Slide 1: Second Quarter Fiscal Year 2026 Financial Results
October 6, 2025 SECOND QUARTER FISCAL YEAR 2026 Financial Results
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements that are based on certain assumptions, estimates, expectations, plans, timetables, analyses, and opinions made by management in light of their experience and perception of historical trends, current conditions, and expe
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS 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
Slide 4: Use of Non-GAAP Financial Measures, Disclaimers, and Location of Defined Terms
USE OF NON-GAAP FINANCIAL MEASURES, DISCLAIMERS, CAUTION REGARDING OUTDATED MATERIAL, AND LOCATION OF DEFINED TERMS This presentation may contain non-GAAP financial measures.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: Second Quarter Fiscal Year 2026 Financial Takeaways
Second Quarter Fiscal Year 2026 Financial Takeaways ENTERPRISE • Updates FY26 reported EPS outlook to $9.86 - $10.16 and BEER BUSINESS • High-single digit net sales decline and low-double digit operating income decline affirms recently updated comparable EPS outlook of $11.30 - $11.60 • 200 bps year
Slide 6: Delivering Against Our Strategic Initiatives in Fiscal Year 2026
DELIVERING AGAINST OUR STRATEGIC INITIATIVES IN FISCAL YEAR 2026 Continue To Build Develop Consumer-led Deploy Capital In Line Empower Enterprise To Powerful Brands Innovations Aligned With With Disciplined And Achieve Best In Class That People Love Emerging Trends Balanced Priorities Operational Ef
Slide 7: Fiscal Year 2026 Financial Summary Tables
Organic Net Operating Net Income (Loss) ENTERPRISE Net Sales Adjusted EBIT EPS Sales Income (Loss) Attributable to CBI Second Quarter Fiscal Year 2026 | In millions, except per share data Reported $2,481 $2,481 $874 $466 $871 $2.65 % Change (15%) (15%) 171% 139% 171% 140% Comparable $2,481 $2,481 $8
Slide 8: Q2 FY26 vs. Q2 FY25 Results: Net Sales
Beer Business NET SALES $ Millions $2,530 $34 $2,345 $(219) Q2 FY26 VS. Q2 FY25 Volume Price/Mix Q2 FY26 Q2 FY25 RESULTS Wine & Spirits Business Net Sales of $389 Divested Brands $ Millions ENTERPRISE Q2 FY26 $168 $136 REPORTED $2.5B | (15%) VS Q2 FY25 $(221) $(12) $(20) ORGANIC $2.5B | (8%) VS Q2 F
Slide 9: Q2 FY26 vs. Q2 FY25 Results: Operating Income
Beer Business OPERATING $1,078 $(84) $3 $952 INCOME $(43) $(3) $ Millions MKTG. 8.1% of Net Sales Other SG&A 4.2% of Net Sales Q2 FY26 VS. Q2 FY25 V/P/M COGS MKTG. Other SG&A Q2 FY26 Q2 FY25 RESULTS Wine & Spirits Business $71 MKTG. 14.7% Other SG&A 40.1% $ Millions of Net Sales of Net Sales ENTERPR
Slide 10: Second Quarter Fiscal Year 2026 Results & Full Year Outlook
Second Quarter Fiscal Year 2026 Results & Full Year Outlook (% CHANGE YOY) Q2 FY26 RESULTS FY26 OUTLOOK Enterprise $2.5B | (15%) Reported | (8%) Organic2 Enterprise (6)% to (4)% Organic3 Net Sales Beer $2.3B | (7%) Beer (4)% to (2)% W&S $136M | (65%) Reported | (19)% Organic2 W&S (20)% to (17)% Orga
Slide 11: Beer Business FY26 Outlook
FY26 GUIDANCE Net Sales (4)% to (2)% COGS Growth (Decline) Net of Cost Initiatives +LSD% Packaging and Raw Materials as a % of Total COGS ~55-60% BEER BUSINESS Logistics as a % of Total COGS ~15-20% Labor and Overhead as a % of Total COGS ~15-20% FY26 OUTLOOK Depreciation as a % of Net Sales Marketi
Slide 12: Wine and Spirits Business FY26 Outlook
FY26 GUIDANCE Net Sales (20%) to (17%) Organic1 WINE AND SPIRITS COGS Growth (Decline) Net of Cost Initiatives (MSD)% Organic1 BUSINESS Marketing as a % of Net Sales Other SG&A as a % of Net Sales ~9% including restructuring savings ~30% including restructuring savings FY26 OUTLOOK Operating Income
Slide 13: Appendix
APPENDIX DEFINED TERMS SHIPMENT AND DEPLETION HISTORICAL CADENCE FINANCIAL INFORMATION 13
Slide 14: Defined Terms
DEFINED TERMS TERM MEANING $ U.S. dollars Sale and, in certain instances, exclusive license to use the trademarks of a portion of our wine and spirits business, primarily 2025 Wine Divestitures centered around our then-owned mainstream wine brands and associated inventory, wineries, vineyards, offic
Slide 15: Defined Terms, Continued
DEFINED TERMS, CONTINUED TERM MEANING MKTG. Marketing MSD Mid single-digit Reported basis (“reported”) Derived from amounts as reported under generally accepted accounting principles in the U.S. SEC Securities and Exchange Commission SG&A Selling, general, and administrative expenses Shipments Repre
Slide 16: Shipment and Depletion Historical Cadence
SHIPMENT AND DEPLETION HISTORICAL CADENCE 16
Slide 17: Beer Business Historical Shipment Volume Cadence
BEER BUSINESS HISTORICAL SHIPMENT VOLUME CADENCE H1 H1 H1 H1 H2 H1 H2 55% 55% 56% H2 50% 50% 51% 49% H2 45% 30% H2 28% 29% 45% 29% 27% 27% 26% 26% 26% 26% 44% 25% 24% 24% 23% 23% 23% 23% 20% 21% 20% FY21 FY22 FY23 FY24 FY25 Q1 Q2 Q3 Q4 17
Slide 18: Beer Business Historical Depletion Volume Cadence
BEER BUSINESS HISTORICAL DEPLETION VOLUME CADENCE H1 H1 H1 H1 H1 H2 H2 54% 54% H2 55% 54% 54% H2 H2 46% 46% 46% 45% 29% 29% 29% 46% 29% 29% 25% 25% 25% 25% 25% 25% 25% 25% 26% 25% 21% 21% 21% 21% 20% FY21 FY22 FY23 FY24 FY25 Q1 Q2 Q3 Q4 18 18
Slide 19: Wine and Spirits Business Historical Shipment Volume Cadence
WINE AND SPIRITS BUSINESS HISTORICAL SHIPMENT VOLUME CADENCE H1 H2 H1 H1 H2 H2 H1 H2 H1 H2 47% 53% 52% 50% 50% 48% 50% 50% 50% 50% 29% 26% 27% 26% 27% 26% 26% 27% 24% 25% 25% 25% 25% 24% 25% 25% 22% 22% 23% 21% FY21 FY22 FY23 FY24 FY25 Q1 Q2 Q3 Q4 19
Slide 20: Wine and Spirits Business Historical Depletion Volume Cadence
WINE AND SPIRITS BUSINESS HISTORICAL DEPLETION VOLUME CADENCE H1 H2 H2 H1 H1 H2 H2 H1 H2 H1 52% 48% 52% 50% 51% 49% 52% 48% 50% 48% 26% 26% 27% 26% 27% 27% 26% 27% 26% 26% 25% 24% 24% 24% 25% 25% 22% 23% 23% 21% FY21 FY22 FY23 FY24 FY25 Q1 Q2 Q3 Q4 20
Slide 21: Financial Information
FINANCIAL INFORMATION " ‘a Constellation Brands 21 On WORTH REACHING FOR
Slide 22: Condensed Consolidated Balance Sheets
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited) August 31, February 28, 2025 2025 ASSETS Current assets: Cash and cash equivalents $ 72.0 $ 68.1 Accounts receivable 667.6 736.5 Inventories 1,439.7 1,437.2 Prepaid expenses and other 699.6 56
Slide 23: Consolidated Statements of Operations
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) Three Months Ended Six Months Ended August 31, August 31, August 31, August 31, 2025 2024 2025 2024 NET INCOME (LOSS) ATTRIBUTABLE TO CBI Sales $ 2,653.9 $ 3,139.1 $ 5,3
Slide 24: Consolidated Statements of Cash Flows
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) Six Months Ended August 31, August 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 1,009.9 $ (289.6) Adjustments to reconcile net income (loss) to net cash provided by (
Slide 25: Consolidated Statements of Cash Flows
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) Six Months Ended August 31, August 31, 2025 2024 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of long-term debt 499.1 — Principal payments of long-term debt (902.1) (554.3) Net
Slide 26: 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 27: Supplemental Shipment and Depletion Information
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES SUPPLEMENTAL SHIPMENT AND DEPLETION INFORMATION (in millions) (unaudited) Three Months Ended Six Months Ended August 31, August 31, Percent August 31, August 31, Percent 2025 2024 Change 2025 2024 Change BEER (branded product, 24-pack, 12-ounce case equiva
Slide 28: 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 29: 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 30: 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) Three Months Ended Six Months Ended The comparable adjustments that impacted comparability in our results for each period are as follows: Au
Slide 31: 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) Other gains (losses) Three Months Ended Six Months Ended Primarily includes the following: August 31, August 31, August 31, August 31, 2025
Slide 32: 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) Operating Income Guidance Actual for the Guidance Range for the Year Year Ended Ending February 28, 2026 February 28, 2025 Percentage Change
Slide 33: 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 Guidance Range for the Year Ending Year Ended February 28, 2026 February 28, 2025 Forecasted EPS (GAAP) $ 9.86 $
Slide 34: 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