Constellation Brands delivered stronger-than-expected operating margins in Q3 despite volume declines, while maintaining full-year guidance against a challenging macroeconomic backdrop.

• Q3 beer operating margins exceeded expectations, driven by cost-saving initiatives and favorable pricing, despite volume and tariff headwinds.
• The company remains committed to long-term capacity expansion, planning to add 7 million hectoliters by FY28 while managing CapEx based on volume projections.
• FY27 and FY28 margin guidance will be reassessed in April, reflecting worsened macroeconomic conditions since initial guidance.
• December saw performance in line with expectations, supported by strong brand health during the holiday season.
• Continuous monitoring of brewery capacity and strategic investments is underway to optimize operational efficiency.