Constellation Brands : Earnings Release And Financial Tables FY 2022

Exhibit 99.1

Strong FY22 Performance and Cash Flow Highlighted by Beer Business Beer Business Delivers Outstanding Net Sales and Operating Income Growth

Company's Capital Allocation Strategy Remains Unchanged

Earnings Before

Diluted Net Income

(Loss) Per Share

Net	Operating	Interest & Taxes	Attributable to CBI	Diluted EPS
Sales	Income	(EBIT)	(EPS)	Excluding Canopy

Fiscal Year 2022 Financial Highlights (1) | In millions, except per share data
Reported	$8,821	$2,332	NA	$(0.22)	NA
% Change	2%	(16%)	NA	(102%)	NA
Comparable	$8,821	$2,936	$2,789	$10.20	$10.99
% Change	2%	2%	1%	2%	5%
Fourth Quarter Fiscal Year 2022 Financial Highlights (1)
Reported	$2,103	$678	NA	$2.07	NA
% Change	8%	21%	NA	6%	NA
Comparable	$2,103	$659	$623	$2.37	$2.55
% Change	8%	17%	17%	30%	32%

(1) Definitions of reported, comparable, and organic, as well as reconciliations of non-GAAP financial measures, are contained elsewhere in this news release.

NA=Not Applicable

HIGHLIGHTS

• • Achieves fiscal 2022 reported basis EPS of $(0.22) and comparable basis EPS of $10.20, including Canopy equity losses of $0.80; excluding Canopy equity losses, achieved comparable basis EPS of $10.99, an increase of 5%

• • Beer Business delivers strong fiscal 2022 net sales growth and operating margin performance despite COGS headwinds

• • Wine and Spirits Business delivers strong organic net sales growth mostly driven by Meiomi, Kim Crawford, and The Prisoner; marketplace performance for high-end brands continues to outpace the overall U.S. wine and spirits category for fiscal 2022

• • Generates strong operating and free cash flow of $2.7 billion and $1.7 billion, respectively, for fiscal 2022

• • Returns nearly $2 billion to shareholders in share repurchases and dividends in fiscal 2022 and plans $500 million of share repurchases in the first quarter of fiscal 2023; when completed, will achieve approximately 75% of $5 billion commitment; fiscal 2023 guidance includes $500 million of first quarter share repurchases only

• • Provides fiscal 2023 reported basis EPS outlook of $11.15 - $11.45 and comparable basis EPS outlook of $11.20 - $11.50

• • Provides fiscal 2023 operating cash flow target of $2.6 - $2.8 billion and free cash flow projection of $1.3 - $1.4 billion

• • Declares quarterly cash dividend of $0.80 per share Class A and $0.72 per share Class B common stock representing solid growth

"Driven by a relentless focus on building brands consumers love, our business continues to gain momentum. Despite various headwinds, we extended our leadership position in the high-end of the U.S. beer market, our high-end wine and spirits brands continue to outpace the industry complimented by successful innovation, we continue to invest aggressively in our core business, and we've set a strong foundation for future growth."

Bill Newlands

President and Chief Executive Officer

"Our capital allocation strategy remains unchanged and includes a focus on maintaining an investment-grade rating, returning capital to shareholders through dividends and share repurchases, and investing in the growth of the business. In fiscal 22 alone, our strong operating results and powerful cash generation capability enabled us to return almost $2 billion in capital to shareholders as part of our $5 billion commitment by the end of fiscal 23."

Garth Hankinson

Chief Financial Officer

beer

ShipmentsDepletions

Net SalesOperating Income

Year Ended | In millions; branded product, 24-pack, 12-ounce case equivalents
February 28, 2022	364.2	$6,751.6	$2,703.3
February 28, 2021	334.6	$6,074.6	$2,494.3
% Change	8.8%	8.9%	11%	8%
Three Months Ended
February 28, 2022	83.2	$1,565.7	$613.6
February 28, 2021	75.7	$1,376.7	$506.3
% Change	9.9%	9.8%	14%	21%

FISCAL YEAR 2022 HIGHLIGHTS

• • Constellation's Beer Business posted depletion growth of nearly 9%, marking the 12th consecutive year of volume growth, driven by continued strong demand in off-premise channels, as well as a return to growth in on-premise channels. When adjusted for two extra selling days, generated approximately 8% depletion growth.

• • In IRI channels, the Beer Business significantly outpaced the total beer category, the high-end segment, and was the #1 dollar share gainer, adding 1.2 market share points.

• • Modelo Especial achieved nearly 15% depletion growth and became the #2 beer brand and #1 share gainer in the entire

  U.S. beer category in dollar sales in IRI channels; Modelo Chelada posted depletion growth of over 30% and solidified its position as the #1 Chelada in the U.S. beer market.

• • Corona Extra sustained its reinvigorated growth trajectory, reported depletion growth of 9%, and positioned itself as the #3 brand in the high-end.

• • Operating margin decreased 110 basis points to 40.0%, as benefits from favorable pricing, marketing as a percent of net sales, and mix were more than offset by increased COGS driven by obsolescence, higher brewery and material costs, and increased depreciation.

wine and spirits

Shipments

FOURTH QUARTER FISCAL 2022 HIGHLIGHTS

• • Constellation's Beer Business posted depletion growth of nearly 10% driven by the continued strength of Modelo Especial and Corona Extra. When adjusted for one extra selling day, the Beer Business generated over 8% depletion growth.

• • Distributor inventories returned to more normal levels during the quarter as cases shipped continued to exceed cases depleted.

• • Modelo Especial delivered 17% depletion growth while

  Corona Extra achieved 9% depletion growth, and were the #1 and #2 dollar share gainers, respectively, among import brands in

  IRI channels.

• • Operating margin increased 240 basis points to 39.2%, as benefits from decreased marketing and SG&A spend, favorable pricing, and foreign currency were partially offset by increased COGS.

• • Marketing as a percent of net sales was 9.5% versus 12.5% for fourth quarter fiscal 2021. Marketing spend shifted to the second half of fiscal 2021 due to COVID-related sporting or sponsorship cancellations resulting in a favorable comparison in fourth quarter fiscal 2022.

Organic	Organic	Operating
Shipments (1)	Net Sales (1)	Income (2)

Depletions (1)

Net Sales (2)

Year Ended | In millions; branded product, 9-liter case equivalents
February 28, 2022	29.9	29.9	$2,069.1	$2,069.1	$470.7
February 28, 2021	45.0	29.1	$2,540.3	$1,898.0	$622.4
% Change	(33.6%)	2.7%	(5.8%)	(19%)	9%	(24%)
Three Months Ended
February 28, 2022	7.7	7.7	$536.8	$536.8	$121.8
February 28, 2021	9.4	7.9	$576.3	$512.5	$114.6
% Change	(18.1%)	(2.5%)	(6.6%)	(7%)	5%	6%

(2) Year ended and three months ended February 28, 2021, includes (i) $642.3 million and $63.8 million of net sales, respectively, and (ii) $238.4 million and $21.3 million of gross profit less marketing, respectively, that are no longer part of the wine and spirits segment results.

FISCAL YEAR 2022 HIGHLIGHTS

• • Increased focus on our higher-end price segments yielded benefits as our fine wine and craft spirits portfolio achieved double-digit net sales growth driven by The Prisoner and High West.

• • Strong organic net sales growth was driven by favorable price and double-digit shipment volume growth for Meiomi and

  Kim Crawford, which also generated robust mix benefits.

• • Meiomi cabernet sauvignon and Kim Crawford Illuminate sauvignon blanc held the top two spots among new high-end products released over the last two years in IRI channels.

• • Operating margin decreased 180 basis points to 22.7%, as mix benefits from divestitures and favorable price were more than offset by increased marketing and SG&A spend as a percent of net sales and increased COGS driven by freight and warehousing costs.

FOURTH QUARTER FISCAL 2022 HIGHLIGHTS

• • Consumer takeaway accelerated as Meiomi and The Prisoner Wine Company produced double-digit sales growth in IRI channels.

• • Meiomi and Kim Crawford Illuminate were both top 3 share gainers within the ultra premium and super premium price segments in IRI channels, respectively.

• • Innovation continued to flourish as Woodbridge 3-liter box was the #1 new premium box brand and The Prisoner pinot noir was among the top 3 new super luxury SKUs in IRI channels.

• • Operating margin increased 280 basis points to 22.7%, primarily reflecting favorable price and mix benefits combined with the timing of marketing spend related to the impact of COVID; partially offset by unfavorable foreign currency, increased SG&A, and COGS headwinds driven by higher freight and warehousing costs.

outlook

The table sets forth management's current EPS expectations for fiscal 2023 compared to fiscal 2022 actual results, on a reported basis, a comparable basis, and a comparable basis excluding Canopy equity earnings (losses) and related activities.

Reported Basis

FY23 EstimateFY22 Actual

Comparable Basis
FY23 Estimate	FY22 Actual
(Excl. Canopy)	FY22 Actual	(Excl. Canopy)

Fiscal Year Ending February 28 $11.15 - $11.45

$10.20

$10.99

Fiscal 2023 Guidance Assumptions:
• Beer: net sales growth 7 - 9%; operating income growth 2 - 4%	• Weighted average diluted shares outstanding: approximately
• Wine and Spirits: net sales decline 1 - 3%; operating income	189 million; assumes $500 million of share repurchases in Q1
growth 4 - 6%	• Operating cash flow: $2.6 - $2.8 billion
• Interest expense: $350 - $360 million	• Capital expenditures: $1.3 - $1.4 billion, including approximately
• Tax rate: reported and comparable excluding Canopy equity	$1.2 billion targeted for Mexico beer operations activities
earnings impact approximately 20%	• Free cash flow: $1.3 - $1.4 billion

Our guidance does not reflect future changes in the fair value of the company's investment in Canopy's warrants and convertible debt securities. Additionally, the company continues to evaluate the future potential equity earnings impact from the Canopy equity method investment and related activities and, as such, these items have been excluded from the guidance assumptions noted above.

BEER BUSINESS CAPITAL EXPANSION

The company plans to invest in the next increment of capacity in Mexico that will provide the long-term flexibility needed to support the expected future growth of its high-end Mexican beer portfolio. Total capital expenditures for the Beer Business are expected to be $5.0 billion to $5.5 billion over fiscal 2023 to fiscal 2026, with the majority of spend expected to occur in the first three years of that timeframe. The investment will support an additional 25 million to 30 million hectoliters of total capacity and includes construction of a new brewery in Southeast Mexico in the state of Veracruz, as well as continued expansion, optimization, and/or construction at the company's existing sites in Nava and Obregon.

For the first quarter of fiscal 2022 we recorded a $666 million impairment on the Mexicali facility, which is included above in the fiscal 2022 reported basis EPS results. The company continues to work with government officials in Mexico to (i) determine next steps for our suspended Mexicali Brewery construction project and (ii) pursue various forms of recovery for capitalized costs and additional expenses incurred in establishing the brewery, however, there can be no assurance of any recoveries.

canopy

Constellation's share of Canopy's equity earnings (losses) and related activities were as follows:

Reported

Comparable

Basis

Basis

Year Ended I In millions
February 28, 2022	$(73.6)	$(178.2)
February 28, 2021	$(679.0)	$(146.2)
Three Months Ended
February 28, 2022	$(34.1)	$(35.6)
February 28, 2021	$(258.0)	$(37.4)

Constellation has recognized a $534 million unrealized net loss in reported basis results since the initial Canopy investment in November 2017; a $1,645 million and $110 million decrease in the fair value of our Canopy investment was recognized for fiscal 2022 and fourth quarter of fiscal 2022, respectively.

ESG philosophy and strategy

As an agricultural-based company, we have a long history of operating sustainably and responsibly and believe doing our part is important to the future success of our business and our communities. As we continue our commitment to being a thoughtful steward of resources, our stakeholders can expect us to deliver measured but meaningful environmental, social, and governance ("ESG") plans over time. In the near-term, we are focused on:

• • Reducing our Scope 1 and Scope 2 greenhouse gas emissions by 15% between the periods fiscal 2020 to fiscal 2025

• • Restoring approximately 1.1 billion gallons of water withdrawals from critical watersheds and improve water accessibility in disadvantaged communities where we operate between the periods fiscal 2023 to fiscal 2025

To learn more about these targets and our ESG philosophy, strategy, and work that is underway, please visit our Sustainability page. We will publish our comprehensive Company Impact Report in the Fall to highlight our continued progress towards achieving our targets and disclose data regarding our ESG efforts, which will include certain information using the SASB reporting framework.

QUARTERLY DIVIDEND

On April 6, 2022, Constellation's board of directors declared a quarterly cash dividend of $0.80 per share of Class A Common Stock and $0.72 per share of Class B Convertible Common Stock, payable on May 19, 2022, to stockholders of record as of the close of business on May 5, 2022.

† A copy of this news release, including the attachments and other financial information that may be discussed during the call, will be available on our investor relations website, ir.cbrands.com, prior to the call.

SUPPORTING OUR COLLEAGUES, INDUSTRY, AND COMMUNITIES CELEBRATING WOMEN'S HISTORY MONTH WITH DRESS FOR SUCCESS

Beyond our walls, we strive to support the advancement of women in our communities. Services such as those provided by Dress for Success ("DFS")-an organization whose mission is to empower women to achieve economic independence-are needed more than ever. We are proud to be a corporate DFS partner, and provide support to a number of local affiliates through ongoing activations by WISE (Win. Inspire. Support. Elevate.), our business resource group that offers networking and development opportunities for women of all levels at Constellation. WISE promoted DFS's Your Hour, Her Power® annual campaign for Women's History Month and International Women's Day, and the company committed to matching employee contributions 2:1. The Your Hour, Her Power® pledge asks individuals to donate one hour of pay to help other women gain financial independence and professional mobility. Between employee and company contributions, we raised $15,000 for the The Your Hour, Her Power® Women's History Month campaign.

ABOUT CONSTELLATION BRANDS

At Constellation Brands (NYSE: STZ and STZ.B), our mission is to build brands that people love because we believe sharing a toast, unwinding after a day, celebrating milestones, and helping people connect, are Worth Reaching For. It's worth our dedication, hard work, and the bold calculated risks we take to deliver more for our consumers, trade partners, shareholders, and communities in which we live and work. It's what has made us one of the fastest-growing large CPG companies in the U.S. at retail, and it drives our pursuit to deliver what's next.

Today, we are a leading international producer and marketer of beer, wine, and spirits with operations in the U.S., Mexico, New Zealand, and Italy. Every day, people reach for our high-end, iconic imported beer brands such as Corona Extra, Corona Light, Corona Premier, Modelo Especial, Modelo Negra, and Pacifico, our fine wine and craft spirits brands, including The Prisoner Wine Company, Robert Mondavi Winery, Casa Noble Tequila, and High West Whiskey, and our premium wine brands such as Meiomi and Kim Crawford.

But we won't stop here. Our visionary leadership team and passionate employees from barrel room to boardroom are reaching for the next level, to explore the boundaries of the beverage alcohol industry and beyond. Join us in discovering what's Worth Reaching For.

To learn more, follow us on Twitter @cbrands and visitwww.cbrands.com.

MEDIA CONTACTS

INVESTOR RELATIONS CONTACTS

Mike McGrew	773-251-4934	[e-mail]	[e-mail]
Amy Martin	585-678-7141	[e-mail]
#WORTHREACHINGFOR I 4

Patty Yahn-Urlaub 585-678-7483

SUPPLEMENTAL INFORMATION

Reported basis ("reported") are amounts as reported under generally accepted accounting principles. Comparable basis ("comparable") are amounts which exclude items that affect comparability ("comparable adjustments"), as they are not reflective of core operations of the segments. The company's measure of segment profitability excludes comparable adjustments, which is consistent with the measure used by management to evaluate results. The company discusses various non-GAAP measures in this news release. Financial statements, as well as supplemental schedules and tables reconciling non-GAAP measures, together with definitions of these measures and the reasons management uses these measures, are included in this news release.

FORWARD-LOOKING STATEMENTS

The statements made under the heading Outlook, and all statements other than statements of historical fact set forth in this news release regarding Constellation Brands' business strategy, future operations and business, future financial position, expected effective tax rates and anticipated tax liabilities, estimated revenues, projected costs and expenses, expected net sales and operating income, estimated diluted EPS, expected capital expenditures, expected operating cash flow and free cash flow, future payments of dividends, amount, manner and timing of share repurchases under the share repurchase authorization, ESG plans and targets, and prospects, plans, and objectives of management, as well as information concerning expected actions of third parties, are forward-looking statements (collectively, the "Projections") that involve risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by the Projections.

During the current quarter, Constellation Brands may reiterate the Projections. Prior to the start of the company's quiet period, which will begin at the close of business on May 31, 2022, the public can continue to rely on the Projections as still being Constellation Brands' current expectations on the matters covered, unless the company publishes a notice stating otherwise. During Constellation Brands' quiet period, the Projections should not be considered to constitute the company's expectations and should be considered historical, speaking as of prior to the quiet period only and not subject to update by the company.

The Projections are based on management's current expectations and, unless otherwise noted, do not take into account the impact of any future acquisition, investment, merger, or any other business combination, divestiture, restructuring or other strategic business realignments, financing or share repurchase that may be completed after the issuance of this release, potential common stock declassification, or incremental contingent consideration payment paid or specific amount of incremental contingent consideration payment received in association with the Wine and Spirits Divestitures (as defined below). The Projections should not be construed in any manner as a guarantee that such results will in fact occur. The actual impact of COVID-19 and its associated operating environment may be materially different than management's expectations.

In addition to the risks and uncertainties of ordinary business operations, the Projections of the company contained in this news release are subject to risk, uncertainty, and possible variance from management's expectations regarding:

• • duration and impact of the COVID-19 pandemic, including but not limited to new variants, vaccine efficacy and immunization rates, closures of non-essential businesses, which may include our manufacturing facilities, and other associated governmental containment actions, and the increase in cybersecurity attacks that have occurred while non-production employees work remotely;

• • raw material, water supply, production, or shipment difficulties could adversely affect our ability to supply our customers;

• • actual impact to supply, production levels, and costs from wildfires, severe weather events, global supply chain logistics, and transportation challenges due to, among other reasons, the actual severity and geographical reach of wildfires and severe weather events and actual supply chain and transportation performance;

• • impact of the Wine and Spirits Divestitures, the Concentrate Business Divestiture, and the Paul Masson Divestiture (each as defined below) and amount and timing of cost reductions, if any;

• • amount of contingent consideration, if any, received in the Wine and Spirits Divestitures will depend on actual future brand performance;

• • beer operations expansion, optimization, and/or construction activities, scope, capacity, costs, capital expenditures, timing associated with these activities, and amount of impairment or other costs and expenses from non-recoverable brewery construction assets in Mexico may vary due to market conditions, our cash and debt position, receipt of regulatory approvals on the expected dates and terms, results of discussions with government officials in Mexico, actual amount of non-recoverable brewery construction assets and other costs, and other factors determined by management;

• • accuracy of supply projections, including relating to wine and spirits operating activities, beer operations expansion, optimization, and construction activities, product inventory levels, and glass sourcing;

• • operating cash flow, free cash flow, effective tax rate and capital expenditures to support long-term growth;

  Constellation Brands, Inc. FY2022 Earnings Release

• • accuracy of projections associated with market opportunities, new products, and previously announced acquisitions, investments, and divestitures;

• • accuracy of projections relating to and potential future impairment of the Canopy investment;

• • exact duration of the share repurchase implementation and the amount, timing, and source of funds for any share repurchases and number of shares outstanding;

• • amount and timing of future dividends which are subject to the determination and discretion of our Board of Directors and may be impacted if our ability to use cash flow to fund dividends is affected by unanticipated increases in total net debt, we are unable to generate cash flow at anticipated levels, or we fail to generate expected earnings;

• • general economic, geopolitical, domestic, international, and regulatory conditions, world financial market instability, recession, health epidemics or pandemics, unanticipated environmental liabilities and costs, or enhanced competitive activities;

• • inflationary pressures and our ability to pass along rising costs to consumers through increased selling prices;

• • impact of the military conflict in Ukraine and associated geopolitical tensions and responses, including on inflation, supply chains, commodities, energy, and cybersecurity;

• • changes to international trade agreements, tariffs, accounting standards, elections, assertions, or policies, tax laws, or other governmental regulations, and other factors which could impact the company's reported financial position, results of operations, effective tax rate, or accuracy of any associated Projections;

• • changes in interest rates and the inherent unpredictability of currency fluctuations, commodity prices, and raw materials; and

• • other factors and uncertainties disclosed in the company's filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended February 28, 2021 which could cause actual future performance to differ from current expectations.