Constellation Brands

delivering cash returns to shareholders through our dividend and share repurchase programs.

SEC original ↗Constellation Brands — Earnings release (8-K exhibit)EX-99Oct 6, 2025

The Projections are based on management s current estimates, expectations, plans, and timetables, and, unless otherwise noted, do not take into account the impact of any future acquisition, investment, merger, or other business combination, divestiture (including any associated amount of incremental contingent consideration payment paid or received), cost savings, restructuring, operating, or efficiency initiatives, tariff changes, impacts, and responses, or financing or share repurchases that may be completed after the issuance of this release.

SEC original ↗Constellation Brands — Earnings release (8-K exhibit)EX-99Oct 6, 2025

AND SUBSIDIARIES RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in millions, except per share data) Free Cash Flow Guidance Free cash flow, as defined in the reconciliation below, is considered a liquidity measure and is considered to provide 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.

SEC original ↗Constellation Brands — Earnings release (8-K exhibit)EX-99Oct 6, 2025

, as administrative agent for our senior credit facility AOCI accumulated other comprehensive income (loss) Brewery Projects modular capacity addition activities at the Nava Brewery, Obreg n Brewery, and Veracruz Brewery CB International CB International Finance S.

SEC original ↗Constellation Brands — 10-Q Quarterly report10-QOct 7, 2026

Q2 FY 2027 Form 10-Q #WORTHREACHINGFOR I 11 FINANCIAL STATEMENTS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Table of Contents Short-term borrowings Our short-term borrowings consist of our commercial paper program and the revolving credit facility under our senior credit facility.

SEC original ↗Constellation Brands — 10-Q Quarterly report10-QOct 7, 2026

The revolving credit facility is a variable interest rate bearing note with a fixed margin, adjustable based upon our debt rating (as defined in our senior credit facility).

SEC original ↗Constellation Brands — 10-Q Quarterly report10-QOct 7, 2026

htm EX-99.1 Document Exhibit 99.1 Continues to Execute Against Strategic Objectives in a Challenging Operating Environment Continues to Deliver Leading Dollar Share Gains in Beer Category Across U.

SEC original ↗Constellation Brands — Earnings release (8-K exhibit)EX-99Oct 6, 2025

Beer industry in dollar share gains, Our cost savings and efficiency initiatives continue to deliver incremental benefits for our business, supporting continued healthy investment levels behind our brands.

SEC original ↗Constellation Brands — Earnings release (8-K exhibit)EX-99Oct 6, 2025

As we look to the remainder of the year, we remain committed to our disciplined and balanced capital allocation priorities, including maintaining our investment grade rating, advancing our brewery investments in our Beer Business, and drive continued outperformance versus the U.

SEC original ↗Constellation Brands — Earnings release (8-K exhibit)EX-99Oct 6, 2025

Wine industry in our Wine and Spirits Business, and consistently deliver against our capital allocation priorities.

SEC original ↗Constellation Brands — Earnings release (8-K exhibit)EX-99Oct 6, 2025

Our ESG strategy is embedded into our business and we focus on serving as good stewards of the environment, investing in our communities, and promoting responsible beverage alcohol consumption.

SEC original ↗Constellation Brands — Earnings release (8-K exhibit)EX-99Oct 6, 2025

Q2 FY 2026 Earnings Release #WORTHREACHINGFOR I 1 BEER Shipments Depletions Net Sales Operating Income (Loss) Three Months Ended In millions branded product, 24-pack, 12-ounce case equivalents August 31, 2025 117.4 $2,345.0 $951.6 August 31, 2024 128.6 $2,530.2 $1,077.7 % Change (8.7%) (2.7%) (7%) (12%) HIGHLIGHTS Our Beer Business reported a net sales decrease of 7% driven by an 8.7% decline in shipment volumes reflecting socioeconomic headwinds affecting consumer demand, along with distributor inventory rebalancing during the quarter.

SEC original ↗Constellation Brands — Earnings release (8-K exhibit)EX-99Oct 6, 2025

Operating margin decreased 200 basis points to 40.6% primarily due to unfavorable impacts from increased COGS (inclusive of fixed cost absorption from lower volumes and aluminum tariffs) and increased marketing as a percentage of net sales, partly offset by favorable pricing.

SEC original ↗Constellation Brands — Earnings release (8-K exhibit)EX-99Oct 6, 2025

The Projections are based on management s current estimates, expectations, plans, and timetables, and, unless otherwise noted, do not take into account the impact of any future acquisition, investment, merger, or other business combination, divestiture (including any associated amount of incremental contingent consideration payment paid or received), cost savings, restructuring, operating, or efficiency initiatives, tariff changes, impacts, and responses, or financing or share repurchases that may be completed after the issuance of this release.

SEC original ↗Constellation Brands — Earnings release (8-K exhibit)EX-99Oct 6, 2025

Legal Proceedings 51 Item 2.

SEC original ↗Constellation Brands — 10-Q Quarterly report10-QOct 7, 2026

These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements.

SEC original ↗Constellation Brands — 10-Q Quarterly report10-QOct 7, 2026

For further information regarding such forward-looking statements, risks, and uncertainties, please see Information Regarding Forward-Looking Statements under MD&A.

SEC original ↗Constellation Brands — 10-Q Quarterly report10-QOct 7, 2026