Q2 Q2 Q2 Q4 Q3 Q3 Q1 Q4 Q1 Q2 Q1 Q1 Q2 Q4 Q4 Q3 Q4 Q1 34
Slide 35: Wine and Spirits Business Historical Depletion Volume Cadence
WINE AND SPIRITS BUSINESS HISTORICAL DEPLETION VOLUME CADENCE H1 H2 H1 H1 H2 H2 H1 H2 H2 H1 52% 48% 50% 51% 49% 52% 48% 52% 50% 48% Q3 Q4 Q2 Q2 Q4 Q1 Q2 Q2 Q3 Q4 Q4 Q3 Q3 Q1 Q3 Q2 Q1 Q1 Q4 Q1 35
Slide 36: Historical STZ Reported Depletions to Circana Data Gap
HISTORICAL STZ REPORTED DEPLETIONS TO CIRCANA DATA GAP STZ Depletions Key Considerations ~55% of STZ volumes reflected in Circana data Circana STZ Volume Growth 30% Circana viewed as an indicator of relative performance and longer-term trends, not for short term STZ volume growth expectations Channe
Slide 37: Financial Information
FINANCIAL INFORMATION
Slide 38: Condensed Consolidated Balance Sheets
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited) February 28, February 29, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 68.1 $ 152.4 Accounts receivable 736.5 832.8 Inventories 1,437.2 2,078.3 Prepaid expenses and other 561.1
Slide 39: Consolidated Statements of Operations
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) Three Months Ended Years Ended February 28, February 29, February 28, February 29, 2025 2024 2025 2024 Sales $ 2,312.7 $ 2,300.3 $ 10,956.9 $ 10,711.0 Excise taxes (148.
Slide 40: Consolidated Statements of Cash Flows
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) Years Ended February 28, February 29, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (31.1) $ 1,765.2 Adjustments to reconcile net income (loss) to net cash provided by (us
Slide 41: Consolidated Statements of Cash Flows
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) Years Ended February 28, February 29, 2025 2024 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of long-term debt — 1,144.4 Principal payments of long-term debt (957.0) (809.7) Net
Slide 42: Reconciliation of Reported and Organic Net Sales
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES RECONCILIATION OF REPORTED AND ORGANIC NET SALES (in millions) (unaudited) For periods of acquisition, we define organic net sales as current period reported net sales less net sales of products of acquired businesses reported for the current period, as ap
Slide 43: Supplemental Shipment and Depletion Information
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES SUPPLEMENTAL SHIPMENT AND DEPLETION INFORMATION (in millions) (unaudited) Three Months Ended Years Ended February 28, February 29, Percent February 28, February 29, Percent 2025 2024 Change 2025 2024 Change Beer (branded product, 24-pack, 12-ounce case equ
Slide 44: Summarized Segment, Unconsolidated Investments, and D&A Information
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES SUMMARIZED SEGMENT, INCOME (LOSS) FROM UNCONSOLIDATED INVESTMENTS, AND DEPRECIATION AND AMORTIZATION INFORMATION (in millions) (unaudited) Management excludes items that affect comparability from its evaluation of the results of each operating segment as t
Slide 45: Reconciliations of GAAP to Non-GAAP Financial Measures
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (in millions, except per share data) (unaudited) We report our financial results in accordance with GAAP. However, non-GAAP financial measures, as defined in the reconciliation tables below, are provid
Slide 46: Reconciliations of GAAP to Non-GAAP Financial Measures (continued)
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in millions, except per share data) (unaudited) The comparable adjustments that impacted comparability in our results for each period are as follows: Three Months Ended Years Ended Februar
Slide 47: Reconciliations of GAAP to Non-GAAP Financial Measures (continued)
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in millions, except per share data) (unaudited) Transaction, integration, and other acquisition-related costs We recognized costs in connection with our investments, acquisitions, and dive
Slide 48: Reconciliations of GAAP to Non-GAAP Financial Measures (continued)
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in millions, except per share data) (unaudited) Canopy Equity Earnings (Losses) and Related Activities (“Canopy EIE”) Non-GAAP Canopy EIE financial measures for the three months ended and
Slide 49: Reconciliations of GAAP to Non-GAAP Financial Measures (continued)
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in millions, except per share data) (unaudited) Years Ended February 28, 2025 February 29, 2024 Income (loss) (Provision for) Income (loss) (Provision for) before income benefit from Effec
Slide 50: Reconciliations of GAAP to Non-GAAP Financial Measures (continued)
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in millions, except per share data) (unaudited) EPS Guidance Actual for the Year Ended Guidance Range for the Year Ending February 28, February 28, 2026 2025 Forecasted EPS (GAAP) $ 12.33
Slide 51: Reconciliations of GAAP to Non-GAAP Financial Measures (continued)
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in millions, except per share data) (unaudited) Free Cash Flow Guidance Free cash flow, as defined in the reconciliation below, is considered a liquidity measure and is considered to provi