Fiscal 2025 Guidance Assumptions: Enterprise net sales growth of 6 – 7%; Beer: net sales growth of 7 – 9%; Wine and Spirits: net sales decline of 0.5% to growth of 0.5%; Enterprise operating income growth: reported of 10% – 12% and comparable of 8 – 10%; Beer: operating income growth of 10 – 12%; Wine and Spirits: operating income decline of 9 – 11%; Corporate expense: $260 million; Interest expense: $445 – $455 million; Tax rate: reported and comparable approximately 18.5%; Weighted average diluted shares outstanding: approximately 183 million inclusive of share repurchases; Operating cash flow: $2.8- $3.0 billion; Capital expenditures: $1.4 – $1.5 billion, including approximately $1.2 billion targeted for Mexico beer operations activities; Free cash flow: $1.4-$1.5 billion
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