Slides
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Hormel Foods
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LEGAL DISCLOSURE FORWARD-LOOKING ST A TEMENTS This presentation contains forward-looking statements, which are based on the Company's current assumptions and expectations. These statements are typically accompanied by the words "aim," "anticipate," "believe," "could," “estimate,” "expect," “intend,” "may," "might," “plan,” “project,” "seek," “target,” "will," "would," or similar words or expressions. The principal forward-looking statements in this presentation include statements regarding the Company's fiscal 2026 outlook and future financial and operational performance. All such forward-looking statements are intended to enjoy the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended. Although the Company believes there is a reasonable basis for the forward-looking statements, its actual results could be materially different. The most important factors which could cause the Company's actual results to differ from its forward-looking statements include, but are not limited to, risks related to the deterioration of economic conditions; risks related to acquisitions, joint ventures, equity investments, and divestitures; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; the risk of disruption of operations; the risk that the Company may fail to realize anticipated cost savings or operating profit improvements associated with strategic initiatives, including the T ransform and Modernize initiative and the Company's recent corporate restructuring plan; risk of unfavorable changes in the Company's relationships with third parties; risk of the Company's inability to protect information technology (IT) systems against, or effectively respond to, cyber-attacks, security breaches or other IT interruptions; labor relations and labor availability risks; food safety risks; fluctuations in commodity prices and availability of raw materials and other inputs; fluctuations in market demand for the Company's products; risks related to the Company's ability to respond to changing consumer preferences; damage to the Company's reputation or brand image; risks of litigation; risks associated with government regulation; risks related to trade policies, export and import controls, and tariffs; and the other risks and uncertainties described in Item 1A – Risk F actors of the Company’s most recent Annual Report on F orm 10-K and Quarterly Reports on F orm 10-Q, which can be accessed at www.hormelfoods.com in the "Investors" section. Though the Company has attempted to list comprehensively these important cautionary risk factors, the Company cautions that other factors may in the future prove to be important in affecting the Company’s business or results of operations. F orward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement except as otherwise required by law. NON-GAAP FINANCIAL MEASURES This presentation contains certain non-GAAP financial measures, including organic net sales and adjusted diluted earnings per share. Non-GAAP measures are not intended to be a substitute for GAAP measures in analyzing financial performance. These non-GAAP measures are not in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. Please see the discussion of non-GAAP measures at the end of this presentation for more information.
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years 135 Trusted for Strong balance sheet manufacturing facilities globally 30+ Multi- channel presence Protein- packed portfolio in net sales $12B Fiscal year 2025 Dividend Aristocrat years of dividend increases 60 HRL
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HORMEL FOODS TODA Y RET AIL FOODSERVICE F ocused on protein-centric portfolio Deep consumer understanding Innovative solutions for every meal and snacking occasion Leader in product categories 40+ Category leader in foodservice pepperoni and bacon Differentiated direct selling organization with 200+ team members Operator-focused innovation INTERNA TIONAL 30 years of operations in China Winning with iconic brands across high-growth markets Global insights fueling next-generation products go-to-market strategies: Multinational, Exports and Partnerships 3 consecutive quarters of organic net sales growth 10 Source: Circana 52 weeks ended 11-02-2025 - MUL O; NielsenIQ T otal US xAOC 52 weeks ended 10-25-25; SPINS T otal US Natural 52 weeks ended 10-5-202 1 . Non- G AAP m easure . See a pp endix: Non- G AAP Measures f or m ore in f or m ation 1
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T o update image 2025: Resetting Our F oundation Solid top-line performance Trusted brands delivering on consumer and operator needs Despite top-line momentum, earnings were challenged
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2026 Actionable, clear path for profitable growth
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Sharpening our focusHOW WE’LL WIN IN 2026 1
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HOW WE’LL WIN IN 2026 2 Implementing targeted pricing actions
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HOW WE’LL WIN IN 2026 Transforming & modernizing how we operate 3
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Reducing costs & reinvesting where it matters most HOW WE’LL WIN IN 2026 4
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HOW WE’LL WIN IN 2026 Optimizing towards a more centralized, connected organization 5
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Preliminary Q1 Fiscal 2026Solid start to the year 5th consecutive quarter of organic net sales growth Results on track with expectations Well-positioned to deliver profitable growth1 Non-GAAP measure. See Appendix: Non-GAAP Measures for more information
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Portfolio ShapingAnnouncement Announced definitive agreement to sell whole-bird turkey business Sharpening our strategic focus on value-added Jennie-O® turkey Minimal impact expected to adjusted fiscal 2026 results Transaction expected to close in Q2 fiscal 2026 1 Non-GAAP measure. See Appendix: Non-GAAP Measures for more information.
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Adjusted diluted earnings per share Organic net sales 1-4%+ Non-GAAP measure. See Appendix: Non-GAAP Measures for more information. 1 4-10%+ 1 Reaffirming our fiscal 2026 outlook
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John Ghingo, President
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Consumer MOVEMENT GOOGLE SEARCH TRENDS OF PROTEIN OVER TIME (INDEXED TO 100) 100 75 50 25 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: Google T rends
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Because consumers recognize the benefits of protein... Perceived Consumer Benefits of Protein of consumers intentionally consume protein 2/3 Over Source: International F ood Information Council strength and endurance Energy feeling of wellbeing Heal thy aging Bone HEAL TH MET ABOLIC HEAL TH WEIGHT MANAGEMENT GUT HEAL TH IMMUNE FUNCTION SA TIETY
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Protein is an expansive MOVEMENT Across generations Across need statesAcross the world Across channels
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A global appetite for protein $5.6B AP AC $13.5B $11.2B $2.1B $19.6B Regional protein market size expected to grow considerably from 2024-2033 EUROPE LA T AM NORTH AMERICA $24.2B $5.5B $30.96B Source: Data Horizons Research
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Driven across generations Percentage of consumers wanting to eat more protein, by age 43% 51% 46.5% 38.6% Gen Z Millennials Gen X Baby Boomers *Changes from 2024-2025 Source: Circana +6.7* +1.8* +4.4* +2.3*
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Breakfast Afternoon snack Lunch Morning Snack Dinner 0 10 20 30 40 Driven across occasions & need states Attributes sought across meal occasions in the US, 2025 Source of protein Filling Boost my energy Source: International F ood Information Council Percentage
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And it’s not just consumers demanding protein, but operators as well Source: Datassential: Menu T rends YE September 2025 30g protein 32g protein 23g protein OUR MENU SIGNA TURE PROTEIN BOWLS 29g protein Avo Chicken Grain Bowl Charred Beef Noodles565 Cal 680 Cal past 4-year growth of protein callouts on menus 165%
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“Unlocking GLP-1 success: Why protein is your secret weapon” The demand for protein isn’t slowing down The GLP-1 market is exploding—projected to grow from $62B in 2026 to $158B in 2035 Source: Research & Markets Source: Colorado Medical Society Source: realfood.gov
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But not just any protein of U.S. consumers say they are more likely to purchase products labeled as “natural” or “free from artificial ingredients 60%protein REAL FOOD Source: Numerator's 2025 protein market report
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FOOD SHOULD BE JOYFUL
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FOOD SHOULD BE DELICIOUS
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FOOD SHOULD BE ENERGIZING
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FOOD SHOULD BE COMFORTING
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FOOD SHOULD BE SUST AINING
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FOOD SHOULD BE EXCITING
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FOOD SHOULD BE NOURISHING
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of consumers indicate convenience as a main factor that influences their choice 38% We make protein EASY Source: Circana
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of Americans chose protein sources based on flavor 66% We make protein DELICIOUS Source: International F ood Information Council
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We make protein of U.S. adults say the cost of groceries is a major source of stress 53%WORK FOR YOU Source: AP NORC
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And we are the that consumer company WINS WITH PROTEIN
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ENTERPRISE CLARITY We’ve reinvigorated our purpose and mission POWER OF OUR PORTFOLIO We’ve built a powerful portfolio of brands and product platforms A P A TH TO WINNING We’re turning potential into decisive action OUR UNIQUE POSITION
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OUR PURPOSE OUR MISSION ENTERPRISE CLARITY
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OUR MISSIONOUR PURPOSE ENTERPRISE CLARITY We create trusted, protein-powered solutions to nourish people & strengthen communities Fueling every day with real food for real life
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BREADTH OF OUR PORTFOLIO ® ® ®
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BREADTH OF CHANNELS GROCERY K-12 CONVENIENCE STORE COLLEGE & UNIVERSITY E-COMMERCE HEAL THCARE
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Meeting this moment means putting our energy WHERE IT COUNTS
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EXP AND Strengthen our protein-powered brands Build enterprise-wide growth platforms Originate what consumers and operators need next TRANSFORM ACCELERA TE Fuel growth through talent and capabilities Unlock growth through our supply chain Simplify, streamline and evolve our company Modernize our technology and data A P A TH TO WINNING
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Strengthen our protein-powered brands EXP AND 1
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RET AIL PORTFOLIO PRIORITIES ® ® TOP 8 BRANDS NEXT SOURCES OF GROWTH
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nut- powered fuel SUBST ANTIAL SNACKING
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Convenience without compromise CONVENIENT BREAKF AST
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Build enterprise-wide growth platforms EXP AND 2
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GLOBAL SUSHI OUT OF THE CAN
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THE FLA VORS OF MEXICO AUTHENTIC MEXICAN
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Originate what consumers and operators need next EXP AND 3
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CRISPY, JUICY, F AST BREADED CHICKEN
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GAME-CHANGING BACON Easy and convenient
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Unlock growth through our supply chain TRANSFORM Buy Plan Make Move 4
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NEAR -TERM FOCUS AREAS Network Optimization F oundational ProcessesModernization Investments
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Simplify, streamline and evolve our company TRANSFORM 5
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PORTFOLIO SHAPING Hormel Health Labs Justin’s PORTFOLIO REFOCUS Mountain Prairie Whole Birds COMMODITY DIVESTMENT
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V alue-added protein focus #1 brand in retail ground turkey Organized to win in F oodservice Reducing commodity exposure Moving forward in turkey Source: Circana: 52 weeks ended 1-25-26 - T otal US MUL O
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Modernize our technology and data TRANSFORM 6
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Fuel growth through talent and capabilities ACCELERA TE 7
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Executive Vice President, Retail Domenic Borelli Chief Marketing Officer Jason Levine Chief T echnology Officer Group Vice President, Enterprise Performance Jeff Baker Background Natosha Walsh Group Vice President, Retail Sales Leadership Appointments Chief Supply Chain Officer Will Bonifant
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Full enterprise leadership team Swen Neufeldt President, Hormel F oods International David Weber Group Vice President, Foodservice Paul Kuehneman Interim Chief Financial Officer Colleen Batcheler Senior Vice President, External Affairs Katie Clark Chief Communications Officer Kevin Myers Senior Vice President, R&D and Food Safety and Quality Katie Larson Senior Vice President, Human Resources Pierre Lilly Chief Compliance Officer Executive Vice President, Retail Domenic Borelli Chief Marketing Officer Jason Levine Chief T echnology Officer Group Vice President, Enterprise Performance Jeff Baker Natosha Walsh Group Vice President, Retail Sales Chief Supply Chain Officer Will Bonifant
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2026 is the year that will help fuel our future
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2-3% Organic net sales growth Our long-term growth algorithm Non-GAAP measure. See Appendix: Non-GAAP Measures for more information. 1 5-7% Operating income growth
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FUELING EVERY DA Y WITH REAL FOOD FOR REAL LIFE
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FUELING REAL LIFE
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THANK YOU Fueling Real Life
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This presentation includes measures of financial performance that are not defined by U.S. generally accepted accounting principles (GAAP). The Company utilizes these non-GAAP measures to understand and evaluate operating performance on a consistent basis. These measures may also be used when making decisions regarding resource allocation and in determining incentive compensation. The Company believes these non-GAAP measures provide useful information to investors because they aid analysis and understanding of the Company’s results and business trends relative to past performance and the Company’s competitors. Non-GAAP measures are not intended to be a substitute for GAAP measures in analyzing financial performance. These non-GAAP measures are not calculated in accordance with GAAP and may be different from non-GAAP measures used by other companies. The company has not provided a reconciliation of its Fiscal 2026 outlook for organic net sales or adjusted diluted earnings per share, as it is not able as of this date, without unreasonable effort, to finalize items required to develop a meaningful comparable GAAP financial measure. Non-GAAP Measures
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1.3% 0.3% 1.6% 0.33 0.01 (0.03) 0.01 0.01 0.34 $ $ Quarter Ended January 25, 2026 Net Sales Growth (GAAP) Justin’s, LLC Divestiture Organic Net Sales Growth (Non-GAAP) Quarter Ended January 25, 2026 Diluted Earnings Per Share (GAAP) Transform and Modernize Initiative Gain on Justin’s, LLC Divestiture Corporate Restructuring Plan Other Adjusted Diluted Earnings Per Share (Non-GAAP) Reconcilia tion of Preliminary Q1 Fiscal 2026 Non-GAAP Measures to GAAP Measures