Branded Spirits Acquisition of Penelope Bourbon

RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES MGP FOR THE QUARTERS ENDED SEPTEMBER 30, 2023 AND 2022 Quarter Ended September 30, 2023 (in thousands) Operating Income Net Income Basic EPS Diluted EPS Reported GAAP Results $19,839 $13,088 $0.59 $0.58 Impairment of long-lived assets and other 18,334 13,750 0.62 0.61 Fair value of contingent consideration 4,200 3,150 0.14 0.14 Business acquisition costs 314 235 0.01 0.01 Adjusted Non-GAAP Results¹ $42,687 $30,223 $1.36 $1.34 40 Quarter Ended September 30, 2022 (in thousands) Income Operating Net Income Diluted Basic EPS EPS Reported GAAP Results $33,864 $23,628 $1.07 $1.06 No adjustments for the period Adjusted Non-GAAP Results¹ $33,864 $23,628 $1.07 $1.06 Source: Company filings; unaudited 1 Non-GAAP figure

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