Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to CONSTELLATION BRANDS, INC. (Exact name of registrant as specified in its charter) Delaware 16-0716709 (State or other jurisdiction of ...

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About this content About Andrew Kessel Andrew is a financial journalist with experience covering public companies in a wide breadth of industries, including tech, medicine, cryptocurrency, mining and retail. In addition to Proactive, he has been published in a Financial Times-owned newsletter covering broker-dealer firms and in the Columbia Misourian newspaper as the lead reporter focused on higher education. He got his start with an internship at Rolling Stone magazine.  Read more About the publisher Pr ...

Constellation Brands, Inc. (NYSE:STZ) Q2 2024 Earnings Conference Call October 5, 2023 10:30 AM ET Company Participants Joe Suarez - VP, IR Bill Newlands - CEO Garth Hankinson - CFO Conference Call Participants Vivien Azer - Cowen & Company Andrea Teixeira - JPMorgan Nik Modi - RBC Capital Markets Dara Mohsenian - Morgan Stanley Gerald Pascarelli - Wedbush Securities Nadine Sarwat - Bernstein Bryan Spillane - Bank of America Chris Carey - Wells Fargo Securities Rob Ottenstein - Evercore Filippo Falorni - Ci ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 16-0716709 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 207 High Point Drive, Building 100, Victor, New Yo ...

Constellation Brands, Inc. (NYSE:STZ) Q1 2024 Earnings Conference Call June 30, 2023 10:30 AM ET Company Participants Joe Suarez - VP, IR Bill Newlands - CEO Garth Hankinson - CFO Conference Call Participants Dara Mohsenian - Morgan Stanley Lauren Lieberman - Barclays Peter Grom - UBS Bryan Spillane - Bank of America Bonnie Herzog - Goldman Sachs Nadine Sarwat - Bernstein Andrea Teixeira - JPMorgan Chris Carey - Wells Fargo Securities Filippo Falorni - Citi Andrew Strelzik - BMO Capital Markets Operator Hel ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-08495 CONSTELLATION BRANDS, INC. (Exact name of registrant as specified in its charter) Delaware 16-0716709 (St ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Commission file number 001-08495 CONSTELLATION BRANDS, INC. (Exact name of registrant as specified in its charter) Delaware 16-0716709 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 28, 2023 or ☐ TRANSITION REPORT PURSUANT TO ...

Financial Data and Key Metrics - Net sales increased by 7% to $9.5 billion, and comparable operating income rose by 3% to $3 billion in fiscal 2023 [8] - Beer business net sales grew by 11% to $713 million, exceeding the upper end of the guidance range [38] - Wine and Spirits business net sales declined by 2% on an organic basis, primarily due to lower demand for mainstream brands [49] - Free cash flow for fiscal 2023 was $1.7 billion, above the upper end of the guidance range [52] Business Segment Performance - Beer business achieved 13th consecutive year of shipment volume growth, with a 12% increase in dollar sales [10] - Modelo Especial increased depletions by 9%, Corona Extra by nearly 4%, and Pacifico by over 30% [11] - Wine and Spirits business saw a 2.1% volume decline, outperforming the broader market's 2.6% decline [16] - Aspira portfolio, including Fine Wine and Craft Spirits, delivered double-digit shipment growth [17] Market Performance - Beer business extended its lead as the number one high-end beer supplier in the U.S. [10] - Direct-to-consumer and international markets for Wine and Spirits grew net sales by 29% and 4%, respectively [25] - On-premise depletions for beer grew by 15% year-over-year, nearing pre-pandemic levels [46] Strategic Direction and Industry Competition - The company focuses on building powerful brands, consumer-led innovations, and disciplined capital deployment [9] - Investments in beer business capacity expansion and hospitality in Wine and Spirits are prioritized [29] - The company divested mainstream brands and acquired higher-end wine and ready-to-drink cocktail brands to reshape the Wine and Spirits portfolio [23] Management Commentary on Operating Environment and Future Outlook - Management remains confident in the growth drivers for core beer brands and expects strong volume growth momentum in fiscal 2024 [55] - The company plans to continue investing in premium wine, fine wine, and craft spirits brands to support growth in direct-to-consumer and international markets [26] - Inflationary pressures and macroeconomic conditions are being closely monitored, with pricing actions planned within the 1% to 2% range [58] Other Important Information - The company returned $2.3 billion to shareholders through share repurchases and dividends in fiscal 2023 [28] - ESG goals include reducing Scope 1 and 2 greenhouse gas emissions by 15% by fiscal 2025 and restoring over 1 billion gallons of water [30] - The company has already surpassed its fiscal 2025 water restoration goal [31] Q&A Session Summary Question: Confidence in 7% to 9% sales growth outlook and pricing dynamics [76] - Strong start in markets like Texas and Florida, with double-digit increases, supports the sales growth outlook [77] - Pricing will remain within the 1% to 2% range, with flexibility to adjust based on macroeconomic conditions [80] Question: March depletion trends and Oro launch expectations [82] - March depletions were in line with expectations, with strong performance in Texas and Florida [83] - Oro launch showed over 60% incrementality in test markets, with significant media support planned for the summer [84][90] Question: On-premise trends and trade-down impacts [92] - On-premise growth continues to accelerate, with draft panels in California up 9% in Q4 [94] - Minimal trade-down observed, with most impacts at lower price points than the company's brands [87] Question: Productivity measures and hedging programs [95] - Productivity initiatives and hedging programs are in place to offset inflationary pressures, with 10% to 15% of COGS hedged [96][97] Question: Resets and pricing philosophy [99] - The company is performing well in reset situations, with strong shelf presence for its brands [102] - No plans to roll back pricing, with a focus on maintaining consumer engagement [104] Question: Free cash flow guidance and capital allocation [106] - Free cash flow guidance of $1.2 billion to $1.3 billion reflects higher interest expenses and CapEx investments [107] - The company has nearly $1 billion left under its share repurchase authorization and will remain opportunistic [109] Question: Pricing cadence and margin targets [112] - The company plans to maintain its 1% to 2% pricing algorithm, supported by strong brand performance [113] - Beer margins are expected to be flat, with inflationary pressures impacting gross margins [119] Question: Wine and Spirits margin outlook [117] - Wine and Spirits margins are expected to increase by at least 40 basis points, driven by premiumization and cost management [118] Question: Beer margin expectations and medium-term targets [121] - Beer operating margins are expected to be approximately 38% in fiscal 2024, with no guidance provided for future years [123] Question: Impact of Woodbridge and SVEDKA on Wine and Spirits margins [126] - Woodbridge and SVEDKA have a drag on margins due to their lower price points, but revitalization plans are in place to stabilize these brands [127]

Constellation Brands, Inc. (NYSE:STZ) 2023 CAGNY Conference Call February 23, 2023 3:00 PM ET Company Participants Bill Newlands - CEO Conference Call Participants Dara Mohsenian - Morgan Stanley Jaime Katz - Morningstar Inc. Unidentified Analyst It's a great pleasure to welcome Constellation Brands CEO, Bill Newlands, back to CAGNY this year. Constellation has been a top tier -- has that top-tier track record of growth over the last 10 years and also driving shareholder returns, driven largely by its beer ...