3Q24 Investor Update

THIRD 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

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