Constellation Brands, Inc.

- The transcript does not mention any plans for new fundraising through debt or equity. - The company highlighted strong cash generation and continued returning capital to shareholders, including over $900 million returned last year. - They emphasized disciplined capital allocation, continuing dividend payments, and investments aligned with long-term growth. - No specific references to issuing new debt or equity were made during the call. - The focus is on managing capital spending carefully given uncertainties, but maintaining financial discipline. - Overall, no indication of upcoming fundraising activities through debt or equity was provided in this earnings call.

- Constellation Brands maintained disciplined capital allocation, continuing capex at levels important for long-run growth. - FY ’26 saw significantly less CapEx spend than initially expected; this trend of managed, possibly delayed or avoided investment will continue. - Capital investments are aligned with growth expectations, timing capacity additions modularly, sometimes planning years ahead. - New brewery in Veracruz expected to come online mid-FY ’27, causing some fixed-cost absorption headwinds but supporting future growth. - Continued investment in marketing, especially behind high-end light beer brands, World Cup campaigns, and growth brands like Pacifico and Victoria. - The company is not providing CapEx guidance beyond FY ’27 but expects eventual return to growth as current headwinds are more cyclical than structural.

- The company expects to return to growth beyond FY ’27, viewing current headwinds as more cyclical than structural. (Page 6) - Beer volumes have grown from roughly 280 million cases to over 400 million cases under current leadership. (Page 8) - Pacifico is identified as a continuing and critically important growth driver, with expanding consumer reach across the U.S. (Page 6) - Modelo continues to show strength and growth potential, both within core Hispanic consumers and the broader market. (Page 6) - Marketing investments are increasing, especially around high-end light beer brands, Pacifico, Victoria, and major events like the World Cup, to support growth. (Page 5) - Limited visibility and cautious consumer behavior impact near-term outlook, but there is confidence in momentum building for long-term growth. (Page 2) - No detailed guidance beyond FY ’27 provided at this time. (Page 6)

- No specific guidance beyond fiscal year 2027 is provided at this time, reflecting continued uncertainty and limited visibility. (Page 7) - The company expects to return to growth beyond FY '27, viewing current headwinds as more cyclical than structural. (Page 6-7) - Operating margins in beer are expected in the 37%-38% range for FY '27, down from prior guidance, influenced by costs related to new capacity (Veracruz brewery) and marketing investments; possibility to return to 40% margin range is not confirmed and likely beyond FY '27. (Page 3) - Wine and spirits target margins remain a medium-term goal in the low 20% range, though achieving this will take longer due to ongoing headwinds and category softness. (Page 8) - Incremental investments in marketing, notably behind brands such as Pacifico and Victoria, aim to drive long-term profitable growth. (Page 6) - Capital expenditures are being managed modularly with an emphasis on financial discipline and shareholder returns; no significant near-term increases expected. (Page 7)

The transcript does not provide specific details regarding current or expected orderbook or pending orders for Constellation Brands. However, some relevant insights include: - Limited visibility and volatility in consumer demand are noted for the fiscal year, impacting outlook and growth expectations. - The company expects a modular approach to capacity additions, managing capital expenditures cautiously. - No specific guidance is provided beyond fiscal '27 for growth or orderbook. - Inventory destocking with distributors will happen throughout the year rather than in a single event. - The emphasis is on maintaining discipline in capital allocation amid uncertain outlooks. In summary, no exact orderbook or pending orders data are disclosed in this call.