3Q24 Investor Update

DELIVERING 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

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