Overview Key strengths Key risks Above industry-average growth rates. Aggressive shareholder return policy. Strong brand portfolio. High geographic concentration in the US compared with peers. Strong free operating cash flow (FOCF) generation. Evolving ownership structure as the current controlling family owners consider relinquishing control. Net sales growth for the fiscal year ended Feb. 28, 202,2 continued to meet expectations, underpinned 11% year-over-year beer segment growth that more than offset a 19% decline in wine and spirits segment growth after the divestitures of various wine businesses in the fourth quarter of last fiscal year. Adjusted EBITDA margins increased 170 basis points (bps) year-over-year to 38.3% in fiscal 2022. Strong pricing and improved brewing capacity utilization largely offset input cost inflation while
