The Campbell's Company · NASDAQ:CPB
The Campbell's — Campbell Soup Company — Q4 2025 Earnings Presentation
53 slides from The Campbell's's earnings presentation, Sep 3, 2025
Slide 1: Q4 Fiscal 2025 Earnings Presentation
Q4 Fiscal 2025 Earnings Presentation 1
Slide 2: Agenda
Rebecca Gardy Chief Investor Relations Officer Welcome Today’s Mick Beekhuizen Agenda Chief Executive Officer Business Update Carrie Anderson Financial Results Chief Financial Officer and Outlook 2
Slide 3: Forward-looking Statements
Forward-looking Statements Safe Harbor Regarding Forward-Looking Statements This presentation contains "forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations regarding our future results of operations, economi
Slide 4: Business Update
Business Update Mick Beekhuizen Chief Executive Officer 4
Slide 5: Key messages
Key messages Q4 earnings slightly ahead of our expectations Focus on day-to-day execution in a dynamic operating environment M&B portfolio fueled by at-home cooking behavior Rao’s returned to high-single-digit in-market dollar consumption growth Sequential improvement in key Snacks brands Half of Sn
Slide 6: Key Q4 and FY25 results
Key Q4 and vs. PY Q4 FY25 FY25 FY25 $ Consumption 1, 2 (1)% Flat results Organic Net Sales* (3)% (1)% Net Sales +1% +6% Adjusted EBIT* (2)% +2% Adjusted EPS* (2)% (4)% *See Non-GAAP reconciliation 1 $ Consumption is inclusive of Sovos Brands for the full-year 2Q4 FY25 Circana Total US MULO+, 13 week
Slide 7: Delivering consumer value across distinct needs
Delivering consumer value across distinct needs Premiumization Flavor Exploration Health & Wellness Cooking & Comfort “Elevate my experience” “Excite me” “Help me live better” “Connect me and my family” 7
Slide 8: Leadership Brands
Leadership Brands Stable share in Q4 amid challenging environment M&B continued to outpace category consumption; Snacks improved sequentially = Grew or held $ share in Q4 vs. PY2 Meals & Leadership Beverages1 1 Brands +1% $ consumption +0.2 $ share Flat Q4 $ consumption Snacks Flat (2)% $ consumptio
Slide 9: M&B consumption growth continues
Meals & Beverages M&B consumption growth continues Organic Net Sales reflects reversal of Q3 shipment timing benefit, as expected Q4 FY25 FY25 vs. PY vs. PY Pro forma Reported Reported combined2 Organic Net Sales* (3)% 0% +1% Volume/mix (4)% +1% +2% Dollar consumption1 +1% +2% +2% *See Non-GAAP reco
Slide 10: Soup portfolio performance
Meals & Beverages Q4 FY25 Soup portfolio performance Broth and cooking condensed strength fueled by consumers favoring cooking Q4 FY251 Wet Soup Broth Condensed RTS $ Consumption Category 1% 8% (1)% (3)% Campbell’s Flat 7% Flat (6)% $ Share (0.8) pts (0.2) pts +1 pt (1) pt 1 Circana Total US MULO+,
Slide 11: Italian sauces portfolio outpaces category on strength of Rao's
Meals & Beverages Italian sauces portfolio outpaces category on strength of Rao’s Rao’s returned to high-single-digit consumption growth in Q4 Campbell’s Italian Sauce Consumption1 Category Consumption1 +4% +2% 8% Flat Dollars Volume $ Consumption 1 $ Consumption 1 +2% Dollars Share change1 +1% #1 #
Slide 12: Broth Category sustaining growth in $ and volume
Broth Category sustaining growth in $ and volume Campbell’s Broth / Stock achieved volume share growth in 7 of 8 quarters1 Outperformed category growth in both buy rate and trips per buyer1 Cooking Comfort 5 quarters of millennial buy rate Health & Wellness growth for Swanson1 Homemade ramen is one
Slide 13: Snacks seeing sequential improvement
Snacks Snacks seeing sequential improvement In-market performance and Organic Net Sales improved vs. Q3 amid continued category softness Q4 FY25 FY25 vs. PY vs. PY Organic Net Sales* (2)% (3)% Volume/mix (5)% (3)% Dollar consumption1 (2)% (2)% *See Non-GAAP reconciliation. 1 Circana Total US MULO+,
Slide 14: Snacks share performance mixed but improving
Snacks Snacks share performance mixed but improving 5 of 8 Leadership Brands saw sequential share improvement from Q3 to Q4 Cookies Fresh Bakery Pretzels Chips Crackers Held1 Share gains in Cookies Fresh Bakery holding Snack Factory continued bright spot in challenging driven by White Chocolate shar
Slide 15: Milano White Chocolate innovation drove Pepperidge Farm growth
Milano White Chocolate innovation drove Pepperidge Farm growth1 Pepperidge Farm Cookies +3% $ consumption2 Total Milano +27% $ consumption and +0.5pts $ share2 #1 driver of category $ and unit volume growth for last 2 consecutive quarters3 1 Circana OmniConsumerTM Scan Panel, 26 WE 6.29.25, Total US
Slide 16: Focus on near-in execution while we invest to deliver sustainable profitable growth
Focus on near-in execution while we invest to deliver sustainable profitable growth Deliver Today Build for Tomorrow • Focus on day-to-day execution across • Growth Office launched to drive every aspect of our business enterprise-wide transformative growth • Capitalize on cooking momentum • Selectiv
Slide 17: Financial Results and Outlook
Financial Results and Outlook Carrie Anderson Chief Financial Officer 17
Slide 18: Q4 FY25 Key Financial Results
$ Millions, except per share Q4 FY25 Key Financial Results Results slightly ahead of our expectations Adjusted EPS reflects $0.06 benefit of the additional week partially offset by a $0.02 tariff impact and $0.02 impact from divestitures Net Sales Adjusted EBIT* Adjusted EPS* $2,293 $2,321 $0.63 $32
Slide 19: FY25 Key Financial Results
$ Millions, except per share FY25 Key Financial Results Sovos Brands acquisition accretive to FY26 adjusted EPS Additionally, adjusted EPS reflects a $0.06 benefit of the additional week offset by a $0.02 tariff impact and $0.05 impact from divestitures Net Sales Adjusted EBIT* Adjusted EPS* $1,454
Slide 20: Net Sales increased 1% to $2.3 billion
$ Millions Q4 FY25 Net Sales Bridge Net Sales increased 1% to $2.3 billion Q4 volume/mix negatively impacted by reversal of favorable M&B shipment timing in Q3, as expected 7 pts $2,321 $2,293 (4) pts 2 pts $2,156 (3) pts (3)% +1% vs. PY vs. PY Q4 FY24 Net Sales Volume / Mix Net Price Realization Q4
Slide 21: Adjusted Gross Profit Margin decreased largely due to inflation/other and tariff impacts
Q4 FY25 Adjusted Gross Profit Margin* Bridge Adjusted Gross Profit Margin decreased largely due to inflation/other and tariff impacts Includes an approximate 30-basis point impact from tariffs +100 bps (400) bps 31.4% 0 bps +40 bps 30.5% +170 bps (90) bps vs. PY Q4 FY24 Volume / Mix Net Price Inflat
Slide 22: Other Operating Items as % of Net Sales remained consistent to PY
$ Millions Q4 FY25 Other Operating Items Other Operating Items as % of Net Sales remained consistent to PY Adjusted Marketing & Selling Expenses* Adjusted Administrative Expenses* $197 $165 $187 $158 A&C +12% vs. PY +5% (4)% vs. PY vs. PY 8% 8% 7% 7% % of Net Sales: 8% % of Net Sales: FY24 FY25 Q4 F
Slide 23: Adjusted EBIT decline driven by lower Adjusted Gross Profit
Q4 FY25 Adjusted EBIT* Bridge $ Millions Adjusted EBIT decline driven by lower Adjusted Gross Profit and higher Adjusted Marketing and Selling expenses $329 ($10) $5 $321 ($10) $7 (2)% vs. PY Q4 FY24 Adjusted Gross Adjusted Adjusted Adjusted Other Q4 FY25 Profit Impact* Marketing & Administrative &
Slide 24: Adjusted EPS lower reflective of lower Adjusted EBIT
Q4 FY25 Adjusted EPS* Bridge Adjusted EPS lower reflective of lower Adjusted EBIT Includes a $0.06 benefit from the additional week, partially offset by a $0.02 tariff impact and $0.02 impact from divestitures $0.63 ($0.02) ($0.01) $0.01 $0.00 $0.62 (2)% vs. PY Q4 FY24 Adjusted EBIT* Interest Adjust
Slide 25: Q4 FY25 Meals & Beverages results
$ Millions Q4 FY25 Meals & Beverages results Net Sales reflect reversal of favorable timing of shipments in Q3 due to ERP implementation; Sovos Brands acquisition contributes to full-year growth Net Sales Operating Earnings $6,050 $1,076 $5,258 $974 $1,200 $1,202 $211 $200 0% +15% vs. PY vs. PY +10%
Slide 26: Q4 FY25 Snacks results
$ Millions Q4 FY25 Snacks results Sequential improvement in organic Net Sales from Q3 due to improved net price realization Net Sales Operating Earnings $4,378 $4,203 $648 $1,119 $560 $1,093 $159 $159 +2% (4)% vs. PY vs. PY (14)% vs. PY 0% vs. PY Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 V
Slide 27: Sustained strong cash generation
$ Millions Capital Allocation Sustained strong cash generation Returned $521M to shareholders in FY25 in dividends and share repurchases Net Cash Flows from Operations Capital Allocation $1,185 $1,131 FY24 FY25 Invest for Growth Capital Expenditures $517 $426 Return Cash to Shareholders Dividends $4
Slide 28: Tariff Mitigation in FY26
Tariff Mitigation in FY 26 Approximately half of estimated tariff impact is expected to be offset in FY26 through mitigation measures FY26 Gross Tariff Exposure ~4% of COPS FY26 Net Tariff Exposure Post Mitigation Mitigation Levers ~2% of COPS ~60% Section 232 • Strategic Inventory Management Steel
Slide 29: Enterprise Cost Savings Program increased 50% to $375M
Enterprise Cost Savings Program increased 50% to $375M Overdelivery on cost savings in FY25; line of sight to additional savings though FY28 PEAK (FY25 – FY28) Focus Areas: Network Optimization Integration Synergies $375M Technology and Org Effectiveness Indirect Spend Management 29
Slide 30: FY26 Guidance
Outlook FY26 Assumptions FY26 Guidance • Pop Secret and noosa business divestitures expected to have -1% impact on Net Sales and ~$0.04 per share $ Millions, Except Per Share FY25 dilutive impact for FY26 FY25 Estimated Comparable • Continued momentum in M&B, 2H stabilization in Snacks, Results Impa
Slide 31: Q&A
Q&A Mick Beekhuizen Carrie Anderson President & Chief Executive Officer EVP & Chief Financial Officer 31
Slide 32: Appendix
—— Appendix
Slide 33: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Fourth Quarter % Change Net Sales, Impact of Impact of Impact of Organic Net Sales, Organic Impact of Impact of August 3, 2025 As Reported Currency Acquisition 53rd Week Net Sales As Reported Net Sales Divestitures 53rd Week Meals &
Slide 34: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Fourth Quarter % Change Net Sales, Impact of Impact of Organic Net Sales, Organic Impact of Impact of July 28, 2024 As Reported Currency Acquisition Net Sales As Reported Net Sales Divestiture Acquisition Meals & Beverages $ 1,200 $
Slide 35: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Third Quarter % Change Net Sales, Impact of Impact of Organic Net Sales, Organic Impact of Impact of April 27, 2025 As Reported Currency Acquisition Net Sales As Reported Net Sales Divestitures Acquisition Meals & Beverages $ 1,463
Slide 36: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Three Months Ended Three Months Ended August 3, 2025 July 28, 2024 Net earnings, as reported $ 145 $ (3) Taxes 39 (3) Interest, net 85 83 Earnings before interest and taxes, as reported $ 269 $ 77 36
Slide 37: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Fourth Quarter EBIT EBIT Margin % Earnings Diluted EPS* 2025 – As Reported $ 269 11.6% $ 145 $ 0.48 Costs associated with cost savings and optimization initiatives 34 26 0.09 Pension and postretirement actu
Slide 38: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Twelve Months % Change Net Sales, Impact of Impact of Impact of Organic Net Sales, Organic Impact of Impact of Impact of August 3, 2025 As Reported Currency Acquisition 53rd Week Net Sales As Reported Net Sales Divestitures Acquisit
Slide 39: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Twelve Months % Change Net Sales, Impact of Impact of Organic Net Sales, Organic Impact of Impact of July 28, 2024 As Reported Currency Acquisition Net Sales As Reported Net Sales Divestitures Acquisition Meals & Beverages $ 5,258 $
Slide 40: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures Twelve Months Twelve Months ($ millions) Ended Ended August 3, 2025 July 28, 2024 Net earnings, as reported $ 602 $ 567 Taxes 194 190 Interest, net 328 243 Earnings before interest and taxes, as reported $ 1,124 $ 1,000 40
Slide 41: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Twelve Months EBIT EBIT Margin % Earnings Diluted EPS* 2025 – As Reported $ 1,124 11.0% $ 602 $ 2.01 Costs associated with cost savings and optimization initiatives 125 96 0.32 Pension and postretirement lo
Slide 42: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Fourth Quarter Gross Profit GP % EBT Tax Tax Rate 2025 – As Reported $ 705 30.4% $ 184 $ 39 21.2% Costs associated with cost savings and optimization initiatives 7 34 8 Pension and postretirement actuarial losses - 22 5 Commodity ma
Slide 43: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Fourth Quarter Marketing & Selling Other Expenses / Expenses (Income) 2025 – As Reported $ 202 $ 29 Costs associated with cost savings and optimization initiatives (5) - Pension and postretirement acturial losses - (22) 2025 – Adjus
Slide 44: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Fourth Quarter Administrative R&D Expenses Expenses Total 2025 – As Reported $ 172 $ 26 $ 198 Costs associated with cost savings and optimization initiatives (15) - (15) Certain litigation recoveries 1 - 1 2025 – Adjusted $ 158 $ 26
Slide 45: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Fourth Quarter – Adjusted Diluted EPS Impact from Adjusted Net Interest Expense Net Interest Expense 2025 – Adjusted $ 85 2024 – Adjusted 83 $ Change $ (2) Deduct: 2024 Adjusted tax rate impact on Net Inter
Slide 46: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Fourth Quarter – Adjusted Diluted EPS Impact from Adjusted EBIT EBIT 2025 – Adjusted $ 321 2024 – Adjusted 329 $ Change $ (8) Deduct: 2024 Adjusted tax rate impact on EBIT $ 2 Impact to Net Earnings $ (6) F
Slide 47: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Adjusted Diluted EPS Impact from Change in Adjusted Tax Rate Fourth Quarter 2025 – Adjusted EBT $ 236 Increase in Adjusted Tax Rate 1.6% Adjusted EBT multiplied by the Change in Adjusted Tax Rate $ 4 Fourth
Slide 48: Comparable Earnings Base for Fiscal 2026 Guidance
Comparable Earnings Base for Fiscal 2026 Guidance ($ millions) Full Year Net Sales, Impact of Net Sales for Impact of Organic Net Sales for August 3, 2025 As Reported 53rd Week FY2026 Guidance Divestitures* FY2026 Guidance Meals & Beverages $ 6,050 $ (86) $ 5,964 $ (99) $ 5,865 Snacks 4,203 (80) 4,1
Slide 49: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Net Debt July 28, 2024 August 3, 2025 Short-Term Borrowings $ 1,423 $ 762 Long-Term Debt 5,761 6,095 Total Debt $ 7,184 $ 6,857 Less: Cash and Cash Equivalents (108) (132) Net Debt $ 7,076 $ 6,725 49
Slide 50: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures Twelve Months Ended ($ millions) August 3, 2025 Net Earnings, as reported $ 602 Taxes 194 Interest, net 328 Earnings before interest and taxes, as reported $ 1,124 Costs associated with cost savings and optimization initiatives 125 Pension and p
Slide 51: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures (a) (b) =(a)+(b) Twelve Months Combined Twelve ($ millions) Ended Sovos August 2023 Months Ended July 28, 2024 - March 11, 2024 July 28, 2024 Net Earnings, as reported $ 567 $ 24 $ 591 Taxes 190 13 $ 203 Interest, net 243 21 $ 264 Earnings befor
Slide 52: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Twelve Months Net Sales Meals & Beverages Net Sales 2025 $ 6,050 Add: Impact of Currency 14 Less: Impact of 53rd Week (86) Meals & Beverages $ 5,978 Meals & Beverages Net Sales 2024 $ 5,258 Add: Sovos Brands, Inc. July 31, 2023 - Ma
Slide 53: Comparable Earnings Base for Fiscal 2026 Guidance
Comparable Earnings Base for Fiscal 2026 Guidance ($ millions, except per share amounts) 53rd Week Impact Full Year Adjusted Earnings before interest and taxes $ 1,487 Deduct: Impact of 53rd Week (29) Adjusted Earnings before interest and taxes base $ 1,458 Adjusted Net earnings attributable to The
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