Updates Fiscal 2022 EPS Guidance driven by Strong Core

UpdatesFiscal2022EPSGuidancedrivenbyStrongCoreBeerBusinessResultsandOngoingShareRepurchaseActivity

NetSales

OperatingIncome

EarningsBeforeInterest&Taxes

(EBIT)

DilutedNetIncome(Loss)PerShare

AttributabletoCBI(EPS)

DilutedEPSExcludingCanopy

SecondQuarterFiscalYear2022FinancialHighlights(1)|Inmillions,exceptpersharedata

Reported $2,371 $739 NA $0.01 NA

%Change 5% (12%) NA (100%) NA

Comparable $2,371 $730 $699 $2.38 $2.52

%Change 5% (8%) (8%) (14%) (13%)(1)Definitionsofreported,comparable,andorganic,aswellasreconciliationsofnon-GAAPfinancialmeasures,arecontainedelsewhereinthisnewsrelease.NA=NotApplicable

HIGHLIGHTS• GeneratesreportedbasisEPSof$0.01andcomparablebasisEPS

of$2.38,includingCanopyequitylossesof$0.13;excludingCanopyequitylosses,achievedcomparablebasisEPSof$2.52

• BeerBusinessdeliversdouble-digitnetsalesgrowthdrivenbythecontinuedstrengthofModeloEspecialandCoronaExtra

• WineandSpiritsBusinessdeliversstrong,organicnetsalesgrowthdrivenbysolidperformancefromThePrisonerBrandFamily,KimCrawford,andMeiomi

• Generates$1.5billionofoperatingcashflow,anincreaseof6%,and$1.2billionoffreecashflow

• Fullyredeemsoutstanding2.70%SeniorNotesand2.65%SeniorNotesduein2022

• Updatesfiscal2022reportedbasisEPSoutlookto$0.30-$0.60;increasescomparablebasisEPSoutlookto$10.15-$10.45;guidanceincludessharesrepurchasedthroughSeptemberonly

• Affirmsfiscal2022operatingcashflowtargetof$2.4-$2.6billionandfreecashflowprojectionof$1.4-$1.5billion

• Repurchases6.2millionsharesofcommonstockfor$1.4billionthroughSeptemberoffiscal2022

• Declaresquarterlycashdividendof$0.76pershareofClassACommonStockand$0.69pershareofClassBCommonStock

"ThestrongperformanceofourcoreBeerBusiness,drivenbyrobustconsumerdemandforouriconicbrands,givesusconfidencetoincreaseourguidancefortheyear."

"Weexecutedasignificantnumberofsharerepurchasesduringthesecondquarteraswebelieveourstockisundervaluedatcurrentlevels.Thisrepresentsprogresstowardachievingourgoalofreturning$5billioninvaluetoshareholdersthroughdividendsandsharerepurchases."

BillNewlands GarthHankinson

PresidentandChiefExecutiveOfficer ChiefFinancialOfficer

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI1

beerShipmentVolume

DepletionVolume NetSales

OperatingIncome

ThreeMonthsEnded|Inmillions;brandedproduct,24-pack,12-ouncecaseequivalentsAugust31,2021 101.0 $1,861.3 $693.0August31,2020 90.4 $1,635.9 $695.7%Change 11.7% 7.3% 14% —%

HIGHLIGHTS• Constellation’sBeerBusinessposteddepletionvolumegrowth

over7%,drivenbythecontinuedstrengthofModeloEspecialandCoronaExtra.Depletionvolumesellingdayswereflatyear-over-year.

• InIRIchannels,Constellation'sBeerBusinesssignificantlyoutpacedthetotalbeercategoryandthehigh-endsegmentandwasthe#1dollarsharegainer,adding1.3marketsharepointsduringthequarter.

• ModeloEspecialachieved16%depletionvolumegrowthandcontinuedtobethe#1brandinthehigh-endand#1brandsharegainerintheentireU.S.beercategoryinIRIdollarsales.

• CoronaExtrareporteddepletionvolumegrowthofnearly5%andremainedthe#2importsharegainerand#3brandinthehigh-endinIRIchannels.

• Operatingmargindecreased530basispointsto37.2%,asbenefitsfromfavorablepricing,mix,andforeigncurrencyweremorethanoffsetbyincreasedCOGS,marketinginvestments,andSG&A.TheincreaseinCOGSwaslargelydrivenbyanincreaseinobsolescenceof$66millionrelatingtoexcessinventoryofhardseltzers,resultingfromaslowdownintheoverallcategoryintheU.S.

• Wholesalerdepletionscontinuedtooutpacecasesshippedduringthequarterresultinginlowerthannormaldistributorinventoriesattheendofthesecondquarteroffiscal2022.Productinventoriesareexpectedtoreturntomorenormallevelsbytheendofthefiscalyearasshipmentvolumeisexpectedtoexceeddepletionvolumeinthesecond-halfofthefiscalyear.

• TheBeerBusinessnowexpects9-11%netsalesgrowthand4-6%operatingincomegrowthforfiscal2022reflectingthestrongperformanceofthecorebeerportfolio.

wineandspiritsShipmentVolume

OrganicShipmentVolume(1)

DepletionVolume(1) NetSales(2)

OrganicNetSales(1)

OperatingIncome(2)

ThreeMonthsEnded|Inmillions;brandedproduct,9-litercaseequivalentsAugust31,2021 7.4 7.4 $509.8 $509.8 $100.2August31,2020 11.6 7.0 $624.5 $443.1 $161.5%Change (36.2%) 5.7% (2.3%) (18%) 15% (38%)(2)

ThreemonthsendedAugust31,2020,includes$181.4millionofnetsalesand$66.7millionofgrossprofitlessmarketingthatarenolongerpartofthewineandspiritssegmentresults.

HIGHLIGHTS• ThePrisonerBrandFamily,KimCrawford,andMeiomicontinued

tooutpacetheirrespectivepricesegmentswhilegainingshareinIRIchannelsdespitethechallengingoverlapfromlastyear'spandemic-relatedconsumerpantryloadingbehavior.

• Consumer-led,marginaccretive,innovationinitiativescontinuetocontributetonetsalesgrowthdrivenbyMeiomicabernetsauvignon,KimCrawfordIlluminate,andThePrisonercabernetsauvignonandchardonnay,whichwereallamongthetop10innovationsacrossthehigh-endoftheU.S.winesegmentinIRIchannels.

• WineandSpiritseCommercesales,includingdirect-to-consumer,haveincreased3to4timesversus2019levelswhilethecompany'sfinewinesharehasexpanded,drivenbyrobustgrowthofThePrisoneronInstacartandRobertMondavionWine.comwithinthelastyear.

• Theinnovationpipelineisprimedwithimpactfulproductlaunchesforthethirdquarteroffiscal2022includingWoodbridgeWineSeltzers,WoodbridgeSparklingInfusions,andWoodbridge3literboxwineinchardonnay,cabernetsauvignon,pinotgrigio,andpinotnoirvarietals,aswellassignificantexpansionofSVEDKAready-to-drinkcocktailsinadditionalmarketsacrosstheU.S.

• Operatingmargindecreased620basispointsto19.7%asmixbenefitsfromtheexistingportfolioanddivestiturescombinedwithfavorableprice,weremorethanoffsetbyincreasedmarketingandSG&Aspend,increasedCOGS,andmargindilutivesmoketaintedbulkwinesales.

• TheWineandSpiritsBusinesscontinuestoexpectfiscal2022reportednetsalesandoperatingincomedeclineof22-24%and23-25%,respectively;organicnetsalesgrowthof2-4%.

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI2

outlookThetablesetsforthmanagement'scurrentEPSexpectationsforfiscal2022comparedtofiscal2021actualresults,bothonareportedbasis,acomparablebasis,andacomparablebasisexcludingCanopyequityearnings(losses)andrelatedactivities.

ReportedBasis ComparableBasis

FY22Estimate FY21ActualFY22Estimate(Excl.Canopy) FY21Actual

FY21Actual(Excl.Canopy)

FiscalYearEndingFebruary28 $0.30-$0.60 $10.23 $10.15-$10.45 $9.97 $10.44

Fiscal2022GuidanceAssumptions:

●Beer:netsalesgrowth9-11%;operatingincomegrowth4-6%●WineandSpirits:netsalesdecline22-24%andoperating

incomedecline23-25%;organicnetsalesgrowth2-4%●Interestexpense:$355-$365million●Taxrate:reportedapproximately83%;comparableexcluding

Canopyequityearningsimpactapproximately20%●Weightedaveragedilutedsharesoutstanding:approximately

192million;assumesapproximately$1.4billionofsharerepurchases

●Operatingcashflow:$2.4-$2.6billion●Capitalexpenditures:$1.0-$1.1billion,includingapproximately

$900milliontargetedforMexicobeeroperationsexpansionactivities

●Freecashflow:$1.4-$1.5billion

ThereportedbasisEPSguidanceincludesthefiscal2022yeartodateCanopyequityearningsandrelatedactivitiesimpact.Ourguidancedoesnotreflectfuturechangesinthefairvalueofthecompany’sinvestmentinCanopy’swarrantsandconvertibledebtsecurities.Additionally,thecompanycontinuestoevaluatethefuturepotentialequityearningsimpactfromtheCanopyequitymethodinvestmentandrelatedactivitiesand,assuch,theseitemshavebeenexcludedfromthetargetassumptionsnotedabove.

BEERBUSINESSCAPITALEXPANSIONINITIATIVESThecompanyhasdevelopedplanstoinvestinthenextincrementofcapacityinMexicothatwillprovidethelong-termflexibilityneededtosupporttheexpectedfuturegrowthofthecore,high-endMexicanbeerportfolio.AnnualcapexspendfortheBeerBusinessisexpectedtobeinthe$700millionto$900millionrangetosupport15millionhectolitersofcapacityexpansionduringthefiscal2023-fiscal2025timeframe.GiventhecurrentstateofactivitiesinMexicali,Constellationdeterminedthatitwillbeunabletouseorrepurposecertainassetsatthefacility.Asaresult,a$666millionimpairmentwasrecordedforthefirstquarteroffiscal2022,whichisincludedaboveinthefiscal2022reportedbasisEPSguidance.ThecompanywillcontinuetoworkwithgovernmentofficialsinMexicotopursuevariousformsofrecoveryforcapitalizedcostsandadditionalexpensesincurredinestablishingthebrewery.

WINE&SPIRITSFISCAL2021DIVESTITURESInJanuary2021,thecompanysoldaportionoftheWineandSpiritsBusinesstoE.&J.GalloWinery(“Gallo”)andinaseparate,butrelated,transactionsoldtheNobiloWinebrandtoGallo,collectively(the“WineandSpiritsDivestitures").Additionally,inJanuary2021,thecompanysoldthePaulMassonGrandeAmberBrandybrandtoSazerac(the"PaulMassonDivestiture"),whileinDecember2020,thecompanysoldtheconcentratebusinesstoVie-Del(the"ConcentrateBusinessDivestiture").

Thefollowingtablepresentsselectedfinancialinformationincludedinourhistoricalconsolidatedfinancialstatementsthatarenolongerpartofourconsolidatedresultsfollowingthetransactionsdescribedabove:

FY21Q1 FY21Q2 FY21Q3 FY21Q4

(inmillions)Shipmentvolume(9-litercaseequivalents) 4.5 4.6 5.3 1.6

Netsales $187 $181 $210 $64

CAM(grossprofitlessmarketing) $77 $67 $74 $21

canopyConstellation’sshareofCanopy’sequityearnings(losses)andrelatedactivitieswereasfollows:

ReportedBasis

ComparableBasis

ThreeMonthsEndedIInmillionsAugust31,2021 $120.5 $(29.9)

August31,2020 $(31.0) $(34.1)

Constellationhasrecognizeda$224millionunrealizednetlossinreportedbasisresultssincetheinitialCanopyinvestmentinNovember2017;a$590milliondecreaseinthefairvalueofourCanopyinvestmentwasrecognizedforsecondquarteroffiscal2022.

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI3

QUARTERLYDIVIDEND

OnOctober5,2021,Constellation’sboardofdirectorsdeclaredaquarterlycashdividendof$0.76pershareofClassACommonStockand$0.69pershareofClassBCommonStock,payableonNovember19,2021,tostockholdersofrecordasofthecloseofbusinessonNovember5,2021.

†Acopyofthisnewsrelease,includingtheattachmentsandotherfinancialinformationthatmaybediscussedduringthecall,willbeavailableonourwebsitecbrands.comunder“Investors/Reporting”priortothecall.

AWARDSandBRANDNEWSShankenNewsrecognizedeightofourpremium,consumer-lovedbrandswithIMPACTBlueChipAwards,giventotheindustry’sbestlong-termperformers:SVEDKA,Woodbridge,KimCrawford,Meiomi,Ruffino,ModeloEspecial,Pacifico,andModeloNegra.

Modelo,thebrandbrewedforthosewithTheFightingSpirit,andUFC,theworld’spremiermixedmartialartsorganization,recentlyannouncedanewinitiativewithleadingnonprofitRebuildingTogethertorevitalizetraininggymsacrossthecountryandpositivelyimpactthelocalcommunitiestheytouch.Learnmorehere.

ABOUTCONSTELLATIONBRANDSAtConstellationBrands(NYSE:STZandSTZ.B),ourmissionistobuildbrandsthatpeoplelovebecausewebelievesharingatoast,unwindingafteraday,celebratingmilestones,andhelpingpeopleconnect,areWorthReachingFor.It’sworthourdedication,hardwork,andtheboldcalculatedriskswetaketodelivermoreforourconsumers,tradepartners,shareholders,andcommunitiesinwhichweliveandwork.It’swhathasmadeusoneofthefastest-growinglargeCPGcompaniesintheU.S.atretail,anditdrivesourpursuittodeliverwhat’snext.

Today,wearealeadinginternationalproducerandmarketerofbeer,wine,andspiritswithoperationsintheU.S.,Mexico,NewZealand,andItaly.Everyday,peoplereachforourhigh-end,iconicimportedbeerbrandssuchasCoronaExtra,CoronaLight,CoronaPremier,ModeloEspecial,ModeloNegra,andPacifico,andourhigh-qualitypremiumwineandspiritsbrands,includingtheRobertMondaviBrandFamily,KimCrawford,Meiomi,ThePrisonerBrandFamily,SVEDKAVodka,CasaNobleTequila,andHighWestWhiskey.

Butwewon’tstophere.Ourvisionaryleadershipteamandpassionateemployeesfrombarrelroomtoboardroomarereachingforthenextlevel,toexploretheboundariesofthebeveragealcoholindustryandbeyond.Joinusindiscoveringwhat’sWorthReachingFor.

Tolearnmore,followusonTwitter@cbrandsandvisitwww.cbrands.com.

MEDIACONTACTS INVESTORRELATIONSCONTACTSMikeMcGrew 773-251-4934 michael.mcgrew@cbrands.com PattyYahn-Urlaub 585-678-7483 patty.yahn-urlaub@cbrands.comAmyMartin 585-678-7141 amy.martin@cbrands.com MarisaPepelea 312-741-2316 marisa.pepelea@cbrands.com

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI4

SUPPLEMENTALINFORMATIONReportedbasis(“reported”)areamountsasreportedundergenerallyacceptedaccountingprinciples.Comparablebasis(“comparable”)areamountswhichexcludeitemsthataffectcomparability(“comparableadjustments”),astheyarenotreflectiveofcoreoperationsofthesegments.Thecompany’smeasureofsegmentprofitabilityexcludescomparableadjustments,whichisconsistentwiththemeasureusedbymanagementtoevaluateresults.Thecompanydiscussesvariousnon-GAAPmeasuresinthisnewsrelease.Financialstatements,aswellassupplementalschedulesandtablesreconcilingnon-GAAPmeasures,togetherwithdefinitionsofthesemeasuresandthereasonsmanagementusesthesemeasures,areincludedinthisnewsrelease.

FORWARD-LOOKINGSTATEMENTSThestatementsmadeundertheheadingOutlookandallstatementsotherthanstatementsofhistoricalfactsetforthinthisnewsreleaseregardingConstellationBrands’businessstrategy,futureoperationsandbusiness,futurefinancialposition,expectedeffectivetaxratesandanticipatedtaxliabilities,estimatedrevenues,projectedcostsandexpenses,expectednetsalesandoperatingincome,estimateddilutedEPS,expectedcapitalexpenditures,expectedoperatingcashflowandfreecashflow,futurepaymentsofdividends,amount,mannerandtimingofsharerepurchasesunderthesharerepurchaseauthorization,andprospects,plansandobjectivesofmanagement,aswellasinformationconcerningexpectedactionsofthirdparties,areforward-lookingstatements(collectively,the“Projections”)thatinvolverisksanduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromthosesetforthinorimpliedbytheProjections.Duringthecurrentquarter,ConstellationBrandsmayreiteratetheProjections.Priortothestartofthecompany’squietperiod,whichwillbeginatthecloseofbusinessonNovember30,2021,thepubliccancontinuetorelyontheProjectionsasstillbeingConstellationBrands’currentexpectationsonthematterscovered,unlessthecompanypublishesanoticestatingotherwise.DuringConstellationBrands’“quietperiod,”theProjectionsshouldnotbeconsideredtoconstitutethecompany’sexpectationsandshouldbeconsideredhistorical,speakingasofpriortothequietperiodonlyandnotsubjecttoupdatebythecompany.TheProjectionsarebasedonmanagement’scurrentexpectationsand,unlessotherwisenoted,donottakeintoaccounttheimpactofanyfutureacquisition,investment,merger,oranyotherbusinesscombination,divestiture,restructuring,orotherstrategicbusinessrealignments,financingorsharerepurchasethatmaybecompletedafterthedateofthisrelease,oranyincrementalcontingentconsiderationpaymentpaidoranyspecificamountofincrementalcontingentconsiderationpaymentreceived,ifany,inassociationwiththeWineandSpiritsDivestitures.TheProjectionsshouldnotbeconstruedinanymannerasaguaranteethatsuchresultswillinfactoccur.TheactualimpactofCOVID-19anditsassociatedoperatingenvironmentmaybemateriallydifferentthanmanagement’sexpectations.Inadditiontotherisksanduncertaintiesofordinarybusinessoperations,theProjectionsofthecompanycontainedinthisnewsreleasearesubjecttoanumberofrisksanduncertainties,including:• durationand impactoftheCOVID-19pandemic, includingbutnot

limitedtothe impactandseverityofnewvariants, theefficacyofthevaccinerollout, theclosureofnon-essentialbusinesses,whichmay include our manufacturing facilities, and other associatedgovernmental containment actions, and the increase in cyber-security attacks that have occurred while non-productionemployeesworkremotely;

• production or shipment difficulties could adversely affect ourabilitytosupplyourcustomers;

• the actual impact to supply, production levels, and costs due towildfires and severe weather events may vary from our currentexpectationsdueto,amongotherreasons,theactualseverityandgeographicalreachofwildfiresandsevereweatherevents;

• impactoftheWineandSpiritsDivestitures,theConcentrateBusinessDivestiture,andthePaulMassonDivestiture,andamountandtimingofcostreductions,ifany,mayvaryfrommanagement’scurrentexpectations;

• amountofcontingentconsideration,ifany,thatmaybereceivedintheWineandSpiritsDivestitureswilldependonactualbrandperformance;

• beeroperationsexpansionandconstructionactivities,scope,costs,andtimingassociatedwiththeseactivities,andamountofimpairmentfromnon-recoverablebreweryconstructionassetsinMexicomayvaryfrommanagement’scurrentestimatesduetomarketconditions,ourcashanddebtposition,receiptofregulatoryapprovalsontheexpecteddatesandterms,resultsofdiscussionswithgovernmentofficialsinMexico,actualamountofnon-recoverablebreweryconstructionassets,andotherfactorsdeterminedbymanagement;

• accuracyofsupplyprojections,includingthoserelatingtowineandspiritsoperatingactivities,beeroperationsexpansionactivities,productinventorylevels,glasssourcing,andrawmaterialsandwatersupplyexpectations;

• operatingcashflow,freecashflow,effectivetaxrate,andcapitalexpenditurestosupportlong-termgrowthmayvaryfrommanagement’scurrentestimates;

• accuracyofprojectionsassociatedwithmarketopportunitiesandpreviouslyannouncedacquisitions,investments,anddivestitures;

• accuracyofprojectionsrelatingtotheCanopyinvestmentmayvaryfrommanagement’scurrentexpectations;

• exactdurationofthesharerepurchaseimplementationandtheamount,timing,andsourceoffundsforanysharerepurchases;

• amountandtimingoffuturedividendsaresubjecttothedeterminationanddiscretionoftheboardofdirectorsandmaydifferfromcurrentexpectationsifourabilitytousecashflowtofunddividendsisaffectedbyunanticipatedincreasesintotalnetdebt,weareunabletogeneratecashflowatanticipatedlevels,orwefailtogenerateexpectedearnings;

• rawmaterialandwatersupply,production,orshipmentdifficultiescouldadverselyaffectourabilitytosupplyourcustomers;

• generaleconomic,geo-political,domestic,internationalandregulatoryconditions,instabilityinworldfinancialmarkets,inflation,healthepidemicsorpandemics,quarantinesorcurfews,unanticipatedenvironmentalliabilitiesandcosts,orenhancedcompetitiveactivities;

• changestointernationaltradeagreementsandtariffs,accountingstandards,electionsorassertions,taxlawsorothergovernmentalrulesandregulations,andotherfactorswhichcouldimpactthecompany’sreportedfinancialposition,resultsofoperations,effectivetaxrate,oraccuracyofanyassociatedProjections;

• changesininterestratesandtheinherentunpredictabilityofcurrencyfluctuations,commodityprices,andrawmaterials;and

• otherfactorsanduncertaintiesdisclosedinthecompany’sfilingswiththeSecuritiesandExchangeCommission,includingitsAnnualReportonForm10-KforthefiscalyearendedFebruary28,2021,whichcouldcauseactualfutureperformancetodifferfromcurrentexpectations.

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI5

CONSTELLATIONBRANDS,INC.ANDSUBSIDIARIESCONDENSEDCONSOLIDATEDBALANCESHEETS

(inmillions)(unaudited)

August31,2021

February28,2021

ASSETS

Currentassets:

Cashandcashequivalents $ 103.4 $ 460.6

Accountsreceivable 972.8 785.3

Inventories 1,339.0 1,291.1

Prepaidexpensesandother 528.5 507.5

Totalcurrentassets 2,943.7 3,044.5

Property,plant,andequipment 5,505.4 5,821.6

Goodwill 7,798.9 7,793.5

Intangibleassets 2,729.7 2,732.1

Equitymethodinvestments 2,819.0 2,788.4

Securitiesmeasuredatfairvalue 488.6 1,818.1

Deferredincometaxes 2,448.0 2,492.5

Otherassets 607.0 614.1

Totalassets $ 25,340.3 $ 27,104.8

LIABILITIESANDSTOCKHOLDER’SEQUITY

Currentliabilities:

Short-termborrowings $ 486.0 $ —

Currentmaturitiesoflong-termdebt 5.8 29.2

Accountspayable 840.4 460.0

Otheraccruedexpensesandliabilities 854.9 779.9

Totalcurrentliabilities 2,187.1 1,269.1

Long-termdebt,lesscurrentmaturities 10,081.7 10,413.1

Deferredincometaxesandotherliabilities 1,546.9 1,493.5

Totalliabilities 13,815.7 13,175.7

CBIstockholders’equity 11,192.7 13,598.9

Noncontrollinginterests 331.9 330.2

Totalstockholders’equity 11,524.6 13,929.1

Totalliabilitiesandstockholders’equity $ 25,340.3 $ 27,104.8

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI6

CONSTELLATIONBRANDS,INC.ANDSUBSIDIARIESCONSOLIDATEDSTATEMENTSOFOPERATIONS

(inmillions,exceptpersharedata)(unaudited)

ThreeMonthsEnded SixMonthsEnded

August31,2021

August31,2020

August31,2021

August31,2020

Sales $ 2,565.0 $ 2,459.7 $ 4,753.3 $ 4,591.4

Excisetaxes (193.9) (199.3) (355.7) (367.6)

Netsales 2,371.1 2,260.4 4,397.6 4,223.8

Costofproductsold (1,141.4) (1,044.6) (2,048.6) (2,019.7)

Grossprofit 1,229.7 1,215.8 2,349.0 2,204.1

Selling,general,andadministrativeexpenses (490.5) (399.1) (868.8) (752.4)

Impairmentofbreweryconstructioninprogress — — (665.9) —

Impairmentofassetsheldforsale — 22.0 — (3.0)

Operatingincome(loss) 739.2 838.7 814.3 1,448.7

Income(loss)fromunconsolidatedinvestments (470.8) (80.7) (1,370.0) (651.9)

Interestexpense (95.8) (100.2) (182.5) (200.2)

Lossonextinguishmentofdebt (29.4) (0.6) (29.4) (7.6)

Income(loss)beforeincometaxes 143.2 657.2 (767.6) 589.0

(Provisionfor)benefitfromincometaxes (131.3) (135.4) (117.8) (239.8)

Netincome(loss) 11.9 521.8 (885.4) 349.2

Netincome(loss)attributabletononcontrollinginterests (10.4) (9.7) (21.2) (15.0)

Netincome(loss)attributabletoCBI $ 1.5 $ 512.1 $ (906.6) $ 334.2

Netincome(loss)percommonshareattributabletoCBI:

Basic–ClassACommonStock $ 0.01 $ 2.68 $ (4.77) $ 1.74

Basic–ClassBConvertibleCommonStock $ 0.01 $ 2.43 $ (4.34) $ 1.58

Diluted–ClassACommonStock $ 0.01 $ 2.62 $ (4.77) $ 1.71

Diluted–ClassBConvertibleCommonStock $ 0.01 $ 2.42 $ (4.34) $ 1.58

Weightedaveragecommonsharesoutstanding:

Basic–ClassACommonStock 167.447 170.078 169.025 169.841

Basic–ClassBConvertibleCommonStock 23.222 23.284 23.234 23.289

Diluted–ClassACommonStock 192.530 195.142 169.025 194.962

Diluted–ClassBConvertibleCommonStock 23.222 23.284 23.234 23.289

Cashdividendsdeclaredpercommonshare:

ClassACommonStock $ 0.76 $ 0.75 $ 1.52 $ 1.50

ClassBConvertibleCommonStock $ 0.69 $ 0.68 $ 1.38 $ 1.36

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI7

CASHFLOWSFROMOPERATINGACTIVITIES

Netincome(loss) $ (885.4) $ 349.2

Adjustmentstoreconcilenetincome(loss)tonetcashprovidedby(usedin)operatingactivities:

Unrealizednet(gain)lossonsecuritiesmeasuredatfairvalue 1,335.1 244.9

Deferredtaxprovision(benefit) (19.2) 196.1

Depreciation 162.3 142.7

Stock-basedcompensation 36.0 34.0

Equityin(earnings)lossesofequitymethodinvesteesandrelatedactivities,netofdistributedearnings 35.3 408.1

Noncashleaseexpense 40.1 41.3

Amortizationofdebtissuancecostsandlossonextinguishmentofdebt 35.1 13.7

Impairmentofbreweryconstructioninprogress 665.9 —

Impairmentofassetsheldforsale — 3.0

Lossoninventoryandrelatedcontractsassociatedwithbusinessoptimization — 25.1

Lossonsettlementoftreasurylockcontracts — (29.3)

Changeinoperatingassetsandliabilities,netofeffectsfrompurchaseandsaleofbusiness:

Accountsreceivable (187.8) (56.1)

Inventories (49.3) 73.0

Prepaidexpensesandothercurrentassets 10.1 51.3

Accountspayable 245.9 116.7

Deferredrevenue 144.6 21.8

Otheraccruedexpensesandliabilities (3.8) (141.3)

Other (39.0) (49.3)

Totaladjustments 2,411.3 1,095.7

Netcashprovidedby(usedin)operatingactivities 1,525.9 1,444.9

CASHFLOWSFROMINVESTINGACTIVITIES

Purchasesofproperty,plant,andequipment (353.4) (277.8)

Purchasesofbusinesses,netofcashacquired — (19.9)

Investmentsinequitymethodinvesteesandsecurities (28.6) (217.4)

Proceedsfromsalesofassets 1.3 18.1

Proceedsfromsaleofbusiness 4.6 41.1

Otherinvestingactivities (1.0) 0.6

Netcashprovidedby(usedin)investingactivities (377.1) (455.3)

CONSTELLATIONBRANDS,INC.ANDSUBSIDIARIESCONSOLIDATEDSTATEMENTSOFCASHFLOWS

(inmillions)(unaudited)

SixMonthsEnded

August31,2021

August31,2020

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI8

CASHFLOWSFROMFINANCINGACTIVITIES

Proceedsfromissuanceoflong-termdebt 1,001.9 1,194.6

Principalpaymentsoflong-termdebt (1,357.1) (1,536.4)

Netproceedsfrom(repaymentsof)short-termborrowings 486.0 (238.9)

Dividendspaid (289.3) (287.6)

Purchasesoftreasurystock (1,305.0) —

Proceedsfromsharesissuedunderequitycompensationplans 22.9 32.0

Paymentsofminimumtaxwithholdingsonstock-basedpaymentawards (9.8) (7.6)

Paymentsofdebtissuance,debtextinguishment,andotherfinancingcosts (34.8) (18.2)

Distributionstononcontrollinginterests (21.2) (10.0)

Netcashprovidedby(usedin)financingactivities (1,506.4) (872.1)

Effectofexchangeratechangesoncashandcashequivalents 0.4 5.7

Netincrease(decrease)incashandcashequivalents (357.2) 123.2

Cashandcashequivalents,beginningofperiod 460.6 81.4

Cashandcashequivalents,endofperiod $ 103.4 $ 204.6

CONSTELLATIONBRANDS,INC.ANDSUBSIDIARIESCONSOLIDATEDSTATEMENTSOFCASHFLOWS

(inmillions)(unaudited)

SixMonthsEnded

August31,2021

August31,2020

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI9

CONSTELLATIONBRANDS,INC.ANDSUBSIDIARIESRECONCILIATIONOFREPORTEDANDORGANICNETSALES

(inmillions)(unaudited)

Forperiodsofacquisition,wedefineorganicnetsalesascurrentperiodreportednetsaleslessnetsalesofproductsofacquiredbusinessesreportedforthecurrentperiod,asappropriate.Forperiodsofdivestiture,wedefineorganicnetsalesaspriorperiodreportednetsaleslessnetsalesofproductsofdivestedbusinessesreportedforthepriorperiod,asappropriate.Weprovideorganicnetsalesbecauseweusethisinformationinmonitoringandevaluatingtheunderlyingbusinesstrendsofourcoreoperations.Inaddition,webelievethisinformationprovidesinvestorsvaluableinsightonunderlyingbusinesstrendsandresultsinordertoevaluateyear-over-yearfinancialperformance.

ThedivestituresimpactingourresultsfortheperiodsJune1,2020,throughAugust31,2020,andMarch1,2020,throughAugust31,2020,belowconsistoftheConcentrateBusinessDivestiture(soldDecember29,2020),theWineandSpiritsDivestitures(soldJanuary5,2021),andthePaulMassonDivestiture(soldJanuary12,2021).

ThreeMonthsEnded SixMonthsEnded

August31,2021

August31,2020

PercentChange

August31,2021

August31,2020

PercentChange

Consolidatednetsales $ 2,371.1 $ 2,260.4 5% $ 4,397.6 $ 4,223.8 4%Less:divestitures — (181.4) — (368.2)

Consolidatedorganicnetsales $ 2,371.1 $ 2,079.0 14% $ 4,397.6 $ 3,855.6 14%

Beernetsales $ 1,861.3 $ 1,635.9 14% $ 3,433.3 $ 3,020.0 14%

WineandSpiritsnetsales $ 509.8 $ 624.5 (18%) $ 964.3 $ 1,203.8 (20%)Less:divestitures — (181.4) — (368.2)

WineandSpiritsorganicnetsales $ 509.8 $ 443.1 15% $ 964.3 $ 835.6 15%

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI10

CONSTELLATIONBRANDS,INC.ANDSUBSIDIARIESSUPPLEMENTALSHIPMENTANDDEPLETIONINFORMATION

(unaudited)

ThreeMonthsEnded SixMonthsEnded

August31,2021

August31,2020

PercentChange

August31,2021

August31,2020

PercentChange

Beer

(inmillions,brandedproduct,24-pack,12-ouncecaseequivalents)

Shipmentvolume 101.0 90.4 11.7% 185.8 166.6 11.5%

Depletionvolume(1) 7.3% 8.8%

WineandSpirits

(inmillions,brandedproduct,9-litercaseequivalents)

Shipmentvolume 7.4 11.6 (36.2%) 14.1 22.4 (37.1%)

Organicshipmentvolume(2) 7.4 7.0 5.7% 14.1 13.3 6.0%

U.S.Domesticshipmentvolume 6.3 10.7 (41.1%) 12.3 20.6 (40.3%)

U.S.Domesticorganicshipmentvolume(2) 6.3 6.3 —% 12.3 11.7 5.1%

Depletionvolume(1)(2) (2.3%) (4.8%)

(1) DepletionsrepresentU.S.domesticdistributorshipmentsofourrespectivebrandedproductstoretailcustomers,basedonthird-partydata.

(2) IncludesadjustmentstoremoveshipmentanddepletionvolumeassociatedwiththeWineandSpiritsDivestituresandthePaulMassonDivestiturefortheperiodsJune1,2020,throughAugust31,2020,andMarch1,2020,throughAugust31,2020,forthethreemonthsandsixmonthsendedAugust31,2020,respectively.

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI11

CONSTELLATIONBRANDS,INC.ANDSUBSIDIARIESSUMMARIZEDSEGMENTANDINCOME(LOSS)FROMUNCONSOLIDATEDINVESTMENTSINFORMATION

(inmillions)(unaudited)

ThreeMonthsEnded SixMonthsEnded

August31,2021

August31,2020

PercentChange

August31,2021

August31,2020

PercentChange

Beer

Segmentnetsales $ 1,861.3 $ 1,635.9 14% $ 3,433.3 $ 3,020.0 14%

Segmentgrossprofit $ 984.0 $ 910.5 8% $ 1,877.7 $ 1,680.2 12%

%Netsales 52.9% 55.7% 54.7% 55.6%

Segmentoperatingincome(loss) $ 693.0 $ 695.7 —% $ 1,366.1 $ 1,273.5 7%

%Netsales 37.2% 42.5% 39.8% 42.2%

WineandSpirits

Winenetsales $ 447.2 $ 544.9 (18%) $ 844.9 $ 1,044.5 (19%)

Spiritsnetsales 62.6 79.6 (21%) 119.4 159.3 (25%)

Segmentnetsales $ 509.8 $ 624.5 (18%) $ 964.3 $ 1,203.8 (20%)

Segmentgrossprofit $ 230.5 $ 276.5 (17%) $ 438.0 $ 540.4 (19%)

%Netsales 45.2% 44.3% 45.4% 44.9%

Segmentoperatingincome(loss) $ 100.2 $ 161.5 (38%) $ 204.4 $ 325.5 (37%)

%Netsales 19.7% 25.9% 21.2% 27.0%

Segmentincome(loss)fromunconsolidatedinvestments $ (1.1) $ (2.4) 54% $ 0.2 $ 1.1 (82%)

CorporateOperationsandOther

Segmentoperatingincome(loss) $ (62.9) $ (59.4) (6%) $ (117.4) $ (109.9) (7%)

Segmentincome(loss)fromunconsolidatedinvestments $ (0.2) $ 0.3 NM $ (0.8) $ 0.5 NM

Canopyequityearnings(losses)(1) $ (29.9) $ (34.1) 12% $ (74.2) $ (65.8) (13%)

Consolidatedoperatingincome(loss) $ 739.2 $ 838.7 (12%) $ 814.3 $ 1,448.7 (44%)

ComparableAdjustments (8.9) (40.9) 78% 638.8 40.4 NM

Comparableoperatingincome(loss) $ 730.3 $ 797.8 (8%) $ 1,453.1 $ 1,489.1 (2%)

Consolidatedincome(loss)fromunconsolidatedinvestments $ (470.8) $ (80.7) NM $ (1,370.0) $ (651.9) (110%)

ComparableAdjustments 439.6 44.5 NM 1,295.2 587.7 120%

Comparableincome(loss)fromunconsolidatedinvestments $ (31.2) $ (36.2) 14% $ (74.8) $ (64.2) (17%)

ConsolidatedEBIT $ 699.1 $ 761.6 (8%) $ 1,378.3 $ 1,424.9 (3%)

(1) Werecognizeourequityinearnings(losses)forCanopyonatwo-monthlag.Thesummarizedfinancialinformationbelowrepresents100%ofCanopy’sreportedresults,preparedinaccordancewithgenerallyacceptedaccountingprinciplesintheU.S.(“GAAP”),andconvertedfromCanadiandollarstoU.S.dollarsusingtheapplicableweightedaverageexchangerates.

ThreeMonthsEnded SixMonthsEndedAugust31,

2021August31,

2020PercentChange

August31,2021

August31,2020

PercentChange

Netsales $ 110.8 $ 79.7 39% $ 228.1 $ 160.0 43%Grossprofit(loss) $ 22.2 $ 4.7 NM $ 29.9 $ (52.6) NM

%Netsales 20.0% 5.9% 13.1% (32.9)%Operatingincome(loss) $ (152.8) $ (124.4) (23%) $ (337.0) $ (857.6) 61%

%Netsales NM NM NM NM

NM=NotMeaningful

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI12

CONSTELLATIONBRANDS,INC.ANDSUBSIDIARIESRECONCILIATIONSOFGAAPTONON-GAAPFINANCIALMEASURES

(inmillions,exceptpersharedata)(unaudited)

WereportourfinancialresultsinaccordancewithGAAP.However,non-GAAPfinancialmeasures,asdefinedinthereconciliationtablesbelow,areprovidedbecauseweusethisinformationinevaluatingtheresultsofourcoreoperationsand/orinternalgoalsetting.Inaddition,webelievethisinformationprovidesinvestorsvaluableinsightonunderlyingbusinesstrendsandresultsinordertoevaluateyear-over-yearfinancialperformance.Seethetablesbelowforsupplementalfinancialdataandcorrespondingreconciliationsofthesenon-GAAPfinancialmeasurestoGAAPfinancialmeasuresfortheperiodspresented.Non-GAAPfinancialmeasuresshouldbeviewedinadditionto,andnotasanalternativefor,ourreportedresultspreparedinaccordancewithGAAP.Pleaserefertoourwebsiteathttp://www.cbrands.com/investors/reportingforamoredetaileddescriptionandfurtherdiscussionofthesenon-GAAPfinancialmeasures.

ThreeMonthsEndedAugust31,2021 ThreeMonthsEndedAugust31,2020 PercentChange-ReportedBasis(GAAP)

PercentChange-

ComparableBasis

(Non-GAAP)

ReportedBasis(GAAP)

ComparableAdjustments

ComparableBasis

(Non-GAAP)

ReportedBasis(GAAP)

ComparableAdjustments

ComparableBasis

(Non-GAAP)

Netsales $ 2,371.1 $ 2,371.1 $ 2,260.4 $ 2,260.4 5% 5%

Costofproductsold (1,141.4) $ (15.2) (1,044.6) $ (28.8)

Grossprofit 1,229.7 (15.2)$ 1,214.5 1,215.8 (28.8)$ 1,187.0 1% 2%

Selling,general,andadministrativeexpenses (490.5) 6.3 (399.1) 9.9

Impairmentofassetsheldforsale — 22.0 (22.0)

Operatingincome(loss) 739.2 (8.9)$ 730.3 838.7 (40.9)$ 797.8 (12%) (8%)

Income(loss)fromunconsolidatedinvestments (470.8) 439.6 (80.7) 44.5

EBIT $ 699.1 $ 761.6 NA (8%)

Interestexpense (95.8) (100.2)

Lossonextinguishmentofdebt (29.4) 29.4 (0.6) 0.6

Income(loss)beforeincometaxes 143.2 460.1 $ 603.3 657.2 4.2 $ 661.4 (78%) (9%)

(Provisionfor)benefitfromincometaxes(1) (131.3) (2.7) (135.4) 23.0

Netincome(loss) 11.9 457.4 521.8 27.2

Netincome(loss)attributabletononcontrollinginterests (10.4) (9.7)

Netincome(loss)attributabletoCBI $ 1.5 $ 457.4 $ 458.9 $ 512.1 $ 27.2 $ 539.3 (100%) (15%)

EPS(2) $ 0.01 $ 2.38 $ 2.38 $ 2.62 $ 0.14 $ 2.76 (100%) (14%)

Weightedaveragecommonsharesoutstanding–diluted 192.530 192.530 195.142 195.142

Grossmargin 51.9% 51.2% 53.8% 52.5%

Operatingmargin 31.2% 30.8% 37.1% 35.3%

Effectivetaxrate 91.7% 22.2% 20.6% 17.0%

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI13

ThreeMonthsEndedAugust31,2021 ThreeMonthsEndedAugust31,2020

ComparableAdjustments

Acquisitions,Divestitures,andRelatedCosts(3)

RestructuringandOtherStrategicBusiness

DevelopmentCosts(4) Other(5) Total

Acquisitions,Divestitures,andRelatedCosts(3)

RestructuringandOtherStrategicBusiness

DevelopmentCosts(4) Other(5) Total

Costofproductsold $ 0.1 $ — $ 15.1 $ 15.2 $ (0.1)$ (0.8)$ 29.7 $ 28.8Selling,general,andadministrativeexpenses $ (5.6)$ 0.8 $ (1.5)$ (6.3) $ (6.0)$ (5.8)$ 1.9 $ (9.9)Impairmentofassetsheldforsale $ — $ — $ — $ — $ — $ 22.0 $ — $ 22.0Operatingincome(loss) $ (5.5)$ 0.8 $ 13.6 $ 8.9 $ (6.1)$ 15.4 $ 31.6 $ 40.9Income(loss)fromunconsolidatedinvestments $ (1.7)$ (45.4)$ (392.5)$ (439.6) $ (0.4)$ (3.4)$ (40.7)$ (44.5)Lossonextinguishmentofdebt $ — $ — $ (29.4)$ (29.4) $ — $ — $ (0.6)$ (0.6)(Provisionfor)benefitfromincometaxes(1) $ 4.5 $ 1.6 $ (3.4)$ 2.7 $ 0.5 $ (8.7)$ (14.8)$ (23.0)Netincome(loss)attributabletoCBI $ (2.7)$ (43.0)$ (411.7)$ (457.4) $ (6.0)$ 3.3 $ (24.5)$ (27.2)

EPS(2) $ (0.01)$ (0.22)$ (2.14)$ (2.38) $ (0.03)$ 0.02 $ (0.13)$ (0.14)(1) TheeffectivetaxrateappliedtoeachComparableAdjustmentamountisgenerallybaseduponthejurisdictioninwhichtheComparableAdjustmentwasrecognized.Forthe

threemonthsandsixmonthsendedAugust31,2021,the(provisionfor)benefitfromincometaxesincludesanetincometaxbenefitrecognizedasaresultofadjustmentstovaluationallowances.ForthesixmonthsendedAugust31,2021,the(provisionfor)benefitfromincometaxesalsoincludesanetincometaxprovisionrecognizedasaresultofalegislativeupdateinSwitzerland.ForthethreemonthsandsixmonthsendedAugust31,2020,the(provisionfor)benefitfromincometaxesincludestherecognitionofanetincometaxprovisionprimarilyrelatedtounrealizednetlossfromthemarktofairvalueofourinvestmentinCanopyGrowthCorporation("Canopy").ForthesixmonthsendedAugust31,2020,the(provisionfor)benefitfromincometaxesalsoincludes(i)anetincometaxprovisionrecognizedasaresultofadjustmentstovaluationallowancesand(ii)anetincometaxprovisionrelatedtolegislativeandgovernmentalinitiativesundertheCoronavirusAid,Relief,andEconomicSecurityAct(“CARESAct”).

(2) Maynotsumduetoroundingaseachitemiscomputedindependently.ForthesixmonthsendedAugust31,2021,thecomparableadjustmentsandcomparablebasisdilutednetincomepersharearecalculatedonafullydilutivebasis.(6)

(3) ForthethreemonthsendedAugust31,2021,acquisitions,divestitures,andrelatedcostsprimarilyconsistoftransitionservicesagreementsactivityrelatedtotheWineandSpiritsDivestitures,partiallyoffsetbythenetincometaxbenefitrecognizedforadjustmentstovaluationallowances.ForthethreemonthsendedAugust31,2020,acquisitions,divestitures,andrelatedcostsprimarilyconsistofalossinconnectionwithworkingcapitaladjustmentsonthesaleoftheBlackVelvetCanadianWhiskybusinessandtransactioncostsassociatedwiththethen-pendingsaleofaportionofthewineandspiritsbusiness.

(4) ForthethreemonthsendedAugust31,2021,restructuringandotherstrategicbusinessdevelopmentcostsprimarilyconsistofequitylossesfromCanopylargelyrelatedtocostsdesignedtoimprovetheirorganizationalfocus,streamlineoperations,andalignproductcapabilitywithprojecteddemand.ForthethreemonthsendedAugust31,2020,restructuringandotherstrategicbusinessdevelopmentcostsconsistprimarilyofareductiontothepreviouslyrecognizedimpairmentoflong-livedassetsheldforsale,partiallyoffsetbycoststooptimizeourportfolio,gainefficiencies,andreduceourcoststructurewithinthewineandspiritssegment.

(5) ForthethreemonthsendedAugust31,2021,otherconsistsprimarilyof(i)anunrealizednetlossfromthemarktofairvalueofourinvestmentinCanopyand(ii)alossonextinguishmentofdebt,partiallyoffsetby(i)anetgainassociatedwithCanopyequityearnings(losses)and(ii)anetgainfromthemarktofairvalueofundesignatedcommodityderivativecontracts.ForthethreemonthsendedAugust31,2020,otherconsistsprimarilyofanunrealizednetlossfromthemarktofairvalueofourinvestmentinCanopyandcostsassociatedwithCanopyequityearnings(losses),partiallyoffsetbyanetgainfromthemarktofairvalueofundesignatedcommodityderivativecontracts.

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI14

CONSTELLATIONBRANDS,INC.ANDSUBSIDIARIESRECONCILIATIONSOFGAAPTONON-GAAPFINANCIALMEASURES(continued)

(inmillionsexceptpersharedata)(unaudited)

SixMonthsEndedAugust31,2021 SixMonthsEndedAugust31,2020 PercentChange-ReportedBasis(GAAP)

PercentChange-

ComparableBasis

(Non-GAAP)

ReportedBasis(GAAP)

ComparableAdjustments

ComparableBasis

(Non-GAAP)

ReportedBasis(GAAP)

ComparableAdjustments

ComparableBasis

(Non-GAAP)

Netsales $ 4,397.6 $ 4,397.6 $ 4,223.8 $ 4,223.8 4% 4%

Costofproductsold (2,048.6) $ (33.3) (2,019.7) $ 16.5

Grossprofit 2,349.0 (33.3)$ 2,315.7 2,204.1 16.5 $ 2,220.6 7% 4%

Selling,general,andadministrativeexpenses (868.8) 6.2 (752.4) 20.9

Impairmentofbreweryconstructioninprogress (665.9) 665.9 —

Impairmentofassetsheldforsale — (3.0) 3.0

Operatingincome(loss) 814.3 638.8 $ 1,453.1 1,448.7 40.4 $ 1,489.1 (44%) (2%)

Income(loss)fromunconsolidatedinvestments (1,370.0) 1,295.2 (651.9) 587.7

EBIT $ 1,378.3 $ 1,424.9 NA (3%)

Interestexpense (182.5) (200.2)

Lossonextinguishmentofdebt (29.4) 29.4 (7.6) 7.6

Income(loss)beforeincometaxes (767.6) 1,963.4 $ 1,195.8 589.0 635.7 $ 1,224.7 NM (2%)

(Provisionfor)benefitfromincometaxes(1) (117.8) (140.8) (239.8) 17.1

Netincome(loss) (885.4) 1,822.6 349.2 652.8

Netincome(loss)attributabletononcontrollinginterests (21.2) (15.0)

Netincome(loss)attributabletoCBI $ (906.6) $ 1,822.6 $ 916.0 $ 334.2 $ 652.8 $ 987.0 NM (7%)

EPS(2) $ (4.77) $ 9.39 $ 4.72 $ 1.71 $ 3.35 $ 5.06 NM (7%)

Weightedaveragecommonsharesoutstanding–diluted(6) 169.025 25.170 194.195 194.962 194.962

Grossmargin 53.4% 52.7% 52.2% 52.6%

Operatingmargin 18.5% 33.0% 34.3% 35.3%

Effectivetaxrate (15.3)% 21.6% 40.7% 18.2%

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI15

SixMonthsEndedAugust31,2021 SixMonthsEndedAugust31,2020

ComparableAdjustments

Acquisitions,Divestitures,andRelatedCosts(7)

RestructuringandOtherStrategicBusiness

DevelopmentCosts(8) Other(9) Total

Acquisitions,Divestitures,andRelatedCosts(7)

RestructuringandOtherStrategicBusiness

DevelopmentCosts(8) Other(9) Total

Costofproductsold $ 0.1 $ (2.6)$ 35.8 $ 33.3 $ (0.1)$ (25.1)$ 8.7 $ (16.5)

Selling,general,andadministrativeexpenses $ (4.6)$ (0.1)$ (1.5)$ (6.2) $ (7.4)$ (8.9)$ (4.6)$ (20.9)

Impairmentofbreweryconstructioninprogress $ — $ — $ (665.9)$ (665.9) $ — $ — $ — $ —

Impairmentofassetsheldforsale $ — $ — $ — $ — $ — $ (3.0)$ — $ (3.0)

Operatingincome(loss) $ (4.5)$ (2.7)$ (631.6)$ (638.8) $ (7.5)$ (37.0)$ 4.1 $ (40.4)

Income(loss)fromunconsolidatedinvestments $ (3.3)$ (70.0)$ (1,221.9)$ (1,295.2) $ (0.9)$ (238.8)$ (348.0)$ (587.7)

Lossonextinguishmentofdebt $ — $ — $ (29.4)$ (29.4) $ — $ — $ (7.6)$ (7.6)

(Provisionfor)benefitfromincometaxes(1) $ 4.3 $ 3.4 $ 133.1 $ 140.8 $ (23.1)$ 13.2 $ (7.2)$ (17.1)

Netincome(loss)attributabletoCBI $ (3.5)$ (69.3)$ (1,749.8)$ (1,822.6) $ (31.5)$ (262.6)$ (358.7)$ (652.8)

EPS(2) $ (0.02)$ (0.36)$ (9.01)$ (9.39) $ (0.16)$ (1.35)$ (1.84)$ (3.35)

(6) ForthesixmonthsendedAugust31,2021,wehaveexcludedthefollowingweightedaveragecommonsharesoutstandingfromthecalculationofdilutednetincome(loss)percommonshare,astheeffectofincludingthesewouldhavebeenanti-dilutive,inmillions:

ClassBConvertibleCommonStock 23.234Stock-basedawards,primarilystockoptions 1.936

(7) ForthesixmonthsendedAugust31,2021,acquisitions,divestitures,andrelatedcostsprimarilyconsistoftransitionservicesagreementsactivityrelatedtotheWineandSpiritsDivestitures,partiallyoffsetbythenetincometaxbenefitrecognizedforadjustmentstovaluationallowances.ForthesixmonthsendedAugust31,2020,acquisitions,divestitures,andrelatedcostsconsistprimarilyof(i)anetincometaxprovisionrecognizedfortheadjustmentstovaluationallowances,(ii)anetlossonforeigncurrencycontracts,(iii)alossinconnectionwithworkingcapitaladjustmentsonthesaleoftheBlackVelvetCanadianWhiskybusiness,and(iv)transactioncostsassociatedwiththethen-pendingsaleofaportionofthewineandspiritsbusiness,partiallyoffsetbyanetgainrecognizedinconnectionwithavineyardsale.

(8) ForthesixmonthsendedAugust31,2021,andAugust31,2020,restructuringandotherstrategicbusinessdevelopmentcostsconsistprimarilyofequitylossesfromCanopyrelatedtocostsdesignedtoimprovetheirorganizationalfocus,streamlineoperations,andalignproductcapabilitywithprojecteddemand.ThesixmonthsendedAugust31,2020,alsoincludedcoststooptimizeourportfolio,gainefficiencies,reduceourcoststructure,andimpairmentsoflong-livedassetsheldforsalewithinthewineandspiritssegment.

(9) ForthesixmonthsendedAugust31,2021,otherconsistsprimarilyof(i)anunrealizednetlossfromthemarktofairvalueofourinvestmentinCanopy,(ii)animpairmentoflong-livedassetsinconnectionwithcertainassetsattheMexicaliBrewery,(iii)alossonextinguishmentofdebt,and(iv)anetincometaxprovisionrecognizedasaresultofalegislativeupdateinSwitzerland,partiallyoffsetby(i)anetgainassociatedwithCanopyequityearnings(losses),and(ii)anetgainfromthemarktofairvalueofundesignatedcommodityderivativecontracts.ForthesixmonthsendedAugust31,2020,otherconsistsprimarilyof(i)anunrealizednetlossfromthemarktofairvalueofourinvestmentinCanopy,(ii)costsassociatedwithCanopyequityearnings(losses),(iii)anetincometaxprovisionrelatedtotheCARESAct,and(iv)incrementalcostsincurredrelatedtotheCOVID-19pandemic,partiallyoffsetbyanetgainfromthemarktofairvalueofundesignatedcommodityderivativecontracts.

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI16

CONSTELLATIONBRANDS,INC.ANDSUBSIDIARIESRECONCILIATIONSOFGAAPTONON-GAAPFINANCIALMEASURES(continued)

(inmillions,exceptpersharedata)(unaudited)

CanopyEquityEarnings(Losses)andRelatedActivities(“CanopyEIE”)CanopyEIEnon-GAAPfinancialmeasuresareprovidedbecausemanagementusesthisinformationtomonitorourinvestmentinCanopy.Inaddition,webelievethisinformationprovidesinvestorsvaluableinsightonunderlyingbusinesstrendsandresultsinordertoevaluateyear-over-yearfinancialperformance.

ThreeMonthsEnded SixMonthsEnded

August31,2021

August31,2020

August31,2021

August31,2020

Equityearnings(losses)andrelatedactivities-reportedbasis,CanopyEIE(GAAP)(1) $ 120.5 $ (31.0) $ (35.3) $ (408.6)

ComparableAdjustments(2)(3) (150.4) (3.1) (38.9) 342.8

Equityearnings(losses)andrelatedactivities-comparablebasis,CanopyEIE(Non-GAAP) (29.9) (34.1) (74.2) (65.8)

(Provisionfor)benefitfromincometaxes(3) 4.0 5.3 13.6 9.9

Netincome(loss)attributabletoCBI-comparablebasis,CanopyEIE(Non-GAAP) $ (25.9) $ (28.8) $ (60.6) $ (55.9)

ThreeMonthsEnded SixMonthsEnded

August31,2021

August31,2020

August31,2021

August31,2020

EPS-reportedbasis,CanopyEIE(GAAP) $ 0.62 $ (0.13) $ (0.07) $ (2.06)

ComparableAdjustments-CanopyEIE(Non-GAAP) (0.76) (0.02) (0.25) 1.72

EPS-comparablebasis,CanopyEIE(Non-GAAP)(4) $ (0.13) $ (0.15) $ (0.31) $ (0.29)

ThreeMonthsEnded

August31,2021 August31,2020

Income(loss)beforeincome

taxes

(Provisionfor)benefitfrom

incometaxes(3)Effectivetaxrate(5)

Income(loss)beforeincome

taxes

(Provisionfor)benefitfrom

incometaxes(3)Effectivetaxrate(5)

Reportedbasis(GAAP) $ 143.2 $ (131.3) 91.7% 657.2 (135.4) 20.6%

ComparableAdjustments-(Non-GAAP) 460.1 (2.7) 4.2 23.0

Comparablebasis(Non-GAAP) 603.3 (134.0) 22.2% $ 661.4 $ (112.4) 17.0%

Comparablebasis,CanopyEIE(Non-GAAP) (29.9) 4.0 (34.1) 5.3

Comparablebasis,excludingCanopyEIE(Non-GAAP) $ 633.2 $ (138.0) 21.8% $ 695.5 $ (117.7) 16.9%

ThreeMonthsEnded SixMonthsEnded

August31,2021

August31,2020

August31,2021

August31,2020

EPS-comparablebasis(Non-GAAP)(6) $ 2.38 $ 2.76 $ 4.72 $ 5.06

Comparablebasis,CanopyEIE(Non-GAAP) 0.13 0.15 0.31 0.29

EPS-comparablebasis,excludingCanopyEIE(Non-GAAP)(4) $ 2.52 $ 2.91 $ 5.03 $ 5.35

(1) Equityearnings(losses)andrelatedactivitiesareincludedinincome(loss)fromunconsolidatedinvestments.(2) ComparableAdjustments,CanopyEIEinclude:restructuringandotherstrategicbusinessdevelopmentcosts,unrealizednet

(gain)lossfromthemarktofairvalueofsecuritiesmeasuredatfairvalueandrelatedactivities,share-basedcompensationexpenserelatedtoacquisitionmilestones,acquisitioncosts,lossondilutionduetoCanopy’sissuanceofadditionalstock,andother(gains)losses.

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI17

(3) TheComparableAdjustmenteffectivetaxrateappliedtoeachComparableAdjustmentamountisgenerallybaseduponthejurisdictioninwhichtheadjustmentwasrecognized.ThebenefitfromincometaxeseffectivetaxrateappliedtoourCanopyequityearnings(losses)andrelatedactivitiesisgenerallybasedonthetaxratesofthelegalentitiesthatholdourinvestment.

(4) Maynotsumduetoroundingaseachitemiscomputedindependently.ForthesixmonthsendedAugust31,2021,thecomparableadjustmentsandcomparablebasisdilutednetincomepersharearecalculatedonafullydilutivebasis.

(5) EffectivetaxrateisnotconsideredaGAAPfinancialmeasure,forpurposesofthisreconciliation,wederivedthereportedGAAPmeasurebasedonGAAPresults,whichservesasthebasisforthereconciliationtothecomparablenon-GAAPfinancialmeasure.

(6) Seereconciliationoftheapplicablenon-GAAPfinancialmeasuresonpages13and15.

EPSGuidance RangefortheYearEndingFebruary28,2022

ForecastedEPS-reportedbasis(GAAP) $ 0.30 $ 0.60Acquisitions,divestitures,andrelatedcosts(1) 0.06 0.06Restructuringandotherstrategicbusinessdevelopmentcosts(2) 0.36 0.36Other(3) 9.12 9.12Comparablebasis,CanopyEIE(Non-GAAP) 0.31 0.31

ForecastedEPS-comparablebasis,excludingCanopyEIE(Non-GAAP)(4) $ 10.15 $ 10.45

ActualfortheYearEndedFebruary28,

2021EPS-reportedbasis(GAAP) $ 10.23

Acquisitions,divestitures,andrelatedcosts(1) 0.12Restructuringandotherstrategicbusinessdevelopmentcosts(2) 1.73Other(3) (2.11)

EPS-comparablebasis(Non-GAAP)(4) 9.97Comparablebasis,CanopyEIE(Non-GAAP) 0.48

EPS-comparablebasis,excludingCanopyEIE(Non-GAAP)(4) $ 10.44

(1) Acquisitions,divestitures,andrelatedcostsinclude:(4) EstimatedfortheYearEnding

February28,2022

ActualfortheYearEndedFebruary28,

2021

Transitionservicesagreementsactivity $ 0.06 $ —

Netincometaxprovisionrecognizedforthereversalofvaluationallowances $ (0.02) $ 0.14

Net(gain)lossonsaleofbusiness $ (0.01) $ (0.06)

Net(gain)lossonsaleofvineyard $ — $ (0.03)

Net(gain)lossonforeigncurrencyderivativecontracts $ — $ 0.03

Transaction,integration,andotheracquisition-relatedcostsinconnectionwith:

InvestmentinCanopy $ 0.02 $ 0.01

WineandSpiritsDivestitures $ — $ 0.02

Copper&Kingsacquisition $ — $ 0.01

(2) FortheyearendingFebruary28,2022,andyearendedFebruary28,2021,restructuringandotherstrategicbusinessdevelopmentcostsprimarilyconsistofequitylossesfromCanopylargelyrelatedtocostsdesignedtoimprovetheirorganizationalfocus,streamlineoperations,andalignproductcapabilitywithprojecteddemand.FortheyearendedFebruary28,2021,restructuringandotherstrategicbusinessdevelopmentcostsalsoincludedimpairmentsoflong-livedassetsheldforsaleandcoststooptimizeourportfolio,gainefficiencies,andreduceourcoststructureprimarilywithinthewineandspiritssegment.

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI18

(3) Otherincludes:(4) EstimatedfortheYearEnding

February28,2022

ActualfortheYearEndedFebruary28,

2021

Unrealizednet(gain)lossfrommarktofairvalueofourinvestmentinCanopy $ 6.61 $ (3.03)

Impairmentofbreweryconstructioninprogress $ 3.09 $ —

Lossonextinguishmentofdebt $ 0.11 $ 0.05

NetincometaxprovisionrecognizedasaresultofalegislativeupdateinSwitzerland $ 0.06 $ —

Unconsolidatedinvestments,other $ (0.37) $ 0.03

Canopyequity(earnings)lossesandrelatedactivitiescomparableadjustments $ (0.25) $ 0.63

Net(gain)lossfrommarktofairvalueofundesignatedcommodityderivativecontracts $ (0.14) $ (0.22)

(Gain)lossonchangeinestimatedfairvalueofacontingentliabilityassociatedwithpriorperiodacquisitions $ — $ (0.04)

Losson(recoveryof)write-downofcertaininventoryasaresultofsmokedamagesustainedduringwildfires $ — $ 0.28

NetincometaxprovisionrecognizedinconnectionwiththeCARESAct $ — $ 0.06

NetincometaxprovisionrecognizedinconnectionwiththemarktofairvalueofourinvestmentinCanopy $ — $ 0.04

COVID-19incrementalcosts $ — $ 0.04

Impairmentsofcertainlong-livedassets $ — $ 0.04

Lossoncontracttermination $ — $ 0.02(4) Maynotsumduetoroundingaseachitemiscomputedindependently.Thecomparableadjustmentsandcomparablebasis

dilutednetincomepersharearecalculatedonafullydilutivebasis.

FreeCashFlowGuidanceFreecashflow,asdefinedinthereconciliationbelow,isconsideredaliquiditymeasureandisconsideredtoprovideusefulinformationtoinvestorsabouttheamountofcashgenerated,whichcanthenbeused,afterrequireddebtserviceanddividendpayments,forothergeneralcorporatepurposes.Alimitationoffreecashflowisthatitdoesnotrepresentthetotalincreaseordecreaseinthecashbalancefortheperiod.Freecashflowshouldbeconsideredinadditionto,notasasubstitutefor,orsuperiorto,cashflowfromoperatingactivitiespreparedinaccordancewithGAAP.

RangefortheYearEndingFebruary28,2022

Netcashprovidedbyoperatingactivities(GAAP) $ 2,400.0 $ 2,600.0

Purchasesofproperty,plant,andequipment (1,000.0) (1,100.0)

Freecashflow(Non-GAAP) $ 1,400.0 $ 1,500.0

SixMonthsEnded

August31,2021

August31,2020

Netcashprovidedbyoperatingactivities(GAAP) $ 1,525.9 $ 1,444.9

Purchasesofproperty,plant,andequipment (353.4) (277.8)

Freecashflow(Non-GAAP) $ 1,172.5 $ 1,167.1

ConstellationBrands,Inc.Q2FY2022EarningsRelease #WORTHREACHINGFORI19