Constellation Brands Half-Year Report 2024

“Our Beer Business this quarter delivered doubledigit net sales and operating income growth. Modelo Especial continued to outperform the market as the top share gainer and solidified its position as the #1 Beer in U.S. tracked channels. Meanwhile, our higher-end wine brands, Meiomi and Kim Crawford outperformed their corresponding segment in tracked channels and we continue to expect solid growth acceleration and margin improvement from our overall Wine and Spirits Business in the second half.”

Highlights

• Constellation’s Beer Business posted a 12% net sales increase driven by an uplift in shipments of 8.7%, reflecting continued strong demand across our high-end portfolio. Depletion volume grew 7.9%, with selling days flat year-over-year, driven by:
• Modelo Especial growing nearly 9%;
• Modelo Chelada brands posting over 40% growth;
• Corona Extra delivering approximately 1% growth; and
• Pacifico accelerating growth to 15%.
• In Circana channels, our Beer Business continued to outperform the entire beer and high-end categories in dollar sales growth and volume growth. Constellation was the #1 share gainer in market dollars for a ninth consecutive quarter and now has 6 of the top 15 share gaining brands across Total Beer driven by:
• Modelo Especial remaining the #1 brand share gainer and the #1 brand in the entire U.S. beer category in dollar sales;
• Modelo Chelada brands continuing to be the #1 chelada in the U.S. beer market, and holding nearly 70% market share of the entire chelada segment;
• Corona Extra being the #3 high-end beer brand; and
• Pacifico remaining the #7 share gainer in the high-end.