Smithfield Foods, Inc. · NASDAQ:SFD
Smithfield Foods — Q4 2025 Earnings Presentation
30 slides from Smithfield Foods's earnings presentation, Mar 24, 2026
Slide 1: Smithfield Foods Fourth Quarter Fiscal 2025
March 24, 2026 Smithfield Foods Fourth Quarter Fiscal 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Legal Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our st
Slide 3: Today's Presenters
Today’s Presenters OUR CEO & CFO OUR SEGMENT HEADS SHANE SMITH MARK HALL STEVE FRANCE DONOVAN OWENS President and Chief Financial President, President, Chief Executive Officer Officer Packaged Meats North America Pork 22 11 23 32 years of experience years of experience years of experience years of e
Slide 4: Delivering on Commitments Post-IPO
Delivering on Commitments Post-IPO 4
Slide 5: 2025 Key Highlights
2025 Key Highlights 1 Achieved second consecutive year of record adjusted operating profit(1) of $1.3 billion, up 30.5% YoY, with 8.6% adjusted operating profit margin(1) 2 Delivered $1.1 billion in Packaged Meats adjusted operating profit(1),with 12.4% adjusted operating profit margin(1); the fourt
Slide 6: Strategic Priorities
Strategic Priorities 1 Packaged Meats – Increase profits through ongoing product mix improvements, volume growth and innovation 2 Fresh Pork – Maximize net realizable value across channels at a best-in-class cost structure 3 Hog Production – Achieve best-in-class cost structure on retained farms thr
Slide 7: Mix Shift: Profitable Unit Growth of Value-Added Premium Products
Mix Shift: We Continue to Drive Profitable Unit Growth of Value-Added Premium Products In Q4 25, Unit Velocity Expanded and Share Grew(1) for Premium Products: Lunch Meat, Dry Sausage, Cooked Dinner Sausage and Refrigerated BBQ Meats Cooked Dinner Lunch Meat Sausage +1.0 +0.8 Unit Unit Share Growth
Slide 8: Volume Growth: Ten $1Bn+ Packaged Meats Sub-Categories
Volume Growth: We Participate in Ten $1Bn+ Packaged Meats Sub-Categories MARKET MARKET PACKAGED MEATS SUB-CATEGORIES ($BN) (1) KEY SMITHFIELD BRANDS SHARE (2) POSITION (2) Deli Meat 16% #2 Packaged Lunch Meat 9% #5 Uncooked Bacon 22% #1 Cooked Dinner Sausage 17% #2 Hot Dogs 16% #4 Uncooked Breakfast
Slide 9: A Portfolio Across Price Points
A Portfolio Across Price Points Resonating with Consumers’ Preferences WE DELIVER VALUE TO CONSUMERS ACROSS A WIDE RANGE OF PRICE POINTS Packaged Lunch Meat – Average Retail Price Comparison of Our Brands vs. Select Competitors (1) ARP / Pound $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 $
Slide 10: Volume Growth: Foodservice Is Growing Opportunity
Volume Growth: Foodservice Is Growing Opportunity KEY STRATEGIC PACKAGED MEATS STRONG FOODSERVICE CHANNEL STRONG CUSTOMER FOODSERVICE INITIATIVES GROWTH ($MM’s) RELATIONSHIPS Grow Branded Sales ~70% of the top 50 ranked national foodservice chains serviced (1) Grow Private $2,684 Label Sales 100% of
Slide 11: Product Innovation: Addressing Consumer Trends
Product Innovation: Addressing Consumer Trends CONTINUE LAUNCHING PRODUCTS THAT TARGET SPECIFIC NEEDS AND EXPAND PORK CONSUMPTION FLAVOR & VARIETY CONVENIENCE PACKAGE SIZES 11
Slide 12: Leveraging Our Fresh Pork Sales Channels to Utilize the Whole Hog
Leveraging Our Fresh Pork Sales Channels to Utilize the Whole Hog Further Enhance Fresh Pork By Expanding Use & Increasing Value Of Raw Materials Packaged Meats Domestic Adjacent Business Lines Export 12
Slide 13: Transformational Strategy in Hog Production
Transformational Strategy in Hog Production to Maintain High-Quality While Reducing Commodity Exposure STRATEGIC PLAN IN PLACE TO OPTIMIZE HOG PRODUCTION OPERATIONS KEY STRATEGIES Annual Hog Production (MM Heads) TO ACHIEVE BEST-IN-CLASS OPERATIONS 10% Reduction 40%+ Support downstream business Redu
Slide 14: Drive a Culture of Continuous Improvement
Drive a Culture of Continuous Improvement AUTOMATION PACKAGED MEATS SUPPLY CHAIN & PROCESS & FRESH PORK & LOGISTICS IMPROVEMENT Best-In-Class Lean Optimize Deployment Improve Service at Manufacturing of Labor Optimal Cost – Continue to improve – Employ automation to – Continuously improve profitabil
Slide 15: Smithfield Foods to Acquire Iconic Hot Dog Brand Nathan's Famous
Smithfield Foods to Acquire Iconic Hot Dog (1) Brand Nathan’s Famous Secures Rights to Iconic All-Beef Hot Dog 1 Brand into Perpetuity Strengthens Ability to Grow Nathan’s 2 Brand across Retail and Foodservice Channels 3 Transaction Immediately Accretive (1) The closing of the transaction is expecte
Slide 16: Delivering on Commitments Post-IPO
Delivering on Commitments Post-IPO Record Profits, Strong Financial Returning Value Culture of Leveraging Expanded Position to Shareholders Accountability & Advantages of Margins & Cash Operational Vertically Flows Excellence Integrated Model 16
Slide 17: Q4 & FY25 Results
Q4 & FY25 Results Consolidated Results Compared to Prior Year in $MM Thirteen Weeks Ended Thirteen Weeks Ended except EPS in $ / share December 28, 2025 December 29, 2024 % Change Sales $4,227 $3,951 7.0% Adj. Operating Profit (1) $402 $315 27.8% Adj. Operating 8.0% 150bps Q4 Profit Margin (1) 9.5%
Slide 18: Strong Packaged Meats Results Despite Significant Increases in Raw Material Costs
Strong Packaged Meats Results Despite Significant Increases in Raw Material Costs Full Year 2025 vs. Full Year 2024 ($MM’s) (1) 13.6% 12.4% • Adj. Operating • Sales +5.3% Profit (3.6)% • Price +5.6% • Volume ~flat (1) Adjusted operating profit and adjusted operating profit margin are non-GAAP measur
Slide 19: Fresh Pork Adeptly Navigates Tighter Market Spread
Fresh Pork Adeptly Navigates Tighter Market Spread Full Year 2025 vs. Full Year 2024 ($MM’s) (1) 2.9% 2.5% • Adj. Operating • Sales +6.0% Profit (7.4)% • Price +5.8% • Volume ~ flat (1) Adjusted operating profit and adjusted operating profit margin are non-GAAP measures. Please see the appendix for
Slide 20: Hog Production Continues to Grow Profitability
Hog Production Continues to Grow Profitability Full Year 2025 vs. Full Year 2024 ($MM’s) Sales Adjusted Operating Profit (1) $176 5.2% 2025 2024 (5.0)% $(152) • Sales +13.0% (1) Adjusted operating profit and adjusted operating profit margin are non-GAAP measures. Please see the appendix for a reconc
Slide 21: Strong Financial Position Creates Operational Flexibility
Strong Financial Position Creates Operational Flexibility Ratio of Net Debt to Adjusted Cash Flows From Operating Liquidity (2) ($MM) EBITDA (1) Activities ($MM) 0.8x $3,837 $1,059 0.3x $916 $3,245 Capital Allocation Strategy Drive Growth Reinvest in Business Shareholder Return (3) Opportunistic M&A
Slide 22: FY 2026 Guidance
FY 2026 Guidance (1)(2) Packaged Meats Sales Low-Single-Digit Growth Compared to FY 25 $1,100 - $1,200 MM Adj. Operating Profit $1,325 - $1,475 MM Fresh Pork Capex $350 - $450 MM $200 - $260 MM Effective Tax Rate 22.5% - 24.5% Hog Production $150 - $200 MM (1) The Company’s outlook for fiscal year 2
Slide 23: Q&A
Q&A
Slide 24: Appendix
Appendix
Slide 25: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Three Months Ended Twelve Months Ended December 28, December 29, December 28, December 29, 2025 2024 2025 2024 $ millions Net income from continuing operations attributable to Smithfield $327 $211 $987 $783 Litigation charges — — 73 — Reduction in workforce (1) 3 —
Slide 26: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended December 28, December 29, 2025 2024 $ millions Net income from continuing operations $998 $798 Interest expense, net 41 66 Income tax expense 283 271 Depreciation and amortization 332 339 EBITDA from continuing operations $1,654 $1,474 Litigation ch
Slide 27: Net Debt to Adjusted EBITDA Reconciliation
Net Debt to Adjusted EBITDA Reconciliation Twelve Months Ended December 28, 2025 December 29, 2024 $ millions Current portion of long-term debt and capital lease $3 $3 Long-term debt and finance lease obligations 2,000 1,999 Total debt and finance lease obligations $2,003 $2,002 Less: Cash and cash
Slide 28: Adjusted Operating Profit Reconciliation
Adjusted Operating Profit Reconciliation Three Months Ended December 28, 2025 Packaged Fresh Pork Hog Other (1) Corporate (2) Unallocated (3) Consolidated Meats Production Operating profit (loss) $302 $87 $64 $14 $(49) $(17) $400 Reduction in workforce (4) — — — — — 3 3 Hog Production Reform — — — —
Slide 29: Adjusted Operating Profit Reconciliation
Adjusted Operating Profit Reconciliation Twelve Months Ended December 28, 2025 Packaged Fresh Pork Hog Other (1) Corporate (2) Unallocated (3) Consolidated Meats Production Operating profit (loss) $1,094 $214 $176 $45 $(128) $(109) $1,292 Litigation charges — — — — — 73 73 Reduction in workforce (4)
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