The Hershey Company · NYSE:HSY
The Hershey — Investor Day (March 2026)
129 slides from The Hershey's investor day presentation, Mar 31, 2026
Slide 1: Investor Day 2026 | March 31
LEADING NEXT ow’ GEN SNACKING?‘ HERSHEY Investor Day 2026 | March 31
Slide 2: Anoori Naughton, Vice President, Investor Relations
Anoori Naughton Vice President, Investor Relations 2
Slide 3: Forward-looking statements
Forward-looking statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to our 2026 Full-year Financial Outlook and other statements regarding our business outlook and financial performance. Man
Slide 4: Leading Next Gen Snacking agenda
Leading Next Gen Kirk Tanner Chief Executive Officer Snacking Next Gen Portfolio Stacy Taffet Chief Growth & Marketing Officer Retail of the Future Andrew Archambault President, U.S. Break Modern Supply Chain Jason Reiman Chief Supply Chain Officer Next Gen Performance Steve Voskuil Chief Financial
Slide 5: Kirk Tanner
LEADING NEXT, a, Kirk Tanner cee President, CEO gy fas
Slide 6: Strong foundation, with significant headroom for growth
Strong foundation, with significant headroom for growth Building next gen portfolio of consumer loved brands Unleashing “One Hershey” commercial model Architecting a resilient, agile, and efficient supply chain Powering performance flywheel through scaled productivity and reinvestment 7
Slide 7: Hershey's proud supporter of Team USA
HERSHEY'S ~ PROUD SUPPORTER OF TEAM USA HERSHEVS ==
Slide 8: Smart investments in our future despite unprecedented cocoa volatility
OVER THE PAST THREE YEARS Smart investments in our future despite unprecedented cocoa volatility Reinvigorated Scaled Upgraded Transformed our core U.S. Confection our presence in our digital infrastructure our cost structure innovation pipeline U.S. Salty Snacking and IT talent to fuel investments
Slide 9: Differentiated portfolio, uniquely positioned to win in high growth spaces
Differentiated portfolio, uniquely positioned to win in high growth spaces Category U.S. Permissible Int’l Chocolate Growth Rates U.S. Confection Salty Snacks U.S. Nutritional Bars Anchor Markets* 2022-25 CAGR +3% +5% +10% +8% *Mexico, Brazil, WEUR Source: Circana and Euromonitor (2022 - 2025) 10
Slide 10: Significant growth runway in anchor markets
Significant growth runway in anchor markets with high chocolate consumption and proven right to win North America Anchor Market Emerging Presence CANADA EUROPE/UK $4B $76B Confection Market Size Confection Market Size +3% +5% 3 Year Growth Outlook 3 Year Growth Outlook 3.3kg 4.7kg Chocolate per Capi
Slide 11: We will lead Generation Snacking
We will lead GENERATION SNACKING HERSHEY
Slide 12: Dynamic macro environment offers unique opportunities to win with consumers
Dynamic macro environment offers unique opportunities to win with consumers MACRO TRENDS GROWTH OPPORTUNITIES Consumer financial pressure Gen Z Premium Activation Expansion Food policy evolution Digital and AI proliferation Functional and Win on Better for you Value Bifurcation to premium and value
Slide 13: We will build on our foundation to lead next gen snacking
We will build on our foundation to lead next gen snacking Strong Today Stronger Tomorrow Mainstream chocolate powerhouse Total confection leadership by leaning into premium, better-for-you, sweets Fastest growing Salty portfolio Expansion into permissible salty snack options in select categories acr
Slide 14: Our three pillar strategy
OUR THREE PILLAR STRATEGY FOCUSED ON TOMORROW’S CONSUMER NEXT GEN PORTFOLIO RETAIL OF THE FUTURE MODERN SUPPLY CHAIN Inspiring Every Winning Where Building a Smart, Snacking Moment Shoppers Shop Agile Network With people and technology Fueling The Growth to drive DIFFERENTIATED PERFORMANCE 15
Slide 15: Maximizing our core while expanding into new spaces
NEXT GEN PORTFOLIO We will drive growth by maximizing our core while expanding into new spaces Maximize our core Expand into new spaces Increase innovation Modernize brand building in high growth spaces Increase portfolio effectiveness Invest in technical capabilities Build new brands and execute Bu
Slide 16: Positioned to drive durable growth through high growth segments
NEXT GEN PORTFOLIO Positioned to drive durable growth through high growth segments FUTURE Targeting over Permissible Salty 33% TODAY High Growth Areas 40% of Hershey Sweets Better-For-You Premium sales in spaces with consumer Functional Core tailwinds Chocolate International Source: Company financia
Slide 17: Unlocking growth through new commercial approach
RETAIL OF THE FUTURE Unlocking growth through new commercial approach 18
Slide 18: Combining our strength and capabilities across the portfolio
RETAIL OF THE FUTURE Combining our strength and capabilities across the portfolio Merchandising Retail Shelf Price / Pack Holistic Commercial Strategy Execution Strategy Architecture Investment Brings One Voice to Retailers expanding our scale, resources, and retail coverage, and elevating our role
Slide 19: Resilient, agile, and efficient supply chain
MODERN SUPPLY CHAIN Resilient, agile, Demand fulfilment and ingredient resiliency and efficient supply chain World class network agility to enable growth Industry leading quality, and reinvestment taste, and cost Tech-enabled productivity fuel for growth 20
Slide 20: Integrating tech and AI capabilities across the organization
FUELING THE GROWTH Integrating tech and Portfolio AI capabilities across Higher marketing spend effectiveness and faster speed to market the organization Implementation on Commercial highest-value use cases Greater ROI on commercial investments and tech enabled in-store execution Supply Chain Accura
Slide 21: Top tier team leading new operating model
FUELING THE GROWTH Top tier team leading new operating model Demand Creation Commercial Excellence Demand Fulfillment Kirk Tanner President, CEO Stacy Taffet Vero Villasenor Andrew Archambault Rohit Grover Jason Reiman Chief Growth & Chief Brand Officer President, U.S. President, Chief Supply Market
Slide 22: Unlocking the next chapter of differentiated results
DIFFERENTIATED PERFORMANCE Unlocking the next chapter of differentiated results Over the next three years, we expect to deliver: Undisputed Fastest growing High growth, Upside from Leadership in portfolio in U.S. high return in differentiated North America Salty Snacking, International Functional Co
Slide 23: Reaching new heights
DIFFERENTIATED PERFORMANCE Positioned to deliver sustained, top-tier performance 2026-2027 2028+ Restore Profitability Balanced Revenue Growth Organic Net Sales Growth +2-4% +2-4% REACHING Adj. EPS Growth Up Double-Digits +6-8% NEW HEIGHTS TOP-TIER TOTAL SHAREHOLDER RETURNS 24
Slide 24: Snacking leader with core strength and significant whitespace
1 Snacking leader with core strength and significant whitespace 2 Expanding confection leadership, reaching #2 in Salty, with International and functional upside 3 One Hershey commercial model and next-gen R&D, innovation, and brand building to unlock growth 4 Tech-enabled supply chain fueling growt
Slide 25: Stacy Taffet
Stacy Taffet Chief Growth & Marketing Officer 26
Slide 26: Key takeaways
NEXT GEN PORTFOLIO Key Our portfolio is well-positioned — with significant 1 headroom in U.S. snacking & international upside takeaways 2 Maximizing potential of today’s portfolio through modern brand building and portfolio effectiveness Fueling tomorrow’s portfolio with investment in 3 innovation,
Slide 27: U.S. Snacking is resilient, backed by stable consumer trends
WHERE WE PLAY U.S. Snacking is resilient, backed by stable consumer trends PRE-COVID CURRENT FUTURE 2012–2020 2025–2027 2028+ U.S. Snacking Growth +3% +2–3% +3% Most snacking Resilient emotional, better-for-you, Economic stabilization and categories gaining and functional growth partially increased
Slide 28: Hershey's portfolio is well-positioned in faster growing snacking segments
WHERE WE PLAY Hershey’s portfolio is well-positioned in faster growing snacking segments U.S. Category Growth (2025) 14.0% 6.7% 6.6% 5.0% 4.5% 3.1% 3.8% 2.5% 2.3% 2.7% 1.7% Packaged Total Chocolate Sweets Nutritional Cheese Gum Pretzels RTE Popcorn Mints Snack Mix Food Snacking Bars Puffs TAM $ $327
Slide 29: With significant headroom across core and broader U.S. snacking
WHERE WE PLAY With significant headroom across core and broader U.S. snacking Hershey 2025 $ Share 49% 34% 24% 17% 0% 5% 8% 8% 3% 4% 6% Total Snacking Non-Premium Premium/BFY Sweets Refreshment Nutritional Bars Salty Snacks Pretzels Popcorn Puffs Chocolate Chocolate Source: Circana (2025) Note: Tota
Slide 30: International anchor markets offer substantial expansion opportunity
WHERE WE PLAY International anchor markets offer substantial expansion opportunity Anchor Markets Emerging Presence Mexico Europe / UK Brazil Rest of World1 Confection ’25 RSV* | 3Y Outlook $6B | 7% $76B | 5% $9B | 9% $28B | 4% Hershey #4 Chocolate #8 Chocolate in UK #5 Chocolate 2.5% Market share P
Slide 31: Maximize Potential
Modernize brand building Increase portfolio effectiveness Build more $1B+ brands Maximize Potential 32
Slide 32: The world is faster, noisier and more chaotic
The world is faster, noisier and more chaotic than anything before 33
Slide 33: The pace of life has out-paced peace of mind
the pace of life has out-paced peace of mind STRESS LONELINESS 79% 57% of the global population of Gen Z adults reported experiences stress loneliness in 2025, marking a generation high Source: WIN, Stress Levels Rise Around the World (2024) & CivicScience, State of Loneliness in America (2025) 34
Slide 34: People are searching for meaningful interactions
People are searching for meaningful interactions 35
Slide 35: They will always seek moments of joy
And they will ALWAYS seek moments of joy to lift the everyday 36
Slide 36: That's why our purpose is more important than ever
That’s why our purpose is more important than ever 37
Slide 37: Our Purpose: Create more moments of goodness
Our Purpose: Create more moments of goodness 38
Slide 38: It's what the world needs
It’s not just what we do, IT’S WHAT THE WORLD NEEDS 39
Slide 39: In the past, we earned our place through scale and shelf
In the past, we earned our place through scale and shelf 98% Total brand awareness #1 In U.S. Confection2 38K Total distribution3 points in the U.S.1 1. Kantar THC Brand Health Tracker (Q4 2024) 2. Circana (2025) 3. Total distribution points, Hershey CMG and Salty (2025) 40
Slide 40: Our next advantage isn't more reach
our next advantage isn’t more reach 41
Slide 41: It's more resonance
XQ — IT'SMORE b> ‘RESONANCE
Slide 42: Evolving our marketing approach to expand resonance in addition to reach
TODAY’S PORTFOLIO: Modernize Brand Building Evolving our marketing approach to expand resonance in addition to reach What we’re building… Measurable Outcome Growth in household penetration Actionable & real-time household level insights among younger, more diverse households Brand strategies rooted
Slide 43: You asked for it
TODAY’S PORTFOLIO: Increase Portfolio Effectiveness 47B+ 23K+ 147 YOU ASKED FOR IT Earned / Organic Impressions Social Mentions Over-index with Gen Z Shoppers R R Source: Muck Rack (Media impressions); Hershey Social Listening (Social mentions) ; Numerator (Index data) / Period: July 30, 2025 – Marc
Slide 44: Matching consumption moments with today's consumer needs and occasions
TODAY’S PORTFOLIO: Increase Portfolio Effectiveness Matching consumption moments with today’s consumer needs and occasions Fastest growing BOOST CONNECT TREAT TAM | % Occasions ~$140B* | 45% ~$70B* | 20% ~$100B* | 35% Nutrition forward1 Healthy Kids Fuel 20% Mindful Better Snacking Together Nutritio
Slide 45: New total snacking portfolio architecture will unlock growth
TODAY’S PORTFOLIO: Increase Portfolio Effectiveness New total snacking portfolio architecture will unlock growth M&A BOOST CONNECT TREAT TAM | % Occasions ~$140B* | 45% ~$70B* | 20% ~$100B* | 35% Nutrition forward1 Healthy Kids Fuel 20% Mindful Better Snacking Together Nutrition Permissible Guilt Fr
Slide 46: Maximizing incrementality and removing occasion overlap
TODAY’S PORTFOLIO: Increase Portfolio Effectiveness Maximizing incrementality and removing occasion overlap BOOST CONNECT TREAT TAM | % Occasions ~$140B* | 45% ~$70B* | 20% ~$100B* | 35% Nutrition Healthy Mindful Better forward1 Kids Fuel WHITE SPACE Snacking Together 20% Nutrition Permissible Kids'
Slide 47: Brand positioning
TODAY’S PORTFOLIO: Increase Portfolio Effectiveness brand positioning Everyday Comfort BOOST CONNECT TREAT ~$140B | 45% ~$70B | 20% ~$100B* | 35% Top functional need Delicious & part of my routine Nutrition Healthy Mindful Snacking Better Together forward 1 Kids Fuel WHITE SPACE 20% Top emotional ne
Slide 48: Hershey's: Leaning into rituals and comfort
TODAY’S PORTFOLIO: Increase Portfolio Effectiveness Hershey’s: Leaning into rituals and comfort Everyday Moments Cultural Moments Deepening emotional connectivity to daily rituals Expanding opportunities for joy and celebration Turning everyday routines into Beloved American traditions lasting memor
Slide 49: Enabling us to build a portfolio with more $1B+ brands
TODAY’S PORTFOLIO: Build More $1B Brands Enabling us to build a portfolio with more $1B+ brands Existing 2025 Retail Sales $605M $735M $750M $485M Demand Space Mood Lift Quick Recharge Snack & Bond $3B+ New categories Brand relaunch Soothes common GLP-1 Social-first, side effects Gen Z relevance Adv
Slide 50: Fuel Growth via Innovation & M&A
Increase innovation in high growth spaces Invest in technical capabilities Supplement innovation with thoughtful M&A Fuel Growth via Innovation & M&A 53
Slide 51: Robust innovation pipeline, focused on four territories
TOMORROW’S PORTFOLIO Robust innovation pipeline, focused on four territories With over $1.5 billion of total sales opportunity expected over next five years PREMIUMIZATION FUNCTIONAL MULTI-SENSORIAL CUSTOMIZATION + CORE BRAND RENOVATION AND PORTFOLIO ARCHITECTURE 54
Slide 52: Premiumization
TOMORROW’S PORTFOLIO: Innovation Premiumization APPROACH AND PRODUCT CONCEPTS CONSUMER INSIGHTS Premium gaining share Accessible Luxury across categories Multiple drivers of Premium perception: Disruptive Indulgence • Indulgent • Quality ingredients • Sustainably sourced • Elevated packaging Quality
Slide 53: Functional
TOMORROW’S PORTFOLIO: Innovation Functional APPROACH AND PRODUCT CONCEPTS CONSUMER INSIGHTS 89% of consumers seeking Better-For-You added benefits in snacks, food, & drinks Performance Top benefits: Energy, Hydration, Sleep, Immunity, Gut Health Customized Nutrition Protein and Fiber as hero ingredi
Slide 54: Multi-sensorial
TOMORROW’S PORTFOLIO: Innovation Multi-sensorial APPROACH AND PRODUCT CONCEPTS CONSUMER INSIGHTS On-trend Flavors Adventurous flavors, flavor fusions Novel textures and playful forms to Multisensorial Textures stimulate the senses Social, experiential, fun! New Eating Experiences 57
Slide 55: Customization
TOMORROW’S PORTFOLIO: Innovation Customization APPROACH AND PRODUCT CONCEPTS CONSUMER INSIGHTS Assortments Increasing expectations for personalization and ‘bespoke’ Gifting & Celebrations Gifting to show care and fulfill need for connection Recipe Creations 58
Slide 56: Advancing R&D capabilities
TOMORROW’S PORTFOLIO: Technical Capabilities Advancing R&D capabilities Innovation pipeline requires building category-expanding and disruptive tech Consumer-led recipe Advantaged Flavor Nutrition Science to Guide Ingredient & Ingredient Enhancements & Texture Delivery Functional Snacking Resiliency
Slide 57: Selective M&A for incrementality
TOMORROW’S PORTFOLIO: M&A Selective M&A for incrementality ORGANIC INNOVATION M&A Category Hershey has superior insights New category Fragmented / less-established, High early mover advantage Competition winners unclear or winning insurgents are clear Brand Equity Existing brand can credibly stretch
Slide 58: Our Next Gen portfolio is more diversified across higher growth segments
TOMORROW’S PORTFOLIO Our Next Gen portfolio is positioned to be more diversified across higher growth segments Share of HSY Net Sales by Segment Functional Better-for-you / $6B TAM Premium Confection FUTURE Functional in Protein snacks & powders $7B TAM growing 3x BFY / Premium category Sweets TODAY
Slide 59: Key takeaways
NEXT GEN PORTFOLIO Key Our portfolio is well-positioned — with significant 1 headroom in U.S. snacking and international upside takeaways 2 Maximizing potential of today’s portfolio through modern brand building and portfolio effectiveness Fueling tomorrow’s portfolio with investment in 3 innovation
Slide 60: Andrew Archambault
Andrew Archambault President, U.S. 63
Slide 61: Key takeaways
RETAIL OF THE FUTURE 1 We built a world class commercial engine Key with deep consumer and category insights takeaways 2 One Hershey combines Confection leadership with disruptive Salty and Functional portfolios Unleashing significant opportunity for revenue 3 growth, margin expansion, and improved
Slide 62: Building on our category-leading strengths
Building on our Best in class shelf and shopper experience category- through deep consumer insights leading Delivering value and entering new occasions with advanced revenue growth capability strengths Maximizing retail execution on- and off-shelf through technology advancements 65
Slide 63: Deep consumer insights enhance shopper experience and category growth
DELIVERING FOR CUSTOMERS AND CONSUMERS Deep consumer insights enhance shopper experience and category growth Consumer & Shopper insights driving sales conversion The Outcome Gold Standard Retailer sales outperformed by Planogram +19% in confection and +12% principles that fuel category in Salty aisl
Slide 64: Pack price strategy designed to reach more consumers
DELIVERING FOR CUSTOMERS AND CONSUMERS Pack price strategy designed to reach more consumers Absolute Price Point & On-the-Go Portion Control & Value (cal or $/piece) 67
Slide 65: Single serve sizes drive trial, penetration, and share
DELIVERING FOR CUSTOMERS AND CONSUMERS Single serve sizes drive trial, penetration, and share Driving Dot’s trial Expanding occasions and on-the-go consumption and price points in Chocolate Single-Serve Pretzels % Retail Sales Growth (Y/Y) Category Hershey Expanding entry 80% price points in high 70
Slide 66: Price Pack Architecture delivers affordability and category growth
DELIVERING FOR CUSTOMERS AND CONSUMERS Price Pack Architecture delivers affordability and category growth Affordable indulgence Accessible price points ~75% of everyday New opening or accessible price points across portfolio under $4 everyday and seasonal assortments Pack types designed for the mass
Slide 67: Culturally relevant activations build consumer engagement
DELIVERING FOR CUSTOMERS AND CONSUMERS Culturally relevant activations build consumer engagement Pokémon Back to School Reese’s Oreo (through ’28) Dirty Soda Drove 20% of Instant Pokémon trainer journey From social trend to doorstep Consumable Confection turned into household trial in record time gr
Slide 68: Today's best in class commercial engine achieving growth
DELIVERING FOR CUSTOMERS AND CONSUMERS Today’s best in class commercial engine achieving growth America's #1 Reached Sweets Portfolio Growth #1 Digital Confection Share $100M >3x pretzel brand by market share #2 Digital Salty Share in retail sales in 5 months the category Source: Circana (2025), Sha
Slide 69: Unlock total portfolio with One Hershey commercial approach
UNLOCK TOTAL PORTFOLIO with | ONEHERSHEV<) Commercial approach
Slide 70: One Hershey brings One Voice to retailers
ONE HERSHEY brings One Voice to retailers Unlocking Total Snacking Advisorship Confection Salty Snacks Protein / Functional Snacking Front Ends & Digital & Away Focused go-to-market teams Instant Consumables from Home and models within categories 73
Slide 71: Unlocks the power of our total portfolio
unlocks the power of our total portfolio TODAY TOMORROW Optimizing for confection, Optimizing for total snacking occasions Category & Structure salty, and protein categories to be total Snacking Advisors Merchandising Category-specific Strategy Merchandising Sweet & Salty Merchandising driving highe
Slide 72: Sweet & Salty cross category merchandising
ONE HERSHEY UPSIDE Cross category MERCHANDISING merchandising SWEET & SALTY together maximizes sales lifts to enhance sales lifts +34% CONFECTION ITEMS vs +30% typical lift for CMG-only merch Total Snacking Portfolio Solutions +38% SALTY ITEMS additional large Opportunity to scale to 1,500+ format d
Slide 73: Driving year-round cultural relevance through tentpoles
ONE HERSHEY UPSIDE Driving year-round cultural relevance through tentpoles and multi-category expansion Cultural Tentpoles complement Seasonal Leadership ... Winter March Back to Fall Olympics Madness Americana School Football Holiday JANUARY DECEMBER Summer Hershey Valentine’s Easter Soccer Hallowe
Slide 74: Amplifying tentpole moments with full portfolio
ONE HERSHEY UPSIDE Amplifying tentpole moments with full portfolio March Madness America’s 250th 77
Slide 75: Technology enabling full Sweet and Salty retail coverage
ONE HERSHEY UPSIDE Technology enabling full Sweet and Salty retail coverage Generating 10% time savings per store, Leading handheld technology expanding retail doors and portfolio coverage Retail Store Coverage 80K+ 75K Image Recognition Augmented Reality AI-dynamic routing for sales reps & Now Next
Slide 76: Holistic commercial investment powered by technology
ONE HERSHEY UPSIDE Holistic commercial investment powered by technology Shifting more dollars to working trade Dynamic promotional ROI optimization 15% of Non-Working Investments converting to 80% of promotions feeding through AI-powered trade optimization tool on path to 100% by 2027 Working Trade
Slide 77: Grow units and velocity across Confection and Salty Snacks
Putting it all together, we are confident we can grow units and velocity across Confection and Salty Snacks Expanding Confection Scaling Salty Year-round cultural activations Expand distribution and points of interruption Expand ACV for highest velocity core items Reach new consumers and Stimulate d
Slide 78: Key takeaways
1 We built a world class commercial engine Key with deep consumer and category insights takeaways 2 One Hershey combines Confection leadership with disruptive Salty and Functional portfolios Unleashing significant opportunity 3 for revenue growth, margin expansion, and improved investment efficiency
Slide 79: Break
BREAK
Slide 80: Jason Reiman
Jason Reiman Chief Supply Chain Officer 83
Slide 81: Key takeaways
Our supply chain is fundamentally stronger, positioned to protect margins and fuel durable growth Key We have built and continue to expand our resiliency across key ingredients takeaways Network investments are positioning us for growth and agility A tech-enabled supply chain is accelerating product
Slide 82: Fundamentally stronger supply chain
Fundamentally stronger supply chain, positioned to protect margin and fuel durable growth What We Did What It Will Enable Core brand capacity Bigger, faster innovation Chocolate supply resiliency More affordable, flexible, and sustainable supply Flexible/multi-category assets Growth across categorie
Slide 83: Ingredient Resilience
INGREDIENT RESILIENGE a eS *" . y Ss =. &. HERSHEY 2
Slide 84: Cocoa resilience is a core advantage
INGREDIENT RESILIENCE Cocoa resilience is a core advantage Disciplined, structured sourcing and hedging approach Evolved Tactics Creating Greater and Capabilities Visibility and Agility Broadened hedging toolkit Real-time decision making Expanded market Enhanced scenario planning intelligence to new
Slide 85: Proven track record of outperforming a systematic buying approach
INGREDIENT RESILIENCE Proven track record of outperforming a systematic buying approach Hershey Total Commodity Cost Basket Advantage vs. Systematic Approach (%) 11.6% 9.5% 8.5% 7.1% 7.1% 5.5% 4.7% 4.0% 5.2% OUTPERFORM 0.9% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 UNDERPERFORM Source: He
Slide 86: Global cocoa supply is more diversified
INGREDIENT RESILIENCE Global cocoa supply is more diversified New origins over 50% of global production and rising Global Cocoa Supply by Origin 100% 43% 36% Cote d’Ivoire Ecuador is now the #2 global supplier 13% Ghana with >50% increase in production 20% over the past three years 51% Rest of World
Slide 87: From farmer to factory: investing for the long-term
INGREDIENT RESILIENCE From farmer to factory: investing for the long-term Hershey Income Increased R&D Expanded bean sourcing Direct sourcing Accelerator Program to improve farm health through R&D capabilities capabilities via supply $40M farmer investment and productivity and long- that expand orig
Slide 88: Agile Network
AGILE NETWORK
Slide 89: A network built for the next chapter of growth
NETWORK DESIGN A network built for the next chapter of growth Capacity Capabilities Resilience Runway to support Added capabilities across Built World Class Digitally future growth multiple Salty categories Integrated Chocolate Plant Full Utilization Pretzel Baking Popcorn & Seasoning Network Utiliz
Slide 90: Agility strategies for every stage of growth
NETWORK DESIGN Agility Chocolate Optimize for Growth Sweets Scale Capabilities strategies Optimize network for growth and margin expansion Scale capabilities to support growth in new brands, textures and forms for every Regionally relevant portfolio Invest in internal capabilities to support growth
Slide 91: Insourcing as new platforms scale
NETWORK DESIGN Insourcing as new platforms scale to drive margin and capabilities Chocolate Sweets Salty Snacks Functional Snacks Internal Internal Internal Internal External External External External 94
Slide 92: Fund the Future
FUND THE FUTURE
Slide 93: AI across every stage of our operations
PRODUCTIVITY AS FUEL AI across every stage of our operations Digital operational planning and decision intelligence connects the dots across the Plan whole supply chain to reduce waste, optimize inventory and increase service levels Source Make Deliver Sourcing analytics to enable Connected workers,
Slide 94: Customized precision displays enabled by AI and automation
PRODUCTIVITY AS FUEL Customized precision displays enabled by AI and automation 50% reduction in time from concept to commercialization Retail Technology Develops Agile Fulfilment Fully Customized Displays Right Solution For Customer Automates Customization Drive Store Level Performance Enables prec
Slide 95: Decision Intelligence orchestrates decisions across the value chain
PRODUCTIVITY AS FUEL Decision Intelligence orchestrates decisions across the value chain Micro decisions in real time Resulting in a projected $50M supply chain cost savings and $100M inventory reduction over the next two years 98
Slide 96: Our productivity focus will continue to fuel growth opportunities
PRODUCTIVITY AS FUEL Our productivity focus will continue to fuel growth opportunities 300 4.0% Productivity Savings 3.3% ~3.3% 3.5% 250 >3% % of 3.0% COGS $241M 3.0% Transform procurement 200 2.5% capabilities to drive spend efficiencies 2.5% $192M 1.9% 1.9% 150 2.0% $150M Physical and digital auto
Slide 97: Key takeaways
MODERN SUPPLY CHAIN Our supply chain is fundamentally stronger, positioned to protect margins and fuel durable growth Key We have built and continue to takeaways expand our resiliency across key ingredients Network investments are positioning us for growth and agility A tech-enabled supply chain is
Slide 98: Steve Voskuil
Steve Voskuil Chief Financial Officer 101
Slide 99: Clear, durable top-line algorithm anchored in key strategies
1 Clear, durable top-line algorithm anchored in key strategies Strong visibility to margin restoration 2 and expansion. Productivity and transformation are structural, not cyclical 3 Empowering differentiated performance through investments in portfolio and execution 4 Disciplined capital allocation
Slide 100: Unlocking the next chapter of differentiated results
Unlocking the next chapter of differentiated results Over the next three years, we plan to deliver: Undisputed Leadership Fastest growing portfolio High growth, in North America in U.S. Salty Snacking, high return International Confectionery on track to #2 business anchored in Mexico, Brazil, + UK/E
Slide 101: Segment Performance
SEGMENT PERFORMANCE HERSHEY 10s
Slide 102: Be the undisputed leader in confection
NORTH AMERICA CONFECTIONERY Be the undisputed Organic Net Sales Growth leader in confection Stabilize Share Expand Share 2022-20251 2026 2027+ +4% ~3% 2-4% Looking ahead to balanced growth contribution 1 2 3 4 5 Strong ROI Expanded Volume growth supported by One Hershey efficiently Strategic net bra
Slide 103: Restore and expand operating margins
NORTH AMERICA CONFECTIONERY Operating Margin Restore and expand Expand 32.9% 34.2% 32.3% Restore 26.3% operating margins 2022 2023 2024 2025 2026E 2027E 2028E Margin Expansion Levers Investment Areas Strategic pricing net of input cost inflation Product mix Scale and network optimization Recipes and
Slide 104: Aspire to be #2 U.S. salty snacking portfolio
NORTH AMERICA SALTY SNACKS Aspire to be #2 Organic Net Sales Growth U.S. salty snacking 2022-20251 2026 2027+ portfolio +4% +MSD +MSD Net Sales +20%2 Volume-led core and adjacent occasions #2 PLAYER Salty Snacks #4 player 1 Expand Leadership in Popcorn, Pretzels 2 Expand into new disruption ready Sa
Slide 105: Fuel near-term growth to unlock long-term scale and margin
NORTH AMERICA SALTY SNACKS Operating Margin Long term: Achieve Top-Quartile Fuel near-term growth 15.5% 17.6% 19.0% Peer Top Quartile to unlock long-term 14.5% Peer Median scale and margin 2022 2023 2024 2025 2026E 2027E 2028E Margin Expansion Levers Investment Areas Scale Brand building Automation
Slide 106: Positioned in high growth, high return markets
INTERNATIONAL Positioned in high Net Sales Growth growth, high return 2022-20251 2026 2027+ markets +4% (LSD)% +LSD-MSD Network and portfolio High ROI, scalable optimization anchor markets Looking ahead to volume-led contribution 1 2 3 4 Household penetration and Localized innovation in Expansion of
Slide 107: Profit recovery underway
INTERNATIONAL Long term: Operating Margin Competitive Margins Profit recovery 12.6% 15.6% Peer Top Quartile underway 11.7% Peer Median 0.4% 2022 2023 2024 2025 2026E 2027E 2028E Margin Expansion Levers Investment Areas Cocoa and tariff cost normalization Trial and awareness Route to market optimizat
Slide 108: Enterprise Outlook
ENTERPRISE OUTLOOK
Slide 109: Value creation framework
VALUE Iconic brands in growing categories CREATION Expansion into attractive whitespaces Balanced revenue growth FRAMEWORK Restore leading margins and expand gross profit dollars Reinvesting in brand building, innovation & R&D designed to deliver differentiated financial Strong cash flow enables por
Slide 110: Return to balanced organic net sales growth by capturing new occasions
Return to balanced organic net sales growth by capturing new occasions 2026 2027 2028+ Price-led Growth Shifting to Balance Balanced Revenue Growth Inflation-driven strategic pricing Continued new-occasion capture Modern brand building & One Hershey commercial approach Expanded innovation & tentpole
Slide 111: Restoring margin while supporting portfolio evolution
Restoring margin while supporting portfolio evolution to drive long-term profit dollar growth Tailwinds • Scale & Network Optimization Adjusted Gross Margin (%) • Productivity 45.5% 45.3% • Pricing / Price Pack Architecture 45.0% 44.9% MODEST 44.0% 44.0% • Premiumization 43.3% RESTORE EXPANSION RECO
Slide 112: Transformation and smart spending continue to deliver funding for growth
Transformation and smart spending continue to deliver funding for growth Total Transformation Program Net Savings (2024-2026) $400M Technology embedded through transformation enables run rate ~50% COGS Next Gen productivity savings of $110 million ~$100M ~50% SG&A ~90% 2026 Run Rate Source: Company
Slide 113: Strong visibility to consistently deliver Long-Term Algorithm
Strong visibility to consistently deliver Long-Term Algorithm 2026 - Recover 2027 - Restore 2028+ - Expand Organic Net 2.5% to 3.5% 2% to 4% 2% to 4% Sales Growth1 Adjusted 30% to 35% 15% to 20% 6% to 8% EPS Growth • Cocoa cost deflation • Balanced revenue contribution • Stable competitive environme
Slide 114: Consistent free cash flow supporting long-term value creation
Consistent free cash flow supporting long-term value creation Free Cash Flow ($ Billion) 5.7% Driven by 5-Yr CAGR $1.5 $1.6 $1.8 1 Earnings recovery & growth $1.5 $1.2 $1.3 2 Transformation & productivity savings 100%+ Adj. Free Cash Flow Productivity 3 Working capital improvement 4 Run rate capital
Slide 115: Strong cash generation enables reinvestment and shareholder value creation
Strong cash generation enables reinvestment and shareholder value creation Capital Allocation Priorities 1 2 Reinvest for Consistent Maintain strong Share growth dividend growth balance sheet buybacks (Including M&A) ~4% of Sales Payout >50% ~2.0x Opportunistic run rate capex diluted EPS target net
Slide 116: Disciplined M&A in core and high growth adjacencies
Disciplined M&A in core and high growth adjacencies Year of Acquisition 2018 2018 2019 2021 2021 2021 2023 2024 2025 2025 Confection whitespaces (Premium, BFY, Sweets) High growth adjacencies (Salty Snacking, Functional) Expand capabilities (Manufacturing, R&D, Tech) Meeting financial hurdles NEW So
Slide 117: Deliver Consistent, Peer-leading Shareholder Return
Leading positions in large, growing categories with expandable consumer demand Significant headroom for core and whitespace expansion within snacking 40%+ of future portfolio positioned in accelerated-growth platforms Structural margin expansion beyond restoration powered by productivity, scale, and
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Slide 119: Pure-play snacking leader with core strength and meaningful whitespace
1 Pure-play snacking leader with core strength and meaningful whitespace 2 Confident in expanding confection leadership, reaching #2 in salty, and International incrementality 3 Unlocking growth through One Hershey and next-gen capabilities in R&D, innovation, and brand building 4 Modern supply chai
Slide 120: EPS Reconciliation of GAAP and Non-GAAP
2026 PROJECTED EPS Reconciliation of GAAP and Non-GAAP In Dollars Per Share Amounts 2026 (Projected) YoY Growth 2025 Reported EPS diluted (GAAP) $7.77 - $8.19 +79% to +89% $4.34 Adjustments Derivative mark-to-market losses (gains) - $2.08 Business realignment activities 0.30 – 0.35 $0.29 Acquisition
Slide 121: Reconciliation of GAAP and Non-GAAP information
YEAR-ENDED: DECEMBER 31, 2025 Reconciliation of GAAP and Non-GAAP information In Millions of Dollars Gross Operating Net Income Per Except Per Share Amounts Profit Profit Income Share-Diluted As reported 33.5% GAAP results $3,922.7 $1,441.2 $883.3 $4.34 gross margin Adjustments Non-GAAP 37.2% Deriva
Slide 122: Reconciliation of GAAP and Non-GAAP information
YEAR-ENDED: DECEMBER 31, 2024 Reconciliation of GAAP and Non-GAAP information In Millions of Dollars Gross Operating Net Income Per Except Per Share Amounts Profit Profit Income Share-Diluted As reported 47.3% GAAP results $5,300.9 $2,898.2 $2,221.2 $10.92 gross margin Adjustments Non-GAAP 43.3% Der
Slide 123: Reconciliation of GAAP and Non-GAAP information
YEAR-ENDED: DECEMBER 31, 2023 Reconciliation of GAAP and Non-GAAP information In Millions of Dollars Gross Operating Net Income Per Except Per Share Amounts Profit Profit Income Share-Diluted As reported 44.8% GAAP results $4,997.8 $2,560.9 $1,861.8 $9.06 gross margin Adjustments Non-GAAP 45.3% Deri
Slide 124: Reconciliation of GAAP and Non-GAAP information
YEAR-ENDED: DECEMBER 31, 2022 Reconciliation of GAAP and Non-GAAP information In Millions of Dollars Gross Operating Net Income Per Except Per Share Amounts Profit Profit Income Share-Diluted As reported 43.2% GAAP results $4,498.8 $2,260.8 $1,644.8 $7.96 gross margin Adjustments Non-GAAP 44.0% Deri
Slide 125: Reconciliation of GAAP and Non-GAAP information
YEAR-ENDED: DECEMBER 31, 2021 Reconciliation of GAAP and Non-GAAP information In Millions of Dollars Gross Operating Net Income Per Except Per Share Amounts Profit Profit Income Share-Diluted As reported 45.1% GAAP results $4,048.6 $2,043.7 $1,477.5 $7.11 gross margin Adjustments Non-GAAP 44.9% Deri
Slide 126: Reconciliation of GAAP and Non-GAAP information
YEAR-ENDED: DECEMBER 31, 2020 Reconciliation of GAAP and Non-GAAP information In Millions of Dollars Gross Operating Net Income Per Except Per Share Amounts Profit Profit Income Share-Diluted As reported 45.4% GAAP results $3,701.3 $1,782.7 $1,278.7 $6.11 gross margin Adjustments Non-GAAP Derivative
Slide 127: Reconciliation of GAAP and Non-GAAP information
YEAR-ENDED: DECEMBER 31, 2019 Reconciliation of GAAP and Non-GAAP information In Millions of Dollars Gross Operating Net Income Per Except Per Share Amounts Profit Profit Income Share-Diluted As reported 45.4% GAAP results $3,622.5 $1,596.0 $1,149.7 $5.46 gross margin Adjustments Non-GAAP Derivative
Slide 128: Reconciliation of GAAP and Non-GAAP information
YEAR-ENDED: DECEMBER 31, 2018 Reconciliation of GAAP and Non-GAAP information In Millions of Dollars Gross Operating Net Income Per Except Per Share Amounts Profit Profit Income Share-Diluted As reported GAAP results $3,575.3 $1,623.7 $1,177.6 $5.58 45.9% gross margin Adjustments Derivative mark-to-
Slide 129: Reconciliation of GAAP and Non-GAAP information: Free Cash Flow
FREE CASH FLOW Reconciliation of GAAP and Non-GAAP information Millions of Dollars For the year ended December 31, 2020 2021 2022 2023 2024 2025 Components of Free Cash Flow OPERATING ACTIVITIES Net Income $1,275.4 $1,482.8 $1,644.8 $1,861.8 $2,221.2 $883.3 Adjustments to reconcile net income to net