Item 2. PROPERTIES

We operate breweries, wineries, distilleries, and bottling plants, many of which include warehousing and distribution facilities on the premises, as well as standalone warehouses and through a joint venture, we operate a glass production plant. In addition to our principal physical properties described below, certain of our businesses maintain office space for sales and similar activities and offsite warehouse and distribution facilities in a variety of geographic locations.

Our corporate headquarters are located in a leased office in Rochester, New York. Our segments also maintain leased office spaces in other locations in the U.S. and internationally.

We believe that our facilities, taken as a whole, are in good condition and working order. Within the Beer segment, we believe we have adequate capacity to meet our current needs and we have undertaken activities to increase our production capacity to address our anticipated future demand. Within the Wine and Spirits segment, we believe we have adequate capacity to meet our needs for the foreseeable future. As of February 28, 2026, our principal physical properties by segment, all of which are owned unless otherwise noted, consist of:

			Beer									Wine and Spirits
Breweries •Nava Brewery in Nava •Obregón Brewery in Obregón •Veracruz Brewery in Veracruz (1) Warehouse, distribution, and other production facilities •Glass Plant in Nava •Warehouse in Arlington, Texas (2) •Warehouse in Hutchins, Texas (2) •Warehouse in Jacksonville, Florida (2) •Warehouse in Jurupa Valley, California (2)									Wineries •Kim Crawford Winery in Marlborough, New Zealand •The Prisoner Wine Company in St. Helena, California •Robert Mondavi Winery in Oakville, California Warehouse, distribution, and other production facilities •Lodi Distribution Center in Lodi, California •Pontassieve Winery in Florence, Italy

(1)Initial production is expected to commence around the middle of Fiscal 2027.

(2)This is a leased facility.

Within our Wine and Spirits segment, as of February 28, 2026, we owned, leased, or had interests in approximately 6,300 acres of vineyards in New Zealand, 2,300 acres of vineyards in the U.S., and 1,400 acres of vineyards in Italy.