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BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE SEPTEMBER 2, 2025
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MARK SMUCKER CHIEF EXECUTIVE OFFICER & CHAIR OF THE BOARD
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FORWARD-LOOKING STATEMENTS ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ ∙ This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows, that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from any future results, performance, or achievements expressed or implied by those forward-looking statements. Users should understand that the risks, uncertainties, factors, and assumptions listed and discussed in this presentation could affect the future results of the Company and could cause actual results to differ materially from those expressed in the forward-looking statements. Users are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this presentation. The Company does not undertake any obligation to update or revise these forward-looking statements, which speak only as of the date made, to reflect new events or circumstances.
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Ambition of Over $1 Billion in Free Cash Flow Annually Consumers Turn to Brands They Know & Trust Consumer-Led Innovation Strong Portfolio of Leading Brands Operate in Attractive Categories WORLD-CLASS MODEL BALANCED MODEL CONFIDENT IN POTENTIAL LONG-TERM GROWTH BRAND BUILDING CAPITAL DEPLOYMENT TODAY’S THEMES
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STRATEGY IS WORKING OUR deliver top-line growth supported by strong consumer demand for our leading brands LONG-TERM VALUE FOR OUR SHAREHOLDERS CREATE Our portfolio continues to deliver TOP-LINE GROWTH supported by STRONG CONSUMER DEMAND for our portfolio of leading brands
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KEY GROWTH PLATFORMS Prioritizing resources to our largest growth opportunities through our ® ® SWEET BAKED SNACKS COFFEE FROZEN HANDHELD & SPREADS PET FOOD
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COFFEE U.S. Retail SOURCE: SMUCKER INTERNAL CIRCANA MULTI-OUTLET SHARE REPORT 52 WEEKS ENDED AUGUST 10, 2025. #1 Branded Manufacturer in Volume Share Portfolio of Leading Coffee Brands
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ONE OF THE FASTEST -GROWING BRANDS IN THE AT - HOME COFFEE CATEGORY building on the creativeESTÁ AQUÍ Fueling the brand’s tremendous momentum through a NATIONAL MARKETING CAMPAIGN ESTÁ AQUÍ SOURCE: SMUCKER INTERNAL CIRCANA MULTI-OUTLET SHARE REPORT 52 WEEKS ENDED AUGUST 10, 2025.
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NEW ROAST PROFILES Expand appeal to younger & more diverse buyers Authentic to its Latin roots
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COLD COFFEE COMING SOON SINGLE - SERVE READY - TO - DRINK FORMAT MULTI - SERVE FORMAT Cold Coffee Image Providing consumers with convenient offerings
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Video Commercial Playing in Room Video Playing in Room
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AMBITION TO BECOME A TOP 4 BRAND IN AT-HOME COFFEE CATEGORY INCREASE BRAND AWARENESS & HOUSEHOLD PENETRATION
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TM FROZEN HANDHELD & SPREADS U.S. Retail Anticipate Over FY26 Net Sales $1B National Advertising Campaign Distribution Gains Innovation OUR BRAND BUILDING MODEL WILL DRIVE GROWTH THROUGH ® ®
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The Uncrustables brand continues to infuse itself throughout pop culture & social media BUILDING AN ICONIC BRAND ® OVER 4 MILLION NEW HOUSEHOLDS TM TM SOURCE: SMUCKER INTERNAL CIRCANA PANEL DATA REPORT 52 WEEKS ENDED AUGUST 10, 2025 2025 LITTLE LEAGUE BASEBALL, INCORPORATED. ALL RIGHTS RESERVED.
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® TM Video Playing in Room ®
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EXPANDING INTO C-STORE New channel provides more availability & unlocks the benefit of immediate consumption Now selling in over 30,000 convenience stores More than two-thirds of the are either selling Uncrustables sandwiches or have committed to distribution TOP 100 CHAINS ®
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INNOVATION Seeing benefits from accelerating Coming this Fall PEANUT BUTTER & RASPBERRY SPREAD Anticipate OVER $50M FY26 Net Sales Launched this Summer
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FOCUSED ON HIGHER PROTEIN Excited to Announce a New Variety LAUNCHING TM
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Leading the frozen category in new buyers for households with kids, Millennials & Gen Z TOP 3 Brand TOP 2 SKUs in the Soon to be a SKU TREMENDOUS GROWTH SOURCE: SMUCKER INTERNAL CIRCANA MULTI-OUTLET SHARE REPORT 52 WEEKS ENDED AUGUST 10, 2025, TOTAL FROZEN CATEGORY. #1 10 ® ®
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PET U.S. Retail Pet Population is Expected to Grow Humanization of the Category DOG SNACKS & DRY CAT FOOD LEADING BRANDS IN SOURCE: SMUCKER INTERNAL CIRCANA MULTI-OUTLET SHARE REPORT 52 WEEKS ENDED AUGUST 10, 2025. EUROMONITOR 2025 – 2030.
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INNOVATION IN DOG SNACKS Dog Treat to Feature a Human Food Brand EXCEEDING OUR EXPECTATIONS Extending the Jif and Milk-Bone brands collaboration with innovation launching next calendar year ® ® 1st
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AMPLIFY BRAND LOVE Culturally relevant & engaging marketing that matches evolving media consumption NEXT GENERATION OF PET PARENTS Still forming treating preferences
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Video Playing in Room
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Cat category is experiencing tailwinds with continued pet population growth U.S. cat population is nearing 92M SOURCE: EUROMONITOR 2025.
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TOP INNOVATION in the Dry Cat Category Bringing Gravy Indulgence & Convenience to the Dry Cat Food Aisle SOURCE: SMUCKER INTERNAL CIRCANA MULTI-OUTLET SHARE REPORT CALENDAR YEAR 2025.
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ELEVATING OUR EXECUTION STRENGTHENING THE PORTFOLIO REIGNITING SUSTAINABLE GROWTH SNACKS SWEET BAKED EXECUTING OUR STRATEGY
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Advancing Our Strategy by taking decisive actions Prioritizing high-velocity & margin-accretive SKUs Applying our proven brand building model Closing the Indianapolis manufacturing facility to generate significant cost savings
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Video Playing in Room
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A BOLD NEW MARKETING CAMPAIGN Unaided Awareness & Purchase Intent Increased Double Digits Successfully Increased Consumer Sentiment Attributes Around Both Taste & Loyalty Delivering strong results SOURCE: SMUCKER INTERNAL BRAND STUDY AUGUST 2025.
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INNOVATION strengthening the iconic parts of the Hostess portfolio ®
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TOP-LINE GROWTH DRIVING Investments in our Brands Portfolio Optimization Focus on Key Platforms STRATEGY IS WORKING OUR Well-Positioned To Deliver Long-Term Growth & Increase Shareholder Value
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TUCKER MARSHALL CHIEF FINANCIAL OFFICER
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CONFIDENT IN THE LONG-TERM GROWTH POTENTIAL OF THE COMPANY Option A
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FY26 FINANCIAL OUTLOOK Provided with Q1 Earnings Release NET SALES GROWTH 3.0% - 5.0% Comparable Basis (Midpoint): +5.5% ADJUSTED EPS $8.50 - $9.50 FREE CASH FLOW $975M ® ®
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35 OUR LONG-TERM OBJECTIVES A steady, compelling, and compounding algorithm LSD HSD MSD 10%+ Adj. Operating Income Growth Net Sales Growth Adj. EPS Growth Total Shareholder Return Operating Margin Expansion Debt Repayment & Share Repurchases Dividends
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CAPITAL DEPLOYMENT A balanced approach to SHAREHOLDER VALUE CREATION GENERATING STRONG CASH FLOW Investing in our Business Debt Repayment Dividends Share Repurchases
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FREE CASH FLOW KEY COMPONENTS $1B FREE CASH FLOW ANNUALLY Long-Term Objective Working Capital Management Business Growth Reducing Capital Expenditures
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$418M $477M $587M $394M $325M FY22 FY23 FY24 FY25 FY26E % of NS 5.2% 5.6% 7.2% 4.5% 3.6% (A) BASED ON MIDPOINT OF FY26 NET SALES GUIDANCE RANGE PROVIDED ON AUGUST 27, 2025. 3.5% NET SALES ANNUALLY Long-Term Objective Elevated due to Uncrustables sandwiches capacity expansion ® (A) CAPITAL EXPENDITURES
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DEBT REDUCTION Net Debt to EBITDA by end of FY27 ≤3.0x $500M $500M FY26 FY27FY25 Prioritize Debt Reduction End of FY27 $7.7B $6.7B
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DIVIDEND GROWTH 6% 10-YEAR CAGR 24 Consecutive Fiscal Years of Growth 40-45% Adjusted EPS Payout Target FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 $2.50 $4.30
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LONG-TERM SHAREHOLDER VALUE CONTINUED GROWTH ABILITY TO DELIVER ACROSS OUR PORTFOLIO CONFIDENCE IN OUR STRATEGY WELL-POSITIONED TO CREATE
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This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows that are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by those forward -looking statements. The risks, uncertainties, important factors, and assumptions listed and discussed in this presentation, which could cause actual results to differ materially from those expressed, include: the Company’s ability to successfully integrate Hostess Brands’ operations and employees and to implement plans and achieve financial forecasts with respect to the Hostess Brands’ business; disruption from the acquisition of Hostess Brands by diverting the a ttention of the Company’s management and making it more difficult to maintain business and operational relationships; the negative effects of the acquisit ion of Hostess Brands on the market price of the Company’s common shares; the amount of the costs, fees, expenses, and charges and the risk of litigation related to the acquisition of Hostess Brands; the effect of the acquisition of Hostess Brands on the Company’s business relationships, operating results, ability t o hire and retain key talent, and business generally; disruptions or inefficiencies in the Company’s operations or supply chain, including any impact caused by product recalls, political instability, terrorism, geopolitical conflicts, extreme weather conditions, natural disasters, pandemics, work stoppages or labor shortages, or other calamities; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging, and transportation; the impact of food security concerns involving either the Company’s products or its competitors’ products, changes in consumer preferences, consumer or other litigation, actions by the U.S. Food and Drug Administration or other agencies, and product recalls; risks associated with derivative and purchasing strategies the Company employs to manage commodity pricing and interest rate risks; the availability of reliable transportation on acceptable terms; the ability to ac hieve cost savings related to the Company's restructuring and cost management programs in the amounts and within the time frames currently anticipated; the abilit y to generate sufficient cash flow to continue operating under the Company’s capital deployment model, including capital expenditures, debt repayment to me et the Company’s deleveraging objectives, dividend payments, and share repurchases; a change in outlook or downgrade in the Company’s public credit ratings by a rating agency below investment grade; the ability to implement and realize the full benefit of price changes, and the impact of the timing of the price changes to profits and cash flow in a particular period; the success and cost of marketing and sales programs and strategies intended to promote growth in the Company’s businesses, including product innovation; general competitive activity in the market, including competitors’ pricing practices and promotional spen ding levels; the Company’s ability to attract and retain key talent; the concentration of certain of the Company’s businesses with key customers and suppliers, inc luding primary or single-source suppliers of certain key raw materials and finished goods, and the Company’s ability to manage and maintain key relationships ; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets or changes in the useful lives of other intangible assets or other long-lived assets; the impact of new or changes to existing governmental laws and regulations and their application, including tariffs, food ingredients, food lab eling, and food accessibility; the outcome of tax examinations, changes in tax laws, and other tax matters; a disruption, failure, or security breach of the Com pany or its suppliers’ information technology systems, including, but not limited to, ransomware attacks; foreign currency exchange rate and interest rate fluct uations; and risks related to other factors described under "Risk Factors" in other reports and statements filed with the Securities and Exchange Commission, inc luding the Company’s most recent Annual Report on Form 10-K. The Company undertakes no obligation to update or revise these forward-looking statements, which speak only as of the date made, to reflect new events or circumstances. FORWARD-LOOKING STATEMENTS
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The Company uses non-GAAP financial measures, including: net sales excluding divestitures and foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, depreciation, amortization expense, impairment charges related to intangible assets, and gains and losses on divestitures ("EBITDA (as adjusted)"); and free cash flow, as key measures for purposes of evaluating performance internally. The Company believes that investors’ understanding of its performance is enhanced by disclosing these performance measures. Furthermore, these non-GAAP financial measures are used by management in preparation of the annual budget and for the monthly analyses of its operating results. The Board of Directors also utilizes certain non-GAAP financial measures as components for measuring performance for incentive compensation purposes. Non-GAAP financial measures exclude certain items affecting comparability that can significantly affect the year-over-year assessment of operating results, which include amortization expense and impairment charges related to intangible assets; certain divestiture, acquisition, integration, and restructuring costs ("special project costs"); gains and losses on divestitures; the net change in cumulative unallocated gains and losses on commodity and foreign currency exchange derivative activities ("change in net cumulative unallocated derivative gains and losses"); and other infrequently occurring items that do not directly reflect ongoing operating results. Income taxes, as adjusted is calculated using an adjusted effective income tax rate that is applied to adjusted income before income taxes and reflects the exclusion of the previously discussed items, as well as any adjustments for one-time tax-related activities, when they occur. While this adjusted effective income tax rate does not generally differ materially from the GAAP effective income tax rate, certain exclusions from non-GAAP results can significantly impact the adjusted effective income tax rate. These non-GAAP financial measures are not intended to replace the presentation of financial results in accordance with U.S. GAAP. Rather, the presentation of these non-GAAP financial measures supplements other metrics used by management to internally evaluate its businesses and facilitate the comparison of past and present operations and liquidity. These non-GAAP financial measures may not be comparable to similar measures used by other companies and may exclude certain nondiscretionary expenses and cash payments. A reconciliation of certain non-GAAP financial measures to the comparable GAAP financial measure for the current and prior year periods is included in the "Unaudited Non-GAAP Financial Measures" tables. The Company has also provided a reconciliation of non-GAAP financial measures for its fiscal year 2026 outlook. NON-GAAP FINANCIAL MEASURES
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(Dollars in millions) Three Months Ended July 31, 2025 2024 Increase (Decrease) % Net sales reconciliation: Net sales $2,113.3 $2,125.1 ($11.8) (1%) Sweet Baked Snacks value brands divestiture - (15.7) 15.7 1 Voortman® divestiture - (37.1) 37.1 2 Foreign currency exchange 0.2 - 0.2 - Net sales excluding divestitures and foreign currency exchange $2,113.5 $2,072.3 $41.2 2% UNAUDITED NON-GAAP FINANCIAL MEASURES
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(Dollars and shares in millions, except per share data) Three Months Ended July 31, 2025 2024 Net income (loss) reconciliation: Net income (loss) ($43.9) $185.0 Income tax expense (benefit) (12.6) 61.0 Amortization 50.2 56.0 Change in net cumulative unallocated derivative gains and losses 253.1 30.0 Cost of products sold – special project costs 15.4 5.3 Other special project costs 6.0 7.1 Adjusted income before income taxes $268.2 $344.4 Income taxes, as adjusted 64.8 84.9 Adjusted income $203.4 $259.5 Weighted-average shares outstanding – assuming dilution (A) 106.8 106.5 Adjusted earnings per share – assuming dilution (A) $1.90 $2.44 (A) Adjusted earnings per common share – assuming dilution for the three months ended July 31, 2025 and 2024, was computed using the treasury stock method. Further, for the three months ended July 31, 2025, the weighted-average shares – assuming dilution differed from the Company's GAAP weighted-average common shares outstanding – assuming dilution as a result of the anti-dilutive effect of the Company's stock-based awards, which were excluded from the computation of net loss per share – assuming dilution. UNAUDITED NON-GAAP FINANCIAL MEASURES
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Company Guidance Year Ending April 30, 2026 Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $5.54 $6.54 Change in net cumulative unallocated derivative gains and losses (A) 0.61 0.61 Amortization 1.43 1.43 Special project costs 0.58 0.58 Pension plan termination settlement charge (B) 0.32 0.32 Adjusted effective income tax rate impact 0.02 0.02 Adjusted earnings per share $8.50 $9.50 (A) We are unable to project derivative gains and losses on a forward-looking basis as these will vary each quarter based on market conditions and derivative positions taken. The change in unallocated derivative gains and losses in the table above reflects the net impact of the gains and losses that have been recognized in our GAAP results and excluded from non-GAAP results as of July 31, 2025, that are expected to be allocated to non-GAAP results in future periods. (B) Represents a non-recurring pre-tax settlement charge related to the termination of one of the Company's U.S. defined benefit pension plans anticipated to be realized during fiscal year 2026 upon settlement of the pension obligations. NON-GAAP RECONCILIATION
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Company Guidance (Dollars in millions) Free cash flow reconciliation: Year Ending April 30, 2026 Net cash provided by operating activities $1,300.0 Additions to property, plant, and equipment (325.0) Free cash flow $975.0 NON-GAAP RECONCILIATION
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The J.M. Smucker Co. is the owner of all trademarks and logos referenced herein, except for Dunkin’®, which is a trademark of DD IP Holder LLC. The Dunkin’® brand is licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels such as grocery stores, mass merchandisers, club stores, e-commerce and drug stores, and in certain away from home channels. This information does not pertain to products for sale in Dunkin’® restaurants. K-Cup® is a trademark of Keurig Green Mountain, Inc., used with permission. The following trademarks and corresponding logos are the trademarks of their respective owners: Little League World Series and Sunday Swagger. ADDITIONAL INFORMATION
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Investor Relations Website: https://investors.jmsmucker.com/ Crystal Beiting Vice President, Investor Relations & FP&A ir.team@jmsmucker.com Phone: (330) 682-3000 ADDITIONAL INFORMATION