Constellation Brands Inc - Class B

Q2 performance + confidence for full-year (guidance reiterated; potentially beat high end) - Management said Q2 beat expectations and reiterated FY27 guidance of comparable EPS: $11.20–$11.90. - CEO expectation: if positive September trends continue, company expects to land at the high end of the EPS range. - Headline drivers cited: marketing reinvestment working, beer outperformance accelerating Q/Q, healthy inventory position heading into Q3.

September improvement: not just calendar timing; demand/engagement strengthening - CEO acknowledged Labor Day timing shift between Aug–Sep, but said impact was largely offset by an extra Q2 sell day, making Q2 roughly neutral. - The key incremental uplift in September was described as non-timing-related acceleration, tied to college football and other programming. - Indications: broad-based consumer recovery across channels, with continued support from portfolio execution + mix.

Channel/inventory dynamics: distributor inventory unwind expected to be “normal,” not a drag - CFO/CEO emphasized distributor inventories are now in a “great position” and still lower than historical averages. - They attributed prior tightness to an overcorrection in FY26 (entered FY27 too light), which drove inefficiencies and required extra Q2 shipping to rebuild/satisfy shelves. - Investor framework given: - Back half should be pretty normal vs prior years. - For full-year, company expects shipments and depletions to track within ~99% (i.e., limited channel unwind risk).