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Smithfield Good food . Responsibly . August 11 , 2026 Kre SINCE 1883 OFF THE BONE ONEY TURKEY BREAST EE 99 % FAT FREE NO MSGADDED ENCE SPA NET WT . 80Z ( 227g ) PEN - RESEALABLE MERC SINCE 193 remi SEASONED- RESHLY SE mithfield Smithfield Foods Second Quarter Fiscal 2026 Smithfield ECKRICH Mathan's FARMER JOHN ARMOUR CARANDO Farmland Cook's CURLY'S Gwaltney Morrell John Kretschmar Margherita Krakus S C MILY SIZE DO Classic Italian PREMIUM DELI ABRUZZESE ITALIAN STYLE MEATBALLS APROPYL GALLATE AND CHIC ADD ADDED TO PROTECT RAIN NET WT 60Z ( 1LB ) BLENDED WITH GRATED CHEESE & HERBS D PARMESAN schm 1883 Prim RELIC by S FARMER JO Premium HOT PO SAUSA ONE M NATURAL JUICES GLUTEN FREE NO MSS ADDED NET WT . 8 OZ ( 227g ) PRODUCT FINGERATED NET WT . 12 02 ( 340 ) EASY OPEN RESEALABLE LIFT HERE CEL Classi MILD n SAL BHA , PROPYL GALLATE AND CITICA TURALLY HARDWO T ESS mithfiel MADE WITH PREMIUM CUTS OF PORK NO ARTIFICIAL FLAVORS OR COLORS NO NITRATES OR NITRITES NET W 190 Farmland . ORIGINAL PORK SAUSAGE ABBED TO HELP PROVESY BLANCATE PRODUCT
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2 Legal Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words, such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “contemplates,” “believes,” or “estimates” or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Specific forward-looking statements in this presentation include our ability to successfully continue to execute our growth strategies; our ability to invest in our growth strategies and increase value for our shareholders; our financial outlook for 2026; our ability to drive multi-year growth; our ability to complete the acquisition of Nathan's Famous and, upon completion, deliver earnings growth for shareholders; and the anticipated payment of annual dividends of $1.25 per share in 2026. We have based the forward-looking statements contained in this presentation primarily on our current expectations, estimates, forecasts and projections about future events and trends that we believe may affect our business, results of operations, financial condition and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this presentation, the results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. We undertake no duty to update any statement made in this presentation in light of new information or future events. The forward-looking statements contained in this presentation are subject to substantial risks and uncertainties that could affect our current expectations and our actual results, including, among others: (1) the cyclical nature of our operations and fluctuations in commodity prices; (2) our dependence on third-party suppliers; (3) our ability to execute on our strategy to optimize the size of our hog production operations; (4) our ability to navigate geopolitical risks including increased tariffs on our exports, (5) our ability to mitigate higher input costs through productivity improvements in our operations, procurement strategies and the use of derivative instruments; (6) our ability to compete successfully in the food industry; (7) our ability to anticipate and meet consumer trends and interests through product innovation; (8) compliance with laws and regulations, including environmental, cybersecurity and tax laws and regulations in the United States and Mexico; (9) our ability to defend litigation brought against us and the sufficiency of our accruals for related contingent losses; (10) our ability to prevent cyberattacks, security breaches or other disruptions of our information technology systems; (11) future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (12) our dividend policy and our ability to pay dividends; and (13) our status as a “controlled company” and any resulting potential conflicts of interest. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or by contacting Smithfield’s Investor Relations Department at ir@smithfield.com or by clicking on SEC Filings on the Smithfield Investor Relations website at investors.smithfieldfoods.com. Non-GAAP Financial Measures This presentation contains certain financial information that is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including (1) adjusted net income attributable to Smithfield; (2) adjusted net income per diluted common share attributable to Smithfield; (3) earnings before interest, taxes, depreciation and amortization ("EBITDA"); (4) adjusted EBITDA; (5) adjusted EBITDA margin; (6) adjusted operating profit; (7) adjusted operating profit margin; (8) net debt; and (9) ratio of net debt to adjusted EBITDA. We refer to these measures as “non-GAAP” financial measures.
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3 Today’s Presenters MARK HALL Chief Financial Officer 12 years of experience at Smithfield SHANE SMITH President and Chief Executive Officer 22 years of experience at Smithfield OUR CEO & CFO STEVE FRANCE President, Packaged Meats 23 years of experience at Smithfield DONOVAN OWENS President, North America Pork 33 years of experience at Smithfield OUR SEGMENT HEADS
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4 Pa Q2 2026 Key Highlights Delivered record adjusted operating profit(1) of $300 million and expanded adjusted operating profit margin(1) to 8.1% from 7.9% a year ago; Record Q2 adjusted net income(1) of $245 million Maintained strong balance sheet and financial position to support future growth and shareholder returns Returning value to shareholders through anticipated annual dividend of $1.25 per share(2) 1 2 3 4 5 Continuous improvement and productivity initiatives drove meaningful cost savings Delivered $265 million in Packaged Meats operating profit,with 13.1% operating profit margin (1) Adjusted Operating Profit, Adjusted Operating Profit Margin and Adjusted Net Income Attributable to Smithfield are non-GAAP measures. Please see the appendix for a reconciliation to the most comparable GAAP measures. (2) Subject to Board approval.
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5 Navigating a Dynamic Environment A record first half against a challenging backdrop — with a clear plan to navigate the second half Cautious Consumer Weaker Meat & Hog Markets Elevated Input Costs Softer Retailer Volumes HOW WE'RE RESPONDING Step up omni-channel marketing Weighted to H2 behind Smithfield, Eckrich & Nathan's Win with innovation Nathan's Grass Fed, Smithfield SMOKEHOUSE RESERVE Bacon, 31 Foodservice LTOs year-to-date Expand distribution & mix Points of distribution up 6.2% this quarter in Key 25 Categories Relentless cost & efficiency focus Continuous improvement mitigating inflation Defending market share: innovation, pricing, distribution & cost — keeping our growth engine intact through the second half. Source: Circana MULO+, 13-week period ended June 28, 2026.
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6 Strategic Priorities Drive Growth & Resiliency Packaged Meats – Increase profits through ongoing product mix improvements, volume growth and innovation Fresh Pork – Maximize net realizable value across channels at a best-in-class cost structure Optimize operations – Drive operating efficiencies across manufacturing, supply chain, distribution, procurement and SG&A M&A – Evaluate synergistic opportunities 1 2 3 4 5 Hog Production – Achieve best-in-class cost structure on retained farms through genetic transformation, herd health improvements and procurement and nutrition savings
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7 Winning Grilling Season Our Four Grilling Categories Gained Volume, Unit, and Dollar Share in Q2 - With Momentum into Q3 DOLLARS +3.2% DOLLAR SHARE +0.2 PTS VOLUME SHARE +0.4 PTS UNIT SHARE +0.4 PTS Source: Circana MULO+, 13-week period ended June 28, 2026 Grilling Categories include: Hot Dogs, Cooked Dinner Sausage, Fresh Pork (Marinated), and Uncooked Dinner Sausage
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8 Shifting Mix to Higher-Margin & Velocity Products Converting legacy holiday hams into premium items that sell faster and earn more — growing units and gaining share across all four value- added categories Refrigerated BBQ Meats +9.5% UNIT GROWTH YoY +1.9 pts unit share Diced and Cubed Ham +5.4% UNIT GROWTH YoY +3.7 pt unit share Cooked Dinner Sausage +2.6% UNIT GROWTH YoY +0.3 pts unit share Dry Sausage +9.8% UNIT GROWTH YoY +1.3 pts unit share Source: Circana MULO+, 13-week period ended June 28, 2026; Dry Sausage includes Deli Pre-Sliced Lunchmeats, Deli Specialty and Dry Sausage (Pepperoni & Salami only).
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9 Packaged Lunch Meat: Runway for Growth Expanding offerings and distribution of packaged lunch meat in a $7 billion category PRIME FRESH Deli quality that delivers packaged lunch meat convenience +9.5% PLM Branded lunch meat volume +1.1 pts PLM Branded Volume Share +24.3% Prime Fresh Total Points of Distribution Growth +18.4% Prime Fresh Volume Sales Growth Prime Fresh % ACV trailing 5 quarters Source: Circana MULO+, 13-week period ended June 28, 2026
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10 Nathan's Grass Fed A premium-sourced protein for today’s consumer — over half of younger shoppers now follow a high-protein diet and are demanding better-for-you options NO Preservatives or by-products NO Artificial flavors or colors NO Corn syrup NO Nitrites or nitrates added #1 GRASS-FED HOT DOG IN THE COUNTRY 40%+ ACV IN SECOND QUARTER AND STILL BUILDING 2 Billion EARNED MEDIA IMPRESSIONS Source: Circana MULO+, 13-week period ended June 28, 2026 H I G H-Q U A L I T Y P R O T E I N — M A D E W I T H 1 0 0 % G R A S S-F E D B E E F
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11 Increasing Our Position on the Digital Shelf Continued brand investment in the second half — Placing greater focus on the Next-Gen Consumer DISCOVERY TRIAL VELOCITY DISTRIBUTION +6.2% Points of Distribution Expanded this quarter — the payoff of the flywheel +21.7% eCommerce Volume Growth For Key 25 Categories in Q2 +15.2% Gen Z Dollar Growth Latest 52 weeks — building next decade's consumer +20% Stepping up ad & promo behind Smithfield, Eckrich & Nathan's Source: Circana MULO+, 13-week period ended June 28, 2026, 52-week period ended June 28, 2026 Marketing Investment YoY
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12 Innovate Products & Customer Solutions Build Strategic National Account Partnerships Build Strategic Distributive Partnerships Grow Private Label Sales Grow Branded Sales Foodservice: Driving Growth Through Innovation KEY STRATEGIC PACKAGED MEATS FOODSERVICE INITIATIVES STRONG CUSTOMER RELATIONSHIPS of the top 50 ranked national foodservice chains serviced (1) of the top national foodservice distributors serviced (2) unaided awareness by chefs and foodservice operators (3) 100% 49% ~70% STRONG FOODSERVICE CHANNEL GROWTH ($MM’s) +1% (1) Top national foodservice chains and foodservice distributors as identified by Technomic based on 2025 sales. (2) Sysco, PFG, US Foods (3) Based on 2024 study by Datassential. Limited-Time-Offers in H1 202631
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13 Leveraging Our Fresh Pork Sales Channels to Utilize the Whole Hog Packaged Meats Domestic ExportAdjacent Business Lines Further Enhance Fresh Pork By Expanding Use & Increasing Value Of Raw Materials
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14 100% of Company-Owned Farms Converted to Group Housing for Pregnant Sows 1,600+ of Company-Owned and Contract Farms in the U.S. ~100% of Hogs Produced Processed by the Fresh Pork Segment Transformational Strategy in Hog Production STRATEGIC PLAN IN PLACE TO OPTIMIZE HOG PRODUCTION OPERATIONS DIFFERENTIATED SUPPLY CHAIN SERVICING DOWNSTREAM SEGMENTS Annual Hog Production (MM Heads) 10% Reduction 40%+ Reduction Support downstream business with assured supply of consistent, high- quality protein Innovate and lead in environmental stewardship and animal care Actively resizing to reduce capital investment and exposure to more volatile areas of the supply chain Lower cost structure through genetic transformation, herd health improvements and procurement and nutrition savings (1) (1) Reflects management’s goal as of the date hereof based on a stated strategy to optimize the size of hog production operationsand is subject to change based on, among other things, third party pricing and availability. Transferred 3.8MM head to independent production in December 2024 and February 2025 to Maintain High Quality While Reducing Commodity Exposure
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15 A Culture of Continuous Improvement Best-In-Class Lean Manufacturing PACKAGED MEATS & FRESH PORK – Continue to improve profitability and ability to offset inflation costs • Improve yields and throughput • Maximize raw material usage • Reduce complexity to drive efficiency Improve Service at Optimal Cost SUPPLY CHAIN & LOGISTICS – Continuously improve supply chain operations • Maximize assets (reduce transport miles, warehouse utilization) • Improve supply and demand planning • Optimize inventory levels Optimize Deployment of Labor – Employ automation and technology to improve processes and advance labor to higher-value tasks across the organization • Improves yields and efficiency • Reduces complexity and lowers our cost basis • Offsets inflationary pressures EMPLOY AUTOMATION & TECHNOLOGY
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16 Secures Rights to Iconic All-Beef Hot Dog Brand into Perpetuity Strengthens Ability to Grow Nathan’s Brand across Retail and Foodservice Channels Transaction Immediately Accretive Smithfield Foods to Acquire(1) Iconic Hot Dog Brand Nathan’s Famous 2 3 1 (1) The closing of the transaction is expected to occur in the second half of 2026, subject to satisfaction of certain conditionsset forth in the merger agreement, including obtaining approval by the holders of a majority of the outstanding Nathan’s Famous common stock, approval from the Committee on Foreign Investment in the United States (CFIUS) and other customary closing conditions.
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17 17(1) Adjusted Operating Profit, Adjusted Operating Profit Margin, Adjusted Net Income Attributable to Smithfield and Adjusted Net Income Attributable to Smithfield per Diluted Common Share are non-GAAP measures. Please see the appendix for a reconciliation of Adjusted Operating Profit, Adjusted Operating Profit Margin and Adjusted Earnings Per Share to the most comparable GAAP measure. Thirteen Weeks Ended June 28, 2026 % Change Thirteen Weeks Ended June 29, 2025 in $MM except EPS in $ / share Sales $3,700 $3,786 -2.3% Adj. Operating Profit (1) $300 $298 +0.4% Adj. Operating Profit Margin (1) 8.1% 7.9% +20bps Adj. EPS (1) $0.62 $0.55 +12.7% Adj. Net Income (1) $245 $217 +13.2% Record Q2 Results Consolidated Results Compared to Prior Year
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18 Strong Packaged Meats Results Despite Pressured Consumers & Higher Input Costs Q2 2026 vs. Q2 2025 (MM’s) • Sales (2.7)% • Sales Volume (5.5)% • Price +2.9% • Adjusted Operating Profit (10.5)% 13.1% 14.2%
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19 Fresh PorkWinning in U.S. Retail Value-Added Q2 2026 vs. Q2 2025 ($MM’s) • Sales (3.5)% • Sales Volume (2.0)% • Price (1.5)% • Adjusted Operating Profit (52.2)% 0.7% 1.4%
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20 Strong Hog Production Profitability Q2 2026 vs. Q2 2025 ($MM’s) • Sales (8.2)% • Adjusted Operating Profit +192.2% 8.3% 2.6%
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21 Strong Financial Position Creates Operational Flexibility Ratio of Net Debt to Adjusted EBITDA (1) Liquidity (2) ($MM) Capital Allocation Strategy Drive Growth Continue to invest in product innovation and marketing to drive profitable growth Reinvest in Business Continue to improve automation and other operating efficiencies, including proposed investment in Sioux Falls Shareholder Return(3) Recommended annual dividends of $1.25 per share Opportunistic M&A Disciplined execution of opportunistic, complementary M&A such as Nathan’s Famous $1,059 $916 $3,837 $3,245 0.8x (1) Ratio of net debt to adjusted EBITDA is defined as net debt divided by adjusted EBITDA for the twelve months ended June 28, 2026 and December 28, 2025. Net debt is defined as long-term debt and finance lease obligations, including the current portion, minus cash and cash equivalents. Ratio of net debt to adjusted EBITDA is a non-GAAP measure. Please see the appendix for a reconciliation of ratio of net debt to adjusted EBITDA to the most comparable GAAP measures. (2) Liquidity is defined as cash and cash equivalents plus available borrowing capacity under our credit facilities. (3) Subject to Board approval.
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22 Flat Compared to FY 25 FY 2026 Guidance (1)(2) Sales Adj. Operating Profit Capex Effective Tax Rate $1,075 - $1,150 MM $1,225 - $1,375 MM Packaged Meats Fresh Pork Hog Production $350 - $450 MM 22.5% - 24.5% $180 - $240 MM $75 - $125 MM (1) The Company’s outlook for fiscal year 2026 includes adjusted operating profit and adjusted segment operating profit. The Company is not able to reconcile its fiscal year 2026 projected adjusted results to its fiscal year 2026 projected GAAP results because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of and the amount of any potential applicable future adjustments, which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort. (2) The Company's outlook for 2026 includes 53 weeks of results. The outlook excludesthe impact of the proposed Nathan's Famous acquisition and investment in the new Sioux Falls processing plant.
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Q&A
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Appendix
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25 Adjusted Net Income Reconciliation Three Months Ended June 28, 2026 June 29, 2025 $ millions, except per share data Net income attributable to Smithfield $238 $188 Reduction in workforce and optimization (1) 4 — Plant closures (2) 3 — Litigation charges — 73 Office closures (3) 1 4 Hog Production Reform (1) — Insurance recoveries (4) — (29) Employee retention tax credits (5) — (10) Other 1 — Income tax effect of non-GAAP adjustments (6) (2) (10) Adjusted net income attributable to Smithfield $245 $217 Net income attributable to Smithfield per diluted common share $0.60 $0.48 Adjusted net income attributable to Smithfield per diluted common share $0.62 $0.55 (1) Consists of employee termination benefits and restructuring costs associated with workforce reduction and administrative process optimization initiatives. (2) Consists primarily of accelerated depreciation charges, retention and severance costs and other incremental costs associated with our decision to exit our leased Springfield, Massachusetts dry sausage production facility. (3) Consists of employee termination benefit costs and other closure costs associated with the planned closure of our satellite offices in Lisle, Illinois and Kansas City, Missouri. (4) Consists of gains recognized in connection with settlements of insurance claims associated with past litigation and property damage. (5) Represents the recognition of employee retention tax credits received under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. (6) Represents the tax effects of the non-GAAP adjustments based on a statutory tax rate of 25.7%.
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26 Adjusted EBITDA Reconciliation Six Months Ended Twelve Months Ended June 28, 2026 June 29, 2025 June 28, 2026 December 28, 2025 $ millions, except percentages Net income $489 $415 $1,072 $998 Interest expense, net 16 22 35 41 Income tax expense 135 134 284 283 Depreciation and amortization 169 165 335 332 EBITDA $809 $736 $1,726 $1,654 Reduction in workforce and optimization (1) 5 9 8 12 Incremental costs from destruction of property (2) 3 — 3 — Plant closures (3) 1 1 1 1 Office closures (4) 1 4 1 4 Litigation charges — 73 — 73 Hog Production Reform (5) (1) (1) (1) (1) Employee retention tax credits (6) — (10) — (10) Insurance recoveries (7) — (35) (2) (36) Company-owned life insurance gain (8) — — (17) (17) Other 1 — 1 — Adjusted EBITDA $820 $777 $1,720 $1,677 Net income 6.5 % 5.5 % 6.9 % 6.4 % Adjusted EBITDA margin 10.9 % 10.3 % 11.1 % 10.8 % (1) Consists of employee termination benefits and restructuring costs associated with workforce reduction and administrative process optimization initiatives. (2) Consists of incremental costs from the destruction of property in connection with a fire at a sow farm in Laverne, Oklahoma. (3) Excludes accelerated depreciation charges as such amounts are included in the depreciation and amortization line in this table. (4) Consists of employee termination benefit costs and other closure costs associated with the planned closure of our satellite offices in Lisle, Illinois and Kansas City, Missouri. (5) Consists of contract termination costs, loss on asset disposals, employee termination benefits and other exit costs associated with our Hog Production Reform initiative. Excludes accelerated depreciation charges as such amounts are included in the depreciation and amortization line in this table. Fiscal year 2025 and twelve months ended June 28, 2026 include a $3 million gain on the sale of certain of our hog farms in Missouri. (6) Represents the recognition of employee retention tax credits received under the CARES Act. (7) Consists of gains recognized in connection with settlements of insurance claims associated with past litigation and property damage. (8) Consists of a gain recognized in the third quarter of 2025 for a one-time benefit on company-owned life insurance policies.
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27 Net Debt to Adjusted EBITDA Reconciliation Trailing 12 Months Ended June 28, 2026 December 28, 2025 $ millions, except ratios Current portion of long-term debt and finance lease obligations $602 $3 Long-term debt and finance lease obligations 1,402 2,000 Total debt and finance lease obligations $2,004 $2,003 Less: Cash and cash equivalents (1,350) (1,539) Net debt $654 $464 Net income $1,072 $998 Adjusted EBITDA $1,720 $1,677 Ratio of total debt and finance lease obligations to net income 1.9 x 2.0 x Ratio of net debt to adjusted EBITDA 0.4 x 0.3 x
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28 (1)Consists of our Mexico and Bioscience operations. (2)Represents general corporate expenses for management and administration of the business. (3)We do not allocate certain items to our operating segments such as litigation charges, exit and disposal costs, insurance recoveries, gains and losses on the sale of property, plant and equipment and other assets, accelerated depreciation, and employee termination benefits, among others. (4)Consists of employee termination benefits and restructuring costs associated with workforce reduction and administrative process optimization initiatives. (5)Consists primarily of accelerated depreciation charges, retention and severance costs and other incremental costs associated with our decision to exit our leased Springfield, Massachusetts dry sausage production facility. (6)Consists of employee termination benefit costs and other closure costs associated with the planned closure of our satellite offices in Lisle, Illinois and Kansas City, Missouri. (7)Represents the recognition of employee retention tax credits received under the CARES Act. (8)Consists of a gain recognized for the settlement of an insurance claim associated with past litigation. Three Months Ended June 28, 2026 Packaged Meats Fresh Pork Hog Production Other (1) Corporate (2) Unallocated (3) Consolidated Operating profit (loss) $265 $14 $64 $(2) $(27) $(24) $290 Reduction in workforce and optimization (4) — — — — — 4 4 Plant closures (5) — — — — — 3 3 Office closures (6) — — — — — 1 1 Hog Production Reform — — — — — (1) (1) Other — — — — — 1 1 Adjusted operating profit (loss) $265 $14 $64 $(2) $(27) $(15) $300 Operating profit (loss) margin 13.1 % 0.7 % 8.3 % (1.4)% NM NM 7.8 % Adjusted operating profit (loss) margin 13.1 % 0.7 % 8.3 % (1.4)% NM NM 8.1 % Three Months Ended June 29, 2025 Packaged Meats Fresh Pork Hog Production Other (1) Corporate (2) Unallocated (3) Consolidated Operating profit (loss) $301 $35 $22 $7 $(26) $(80) $260 Litigation charges — — — — — 73 73 Office closures (6) — — — — — 4 4 Employee retention tax credits (7) (5) (5) — — — — (10) Insurance recoveries (8) — — — — — (29) (29) Adjusted operating profit (loss) $296 $30 $22 $7 $(26) $(31) $298 Operating profit margin 14.5 % 1.7 % 2.6 % 6.1 % NM NM 6.9 % Adjusted operating profit margin 14.2 % 1.4 % 2.6 % 6.1 % NM NM 7.9 % Adjusted Operating Profit Reconciliation
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