#1Constellation Brands THIRD QUARTER FISCAL YEAR 2024 FINANCIAL RESULTS JANUARY 5, 2024#2FORWARD-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 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," "goal," "outlook," "forecast," "trend," "path," "scheduled,” “implementing," "ongoing," "seek," "could," "might," "should," "believe," "vision," 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 and vision, value proposition and opportunity, growth plans and growth drivers, innovation, new products, tools, and capabilities, brand building, digital leadership and capabilities, including through our Digital Business Acceleration initiative, future marketing strategies and spend, future focus areas, demographic and consumer projections and trends, future sales, space, partnership, distribution, and supply chain initiatives, our beer expansion, optimization, and/or construction activities, including anticipated scope, capacity, supply, costs, capital expenditures, and timeframes for completion, capital allocation priorities and commitments, future operations, financial position, liquidity and capital resources, net sales, costs, expenses, cost savings initiatives, operating income, operating margins, leverage ratios, including target net leverage ratio, dividend payout ratio, depreciation, equity in earnings, interest expense, tax rates, non-controlling interests, diluted shares outstanding, earnings per share, cash flows, capital expenditures, and other financial metrics, expected volume, inventory, price/mix, and depletion trends, near- and medium-term financial models and targets, wine and spirits optimization and efficiency initiatives, future acquisition, disposition, and investment activities, our ESG approach, corporate social responsibility and sustainability initiatives, environmental stewardship targets, and human capital and DEI objectives, ambitions, and priorities, the manner, timing, and duration of our share repurchase program and source of funds for share repurchases, the amount and timing of future dividends, anticipated inflationary pressures, changing prices, and reductions in consumer discretionary income as well as other unfavorable global and regional economic conditions, geopolitical events, and military conflicts, and our responses thereto, and prospects, plans, and objectives of management. Constellation Brands#3FORWARD-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 from our current expectations regarding: 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; the actual impact to supply, production levels, and costs from global supply chain disruptions and constraints, transportation challenges (including from labor strikes or other labor activities), shifting consumer behaviors, wildfires, and severe weather events; reliance on complex in formation systems and third-party global networks; the actual balance of supply and demand for our products, the actual performance of our distributors, and 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; results of the potential sale of the remaining assets at our Mexicali brewery or obtaining other forms of recovery; the impact of the military conflicts in Ukraine and in Israel and surrounding areas, geopolitical tensions, and responses, including on inflation, supply chains, commodities, energy, and cybersecurity; contamination and degradation of product quality from diseases, pests, weather, and other conditions; communicable disease outbreaks, pandemics, or other widespread public health crises, such as the COVID- 19 pandemic, and associated governmental containment actions, which may include the closure of non-essential businesses (including our manufacturing facilities); the amount, timing, and source of funds for any share repurchases and number of shares outstanding; our cash and debt position; the amount and timing of future dividends which are subject to the determination and discretion of our Board of Directors; the impact of our investment in Canopy, including recording our proportional share of Canopy's estimated pre-tax losses; 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; Canopy's failure to receive the requisite approval of its shareholders necessary to approve the Canopy Transaction, any other delays with respect to, or the failure to complete, the Canopy Transaction, the ability to recognize the anticipated benefits of the Canopy Transaction and the impact of the Canopy Transaction on the market price of Canopy's common stock; completion of the Canopy Transaction, the exchange of our promissory note issued by Canopy for Exchangeable Shares, and the impact from converting our Canopy common shares for Exchangeable Shares on our relationship with and investment in Canopy; any impact of U.S. federal laws on Canopy Strategic Transactions or upon the implementation of such Canopy Strategic Transactions, or 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 expected impacts and results of our wine and spirits portfolio reshaping and leadership transition as well as of our efforts for our wine and spirits business to become a global, omni-channel competitor; purchase accounting with respect to any transaction, or the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value; general economic, geopolitical, domestic, international, and regulatory conditions, world financial market and banking sector instability, including economic slowdown or recession, and any potential U.S. federal government shutdown; the ability to continue to recognize anticipated benefits of the Reclassification; our targeted net leverage ratio due to market conditions, our ability to generate cash flow at expected levels, and our ability to generate expected earnings; accuracy of supply projections, including relating to beer operations expansion, optimization, and construction activities, wine and spirits operating activities, product inventory levels, and glass sourcing; our ability to achieve and timeframes for achieving expected target debt leverage ratios, cash flows, operating margin, earnings, and other financial metrics; operating and financial risks related to managing future growth; competition in our industry; financing, market, economic, regulatory, and environmental risks; reliance on key personnel; litigation matters; increases in capital or operating costs; changes to international trade agreements, tariffs, accounting standards, elections, assertions, or policies, tax laws, or other governmental regulations; changes in interest rates and the inherent unpredictability of currency fluctuations, commodity prices, and raw materials; any incremental contingent consideration payment paid; accuracy of all projections, including those associated with announced acquisitions, investments, and divestitures; 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 lings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended February 28, 2023, and our Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2023. Forward-looking statements in this presentation are made as of January 5, 2024, 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. Constellation Brands#4USE 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 useful to investors, and reconciliations to the most directly comparable GAAP financial measures may 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, adjusted, organic, or "excluding Canopy EIE" basis. The notes offered under Constellation's commercial paper program have not been and will not be registered under the Securities Act of 1933, as amended, 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 the context otherwise requires, the term "consumers” refers to legal drinking age consumers and references to "betterment" products means Constellation's lower-alcohol, lower-calorie, non-alcoholic, or no-calorie products. Market positions and industry data discussed in this presentation have been obtained or derived from industry and other third-party publications and Constellation's estimates. Constellation has not independently verified the data from the industry and other third-party publications. Unless otherwise indicated, (i) all references to market positions are based on equivalent unit volume, and (ii) data discussed in this presentation is based on Constellation data, analysis, plans, and reporting. Unless otherwise indicated, the information presented as of January 5, 2024, and, to the best of Constellation's knowledge, timely and accurate when made. Thereafter, the information contained in this presentation 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. Constellation Brands#5THIRD QUARTER FISCAL YEAR 2024 FINANCIAL HIGHLIGHTS Beer Business Mid-single digit net sales growth in Q3 100bps operating margin expansion in Q3 Increased operating income growth outlook for FY24 1 2 3 4 Wine and Spirits Business High-single digit net sales decline in Q3 80bps operating margin expansion in Q31 Decreased net sales and operating income outlook for FY24 Capital Allocation Maintained a ~3.2X net leverage ratio² Declared dividend of $0.89 per share Executed $215M of share repurchases ³ Capital expenditure of $330M primarily focused on Beer brewing capacity additions Other Updates Revised range of Corporate Expense outlook for FY24 Updated reported EPS and maintained comparable EPS² outlook for FY24 Increased enterprise operating and free cash flow outlook for FY24 1 Q3 FY23 net of $1.7M of gross profit less marketing that are no longer part of the wine and spirits segment results due to the Wine Divestiture. 2 Excluding Canopy EIE 3 Of $2.8B total authorization as of November 2, 2023 Constellation Brands#6DELIVERING AGAINST OUR STRATEGIC INITIATIVES IN FISCAL YEAR 2024 CONTINUE TO BUILD POWERFUL BRANDS THAT PEOPLE LOVE Q3 FY24 Depletion Growth 1 Modelo Especial Corona Extra Pacifico Modelo Chelada Brands The Prisoner MI CAMPO -12% ~1% ~19% ~22% -6% >80% DEVELOP CONSUMER. LED INNOVATIONS ALIGNED WITH EMERGING TRENDS CERVEZA Modelo Ore Top 5 Share Gainer² MEIOMIⓇ BRIGHT #1 New Wine Brand 23 1 Company Measures 2 Circana, Total U.S. Multi-Outlet + Convenience, 12 weeks ended December 3, 2023 on an Corona NON-ALCOHOLIC #1 Share Gainer in Non-Alcoholic Segment² FRESCA MIXED Vodka Spritz #5 new brand24 DEPLOY CAPITAL IN-LINE WITH DISCIPLINED AND BALANCED PRIORITIES Net leverage ratio Maintained -3.2X5 in Q3 FY24 expect to achieve 3.0X during FY25 Enhance Returns Returns $215M in share repurchases in Q3 FY24 -$2.6B total authorization remaining 6 Organic Investments to Support Growth On track with planned capacity expansions +10M HL in FY24-FY25 +6M HL in FY26-FY27 +6M HL in FY28 OPERATE IN A WAY THAT IS GOOD FOR BUSINESS AND GOOD FOR THE WORLD Progress towards the following FY25 Targets 5 billion gallons water withdrawal restoration? 15% Reduction in Scope 1 and Scope 2 GHG emissions TRUE Certification for Zero Waste in key operating facilities and enhanced use of circular packaging Enhanced governance Process underway to appoint new independent Board Chair 3 Among high end brands introduced within the last 2 years. 4 FrescaTM Mixed results are primarily included as part of beer segment but reported under the spirits category in Circana tracked channel data. #5 FrescaTM Mixed Vodka Spritz among Spirits brands introduced within last 2 years 5 Excludes Canopy EIE 6-$2.6B total authorization as of November 30, 2023 7 From FY23 to FY25 8 True Certification for Zero Waste sought for key operating facilities which, for the purposes of this target, consist of our major production facilities (i.e., our breweries in Mexico and our U.S. wineries generating the vast majority of waste). Constellation Brands#7THIRD QUARTER FISCAL YEAR 2024 FINANCIAL SUMMARY TABLES ENTERPRISE Operating Income (Loss) Net Sales Third Quarter Fiscal Year 2024¹ | In millions, except per share data Reported $2,471 $797 7% 1% $2,471 $820 1% 7% % Change Comparable % Change BEER Shipments Three Months Ended | In millions; branded product, 24-pack, 12-ounce case equivalents November 30, 2023 November 30, 2022 % Change 101.1 97.8 3.4% 6.1 6.9 (11.6%) Net Income (Loss) Attributable to CBI WINE AND SPIRITS Shipments Organic Shipments ¹ Three Months Ended | In millions; branded product, 9-liter case equivalents November 30, 2023 November 30, 2022 % Change 6.1 6.8 (10.3%) $509 9% $588 12% Depletions 8.2% Adjusted EBIT Depletions¹ (10.0%) $755 6% $839 10% Diluted Net Income (Loss) Per Share Attributable to CBI (EPS) Net Sales $502.4 $544.6 (8%) $1,968.5 $1,891.9 4% Net Sales² $2.76 10% $3.19 13% Organic Net Sales $502.4 $540.9 (7%) 1 Includes adjustments to remove volumes associated with the Wine Divestiture for the period September 1, 2022, through October 5, 2022, included in the three months ended November 30, 2022. 2 Three months ended November 30, 2022, includes $3.7 million of net sales and $1.7 million of gross profit less marketing that are no longer part of the wine and spirits segment results due to the Wine Divestiture. EPS Excluding Canopy EIE ΝΑ ΝΑ $3.24 8% Operating Income (Loss) $757.3 $710.0 7% Operating Income (Loss)² $127.6 $134.8 (5%) Constellation Brands#8$ MILLIONS NET SALES Q3 FY24 VS Q3 FY23 RESULTS ENTERPRISE $1,892 Q3 FY23 Beer Business $68 Volume Q3 FY24 $2.5B VS Q3 FY23 +1% Note: Totals may not sum due to rounding 1 Other includes nonbranded sales $9 $1,969 $545 T Q3 FY24 Price / Mix Q3 FY23 Wine & Spirits Business $(4) Net sales of Brands Divested in Q3 FY23 $541 Wine Q3 FY23 Divestiture Organic $(56) Volume $18 Price / Mix / Other ¹ $502 Q3 FY24 Constellation Brands#9$ MILLIONS OPERATING INCOME Q3 FY24 VS Q3 FY23 RESULTS ENTERPRISE $710 Q3 FY23 $51 V/P/M Beer Business $(11) Depr. Q3 FY24 $820M ¹2 VS Q3 FY23 +7% 1 Comparable basis. 2 Inclusive of $65M of corporate expense. $9 Other COGS $11 MKTG. 8.7% of Net Sales MKTG. $(13) $757 Other Q3 FY24 SG&A $135 Q3 FY23 $(2) CAM of Brands Divested in Q3 FY23 Wine Divest. Wine & Spirits Business $133 Q3 FY23 EX CAM ADJ. $(30) V/P/M $14 $4 COGS MKTG. $8 $128 Other Q3 FY24 SG&A Constellation Brands#10$ MILLIONS NET SALES FY24 OUTLOOK VS FY23 RESULTS ENTERPRISE $7,465 FY23 Beer Business Total YoY Per +MSD% Algorithm Volume -4% to 5% Growth Note: Totals may not sum due to rounding. Price Total YOY Per 1-2% Algorithm Price / Mix +8% to +9% $1,988 11 FY24 FY23 Wine & Spirits Business $(39) Net sales of Brands Divested in Q3 FY23 $1,949 FY23 Wine Divestiture Organic Total YoY -LDD% to -HSD% Volume Total YoY +LSD% Price / Mix -9% to -7% FY24 Constellation Brands#11$ MILLIONS OPERATING INCOME FY24 OUTLOOK VS FY23 RESULTS ENTERPRISE $2,862 FY23 V/P/M Beer Business $(35) $(40) ~6% to 7% Growth Depr. Further details on next page Other COGS Total YOY +LSD% MKTG. Total YoY +LSD% Other SG&A +6% to +7% FY24 1 Enterprise comparable operating income inclusive of $65M of corporate expense and $23M of comparable adjustments. $453 FY23 $(20) CAM of Brands Divested Wine & Spirits Business $434 Wine FY23 EX Divest. CAM ADJ. V/P/M Total YoY -MSD% COGS Total YOY -HSD% MKTG. Total YOY -HSD% Other SG&A -8% to -6% FY24 Constellation Brands#12BEER BUSINESS OTHER COGS AFFECTED BY INFLATIONARY PRESSURES Beer Business Other COGS Packaging & Raw Materials Freight Labor & Overhead Share 55-60% (OF TOTAL COGS) 20-25% (OF TOTAL COGS) 10-15% (OF TOTAL COGS) FY24 Outlook % Change YoY +HSD +HSD +HT Constellation Brands#13THIRD QUARTER FISCAL YEAR 2024 RESULTS & FULL YEAR OUTLOOK (% CHANGE YoY) Net Sales Segment Operating Income (Loss) Equity In Earnings (Losses) (Ex. Canopy) Interest Expense Comparable Tax Rate (Ex. Canopy) Non-Controlling Interests Diluted Shares Outstanding³ Reported EPS Comparable EPS (Ex. Canopy EIE) Operating Cash Flow Q3 FY24 Results $2B | +4% $502M | (8%) Reported (7%) Organic¹ CAPEX $757M | +7% $128M | (5%) Reported $65M | 13% Reduction $32M $104 M 18% $11.8M 184.2³ $2.76 $3.24 $2.3B (Q3 FY24 YTD) $0.9B (Q3 FY24 YTD) Free Cash Flow $1.4B (Q3 FY24 YTD) 1 Organic excludes from FY23 Q3 $3.7 million of net sales that are no longer part of the Wine & Spirits Business results due to the Wine Divestiture Beer W & S Beer W&S Corporate Expense 2 Excludes from FY23 $38.5 million of net sales that are no longer part of the Wine & Spirits Business results due to the Wine Divestiture 3 Weighted average calculation FY24 Outlook Beer +8% to +9% W&S Beer W&S Corporate Expense (9%) to (7%) Organic² +7% to +8% (8)% to (6%)4 -$260M to $270M -$35M ~$450M - 19% - $40M 184M5 $9.15 to $9.35 $12.00 to $12.20 $2.6B to $2.8B $1.2B to $1.3B Beer $1B $1.4B to $1.5B Other FY24 Outlook Considerations ~45% of volumes expected in H2 -55% of volumes expected in H2 -25% of COGS variable (includes 10-15% that are hedgeable) -25% of COGS variable Beer W&S Beer W & S Largely Opus contribution to W&S in Q3 -5% of total debt on floating rates ΝΑ ΝΑ ~$2.6B remaining buy-back authorization NA ΝΑ ΝΑ Beer: Obregon 5M HL expansion online in Q1; Nava ABA 5M production line ramp-up in Q4 ΝΑ 4 Excludes from FY23 $19.5 million of gross profit less marketing that are no longer part of the Wine & Spirits Business results due to the Wine Divestiture 5 Includes shares repurchased through November 2023 and does not include estimate for additional share repurchases in FY24 Constellation Brands#14APPENDIX Constellation Brands#15DEFINED TERMS Constellation Brands#16DEFINED 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 ABA CAM Canopy Canopy Strategic Transaction(s) Canopy Transaction Exchangeable Shares Meaning Alternative Beverage Alcohol Contribution after marketing, which equals gross profit less marketing expenses Canopy Growth Corporation FY GAAP GHG Any potential acquisition, divestiture, investment, or other similar transaction made by Canopy, including but not limited to the Canopy Transaction COGS Common Shares Canopy's common shares DEI Diversity, equity, and inclusion DEPR. Depreciation EBIT Earnings before interest and taxes ΕΙΕ Equity in earnings ESG Environmental, social, and governance Proposed corporate transaction by Canopy, including the creation of Exchangeable Shares, designed to consolidate its U.S. cannabis assets into Canopy USA Cost of goods sold Proposed new class of non-voting and non-participating exchangeable shares in Canopy which will be convertible into Common Shares Fiscal year General accepted accounting principles in the U.S. Greenhouse gas Term HL HSD HT LDD LSD MKTG. MSD ΝΑ NM Reclassification SEC SG & A U.S. V/P/M W&S Wine Divestiture YOY Meaning Hectoliters High single-digit High teen Low double-digit Low single-digit Marketing Mid single-digit Not applicable Not meaningful Reclassification, exchange, and conversion of the common stock to eliminate the 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 Securities and Exchange Commission Selling, general, and administrative expenses United States of America Volume / Price / Mix Wine and Spirits Divestiture of certain mainstream and premium wine brands and related inventory sold October 6, 2022 Year-over-year Constellation Brands#17SHIPMENT AND DEPLETION HISTORICAL CADENCE Constellation Brands#18BEER BUSINESS HISTORICAL SHIPMENT VOLUME CADENCE H2 -44% H1 ~56% Q4 21% Q3 23% Q2 30% Q1 26% FY19 Note: Totals may not sum due to rounding H2 -44% H1 -56% Q4 21% Q3 23% 3908838 Q1 26% FY20 H2 -50% H1 ~50% Q4 22% Q3 27% Q2 27% Q1 23% FY21 H2 -49% H1 -51% Q4 23% Q3 26% Q2 28% Q1 23% FY22 H2 -45% H1 ~55% Q4 20% Q3 25% Q2 29% Q1 26% FY23 Constellation Brands#19BEER BUSINESS HISTORICAL DEPLETION VOLUME CADENCE Q4 Q4 21% 21% H2 H2 -46% -46% Q3 Q3 Q3 24% 25% 25% 01111 Q2 Q2 Q2 30% 29% 29% H1 H1 -54% ~54% Q1 Q1 25% 25% FY21 H2 -44% H1 -56% Q4 20% Q3 24% Q2 31% Q1 25% FY19 Note: Totals may not sum due to rounding H2 -45% H1 -55% FY20 Q4 21% Q1 25% FY22 H2 -46% H1 -54% Q4 21% Q3 25% Q2 29% Q1 25% FY23 Constellation Brands#20WINE & SPIRITS BUSINESS HISTORICAL SHIPMENT VOLUME CADENCE H2 -50% H1 -50% Q4 25% Q3 25% Q2 27% Q1 23% FY19 Note: Totals may not sum due to rounding H2 -50% H1 -50% Q4 26% Q3 24% Q2 27% Q1 23% FY20 H2 -50% H1 -50% Q4 21% Q3 29% Q2 26% Q1 24% FY21 H2 -53% H1 -47% Q4 26% Q3 27% Q2 25% Q1 22% FY22 H2 -48% H1 ~52% Q4 22% Q3 26% Q2 27% Q1 25% FY23 Constellation Brands#21H2 Q4 21% 27% H2 H2 -48% -52% Q3 Q3 27% Q3 24% 25% DDDDD Q2 Q2 26% Q2 25% 26% H1 H1 -52% ~48% Q1 Q1 24% 26% FY21 WINE & SPIRITS BUSINESS HISTORICAL DEPLETION VOLUME CADENCE -51% H1 -49% Q4 27% Q3 24% Q2 27% Q1 22% FY19 Note: Totals may not sum due to rounding H2 -51% H1 -49% Q4 FY20 Q4 27% Q1 22% FY22 H2 -50% H1 ~50% Q4 26% Q3 24% Q2 27% Q1 23% FY23 Constellation Brands#22FINANCIAL STATEMENTS Constellation Brands#23ASSETS Current assets: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses and other Total current assets Property, plant, and equipment Goodwill Intangible assets Equity method investments Deferred income taxes Other assets Total assets CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Short-term borrowings Current maturities of long-term debt Accounts payable Other accrued expenses and liabilities Total current liabilities Long-term debt, less current maturities Deferred income taxes and other liabilities Total liabilities CBI stockholders' equity Noncontrolling interests Total stockholders' equity Total liabilities and stockholders' equity (in millions) (unaudited) November 30, 2023 $ $ 78.7 Ś 897.3 1,988.0 587.4 3,551.4 7,713.5 7,978.2 2,732.2 233.3 2,086.1 762.7 $ 25,057.4 $ February 28, 2023 458.9 $ 957.3 1,028.8 934.9 3,379.9 10,282.3 1,596.8 15,259.0 9,471.0 327.4 9,798.4 $ 25,057.4 $ 133.5 901.6 1,898.7 562.3 3,496.1 6,865.2 7,925.4 2,728.1 663.3 2,193.3 790.9 24.662.3 1,165.3 9.5 941.5 852.0 2,968.3 11,286.5 1,673.6 15,928.4 8,413.6 320.3 8,733.9 24,662.3#24CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) Sales Excise taxes Net sales Cost of product sold Gross profit Selling, general, and administrative expenses Operating income (loss) Income (loss) from unconsolidated investments Interest expense Loss on extinguishment of debt Income (loss) before income taxes (Provision for) benefit from income taxes Net income (loss) Net (income) loss attributable to noncontrolling interests Net income (loss) attributable to CBI Net income (loss) per common share attributable to CBI: Basic Class A Common Stock Basic - Class B Convertible Common Stock Diluted - Class A Common Stock Diluted - Class B Convertible Common Stock Weighted average common shares outstanding: Basic - Class A Common Stock Basic - Class B Convertible Common Stock Diluted - Class A Common Stock Diluted - Class B Convertible Common Stock Cash dividends declared per common share: Class A Common Stock Class B Convertible Common Stock Three Months Ended November 30, November 30, 2023 2022 $ 2,658.2 $ (187.3) 2,470.9 (1,200.3) 1,270.6 (473.7) 796.9 (41.8) (104.2) 650.9 (130.0) 520.9 (11.8) 509.1 S 2.77 $ NA S 2.76 $ NA S 183.525 ΝΑ 184.170 ΝΑ 0.89 $ NA S 2,624.6 $ (188.1) 2,436.5 (1,209.6) 1,226.9 (480.2) 746.7 (37.2) (98.7) 610.8 (131.1) 479.7 (12.0) 467.7 $ Nine Months Ended November 30, November 30, 2023 2022 2.58 $ 1.78 2.52 1.78 166.677 23.206 185.291 23.206 s 0.80 $ 0.72 8,410.7 $ (588.1) 7,822.6 (3,844.3) 3,978.3 (1,438.0) 2,540.3 (477.4) (333.0) (0.7) 1,729.2 (368.4) 1,360.8 (25.8) 1,335.0 $ 7.28 $ NA S 7.25 $ NA $ 183.431 ΝΑ 184.096 ΝΑ 2.67 $ NA S 8,029.6 (574.8) 7,454.8 (3,647.0) 3,807.8 (1,431.6) 2,376.2 (1,944.2) (281.5) (23.3) 127.2 (388.9) (261.7) (32.3) (294.0) (1.48) (2.01) (1.48) (2.01) 164.573 23.206 164.573 23.206 2.40 2.16#25CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) Unrealized net (gain) loss on securities measured at fair value Deferred tax provision (benefit) Depreciation Stock-based compensation Equity in (earnings) losses of equity method investees and related activities, net of distributed earnings Noncash lease expense Amortization of debt issuance costs and loss on extinguishment of debt Impairment of equity method investments (Gain) loss on sale of business Gain (loss) on settlement of pre-issuance hedge contracts Change in operating assets and liabilities, net of effects from purchase and sale of business: Accounts receivable Inventories Prepaid expenses and other current assets Accounts payable Other accrued expenses and liabilities Other Total adjustments Net cash provided by (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant, and equipment Purchase of business, net of cash acquired Investments in equity method investees and securities Proceeds from sale of assets Proceeds from sale of business Other investing activities Net cash provided by (used in) investing activities Nine Months Ended November 30, November 30, 2023 2022 $ 1,360.8 $ 85.4 28.2 321.8 49.5 257.3 62.9 8.9 136.1 15.1 1.4 6.9 (90.4) (49.1) 24.5 37.1 90.4 986.0 2,346.8 (911.9) (7.5) (34.6) 21.8 5.4 (3.1) (929.9) (261.7) 39.1 218.4 278.4 56.1 845.4 66.7 31.1 1,060.3 (13.8) 20.7 (25.3) (259.3) 204.7 187.4 (247.0) 79.4 2,542.3 2,280.6 (683.8) (37.1) (29.5) 6.6 96.7 0.5 (646.6)#26CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of long-term debt Principal payments of long-term debt Net proceeds from (repayments of) short-term borrowings Dividends paid Purchases of treasury stock Proceeds from shares issued under equity compensation plans Payments of minimum tax withholdings on stock-based payment awards Payments of debt issuance, debt extinguishment, and other financing costs Distributions to noncontrolling interests Payment to holders of Class B Stock in connection with the Reclassification Net cash provided by (used in) financing activities Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Nine Months Ended November 30, November 30, 2023 2022 $ 744.8 (807.5) (706.4) (491.1) (249.7) 89.0 (11.2) (5.3) (35.0) (1,472.4) 0.7 (54.8) 133.5 78.7 S 2,845.8 (1,657.3) 552.6 (441.1) (1,400.5) 36.7 (10.5) (34.1) (37.5) (1,500.0) (1,645.9) (2.5) (14.4) 199.4 185.0#27For 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 appropriate. For periods of divestiture, we define organic net sales as prior period reported net sales less net sales of products of divested businesses reported for the prior period, as appropriate. We provide organic net sales because we use this information in monitoring and evaluating the underlying business trends of our core operations. Wine and Spirits net sales are provided by channel and market categories as management uses this information to monitor this business. In addition, we believe this information provides investors, financial analysts covering the Company, rating agencies, and other external users ("our investors") valuable insight on underlying business trends and results and, in the case of Wine and Spirits, the underlying composition of segment net sales and results, in order to evaluate year-over-year financial performance. Consolidated net sales (1) The divestiture impacting the periods below consists of the sale of certain mainstream and premium wine brands and related inventory (the "Wine Divestiture") (sold October 6, 2022). Wine Divestiture Consolidated organic net sales CONSTELLATION BRANDS, INC. AND SUBSIDIARIES RECONCILIATION OF REPORTED AND ORGANIC NET SALES Beer net sales Wine and Spirits net sales (2) Wine Divestiture (1) Wine and Spirits organic net sales (2) U.S. Wholesale International (¹) DTC Other Wine and Spirits net sales (1) Three Months Ended November 30, November 30, 2023 2,470.9 $ 2022 2,436.5 $ (in millions) (unaudited) $ 2,470.9 $ 1,968.5 S 502.4 $ 502.4 $ $ Includes the impacts of the Wine Divestiture. (3.7) 2,432.8 394.1 S 45.6 33.8 28.9 502.4 $ 1,891.9 544.6 (3.7) 540.9 Wine and Spirits net sales by channel and market categories are as follows: Three Months Ended November 30, November 30, 2023 2022 Percent Change 1% 444.5 2% $ 50.9 27.3 21.9 544.6 Nine Months Ended November 30, November 30, 2023 2022 7,822.6 $ 4% $ (8%) $ (7%) $ Percent Change 7,822.6 $ (11%) S (10%) 24% 32% (8%) 6,459.8 $ 1,362.8 $ 1,362.8 $ (1) For the periods September 1, 2022, through October 5, 2022, and March 1, 2022, through October 5, 2022, included in the three months and nine months ended November 30, 2022, respectively. 7,454.8 (38.5) 135.9 62.5 55.8 1,362.8 $ 7,416.3 5,929.4 1,525.4 (38.5) 1,486.9 Nine Months Ended November 30, November 30, 2023 2022 1,108.6 $ 1,241.8 Percent Change 5% 163.2 54.9 65.5 1,525.4 5% 9% (11%) (8%) Percent Change (11%) (17%) 14% (15%) (11%)#28CONSTELLATION BRANDS, INC. AND SUBSIDIARIES SUPPLEMENTAL SHIPMENT AND DEPLETION INFORMATION Beer (branded product, 24-pack, 12-ounce case equivalents) Shipments Depletions (¹) (2) Three Months Ended November 30, November 30, 2023 2022 (2) 101.1 (in millions) (unaudited) 6.1 6.1 5.3 5.3 97.8 Percent Change 3.4% 8.2% Wine and Spirits (branded product, 9-liter case equivalents) Shipments Organic shipments U.S. Domestic shipments U.S. Domestic organic shipments' Depletions (¹) (2) (¹) Depletions represent U.S. domestic distributor shipments of our respective branded products to retail customers, based on third-party data. Nine Months Ended November 30, November 30, Percent 2023 2022 Change 6.9 (11.6%) 6.8 (10.3%) 6.0 (11.7%) 5.9 (10.2%) (10.0%) 331.1 18.1 18.1 15.9 310.5 15.9 6.6% 7.2% 21.1 (14.2%) 20.5 (11.7%) 18.2 (12.6%) 17.8 (10.7%) (8.1%) (2) Includes adjustments to remove volumes associated with the Wine Divestiture for the periods September 1, 2022, through October 5, 2022, and March 1, 2022, through October 5, 2022, included in the three months and nine months ended November 30, 2022, respectively.#29Consolidated CONSTELLATION BRANDS, INC. AND SUBSIDIARIES SUMMARIZED SEGMENT, INCOME (LOSS) FROM UNCONSOLIDATED INVESTMENTS, AND DEPRECIATION AND AMORTIZATION INFORMATION Management excludes items that affect comparability 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 the incentive compensation of segment management are evaluated based on core segment operating income (loss) which does not include the impact of these comparable adjustments. Beer Net sales Gross profit Operating income (loss) Income (loss) from unconsolidated investments Depreciation and amortization Comparable adjustments (¹) Gross profit Operating income (loss) Income (loss) from unconsolidated investments Net sales Segment gross profit % Net sales Segment depreciation and amortization Wine and Spirits Wine net sales Spirits net sales Net sales Segment gross profit % Net sales Segment depreciation and amortization Corporate Operations and Other Three Months Ended November 30, November 30, Percent 2023 2022 Change $ $ $ $ Segment operating income (loss) $ % Net sales $ Segment depreciation and amortization $ $ $ $ Segment operating income (loss) $ % Net sales Segment income (loss) from unconsolidated investments $ $ $ $ Segment operating income (loss) $ Segment income (loss) from unconsolidated investments 2,470.9 1,270.6 796.9 1,968.5 1,039.1 $ (41.8) 108.4 $ 52.8% $ (12.2) (22.9) $ (61.0) 757.3 38.5% 82.0 435.8 66.6 502.4 243.7 48.5% 127.6 (in millions) (unaudited) 25.4% 27.5 22.5 is in in $ 3.9 in in $ $ $ in $ $ $ in 2,436.5 1,226.9 746.7 (37.2) 95.8 (25.2) (23.0) (31.5) 1,891.9 989.5 52.3 % 710.0 37.5% 71.0 470.5 74.1 544.6 262.6 48.2 % 134.8 24.8% 35.4 20.0 (65.1) $ (75.1) (8.3) $ (41.1) $ 4.8 NM = Not Meaningful (1) See slide 31 for further information on comparable adjustments. 1% $ 4% $ 7% $ (12%) $ 13% $ NM $ NM $ NM $ Nine Months Ended November 30, November 30, Percent 2023 2022 Change 4% $ 5% $ 7% 15% $ (7%) $ (10%) (8%) $ (7%) $ (5%) $ (22%) $ 13% 13% 80% $ (19%) $ 7,822.6 $ 3,978.3 $ 2,540.3 $ (477.4) $ (1,944.2) 322.8 $ 281.2 (23.1) $ (74.5) $ (452.8) $ 6,459.8 $ 3,366.5 $ 52.1% 2,509.0 $ 38.8% 242.2 1,180.7 $ 182.1 38.1 68.1 $ $ 7,454.8 3,807.8 2,376.2 (181.8) $ (62.7) $ 12.5 $ (47.2) (68.7) 1,316.6 208.8 1,362.8 $ 1,525.4 698.4 634.9 $ 46.6% 287.6 $ 21.1% (1,852.4) 5,929.4 3,156.6 53.2 % 2,338.4 39.4% 206.2 45.8% 325.2 21.3% 40.3 63.3 (218.7) (132.1) 11.7 5% 4% 7% 75% 15% NM NM NM 9% 7% 7% 17% (10%) (13%) (11%) (9%) (12%) (5%) 8% 17% 53% 7%#30CONSTELLATION 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 provided because we use this information in evaluating the results of our core operations and/ or internal goal setting. In addition, we believe this information provides our investors valuable insight on underlying business trends and results in order to evaluate year-over-year financial performance. See the tables below for supplemental financial data and corresponding reconciliations of these non-GAAP financial measures to GAAP financial measures for the periods presented. Non-GAAP financial measures should be considered in addition to, not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. Operating income (loss) (GAAP) Less: Comparable adjustments (Non- GAAP) (¹) Comparable operating income (loss) (Non-GAAP) Net income (loss) attributable to CBI (GAAP) Plus: Net income (loss) attributable to noncontrolling interests (GAAP) Provision for (benefit from) income taxes (GAAP) Loss on extinguishment of debt (GAAP) Interest expense (GAAP) Adjusted EBIT (Non-GAAP) Less: Comparable adjustments (Non- GAAP) (¹) Comparable EBIT (Non-GAAP) Net income (loss) attributable to CBI (GAAP) Less: Comparable adjustments (Non- GAAP) (¹) Comparable net income (loss) attributable to CBI (Non-GAAP) EPS (GAAP) (2) Less: Reclassification (Non-GAAP) (3) Comparable adjustments (Non- (1) GAAP) (3 Comparable EPS (Non-GAAP) (4) Weighted average common shares outstanding-diluted (4) (1) (2) Three Months Ended November 30, November 30, Percent 2023 2022 Change 7% $ $ S 796.9 (22.9) 819.8 $ 509.1 $ 11.8 130.0 104.2 755.1 (83.9) 839.0 $ 509.1 $ (79.3) 588.4 2.76 $ ΝΑ (0.43) 3.19 746.7 (23.0) 769.7 467.7 12.0 131.1 98.7 709.5 (54.5) 764.0 467.7 (57.0) 2.52 (0.31) 2.83 7% 185.291 Nine Months Ended November 30, November 30, 2023 2022 2,540.3 $ 2,376.2 9% $ 6% 10% 524.7 12% $ $ 9% $ 10% $ 13% $ (74.5) 2,614.8 $ 1,335.0 $ 25.8 368.4 0.7 333.0 2,062.9 (527.3) 2,590.2 $ 1,335.0 $ (469.7) 1,804.7 $ 7.25 $ ΝΑ (2.55) 9.80 (68.7) 184.096 2,444.9 (294.0) 32.3 388.9 23.3 281.5 432.0 (1,921.1) 2,353.1 (294.0) (1,911.2) 1,617.2 (1.48) 0.10 (10.23) 8.66 Percent Change 7% 186.793 7% NM NM 10% NM 184.170 See slide 31 for further information on comparable adjustments. EPS was computed using the two-class method, until such conversion took place on November 10, 2022, pursuant to the reclassification, conversion, and exchange of our Class B Convertible Common Stock into our Class A Common Stock (the "Reclassification"). (3) Adjustment for income allocated through the date of the Reclassification for the three months and nine months ended November 30, 2022. 12% NM 13% (4) Comparable basis diluted net income (loss) per share ("comparable EPS") may not sum due to rounding as each item is computed independently. The comparable adjustments and comparable EPS are calculated on a fully dilutive basis. For the nine months ended November 30, 2022, we have excluded 22.220 million weighted average common shares outstanding, from the calculation of comparable EPS, as the effect of including these would have been anti-dilutive.#31CONSTELLATION 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 Net gain (loss) on undesignated commodity derivative contracts Flow through of inventory step-up Settlements of undesignated commodity derivative contracts Strategic business development costs Net flow through of reserved inventory Recovery of (loss on) inventory write-down Comparable adjustments, Gross profit Restructuring and other strategic business development costs Transition services agreements activity Gain (loss) on sale of business Transaction, integration, and other acquisition-related costs Costs associated with the Reclassification Other gains (losses) Comparable adjustments, Operating income (loss) Comparable adjustments, Income (loss) from unconsolidated investments Comparable adjustments, Adjusted EBIT Comparable adjustments, Interest expense Comparable adjustments, Loss on extinguishment of debt Comparable adjustments, (Provision for) benefit from income taxes Comparable adjustments, Net income (loss) attributable to CBI November 30, November 30, 2023 2022 $ (13.3) $ (1.2) 2.3 - N||| (12.2) (5.3) (5.2) (0.2) | | || 9 (22.9) (61.0) (83.9) (1.0) | 5.6 (79.3) $ (7.8) $ (2.1) (14.2) (1.1) (25.2) (0.2) (3.5) 13.8 (0.5) (10.2) 2.8 (23.0) (31.5) (54.5) Nine Months Ended November 30, November 30, 2023 2022 (2.5) (57.0) $ (28.9) $ (2.7) 8.5 (23.1) Net flow through of reserved inventory We sold reserved inventory previously written down following the 2020 U.S. West Coast wildfires. (23.6) (17.9) (15.1) (0.6) 0.2 5.6 (74.5) (452.8) (527.3) (1.0) (0.7) 59.3 (469.7) $ 25.3 (4.0) (68.8) (1.1) 1.2 0.2 (47.2) (2.8) (11.4) 13.8 (1.2) (31.5) 11.6 (68.7) (1,852.4) (1,921.1) (23.3) 33.2 (1,911.2) Undesignated commodity derivative contracts Net gain (loss) on undesignated commodity derivative contracts represents a net gain (loss) from the changes in fair value of undesignated commodity derivative contracts. The net gain (loss) is reported outside of segment operating results until such time that the underlying exposure is recognized in the segment operating results. At settlement, the net gain (loss) from the changes in fair value of the undesignated commodity derivative contracts is reported in the appropriate operating segment, allowing the results of our operating segments to reflect the economic effects of the commodity derivative contracts without the resulting unrealized mark to fair value volatility. Flow through of inventory step-up In connection with acquisitions, the allocation of purchase price in excess of book value for certain inventories 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 business prior to acquisition. Strategic business development costs/Restructuring and other strategic business development costs We recognized costs in connection with certain activities which are intended to streamline, increase efficiencies, and reduce our cost structure primarily within the Wine and Spirits segment.#32CONSTELLATION BRANDS, INC. AND SUBSIDIARIES RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in millions, except per share data) (unaudited) Recovery of (loss on) inventory write-down We recognized a gain from a change in estimate on reserved bulk wine inventory and certain grapes as a result of smoke damage sustained during the 2020 U.S. West Coast wildfires. Transition services agreements activity We recognized costs in connection with transition services agreements related to the previous sale of a portion of our wine and spirits business. Gain (loss) on sale of business We recognized a net gain (loss) primarily from (i) the 2022 Wine Divestiture (three months and nine months ended November 30, 2022) and (ii) the divestitures related to the craft beer business (three months and nine months ended November 30, 2023). Transaction, integration, and other acquisition-related costs We recognized transaction, integration, and other acquisition-related costs in connection with our investments, acquisitions, and divestitures. Costs associated with the Reclassification We recognized costs primarily related to professional and consulting fees, printing and mailing the associated proxy statement/ prospectus, and all filing and other fees paid to the Securities and Exchange Commission in connection with the Reclassification. Other gains (losses) Primarily includes the following: Recognition of a previously deferred gain upon release of a related indemnity Decreases (increases) in estimated fair values of contingent liabilities associated with prior period acquisitions Gain from remeasurement of previously held equity method investments Impairment of equity method investments Unrealized gain (loss) from the changes in fair value of our securities measured at fair value Comparable adjustments to Canopy EIE (see slide 33 for further information) Net gain (loss) on sale of unconsolidated investment Comparable adjustments, Income (loss) from unconsolidated investments Primarily includes the following: Net income tax benefit recognized as a result of a change in tax entity classification Net income tax benefit recognized as a result of a legislative update in Switzerland Net income tax benefit related to a prior period divestiture S $ Net income tax (provision) benefit recognized for adjustments to valuation allowances Three Months Ended November 30, November 30, 2023 2022 $ Ś $ I $ I $ S $ $ Three Months Ended November 30, November 30, 2023 2022 $ $ (0.3) $ (11.0) $ (50.0) $ 0.3 $ T Three Months Ended November 30, November 30, 2023 2022 $ ins 1.5 S $ $ $ $ $ (7.4) S (24.1) S $ Nine Months Ended November 30, November 30, 2023 2022 $ Comparable adjustments, Interest expense We recognized a loss of interest income on the write-off of a convertible note issued to an equity method investment. Comparable adjustments, Loss on extinguishment of debt We recognized losses primarily from a premium payment and the write-off of debt issuance costs in connection with tender offers of certain senior notes and make-whole payments resulting from the early redemption of certain senior notes. Comparable adjustments, (Provision for) benefit from income taxes The effective tax rate applied to each comparable adjustment amount is generally based upon the jurisdiction in which the comparable adjustment was recognized. Comparable adjustments, (Provision for) benefit from income taxes also include items solely impacting income taxes and consist of the following: I 5.6 $ November 30, 2023 S $ (6.7) $ I $ S Nine Months Ended (136.1) $ (85.4) $ (231.5) $ 0.3 $ S I November 30, 2022 Nine Months Ended November 30, November 30, 2023 2022 31.2 S 4.7 $ $ 5.9 I 5.2 $ (1,060.3) (39.1) (753.0) 143.7 (192.0)#33CONSTELLATION 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 are provided because management uses this information to separately monitor our investment in Canopy. The measures that exclude all of our equity in the earnings (losses) of Canopy and related activities are defined as "excluding Canopy EIE." Financial measures excluding Canopy EIE are non-GAAP and are provided because management uses this information to evaluate the results of our core operations which management has determined does not include our investment in Canopy. In addition, we believe this information provides our investors valuable insight to understand how management views the Company's performance and on underlying business trends and results in order to evaluate year- over-year financial performance of our ongoing core business, including relative to industry competitors. Three Months Ended November 30, November 30, 2023 2022 (in millions) Equity earnings (losses) and related activities, Canopy EIE (GAAP) (¹) (2) (Provision for) benefit from income taxes Net income (loss) attributable to CBI, Canopy EIE (GAAP) (¹) $ Equity earnings (losses) and related activities, Canopy EIE (GAAP) (¹) Net (gain) loss on fair value financial instruments (Gain) loss on dilution of Canopy stock ownership Acquisition costs Restructuring and other strategic business development costs Goodwill impairment Net loss on discontinued operations Other (gains) losses, net Comparable adjustments, Canopy EIE (Non-GAAP) Comparable equity earnings (losses), Canopy EIE (Non- GAAP) (¹) Comparable (provision for) benefit from income taxes (Non- (2) GAAP) (2 Comparable net income (loss) attributable to CBI, Canopy EIE (Non-GAAP) (¹) EPS, Canopy EIE (GAAP) Comparable adjustments, Canopy EIE (Non-GAAP) Comparable EPS, Canopy EIE (Non-GAAP) (3) (56.5) $ 0.4 (56.1) $ $ (56.5) $ 16.3 8.7 1.6 (4.7) 25.0 3.1 50.0 (6.5) (2.3) (8.8) $ (0.30) $ 0.26 (0.05) $ (60.8) $ 4.0 (56.8) $ (60.8) $ 7.6 (0.1) 4.0 12.9 0.6 (0.9) 24.1 (36.7) Nine Months Ended November 30, November 30, 2023 2022 3.4 Three Months Ended November 30, November 30, 2023 2022 (33.3) $ (288.3) $ 8.6 (279.7) $ (0.31) $ 0.13 (0.18) $ (288.3) $ 8.2 16.5 4.3 156.3 14.1 25.0 7.1 231.5 (56.8) 5.9 (50.9) $ (876.5) 52.4 (824.1) (1.52) $ 1.24 (0.28) $ (876.5) 69.2 93.9 5.5 115.6 461.4 7.4 753.0 (123.5) 15.1 Nine Months Ended November 30, November 30, 2023 2022 (108.4) (4.41) 3.83 (0.58)