Slides
Page 1
NASDAQ: CALM | January 7, 2026 Cal-Maine Foods Reports Second Quarter Fiscal 2026 Results
Page 2
Cautionary Statements This presentation contains numerous forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) relating to our business, including, potential future supply of and demand for our products, potential future corn and soybean price trends, potential future impact on our business of the resurgence in United States (“U.S.”) commercial table egg layer flocks of highly pathogenic avian influenza (“HPAI”), estimated future production data, expected construction schedules, projected construction costs, potential future impact on our business of inflation and changing interest rates, potential future impact on our business of new legislation, rules or policies, potential outcomes of legal proceedings, including loss contingency accruals and factors that may result in changes in the amounts recorded, other projected operating data, including anticipated results of operations and financial condition, and potential future cash returns to stockholders including the timing and amount of any repurchases under our share repurchase program. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “plans,” “projected,” “contemplates,” “anticipates,” or similar words. Actual outcomes or results could differ materially from those projected in the forward-looking statements. The forward-looking statements are based on management’s current intent, belief, expectations, estimates, and projections regarding the Company and its industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions, and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward looking statements include, among others, (i) the risk factors set forth in Part I, Item 1A. Risk Factors of our 2025 Annual Report on Form 10-K as well as those included in other reports we file from time to time with the Securities and Exchange Commission (the “SEC”) (including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K),(ii) the risks and hazards inherent in the shell egg, egg products and prepared foods operations (including, as applicable, disease, pests, weather conditions, and potential for product recall), including but not limited to the current outbreak of HPAI affecting poultry in the U.S., Canada and other countries that was first detected in commercial flocks in the U.S. in November 2023 and that first impacted our flocks in December 2023, (iii) changes in the demand for and market prices of shell eggs and feed costs as well as increase in input costs for prepared foods, (iv) our ability to predict and meet demand for cage-free and other specialty eggs, (v) risks, changes, or obligations that could result from our recent or future acquisition of new flocks or businesses, such as our acquisition of Echo Lake Foods completed June 2, 2025, and risks or changes that may cause conditions to completing a pending acquisition not to be met, (vi) our ability to successfully integrate and manage recently acquired businesses like Echo Lake Foods and realize the expected benefits of such acquisitions including synergies, cost savings, reduction in earnings volatility, margin expansion, financial returns, expanded customer relationships, or sales or growth opportunities, (vii) our ability to compete effectively with existing competitors and new market entrants, retain existing customers, acquire new customers and grow our product mix including our prepared foods product offerings, (viii) the impacts and potential future impacts of government, customer and consumer reactions to recent high market prices for eggs, (ix) potential impacts to our business as a result of our Company ceasing to be a “controlled company” under the rules of The Nasdaq Stock Market on April 14, 2025, (x) risks relating to potential changes in inflation, interest rates and trade and tariff policies, (xi) adverse results in pending litigation and other legal matters, and (xii) global instability, including as a result of the war in Ukraine, the conflicts involving Israel and Iran, and attacks on shipping in the Red Sea. The actual timing, number and value of shares repurchased under our share repurchase program will be determined by management in its discretion and will depend on a number of factors, including but not limited to, the market price of our Common Stock and general market and economic conditions. The share repurchase program may be suspended, modified or discontinued at any time without prior notice. Readers are cautioned not to place undue reliance on forward-looking statements because, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. Further, forward looking statements included herein are made only as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to update publicly these forward-looking statements, whether because of new information, future events, or otherwise. 2
Page 3
Strategic Priorities Position Cal-Maine Foods for Durable, Profitable Growth Acceleration Pursue disciplined, accretive M&A & strategic organic investments Resilience Leverage scale, vertical integration, and operational & financial excellence Growth Expand Specialty Eggs + Prepared Foods 3
Page 4
Second Quarter and First Half Fiscal 2026 Highlights 4 "Despite the impact of eggs prices, we believe our performance in the second quarter and first half of the fiscal year demonstrates strength and momentum. With lower egg prices, our increasingly diversified business model, paired with disciplined execution, proved to be a source of resilience." —Sherman Miller, President & CEO Net Sales Q2 FY26 H1 FY26 $769.5mm $1.692bn ↓19.4% ↓2.8% Net Income Attributable to Cal-Maine Q2 FY26 H1 FY26 $102.8mm $302.1mm ↓53.1% ↓18.1% Diluted EPS Q2 FY26 H1 FY26 $2.13 $6.26 ↓52.3% ↓17.0% Net Cash Flow from Operations Q2 FY26 H1 FY26 $94.8mm $373.4mm ↓22.8% ↑55.5% Gross Profit Q2 FY26 H1 FY26 $207.4mm $518.7mm ↓41.8% ↓14.0% Operating Income Q2 FY26 H1 FY26 $123.9mm $373.1mm ↓55.5% ↓19.8%
Page 5
Strengthening Earnings Durability & Predictability 5 31% 46% 65% 47% 4% 6% Q2 FY25 Q2 FY26 Specialty Eggs + Prepared Foods Growth Engines & Diversification (% net sales) Specialty Eggs + Prepared Foods Conventional Eggs Egg Products + Other +1,520 bps Specialty Eggs + Prepared Foods Grew to 46% of Net Sales in Q2 FY26
Page 6
32% 44% 68% 56% Q2 FY25 Q2 FY26 Mix Shift Towards Specialty Eggs (% shell egg sales) Specialty Eggs Conventional Eggs Strengthening Earnings Durability & Predictability 6 +1,230 bps Specialty Eggs Expanded to 44% of Shell Egg Sales in Q2 FY26
Page 7
Investing to Expand Prepared Foods Capabilities 7 17mm lbs Launched a $15 million network optimization and capacity expansion project that is expected to add 17 million pounds annually of scrambled egg production by mid-fiscal 2027 12mm lbs Builds on our previously announced $14.8 million high- speed pancake line, which is expected to add another 12 million pounds of capacity through early fiscal 2027 18mm lbs Scaling our joint venture, Crepini Foods, which is investing $7 million through fiscal 2028 to add 18 million pounds of capacity, expanding production more than sevenfold +30% over 18-24 months Total Prepared Foods capacity to increase more than 30% over the next 18–24 months Growth
Page 8
$180.5 28% $74.9 12% $92.1 14% $299.0 46% H1 FY26 Balanced Capital Allocation for Long-Term Value Creation 8 $66.4 32% $74.8 35% $46.8 22% $23.7 11% Q2 FY26 $423.1 41% $128.8 12% $187.8 18% $303.7 29% TTM Q2 FY26 “We repurchased 846,037 shares of our common stock during the quarter for a total of $74.8 million, reflecting our confidence in the long- term outlook of our business and the value of our shares. These transactions were completed under our current share repurchase authorization, which permits the repurchase of up to $500 million, of which $375.2 million remains available.” —Max Bowman, CFO Dividends Repurchases CapEx M&A
Page 9
Five Levers of Total Shareholder Returns 9 TSR = Dividends One-third of GAAP net income → steady base layer of shareholder returns Share Repurchases Opportunistic buybacks under $500mm authorization EPS Growth Volume expansion, efficiency gains, margin expansion as Specialty Eggs + Prepared Foods scale Mix Uplift Higher -margin Specialty Eggs + Prepared Foods shift → increased mid- cycle earnings Multiple Expansion Growth execution + improved transparency → converge toward branded peers + + + +
Page 10
Cal-Maine Foods: A Rare Combination of Value + Growth 10 Value Attributes Growth Attributes The Cal-Maine Advantage Stability & Returns • Disciplined Capital Stewardship • Balance Sheet Strength • Robust Operating Cash Flow • Essential Food Staple Expansion & Upside • Specialty Eggs + Prepared Foods Growth Engines • Accretive M&A • Secular Tailwinds • Durable Base Returns + Growth Engines • Diversification Across Products, Channels & Customers • Compounding TSR Potential
Page 11
Cal-Maine Foods, Inc. 1052 Highland Colony Parkway, Suite 200 Ridgeland, Mississippi 39157 601-948-6813 ir@cmfoods.com