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BARCLAYS GLOBAL CONSUMER S T APLES CONFERENCE SEPTEMBER 8, 2026
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MARK SMUCKER CHIEF EXECUTIVE OFFICER, PRESIDENT AND CHAIR OF THE BOARD
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MARK SMUCKER Chief Executive Officer, President and Chair of the Board TUCKER MARSHALL Chief Financial Officer | Executive Vice President, Frozen Handheld and Spreads and Sweet Baked Snacks BUSINESS UPDATE FINANCIAL UPDATE
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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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Focused strategy A DIFFERENTIATED PORTFOLIO WITH ENHANCED CAPABILITIES & SIGNIFICANT GROWTH AHEAD Proven brand-building NEW OCCASIONS | NEW CONSUMERS ADDITIONAL GROWTH OPPORTUNITIES Delivering Today Greater POTENTIAL AHEAD & differentiated portfolio continue to deliver results innovation capabilities &
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Strong FIRST Quarter RESULTS Given these results & our expectations for the balance of the year, we raised our full-year outlook for net sales, adjusted earnings per share, & free cash flow Free Cash Flow INCREASED +$430M Key Growth Platforms Delivered VOLUME GROWTH & Paid Down ~$230M of Debt PROFITABILITY IMPROVED & Generated Strong EARNINGS GROWTH Demonstrates progress across our strategic priorities ® ®
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MOMENTUM ACROSS THE BUSINESS Strength of our Portfolio Investments in our Brands Focused Execution of our Team
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FY26 Net Sales $1B ® ® Now a TOP 3 BRAND Total Freezer Aisle in the SOURCE: SMUCKER INTERNAL CIRCANA MULO+ SHARE REPORT 13 WEEKS ENDED AUGUST 09, 2026.
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AN ICONIC BRAND In the past year, the brand added NEW HOUSEHOLDS Significant runway for growth through: Expanded Capacity Brand Building SOURCE: SMUCKER INTERNAL CIRCANA PANEL DATA REPORT 52 WEEKS ENDED JULY 27, 2026. +2 MILLION Consumer-Led Innovation ® ® ®
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FRIDGE FRIENDLY Creates more CONVENIENCE, FLEXIBILITY, & EVERYDAY USAGE OCCASIONS for consumers TM Uncrustables Sandwiches ®
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TM ROBUST MARKETING CAMPAIGN Supporting the fridge friendly launch with a
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Video Playing in Room ®
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VARIETIES WITH 12G PROTEIN Meets consumers’ demand for convenient, protein-rich snacks Highly incremental to net sales & exceeding expectations
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14 ® ® WE ARE EXCITED ABOUT THE WE CONTINUE TO STRENGTHEN OUR LEADERSHIP POSITION ® FUTURE OF THE BRAND
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ONE OF THE FASTEST-GROWING BRANDS IN THE AT-HOME COFFEE CATEGORY 1 2 3 4 5 6 7 8 Café Bustelo 1 2 3 4 5 6 Café Bustelo 7 8 At-Home Coffee Brands Now the 6th Largest! SOURCE: SMUCKER INTERNAL CIRCANA PANEL DATA MULO+ WITH CONVENIENCE SHARE REPORT 52 WEEKS ENDED AUGUST 09, 2026. ® ® In the past year, added +3 MILLION NEW HOUSEHOLDS
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ROOTED IN A POWERFUL INSIGHT: FANDOM IS A RITUAL WE SAW AN OPPORTUNITY FOR TO BECOME PART OF THAT RITUAL
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Video Playing in Room
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THE CAMPAIGN GENERATED TOTAL CAMPAIGN IMPRESSIONS Building brands with CULTURAL RELEVANCE while preserving what makes them UNIQUE SOURCE: SMUCKER INTERNAL MEDIA REPORT JUNE 01-JULY 17, 2026. +1.5 BILLION
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AMBITION TO BECOME A TOP 4 BRAND IN THE AT-HOME COFFEE CATEGORY
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Communication of Delivering Products & Experiences Limited-Time Offerings QUALITY, NUTRITION, & FUNCTIONAL BENEFITS that reflect the needs of today’s pet parents SEASONAL & SPECIAL OCCASIONS
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Video Playing in Room
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CONSUMERS LOVE THIS UNIQUE COLLABORATION bring premium & differentiated offerings DOG SNACK LAUNCHED#1 OVER LAST 4 YEARS PEANUT BUTTERY BITES was the Expanded the platform with PEANUT BUTTERY CUPS SOURCE: SMUCKER INTERNAL CIRCANA MULO+ 2022-2025.
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SOURCE: SMUCKER INTERNAL CIRCANA MULO+ INCLUDING PET SPECIALTY SHARE REPORT 52 WEEKS ENDED AUGUST 09, 2026. Strong Category Fundamentals Consumer-Led Innovation Strategic Brand Building LEADING BRAND in the Attractive Cat Food Category
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DRY CAT FOOD CATEGORY IN 2025 #1 INNOVATION LAUNCH WET CAT FOOD & CAT TREATS Opportunity to expand our presence into #1 IN DRY CAT FOOD AMBITION TO BUILD ON OUR LEADERSHIP POSITION SOURCE: SMUCKER INTERNAL CIRCANA MULO+ WITH CONVENIENCE SHARE REPORT 52 WEEKS ENDED DECEMBER 28, 2025. SMUCKER INTERNAL CIRCANA MULO+ INCLUDING PET SPECIALTY SHARE REPORT 52 WEEKS ENDED AUGUST 09, 2026.
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CAPABLE OF DELIVERING CONSISTENT & DURABLE GROWTH OVER TIME CREATE A DIFFERENTIATED PORTFOLIO Key growth platforms Category-leading brands& ® ®
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Evolved our media strategy to over-index with younger consumers #1 Brand in Total Buyers Among Younger Generations in the At-Home Coffee Aisle #1 Brand in Total Volume Share At-Home Coffee Category SOURCE: SMUCKER INTERNAL CIRCANA PANEL DATA AND MULO+ WITH CONVENIENCE SHARE REPORT 13 WEEKS ENDED AUGUST 09, 2026.
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BEGINS SHIPPING IN NOVEMBER
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FUNCTIONAL COFFEE Trusted & Leading Brand Fastest-growing space in the at-home coffee category Leveraging strong equity to participate in emerging consumer trends SOURCE: SMUCKER INTERNAL CIRCANA MULO+ WITH CONVENIENCE SHARE REPORT 52 WEEKS ENDED AUGUST 09, 2026.
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SIMPLE RECIPE and a taste CONSUMERS LOVE ®
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Breakfast | Snacks | Everyday Moments
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Video Playing in Room
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SOURCE: BASED ON NATIONWIDE INDEPENDENT RETAIL SALES DATA 52 WEEKS ENDING DEC 28, 2025. EXCLUDES IN-STORE BAKERY AND DONUT SHOPS. ® INNOVATION Coming Soon made with REAL FRUIT
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Expand into New Occasions Reach New Consumers Strengthen our Brands CONSUMER-LED INNOVATION IS A CAPABILITY THAT ALLOWS US TO
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OUR STRATEGY IS WORKING MOMENTUM IS STRONG & Differentiated Portfolio ® ® Confident in our ability to deliver sustainable growth & create long-term shareholder value
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TUCKER MARSHALL CHIEF FINANCIAL OFFICER | EXECUTIVE VICE PRESIDENT, FROZEN HANDHELD AND SPREADS AND SWEET BAKED SNACKS
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ADVANCING OUR FISCAL YEAR 2027 PRIORITIES Our strong first quarter results demonstrate the progress we are making across the business Maintaining a Disciplined Driving Organic VOLUME GROWTH CAPITAL DEPLOYMENTacross Key Platforms Approach PROFITABILITY Improving EARNINGS GROWTH & Accelerating
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FIRST QUARTER FISCAL YEAR 2027 RESULTS +5% Including a 1% contribution from volume/mix ADJUSTED EARNINGS PER SHARE $3.24 +71% Gross margin improvement & earnings growth NET SALES FREE CASH FLOW $337.3M Increase of more than $430M YoY Results demonstrate PROGRESS & reinforce our CONFIDENCE in the year ahead
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FY27 FINANCIAL OUTLOOK NET SALES ADJUSTED EARNINGS PER SHARE FREE CASH FLOW (2.0%) – (1.0%) $10.50 – $11.00 $1.1B Previously $1.0B Previously $9.75 – $10.25 Previously (4.0%) – (3.0%)
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FY26 Q1 FY27 Q1 Leverage Ratio 3.0x Target 2.9x 4.3x Continues to Strengthen Financial Foundation Adjusted EBITDA Trailing Twelve-Month FY27 Q1 Achieved Net Debt-to-EBITDA leverage target of 3.0x ahead of our original expectation ~$2.3B
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FY24 FY25 FY26 FY27E CAPITAL DEPLOYMENT PRIORITIES Business Reinvestment Debt Paydown Dividends Share Repurchases Enabling Reinvestment & Shareholder Value Creation FREE CASH FLOW Payout Ratio of 40%-45% $500M Expected in FY27 Flexibility When Appropriate Organic Growth Strong cash generation $1.2B $1.1B $643M $817M
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DIVIDEND GROWTH 5% 10-YEAR CAGR 25 Consecutive Fiscal Years of Growth 40-45% Adjusted EPS Payout Target FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 $2.65 $4.38 We remain committed to our dividend
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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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LONG-TERM GROWTH TARGETS LSD Net Sales 10%+ Total Shareholder Return MSD Adjusted Operating Income HSD Adjusted Earnings Per Share
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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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STRENGTH OF OUR PORTFOLIO STRONG CASH GENERATION MARGIN EXPANSION OPPORTUNITIES Differentiated Portfolio ® ® Confident in our ability to deliver sustainable growth & create long-term shareholder value
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THANK YOu
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BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE
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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 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 maintain operational stability and successfully achieve the benefits associated with ongoing optimization initiatives of the Sweet Baked Snacks business, including the risk that the business may not achieve anticipated operating or financial results; 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 achieve cost savings related to the Company’s cost management programs in the amounts and within the time frames currently anticipated; the ability to generate sufficient cash flow to continue operating under the Company’s capital deployment model, including capital expenditures, debt repayment to meet 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 spending 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, including 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, regulations, and policies and their application, including tariffs, food ingredients, food labeling, and food accessibility; the outcome of tax examinations, changes in tax laws, and other tax matters; a disruption, failure, or security breach of the Company or its suppliers’ information technology systems, including, but not limited to, ransomware attacks; foreign currency exchange rate and interest rate fluctuations; and risks related to other factors described under “Risk Factors” in other reports and statements filed with the Securities and Exchange Commission, including 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.
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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 2027 outlook. NON-GAAP FINANCIAL MEASURES
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(Dollars in millions) Three Months Ended July 31, 2026 2025 Increase (Decrease) % Net sales reconciliation: Net sales $2,219.3 $2,113.3 $106.0 5% Foreign currency exchange 1.3 - 1.3 - Net sales excluding foreign currency exchange $2,220.6 $2,113.3 $107.3 5% UNAUDITED NON-GAAP FINANCIAL MEASURES Note: Amounts may not add due to rounding.
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(Dollars and shares in millions, except per share data) Three Months Ended July 31, 2026 2025 Net income (loss) reconciliation: Net income (loss) $324.3 ($43.9) Income tax expense (benefit) 103.6 (12.6) Amortization 57.9 50.2 Change in net cumulative unallocated derivative gains and losses (29.4) 253.1 Cost of products sold – special project costs - 15.4 Other special project costs 0.6 6.0 Adjusted income before income taxes $457.0 $268.2 Income taxes, as adjusted 110.5 64.8 Adjusted income $346.5 $203.4 Weighted-average shares outstanding – assuming dilution (A) 107.1 106.8 Adjusted earnings per share – assuming dilution (A) $3.24 $1.90 (A) Adjusted earnings per common share – assuming dilution for the three months ended July 31, 2026 and 2025, was computed using the treasury stock method. Further, for the three months ended July 31, 2025, the weighted-average shares outstanding – 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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(Dollars in millions) Three Months Ended TTM Ended October 31, 2025 January 31, 2026 April 30, 2026 July 31, 2026 July 31, 2026 EBITDA (as adjusted) reconciliation: Net income (loss) $241.3 ($724.2) $388.1 $324.3 $229.5 Income tax expense (benefit) 77.1 72.3 (60.5) 103.6 192.5 Interest expense – net 98.6 94.5 87.9 82.3 363.3 Depreciation 93.1 93.8 74.5 69.6 331.0 Amortization 50.2 50.3 59.9 57.9 218.3 Goodwill impairment charges - 507.5 - - 507.5 Other intangible assets impairment charges - 454.2 - - 454.2 EBITDA (as adjusted) $560.3 $548.4 $549.9 $637.7 $2,296.3 UNAUDITED NON-GAAP FINANCIAL MEASURES Note: Amounts may not add due to rounding.
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UNAUDITED NON-GAAP FINANCIAL MEASURES Note: Amounts may not add due to rounding. (A) Reflects amounts as reported, including acquired and divested businesses while under Company ownership. (Dollars in millions) Three Months Ended TTM Ended October 31, 2024 January 31, 2025 April 30, 2025 July 31, 2025 July 31, 2025 EBITDA (as adjusted) reconciliation: Net income (loss) ($24.5) ($662.3) ($729.0) ($43.9) ($1,459.7) Income tax expense (benefit) 91.3 (0.2) 31.9 (12.6) 110.4 Interest expense – net 98.7 95.4 94.2 100.2 388.5 Depreciation 72.2 68.2 69.8 85.0 295.2 Amortization 55.8 53.9 53.6 50.2 213.5 Goodwill impairment charges - 794.3 867.3 - 1,661.6 Other intangible assets impairment charges - 208.2 112.7 - 320.9 Loss (gain) on divestitures – net 260.8 50.2 (0.9) - 310.1 EBITDA (as adjusted) (A) $554.3 $607.7 $499.6 $178.9 $1,840.5
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(Dollars in millions) Three Months Ended July 31, 2026 2025 Free cash flow reconciliation: Net cash provided for (used by) operating activities $425.7 ($10.6) Additions to property, plant, and equipment (88.4) (84.3) Free cash flow $337.3 ($94.9) UNAUDITED NON-GAAP FINANCIAL MEASURES
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(Dollars in millions) Year Ended April 30, 2026 2025 2024 Free cash flow reconciliation: Net cash provided for (used by) operating activities $1,473.6 $1,210.4 $1,229.4 Additions to property, plant, and equipment (317.4) (393.8) (586.5) Free cash flow $1,156.2 $816.6 $642.9 UNAUDITED NON-GAAP FINANCIAL MEASURES
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Company Guidance Year Ending April 30, 2027 Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $8.70 $9.20 Change in net cumulative unallocated derivative gains and losses (A) 0.15 0.15 Amortization 1.64 1.64 Adjusted effective income tax rate impact 0.01 0.01 Adjusted earnings per share $10.50 $11.00 (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 the Company's GAAP results and excluded from non-GAAP results as of July 31, 2026, that are expected to be allocated to non-GAAP results in future periods. NON-GAAP RECONCILIATION
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Company Guidance (Dollars in millions) Free cash flow reconciliation: Year Ending April 30, 2027 Net cash provided by operating activities $1,425.0 Additions to property, plant, and equipment (325.0) Free cash flow $1,100.0 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: NBC & American Century Championship. ADDITIONAL INFORMATION
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Crystal Beiting Vice President, Investor Relations & FP&A ir.team@jmsmucker.com Phone: (330) 682-3000 Investor Relations Website: https://investors.jmsmucker.com/ ADDITIONAL INFORMATION