CONSTELLATION Cagny 2023

Constellation Brands 1. COMMITTED TO A DISCIPLINED FINANCIAL FOUNDATION FOCUSED ON MAINTAINING A SOLID INVESTMENT GRADE RATING TARGET NET LEVERAGE RATIO 1 TARGETING DIVIDEND GROWTH IN-LINE WITH EARNINGS TARGET DIVIDEND PAYOUT RATIO -3.0X -30%² Net leverage ratio defined as debt net of cash divided by comparable basis EBITDA excluding Canopy EIE. EBITDA is calculated on a comparable basis and is a non-GAAP financial measure. A reconciliation to the most directly comparable GAAP financial measure is included within the appendix. 2. Payout ratio defined as dividend per share divided by adjusted earnings per share. 29

View entire presentation