The Campbell's Company · NASDAQ:CPB
The Campbell's — Q1 2026 Earnings Presentation
43 slides from The Campbell's's earnings presentation, Dec 9, 2025
Slide 1: Q1 Fiscal 2026 Earnings Presentation
Q1 Fiscal 2026 Earnings Presentation 1
Slide 2: Agenda
Rebecca Gardy Chief Investor Relations Officer Welcome Today’s Mick Beekhuizen Agenda Chief Executive Officer Business Update Todd Cunfer 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: Q1 FY26 Key Messages: Performance in line; Guidance reaffirmed
Q1 FY26 Key Messages Performance in line; Guidance reaffirmed (2)% $ Consumption1 Q1 performance in line with our expectations Focus on day-to-day execution in a dynamic operating environment (1)% Organic Net Sales* Highly relevant Leadership Brand portfolio Collectively holding share for the 8th co
Slide 6: 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” 6
Slide 7: Leadership Brands
Leadership Brands Share remains stable amid dynamic environment Strength in cooking soups, Rao’s, Pepperidge Farm Cookies, Snack Factory and Late July = Grew or held $ share vs. PY1 Meals & Leadership Beverages Brands1 Flat $ consumption Flat $ share (1)% Q1 $ consumption Snacks Flat (2)% $ consumpt
Slide 8: M&B Net Sales volumes impacted by pricing
Meals & Beverages M&B Net Sales volumes impacted by pricing In-market consumption down driven by non-leadership brands Q1 FY26 vs. PY Organic Net Sales* (2)% Volume/mix (3)% Dollar consumption1 (1)% *See Non-GAAP reconciliation 1 Circana Total US MULO+, 13 weeks ending 11/02/25 8 8
Slide 9: Q1 FY26 Soup portfolio performance
Meals & Beverages Q1 FY26 Soup portfolio performance Strength in broth and condensed, continued pressure on eating soups Q1 FY261 Wet Soup Broth Condensed RTS Consumption Category (1)% 7% (2)% (7)% $ Campbell’s (2)% 7% (1)% (11)% $ Share (1) pt Flat +1 pt (2) pts 1 Circana Total US MULO+, 13 weeks e
Slide 10: Campbells presents America's Favorite Sides
Campbells presents America’s Favorite Sides Dressing > STEADY AT 1ST PLACE SINCE 2024 Stutfing/Dressing reigns supreme in 42 states and continues to be America’s most-loved side. Whether baked inside the bird or served up in a casserole dish, it's the dish no Thanksgiving table feels complete withou
Slide 11: Sustaining Rao's momentum
Meals & Beverages Sustaining Rao's momentum Q1 FY26 Strategic Investment in La Regina • Proprietary producer of Rao’s tomato-based pasta sauces and with one of the best small batch Italian Sauce sauce facilities in the world Category Consumption1 Consumption1 • Super-premium ingredients such +1% +4%
Slide 12: Snacks seeing sequential volume improvement
Snacks Snacks seeing sequential volume improvement In market consumption consistent with overall category headwinds Q1 FY26 vs. PY Organic Net Sales* (1)% Volume/mix (3)% Dollar consumption1 (2)% *See Non-GAAP reconciliation. 1 Circana Total US MULO+, 13 weeks ending 11/02/25; Total Snacks. 12
Slide 13: Snacks share performance mixed but improving
Snacks Snacks share performance mixed but improving 4 of 8 Leadership Brands gained or held $ share; All but Cape Cod and Snyder’s of Hanover held or gained volume share Cookies Fresh Bakery Chips Pretzels Crackers Held1 Share gains in Cookies Fresh Bakery holding share, Pop’ums and Bites innovation
Slide 14: This holiday, our brands show up as elevated memory-making treats
This holiday, our brands show up as elevated and convenient memory-making treats for the best celebration. Anytime. All the time. preferred and purchased cookie brand at #1 the holidays is Pepperidge Farm of guests bring snacks/apps to 63% holiday gatherings 74% purchase pre-made holiday cookies 14
Slide 15: 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 16: Financial Results and Outlook
Financial Results and Outlook Todd Cunfer Chief Financial Officer 16
Slide 17: Q1 FY26 Key Financial Results
$ Millions, except per share Q1 FY26 Key Financial Results Results reflect dynamic operating environment Net Sales Adjusted EBIT* Adjusted EPS* $2,772 $2,677 $432 $0.89 $383 $0.77 (3)% (11)% (13)% vs. PY vs. PY vs. PY Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Organic Net Sales* vs. PY Adjusted
Slide 18: Net Sales decreased 3% to $2.7 billion
$ Millions Q1 FY26 Net Sales Bridge Net Sales decreased 3% to $2.7 billion Volume/mix remained negative though sequentially improved versus Q4 FY25 $2,772 (3) pts 1 pt $2,679 (2) pts $2,677 (1)% (3)% vs. PY vs. PY 1 Q1 FY25 Net Sales Volume / Mix Net Price Realization Q1 FY26 Organic Divestitures Q1
Slide 19: Adjusted Gross Profit Margin decreased largely due to inflation and supply chain costs
Q1 FY26 Adjusted Gross Profit Margin* Bridge Adjusted Gross Profit Margin decreased largely due to inflation and other supply chain costs Cost savings and supply chain productivity improvements and net price partially mitigate inflation and other supply chain costs 31.4% (10) bps +90 bps (520) bps +
Slide 20: Other Operating Items remained consistent to PY as % of Net Sales
$ Millions Q1 FY26 Other Operating Items Other Operating Items remained consistent to PY as % of Net Sales Adjusted Marketing & Selling Expenses* Adjusted Administrative Expenses* $241 $237 $164 $150 (2)% (9)% vs. PY vs. PY 9% 9% 6% 6% % of Net Sales: 8% % of Net Sales: Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY
Slide 21: Adjusted EBIT decline primarily driven by lower Adjusted Gross Profit
Q1 FY26 Adjusted EBIT* Bridge $ Millions Adjusted EBIT decline primarily driven by lower Adjusted Gross Profit $432 ($70) $15 $2 $383 $4 (11)% vs. PY Q1 FY25 Adjusted Gross Adjusted Marketing Adjusted Adjusted Other Q1 FY26 Profit Impact* & Selling Expenses* Administrative & Expenses / R&D Expenses*
Slide 22: Adjusted EPS lower reflective of lower Adjusted EBIT
Q1 FY26 Adjusted EPS* Bridge Adjusted EPS lower reflective of lower Adjusted EBIT Reflects approximately $0.14 gross tariff impact; $0.04 net tariff impact; $0.01 impact from noosa divestiture $0.89 ($0.12) $0.01 ($0.01) $0.00 $0.77 (13)% vs. PY Q1 FY25 Adjusted EBIT* Interest Adjusted Taxes* Share
Slide 23: Q1 FY26 Meals & Beverages results
$ Millions Q1 FY26 Meals & Beverages results Operating margin negatively impacted by tariffs, cost inflation and other supply chain costs Net Sales Operating Earnings $1,739 $1,665 $343 $297 (4)% vs. PY (13)% vs. PY Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Vol/Mix 1% (3)% Operating Margin 19.7% 17.8% Net Pri
Slide 24: Q1 FY26 Snacks results
$ Millions Q1 FY26 Snacks results Operating margin negatively impacted by cost inflation and other supply costs Net Sales Operating Earnings $1,033 $136 $1,012 $123 (2)% (10)% vs. PY vs. PY Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Vol/Mix (1)% (3)% Operating Margin 13.2% 12.2% Net Price Realization (1)% 2% O
Slide 25: Stable cash generation compared to prior year
$ Millions Capital Allocation Stable cash generation compared to prior year Returned $144M to shareholders in Q1 in dividends and share repurchases Net Cash Flows from Operations Capital Allocation $225 $224 Q1 FY25 Q1 FY26 Invest for Growth Capital Expenditures $110 $127 Return Cash to Shareholders
Slide 26: Reaffirmed FY26 Guidance
Outlook FY26 Assumptions Reaffirmed 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 Results* dilutive impact for FY26 (52 weeks) FY26 Guidance1 • Continued momentum in M&B, 2H stabilization in
Slide 27: Q&A
Q&A Mick Beekhuizen Todd Cunfer President & Chief Executive Officer EVP & Chief Financial Officer 27
Slide 28: Appendix
Appendix 28
Slide 29: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) First Quarter % Change Net Sales, Impact of Organic Net Sales, Organic Impact of November 2, 2025 As Reported Currency Net Sales As Reported Net Sales Divestitures Meals & Beverages $ 1,665 $ 2 $ 1,667 (4%) (2%) (3%) Snacks 1,012 -
Slide 30: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) First Quarter % Change Net Sales, Impact of Impact of Organic Net Sales, Organic Impact of Impact of October 27, 2024 As Reported Currency Acquisition Net Sales As Reported Net Sales Divestiture Acquisition Meals & Beverages $ 1,739
Slide 31: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) 31
Slide 32: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Three Months Ended Three Months Ended November 2, 2025 October 27, 2024 Net earnings, as reported $ 194 $ 218 Taxes 62 66 Interest, net 80 83 Earnings before interest and taxes, as reported $ 336 $ 367 32
Slide 33: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) First Quarter EBIT EBIT Margin % Earnings Diluted EPS* 2026 – As Reported $ 336 12.6% $ 194 $ 0.65 Costs associated with cost savings and optimization initiatives 34 26 0.09 Commodity mark-to-market losses 2 2 0.01 Cybersecurity Inc
Slide 34: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) First Quarter Gross Profit GP % EBT Tax Tax Rate 2026 – As Reported $ 792 29.6% $ 256 $ 62 24.2% Costs associated with cost savings and optimization initiatives 7 34 8 Commodity mark-to-market losses 2 2 - Cybersecurity incident rec
Slide 35: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) First Quarter Marketing & Selling Other Expenses / Expenses (Income) 2026 – As Reported $ 253 $ 9 Costs associated with cost savings and optimization initiatives (16) - Costs associated with acquisition - (2) 2026 – Adjusted $ 237 $
Slide 36: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) First Quarter Administrative R&D Expenses Expenses Total 2026 – As Reported $ 167 $ 24 $ 191 Costs associated with cost savings and optimization initiatives (8) - (8) Cybersecurity incident recoveries 1 - 1 Certain litigation expens
Slide 37: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) First Quarter – Adjusted Diluted EPS Impact from Adjusted EBIT EBIT 2026 – Adjusted $ 383 2025 – Adjusted 432 $ Change $ (49) Deduct: 2025 Adjusted tax rate impact $ 12 Impact to Net Earnings $ (37) First Q
Slide 38: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) 38
Slide 39: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Net Debt November 2, 2025 October 27, 2024 Short-Term Borrowings $ 874 $ 1,212 Long-Term Debt 6,098 6,705 Total Debt $ 6,972 $ 7,917 Less: Cash and Cash Equivalents (168) (808) Net Debt $ 6,804 $ 7,109 39
Slide 40: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures (a) (b) (c) =(a)-(b)+(c) Twelve Months Three Months Three Months Trailing Twelve Ended Ended Ended Months Ended ($ millions) August 3, 2025 October 27, 2024 November 2, 2025 November 2, 2025 Net Earnings, as reported $ 602 $ 218 $ 194 $ 578 Taxe
Slide 41: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) 41
Slide 42: Comparable Net Sales Base for Fiscal 2026 Guidance
Comparable Net Sales Base for Fiscal 2026 Guidance ($ millions) Fiscal 2025 Organic Sales Base for Fiscal 2026 Guidance Full Year Net Sales, Impact of Impact of August 3, 2025 As Reported 53rd Week Divestitures* Organic Net Sales Meals & Beverages $ 6,179 $ (88) $ (99) $ 5,992 Snacks 4,074 (78) (9)
Slide 43: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Twelve Months EBIT Earnings Diluted EPS* 2025 – As Reported $ 1,124 $ 602 $ 2.01 Costs associated with cost savings and optimization initiatives 125 96 0.32 Pension and postretirement losses 24 18 0.06 Comm
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