Constellation Brands, Inc.

Greetings, and welcome to the Constellation Brands Q2 Fiscal Year 2026 Earnings Call. At this time, all participants are in listen-only mode. A question-and-answer session will begin shortly. You may be placed into question queue at any time by pressing star 1 on your telephone keypad, and we ask you to please limit yourselves to one question. As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Blair Venema, Vice President, Investor Relations. Please go ahead, Blair.

Thank you, Kevin. Good morning, all, and welcome to Constellation Brands Q2 Fiscal 26 Conference Call. I am here this morning with Bill Newlands, our CEO, and Garth Hankinson, our CFO. We trust you had the opportunity to review the news release, CEO and CFO commentary, and accompanying quarterly slides made available in the Investors section of our company's website, www.cbrands.com. On that note, as a reminder, reconciliations between the most directly comparable GAAP measure and any non-GAAP financial measures discussed on this call are included in the news release and website. And we encourage you to also refer to the news release and Constellations SEC filings for risk factors that may impact forward-looking statements made on this call. Before turning the call over to Bill and Garth, please keep in mind that, as usual, answers provided today will be referencing comparable results unless otherwise specified. Lastly, in line with prior quarters, I would ask that you limit yourselves to one question per person, which will help us to end our call on time. Thanks in advance, and over to your questions.

Thank you. We'll now be conducting a question and answer session. As a reminder, please limit yourselves to one question, and if you'd like to be placed into question queue, please press star 1 at this time. If you'd like to remove your question, press star 2. A confirmation tone will indicate your line is in the question queue. Our first question today is coming from Nick Motey from RBC Capital Markets. Your line is now live.