3Q24 Investor Update

THIRD 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

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