Slides
Page 1
Earnings Presentation Q4 Fiscal 2026 1 ✓
Page 2
Today’s Agenda Joshua Levine Chief Investor Relations Officer Welcome Mick Beekhuizen President & CEO Business Update Todd Cunfer Chief Financial Officer Financial Results and Outlook 2 ✓
Page 3
Forward-looking statements Safe Harbor Regarding Forward-Looking Statements This presentation contains "forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations regarding our future results of operations, economic performance, financial condition and achievements. These forward-looking statements can be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "pursue," "strategy," "target," "will" and similar expressions. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts and may reflect anticipated cost savings or implementation of our strategic plan. These statements reflect our current plans and expectations and are based on information currently available to us. They rely on several assumptions regarding future events and estimates which could be inaccurate and which are inherently subject to risks and uncertainties. We wish to caution the reader that the following important factors and those important factors described in our other Securities and Exchange Commission filings, or in our most recent Form 10-K, could affect our actual results and could cause such results to vary materially from those expressed in any forward-looking statements made by, or on behalf of, us: declines or volatility in financial markets, deteriorating economic conditions and other external factors, including the impact of geopolitical conflicts and the impact and application of new or changes to existing governmental laws, regulations, and policies; the risks associated with tariff actions taken by the U.S. and reciprocal tariffs by its trading partners; the risks related to the availability of, and cost inflation in, supply chain inputs, including raw materials, packaging materials, energy, logistics, finished products and labor, including those related to ongoing geopolitical conflicts and tariffs; disruptions in or inefficiencies to our supply chain and/or operations, including reliance on key contract manufacturer and supplier relationships; our ability to execute on and realize the expected benefits from our strategy, including sales growth in and/or maintenance of our market share position in snacks, soups, sauces and beverages; the impact of strong competitive responses to our efforts to leverage brand power with product innovation, promotional programs and new advertising; the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies; changes in consumer demand for our products, evolving consumer preferences and favorable perception of our brands; the risks related to the La Regina transaction, including that the benefits from the transaction may not be fully realized or may take longer or cost more to be realized than expected; our ability to realize projected cost savings and benefits from cost savings initiatives and integration efforts in light of recent acquisitions and strategic investments; risks related to the effectiveness of our hedging activities and our ability to respond to volatility in commodity prices; our ability to manage changes to our organizational structure and/or business processes, including selling, distribution, manufacturing and information management systems or processes; changing inventory management practices by certain of our key customers; a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of our key customers maintain significance to our business; product quality and safety issues, including recalls and product liabilities; the possible disruption to the independent contractor distribution models used by certain of our businesses, including as a result of litigation or regulatory actions affecting their independent contractor classification; the uncertainties of litigation and regulatory actions against us; a disruption, failure or security breach of our or our vendors' information technology systems, including ransomware attacks; our indebtedness and ability to pay such indebtedness; a change in outlook or downgrade in our public credit ratings; impairment to goodwill or other intangible assets; our ability to protect our intellectual property rights; our ability to attract and retain key talent; goals and initiatives related to, and the impacts of, climate change, including from weather- related events; the costs, disruption and diversion of management’s attention associated with activist investors; and unforeseen business disruptions or other impacts due to political instability, civil disobedience, terrorism, geopolitical conflicts, extreme weather conditions, natural disasters, pandemics or other outbreaks of disease or other calamities. This discussion of uncertainties is by no means exhaustive but is designed to highlight important factors that may impact our outlook. We disclaim any obligation or intent to update forward-looking statements in order to reflect new information, events or circumstances after the date of this presentation. Non-GAAP Financial Measures This presentation refers to certain non-GAAP financial measures that are not prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. See the appendix to this presentation for a reconciliation of each non-GAAP financial measure to its most directly comparable financial measure stated in accordance with GAAP. Industry and Market Data This presentation includes industry and market data and forecasts derived from publicly available information, various industry publications, other published industry sources and the management’s knowledge of the industry and the good faith estimates of management. This data involves a number of assumptions and limitations, and there can be no assurance these forecasts and estimates will prove accurate in whole or in part. While we believe that these sources are reliable, we have not independently verified this information. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. 3
Page 4
4 Business Update Mick Beekhuizen President and Chief Executive Officer ✓✓
Page 5
Key Q4 and FY26 results 5 vs. PY (except Adjusted EPS) Q4 FY26 FY26 $ Consumption1 (2.2)% (1.5)% Organic Net Sales* (1)% (2)% Net Sales (8)% (5)% Adjusted EBIT* (25)% (21)% Adjusted EPS* $0.39 $2.17 ✓ *See Non-GAAP reconciliation. 1 Circana Total US MULO+, 13 weeks ending 08/02/26
Page 6
6 Q4 FY26 key messages ✓ 1 Includes a modest contribution from the acquisition of La Regina Q4 performance reflected sustained top-line softness and inflation- driven margin challenges Meals & Beverages organic growth offset by Snacks weakness Transforming Campbell’s requires decisive action Sharpening execution while investing in our best opportunities Restoring growth, rebuilding margins and reducing leverage are foundational to sustainable long-term value creation Accelerating cost savings, cash generation and deleveraging Fiscal 2027 outlook Net sales decline of 2% to 4%1, adjusted EBIT decline of 7% to 12%, and adjusted EPS of $1.65 to $1.80
Page 7
7 Transforming Campbell’s ✓ Strengthened leadership and a streamlined operating model Clarifying decision rights, narrowing our focus and instilling urgency and accountability Getting closer to the consumer in everything we do Scalable capabilities enable faster consumer response Transforming how we build and support our brands Focusing resources on our best opportunities Launching a $500 million enterprise-wide savings program Improving margins and cash flow to invest in our brands Strengthening the balance sheet Improving cash generation and accelerating deleveraging
Page 8
Meals & Beverages Positive in-market performance Continued cooking momentum more than offset declines in eating soups *See Non-GAAP reconciliation. 1 Circana Total US MULO+, 13 weeks ending 08/02/26 8 Q4 FY26 vs. PY FY26 vs. PY Dollar consumption1 0.8% 0.5% Organic Net Sales* 3% (1)% Volume/mix 3% (2)% ✓ 8
Page 9
Meals & Beverages Expanding cooking occasions is a durable tailwind for Campbell’s Amplifying our relevance within everyday meals by meeting consumers where they find inspiration across social, digital and emerging AI-enabled platforms 1 Circana Total US MULO+, FY22-24 consumption growth reflects Campbell’s M&B excluding Sovos Brands; Growth from FY24-26 includes Sovos Brands. % of M&B Segment reflects the timing of the Sovos Brands acquisition at the beginning of Q3’24. 9 +5.3% +4.7% +7.4% +3.2% FY 23 FY 24 FY 25 FY 26 CPB Cooking $ Consumption1 Cooking as % of US Retail 37% 44% 51% 52% >5% 4yr CAGR
Page 10
Meals & Beverages Soup consumption growth led by Swanson, Pacific and Rao’s Semi-scratch cooking trends reaccelerated while declines in eating soups eased1 1 Circana Total US MULO+, 13 weeks ending 08/02/26. 10 CPB $ Consumption 0.9% 10.7% (1.4)% (3.3)% CPB $ Share (0.9) pts (0.4) pts 0.6 pts (0.6) pts Category $ Consumption 2.7% 11.8% (2.1)% (2.0)% Wet Soup Broth Condensed RTS CPB Cooking $ Consumption Q4 FY26 6.7% 3.7% CPB Eating $ Consumption Q4 FY26 (4.3)% (6.4)%
Page 11
Meals & Beverages Rao’s: Consistent strong performance Total Rao’s ~10% consumption growth in Q4 and 11% in FY26, with substantial runway for growth1 1 Circana Total US MULO+, 13 weeks ending 08/02/26. 2 Ipsos April 2026 Brand Health Tracker 11 Italian Sauce Category Consumption1 Rao’s Sauce Consumption1 #1 Q4 8.9% Dollars 8.6% Volume FY26 9.4% Dollars 9.4% Volume Q4 2.7% Dollars -1.3% Volume FY26 2.2% Dollars -1.0% Volume $ Share Brand in Italian Sauce Category Across all Regions1 >$1 Billion Brand Continuing to Win Sustained Momentum • Generated two-thirds of category growth • 25.2% L52 $ share, +170 bps Y/Y1 Long Runway for Growth • 18.9% HH penetration (Prego 32%) 1 • Unaided awareness 26% (Prego 48%)2 • Category expansion story still early days Committed to Growth • Marketing up double-digits, to increase again in FY27 • Acquired 49% stake in La Regina
Page 12
Snacks Q4 FY26 vs. PY FY26 vs. PY Dollar consumption1 (5.1)% (3.7)% Organic Net Sales* (6)% (4)% Volume/mix (6)% (5)% 12 Snacks consumption remains pressured Turnaround supported by strengthened leadership, a streamlined category-led operating model and a clear focus on everyday great execution ✓ *See Non-GAAP reconciliation. 1 Circana Total US MULO+, 13 weeks ending 08/02/26; Total Snacks.
Page 13
1 Circana Total US MULO+, 13 weeks ending 08/02/26 13 Snacks Goldfish progress Refocusing on the brand’s core of families with kids Core returned to growth • HH penetration +30 bps Y/Y • Double-digit ecommerce growth • Successful PokémonTM collaboration Building momentum in FY27 • Expanded media support • Refreshed packaging • New protein, whole grain, and gluten-free offerings $ Consumption Growth (vs. YA)1 0.0% -4.4% -6.6% -3.5% -3.0% -0.6% -0.9% -1.1% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Total Goldfish Goldfish Core +1.6%
Page 14
Milano remains healthy • Low double-digit 2-year growth1 Distinctive portfolio performed well • Chessmen and Maggie’s Apple Pie innovation Pepperidge Farm Fresh bakery execution and cookies innovation to lead to stronger performance Sequential improvement through Q4 • Improved network and in-store execution • Measured return of promotions Fresh Bakery includes Pepperidge Farm Fresh Bakery; Cookies includes Pepperidge Farm Cookies. 1 Circana Total US MULO+, 13 weeks ending 08/02/26 CookiesFresh Bakery 14 Snacks
Page 15
Salty Snacks remained under pressure Turnaround underway but improvement will take time Improved pretzels performance • Snyder’s of Hanover improved, with unflavored portfolio returning to growth • Focusing Snack Factory on core deli-aisle Chips remained under pressure • Competitive kettle chips category dynamics • Grew Late July in FY26 Pretzels includes Snack Factory and Snyder’s of Hanover pretzels; Chips includes Kettle Brand and Cape Cod potato chips, Late July tortilla chips 15 ChipsPretzels Snacks
Page 16
Snacks 16 Snacks Turnaround Begins with Simplification Focus resources on core brands and items, create capacity to invest and strengthen everyday execution ✓ Returning to core fundamentals • Re-focus our brands on core consumer • Simplify assortment and focus innovation, brand support Creating fuel to support our brands • Reduce complexity and costs • Leverage revenue growth management capabilities Everyday Great Execution • Improve service and on-shelf availability • Scale proven cross-functional execution practices
Page 17
17 Wrap Up ✓ Operating environment expected to remain challenging Transforming Campbell’s through decisive, necessary actions Rebuilding margins and creating capacity to invest Strengthening the balance sheet Positioning Campbell’s for sustainable long-term value creation
Page 18
Financial Results and Outlook Todd Cunfer Chief Financial Officer 18
Page 19
Adjusted EBIT* Adjusted EPS*Net Sales $ Millions, except per share Q4 results reflect organic decline, cost headwinds and extra week Organic Net Sales* vs. PY Adjusted EBIT Margin* 13.8% 11.3% $2,321 $2,137 Q4 FY25 Q4 FY26 $321 $242 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 $0.39 (8)% vs. PY (25)% vs. PY (37)% vs. PY Q4 FY26 Key Financial Results $0.62 (3)% (1)% 19*See Non-GAAP reconciliation ✓
Page 20
Net Sales decreased 8% to $2.1 billion Driven by unfavorable vol/mix, partially offset by favorable net price realization Q4 FY26 Net Sales Bridge Q4 FY25 Net Sales Volume / Mix Net Price Realization Currency Acquisition/ 1 Divestiture Q4 FY26 Net Sales $2,137 (8)% vs. PY (1)% vs. PY $ Millions $2,321 (1) pt 0 pts Q4 FY26 Organic Net Sales* 0 pts Includes approx. 1 pt tailwind from lapping prior year ERP-related pull-forward 20*See Non-GAAP reconciliation. 1 Represents the acquisition of La Regina which closed on May 4, 2026. 0 pts ✓ 53rd Week (7) pts
Page 21
Cost inflation pressured gross margin Partially offset by supply chain productivity improvements and cost savings Q4 FY26 Adjusted Gross Profit Margin* Bridge Q4 FY25 Volume / Mix Net Price Realization Inflation / Other Cost Savings and Supply Chain Productivity Improvements 30.5% 28.6% (190) bps vs. PY Q4 FY26 (100) bps +30 bps (530) bps +380 bps 21*See Non-GAAP reconciliation ✓ +30 bps Acquisition
Page 22
Adjusted Administrative Expenses*Adjusted Marketing & Selling Expenses* Q4 FY26 Other Operating Items Operating expense declines largely reflect lower marketing expenses and cost savings % of Net Sales: 8% $197 $186 Q4 FY25 Q4 FY26 8.7%8.5% (6)% vs. PY Q4 FY25 Q4 FY26 $158 $153 7.2%6.8% (3)% vs. PY % of Net Sales: $ Millions 22*See Non-GAAP reconciliation ✓
Page 23
Q4 FY25 Adjusted Gross Profit* Adjusted Marketing & Selling Expenses* Adjusted Administrative & R&D Expenses* Adjusted Other Expenses* Q4 FY26 Net sales and gross margin pressure drove lower adjusted EBIT Q4 FY26 Adjusted EBIT* Bridge Adjusted EBIT Margin* 13.8% (190) bps (50) bps 11.3% (25)% vs. PY $ Millions (20) bps $321 $(98) $11 $5 $3 10 bps $242 23*See Non-GAAP reconciliation
Page 24
Adjusted EPS reflective of lower Adjusted EBIT Includes estimated $0.06, or 7%, impact from extra week in prior year Q4 FY26 Adjusted EPS* Bridge Q4 FY25 $0.62 Adj. EBIT* Adj. Interest* Adj. Taxes* Adj. NCI* Q4 FY26 $0.39 (37)% vs. PY $(0.21) $0.01 $(0.01) 24*See Non-GAAP reconciliation Share Impact $(0.01) $(0.01)
Page 25
Q4 FY25 Q4 FY26 $206 $181 Q4 FY25 Q4 FY26 $1,236 $1,187 Q4 FY26 Meals & Beverages results Organic growth reflects strength in semi-scratch cooking, partially offset by declines in eating soup; profit pressured by cost inflation Net Sales Vol/Mix (4)% 3% Net Price Realization 1% -% Organic Net Sales* vs. PY (3)% 3% Operating Margin 16.7% 15.2% Operating Earnings $ Millions (4)% vs. PY (12)% vs. PY 25*See Non-GAAP reconciliation. ✓
Page 26
Q4 FY26 Snacks results Organic sales and operating earnings pressured by weaker consumption, cost inflation and volume deleverage $ Millions 26*See Non-GAAP reconciliation. Numbers may not add due to rounding. ✓ Q4 FY25 Q4 FY26 $1,085 $950 Q4 FY25 Q4 FY26 $153 $101 (34)% vs. PY (12)% vs. PY Vol/Mix (5)% (6)% Net Price Realization 2% 1% Organic Net Sales* vs. PY (3)% (6)% Net Sales Operating Margin 14.1% 10.6% Operating Earnings
Page 27
Strong cash generation Returned $496 million to shareholders; higher leverage reflects pressured earnings and the La Regina investment; FY27 debt reduction initiatives include resetting the dividend, working capital improvement and disciplined capital spending Capital Allocation Net Cash Flows from Operations FY25 FY26 Invest for Growth Capital Expenditures $426 $361 Return Cash to Shareholders Dividends $459 $470 Share Repurchases $62 $26 $521 $496 Balance Sheet Leverage Ratio* 3.6x 4.3x Capital Allocation $1,131 $1,039 FY25 FY26 $ Millions 27*See Non-GAAP reconciliation ✓
Page 28
FY26 Results FY27 Guidance Net Sales1 Organic Net Sales $9,744 (4)% to (2)% (4)% to (2)% Adjusted EBIT* $1,181 (12)% to (7)% Adjusted EPS* $2.17 (24)% to (17)% $1.65-$1.80 • Low single digit benefit from net pricing • Raw material and packaging inflation of 5-6% • Double-digits logistics inflation • Productivity above 4% of cost of products sold • Total operating expenses to decline slightly, including $50 million impact from resetting incentive plans • Enterprise-wide cost savings of more than $100 million • Adjusted net interest expense of $345 to $350 million • Adjusted effective tax rate of ~24% • Earnings from noncontrolling interest of $15 to $20 million • Diluted share count of ~308 million shares • Capital expenditures of ~$300 million FY27 guidance Outlook Key assumptions $ Millions, Except Per Share 28 *See Non-GAAP reconciliation; 1 Fiscal 2027 net sales to include modest contribution from acquisition of La Regina Note: Fiscal 2027 guidance includes the company’s current understanding of government policy and tariffs, and does not assume any impact from new tariffs or changes to existing tariff rates.
Page 29
Question & Answer Session September 3, 2026 @ 9:00am ET Q4 Fiscal 2026 29
Page 30
Appendix 30
Page 31
($ millions) Reconciliation of GAAP and Non-GAAP Financial Measures 31 Fourth Quarter Net Sales, Impact of Impact of Organic Net Sales, Organic Impact of Impact of Impact of August 2, 2026 As Reported Currency Acquisiton Net Sales As Reported Net Sales Currency Acquisition 53rd Week Meals & Beverages $ 1,187 $ 1 $ (5) $ 1,183 (4%) 3% 0% 0% (7%) Snacks 950 - - 950 (12%) (6%) 0% 0% (7%) Total Net Sales $ 2,137 $ 1 $ (5) $ 2,133 (8%) (1%) 0% 0% (7%) Net Sales, Impact of Organic August 3, 2025 As Reported 53rd Week Net Sales Meals & Beverages $ 1,236 $ (88) $ 1,148 Snacks 1,085 (78) 1,007 Total Net Sales $ 2,321 $ (166) $ 2,155 % Change
Page 32
($ millions) Reconciliation of GAAP and Non-GAAP Financial Measures 32 Fourth Quarter Net Sales, Impact of Impact of Organic Net Sales, Organic Impact of Impact of August 3, 2025 As Reported Currency 53rd Week Net Sales As Reported Net Sales Divestitures 53rd Week Meals & Beverages 1,236 $ 1 $ (88) $ 1,149 0% (3%) (4%) 7% Snacks 1,085 - (78) 1,007 2% (3%) (3%) 7% Total Net Sales $ 2,321 $ 1 $ (166) $ 2,156 1% (3%) (3%) 7% Net Sales, Impact of Organic July 28, 2024 As Reported Divestitures Net Sales Meals & Beverages $ 1,231 $ (47) $ 1,184 Snacks 1,062 (28) 1,034 Total Net Sales $ 2,293 $ (75) $ 2,218 % Change
Page 33
Three Months Ended Three Months Ended August 2, 2026 August 3, 2025 $ (58) $ 145 (21) 39 83 85 $ 4 $ 269 Interest, net Earnings before interest and taxes, as reported Net earnings (loss), as reported Taxes ($ millions) Reconciliation of GAAP and Non-GAAP Financial Measures 33
Page 34
($ millions, except per share amounts) Reconciliation of GAAP and Non-GAAP Financial Measures 34 Fourth Quarter EBIT Margin % Earnings Income to NCI Net Earnings (loss) attr to CPB Accretion NCI Unrecognized Accretion on deferred consideration Net Earnings (loss) attributable to CPB - Diluted Diluted EPS 2026 – As Reported $ 4 0.2% $ (58) $ 2 $ (60) $ (5) $ (4) $ (69) $ (0.23) Costs associated with cost savings and optimization initiatives 75 58 - 58 - - 58 0.19 Commodity mark-to-market losses 14 10 - 10 - - 10 0.03 Pension and postretirement actuarial and curtailment losses 7 5 - 5 - - 5 0.02 Recognized accretion on deferred consideration - 1 - 1 - - 1 - Impairment charges 117 88 - 88 - - 88 0.29 Costs associated with acquisition 22 16 1 15 - - 15 0.05 Certain litigation expenses 3 3 - 3 - - 3 0.01 Accretion NCI - - - - 5 - 5 0.02 Unrecognized accretion on deferred consideration - - - - - 4 4 0.01 2026 – Adjusted $ 242 11.3% $ 123 $ 3 $ 120 $ - $ - $ 120 $ 0.39 2025 – As Reported $ 269 11.6% $ 145 $ 145 $ 0.48 Costs associated with cost savings and optimization initiatives 34 26 26 0.09 Pension and postretirement actuarial losses 22 17 17 0.06 Commodity mark-to-market gains (3) (2) (2) (0.01) Certain litigation recoveries (1) (1) (1) - 2025 – Adjusted $ 321 13.8% $ 185 $ 185 $ 0.62 $ Change - Adjusted $ (79) $ (62) $ (65) $ (0.23) % Change - Adjusted (25%) (250) bps (34%) (35%) (37%)
Page 35
($ millions) Reconciliation of GAAP and Non-GAAP Financial Measures 35 Twelve Months Net Sales, Impact of Impact of Organic Net Sales, Organic Impact of Impact of August 2, 2026 As Reported Currency Acquisition Net Sales As Reported Net Sales Acq/Div 53rd Week Meals & Beverages $ 5,928 $ (6) $ (5) $ 5,917 (4%) (1%) (2%) (1%) Snacks 3,816 - - 3,816 (6%) (4%) 0% (2%) Total Net Sales $ 9,744 $ (6) $ (5) $ 9,733 (5%) (2%) (1%) (2%) Net Sales, Impact of Impact of Organic August 3, 2025 As Reported Divestitures 53rd Week Net Sales Meals & Beverages $ 6,179 $ (99) $ (88) $ 5,992 Snacks 4,074 (9) (78) 3,987 Total Net Sales $ 10,253 $ (108) $ (166) $ 9,979 % Change
Page 36
($ millions) Reconciliation of GAAP and Non-GAAP Financial Measures 36 Twelve Months Ended Twelve Months Ended August 2, 2026 August 3, 2025 $ 405 $ 602 124 194 323 328 $ 852 $ 1,124 Earnings before interest and taxes, as reported Net earnings, as reported Taxes Interest, net
Page 37
($ millions, except per share amounts) Reconciliation of GAAP and Non-GAAP Financial Measures 37*The sum of the individual per share amounts may not add due to rounding Twelve Months EBIT Margin % Earnings Income to NCI Net Earnings attr to CPB Accretion NCI Unrecognized Accretion on deferred consideration Net Earnings attr to CPB - Diluted Diluted EPS* 2026 – As Reported $ 852 8.7% $ 405 $ 2 $ 403 $ (5) $ (4) $ 394 $ 1.31 Costs associated with cost savings and optimization initiatives 202 154 - 154 - - 154 0.51 Commodity mark-to-market gains (6) (5) - (5) - - (5) (0.02) Pension and postretirement actuarial and curtailment gains (23) (18) - (18) - - (18) (0.06) Recognized Accretion on deferred consideration - 1 - 1 - - 1 - Impairment charges 117 88 - 88 - - 88 0.29 Costs associated with acquisition 26 20 1 19 - - 19 0.06 Cybersecurity incident recoveries (1) (1) - (1) - - (1) - Certain litigation expenses 14 11 - 11 - - 11 0.04 Accretion NCI - - - - 5 - 5 0.02 Unrecognized accretion on deferred consideration - - - - - 4 4 0.01 2026 – Adjusted $ 1,181 12.1% $ 655 $ 3 $ 652 $ - $ - $ 652 $ 2.17 2025 – As Reported $ 1,124 11.0% $ 602 $ 602 $ 2.01 Costs associated with cost savings and optimization initiatives 125 96 96 0.32 Commodity mark-to-market gains (11) (8) (8) (0.03) Accelerated amortization 20 15 15 0.05 Impairment charges 176 131 131 0.44 Charges associated with divestitures 25 34 34 0.11 Certain litigation expenses 5 5 5 0.02 Pension and postretirement actuarial losses 24 18 18 0.06 Cybersecurity incident recoveries (1) (1) (1) - 2025 – Adjusted $ 1,487 14.5% $ 892 $ 892 $ 2.97 $ Change - Adjusted $ (306) $ (237) $ (240) $ (0.80) % Change - Adjusted (21%) (240) bps (27%) (27%) (27%)
Page 38
($ millions) Reconciliation of GAAP and Non-GAAP Financial Measures 38 Fourth Quarter Net Interest Gross Profit GP % Expense EBT Tax Tax Rate 2026 – As Reported $ 583 27.3% $ 83 $ (79) $ (21) 26.6% Costs associated with cost savings and optimization initiatives 11 - 75 17 Commodity mark-to-market losses 14 - 14 4 Recognized accretion on deferred consideration - (2) 2 1 Pension and postretirement actuarial losses - - 7 2 impairment charges - - 117 29 Certain litigation expenses - - 3 - Costs associated with acquisition 3 - 22 6 2026 – Adjusted $ 611 28.6% $ 81 $ 161 $ 38 23.6% 2025 – As Reported $ 705 30.4% $ 85 $ 184 $ 39 21.2% Costs associated with cost savings and optimization initiatives 7 - 34 8 Commodity mark-to-market gains (3) - (3) (1) Pension and postretirement actuarial losses - - 22 5 Certain litigation recoveries - - (1) - 2025 – Adjusted $ 709 30.5% $ 85 $ 236 $ 51 21.6% $ Change – Adjusted $ (98) $ (4) $ (75) $ (13) % Change – Adjusted (14%) (190) bps (5%) (32%) (25%) 200 bps
Page 39
($ millions) Reconciliation of GAAP and Non-GAAP Financial Measures 39 Fourth Quarter Marketing & Selling Expenses Other Expenses / (Income) 2026 – As Reported $ 188 $ 147 Costs associated with cost savings and optimization initiatives (2) - Pension and postretirement actuarial losses - (7) Impairment charges - (117) Costs associated with acquisition - (19) 2026 – Adjusted $ 186 $ 4 % of Net Sales – Adjusted 8.7% 0.2% 2025 – As Reported $ 202 $ 29 Costs associated with cost savings and optimization initiatives (5) - Pension and postretirement actuarial losses - (22) 2025 – Adjusted $ 197 $ 7 % of Net Sales – Adjusted 8.5% 0.3% % of Net Sales Change – Adjusted 20 bps (10) bps $ Change – Adjusted $ (11) $ (3) % Change - Adjusted (6%) (43%)
Page 40
($ millions) Reconciliation of GAAP and Non-GAAP Financial Measures 40 Fourth Quarter Administrative R&D Expenses Expenses Total 2026 – As Reported $ 164 $ 28 $ 192 Costs associated with cost savings and optimization initiatives (8) (2) (10) Certain litigation expenses (3) - (3) 2026 – Adjusted $ 153 $ 26 $ 179 % of Net Sales – Adjusted 7.2% 1.2% 8.4% 2025 – As Reported $ 172 $ 26 $ 198 Costs associated with cost savings and optimization initiatives (15) - (15) Certain litigation recoveries 1 - 1 2025 – Adjusted $ 158 $ 26 $ 184 % of Net Sales – Adjusted 6.8% 1.1% 7.9% % of Net Sales Change - Adjusted 40 bps 10 bps 50 bps $ Change – Adjusted $ (5) $ - $ (5) % Change - Adjusted (3%) 0% (3%)
Page 41
Reconciliation of GAAP and Non-GAAP Financial Measures 41 ($ millions, except per share amounts) 2026 – Adjusted 2025 – Adjusted $ Change Deduct: 2025 Adjusted tax rate impact on Net Interest Impact to Net Earnings Fourth Quarter 2025 Diluted Shares Adjusted Diluted EPS Impact $ 81 Fourth Quarter – Adjusted Diluted EPS Impact from Adjusted Net Interest Expense Net Interest Expense 85 $ 4 $ (1) $ 3 299 $ 0.01
Page 42
Reconciliation of GAAP and Non-GAAP Financial Measures 42 ($ millions, except per share amounts) 2026 – Adjusted 2025 – Adjusted $ Change Deduct: 2025 Adjusted tax rate impact Impact to Net Earnings Fourth Quarter 2025 Diluted Shares Adjusted Diluted EPS Impact $ (62) 299 $ (0.21) EBIT $ 242 321 $ (79) $ 17 Fourth Quarter – Adjusted Diluted EPS Impact from Adjusted EBIT
Page 43
Reconciliation of GAAP and Non-GAAP Financial Measures 43 ($ millions, except per share amounts) Adjusted Diluted EPS Impact from Change in Adjusted Tax Rate 2026 – Adjusted EBT $ 161 Increase in Adjusted Tax Rate (2.0%) Adjusted EBT multiplied by the Change in Adjusted Tax Rate $ (3) Fourth Quarter 2025 Diluted Shares 299 Adjusted Diluted EPS Impact $ (0.01) Fourth Quarter
Page 44
Reconciliation of GAAP and Non-GAAP Financial Measures 44 ($ millions, except per share amounts) 2026 – Adjusted 2025 – Adjusted $ Change Deduct: 2025 Adjusted tax rate impact on NCI Impact to Net Earnings Fourth Quarter 2025 Diluted Shares Adjusted Diluted EPS Impact $ (2) 299 $ (0.01) - $ (3) $ 1 Fourth Quarter – Adjusted Diluted EPS Impact from Adjusted NCI Adjusted NCI $ 3
Page 45
Reconciliation of GAAP and Non-GAAP Financial Measures 45 ($ millions) Net Debt August 2, 2026 August 3, 2025 Short-Term Borrowings $ 977 $ 762 Long-Term Debt 6,160 6,095 Total Debt $ 7,137 $ 6,857 Less: Cash and Cash Equivalents (394) (132) Net Debt $ 6,743 $ 6,725
Page 46
Reconciliation of GAAP and Non-GAAP Financial Measures 46 ($ millions) Twelve Months Ended August 2, 2026 $ 405 124 323 $ 852 202 (23) (6) Costs associated with acquisition 26 (1) 117 14 $ 1,181 $ 413 (26) $ 387 $ 1,568 $ 6,743 4.3 Net Earnings, as reported Taxes Pension and postretirement actuarial and curtailment gains Net Debt to Adjusted EBITDA Adjusted Depreciation and amortization Adjusted Earnings before interest, taxes, depreciation and amortization Net Debt Interest, net Earnings before interest and taxes, as reported Adjusted Earnings before interest and taxes Depreciation and amortization, as reported Costs associated with cost savings and optimization initiatives Costs associated with cost savings and optimization initiatives Commodity mark-to-market gains Cybersecurity incident recoveries Impairment charges Certain litigation expenses
Page 47
Reconciliation of GAAP and Non-GAAP Financial Measures 47 ($ millions) Twelve Months Ended August 3, 2025 $ 602 194 328 $ 1,124 125 24 (11) 25 20 (1) 176 5 $ 1,487 $ 434 (31) (20) $ 383 $ 1,870 $ 6,725 3.6Net Debt to Adjusted EBITDA Certain litigation expenses Net Debt Accelerated amortization Accelerated amortization Adjusted Depreciation and amortization Adjusted Earnings before interest, taxes, depreciation and amortization Impairment charges Adjusted Earnings before interest and taxes Depreciation and amortization, as reported Costs associated with cost savings and optimization initiatives Cybersecurity incident recoveries Net Earnings, as reported Pension and postretirement actuarial losses Commodity mark-to-market gains Charges associated with divestitures Costs associated with cost savings and optimization initiatives Taxes Interest, net Earnings before interest and taxes, as reported
Page 48
Reconciliation of GAAP and Non-GAAP Financial Measures 48 ($ millions) *The sum of the individual per share amounts may not add due to rounding First Quarter EBIT Earnings Diluted EPS* 2026 – As Reported $ 336 $ 194 $ 0.65 Costs associated with cost savings and optimization initiatives 34 26 0.09 Commodity mark-to-market losses 2 2 0.01 Cybersecurity incident recoveries (1) (1) 0.00 Certain litigation expenses 10 7 0.02 Costs associated with acquisition 2 2 0.01 2026 – Adjusted $ 383 $ 230 $ 0.77