The J.m. Smucker Company · NYSE:SJM
The J.m. Smucker — Barclays Global Consumer Staples Conference 2025
51 slides from The J.m. Smucker's conference presentation, Sep 2, 2025
Slide 1: Barclays Global Consumer Staples Conference
BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE SEPTEMBER 2, 2025
Slide 2: Mark Smucker, Chief Executive Officer & Chair of the Board
MARK SMUCKER CHIEF EXECUTIVE OFFICER & CHAIR OF THE BOARD
Slide 3: Forward-Looking Statements
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 uncertaint
Slide 4: Today's Themes
TODAY’S THEMES CONFIDENT IN WORLD-CLASS BALANCED LONG-TERM BRAND CAPITAL GROWTH BUILDING DEPLOYMENT POTENTIAL MODEL MODEL Strong Portfolio of Consumers Turn to Ambition of Leading Brands Brands They Over $1 Billion Know & Trust in Free Cash Flow Operate in Annually Attractive Categories Consumer-Led
Slide 5: Strategy Is Working
Our portfolio continues to deliver TOP-LINE GROWTH OUR supported by STRATEGY STRONG CONSUMER DEMAND for our portfolio of leading brands IS WORKING CREATE LONG-TERM VALUE FOR OUR SHAREHOLDERS deliver top-line growth supported by strong consumer demand for our leading brands
Slide 6: Key Growth Platforms
Prioritizing resources to our largest growth opportunities through our KEY GROWTH PLATFORMS ® ® COFFEE FROZEN HANDHELD PET FOOD SWEET BAKED & SPREADS SNACKS
Slide 7: Coffee
U.S. Retail COFFEE Portfolio of Leading Coffee Brands #1 Branded Manufacturer in Volume Share SOURCE: SMUCKER INTERNAL CIRCANA MULTI-OUTLET SHARE REPORT 52 WEEKS ENDED AUGUST 10, 2025.
Slide 8: One of the Fastest-Growing Brands
ONE OF THE FA S T E S T - G RO W I N G B R A N D S I N T H E AT - H O M E C O F F E E C AT E G O R Y Fueling the brand’s tremendous momentum through a NATIONAL MARKETING CAMPAIGN building on the ESTÁ AQUÍ creative SOURCE: SMUCKER INTERNAL CIRCANA MULTI-OUTLET SHARE REPORT 52 WEEKS ENDED AUGUST 10, 2
Slide 9: New Roast Profiles
NEW ROAST PROFILES Expand appeal to younger Authentic to its Latin roots & more diverse buyers
Slide 10: Cold Coffee
COLD COFFEE Providing consumers with convenient offerings COMING SOON Cold Coffee Image M U LT I - S E R V E SINGLE-SERVE F O R M AT R E A D Y - TO - D R I N K F O R M AT
Slide 11: Video Playing in Room
Video Playing in Room Video Commercial Playing in Room
Slide 12: Ambition to Become a Top Brand
AMBITION TO BECOME A TOP 4 BRAND IN AT-HOME COFFEE CATEGORY INCREASE BRAND AWARENESS & HOUSEHOLD PENETRATION
Slide 13: Frozen Handheld & Spreads
® U.S. Retail FROZEN ® HANDHELD Anticipate Over & SPREADS $1B FY26 Net Sales OUR BRAND BUILDING MODEL WILL DRIVE GROWTH THROUGH National Advertising Campaign Distribution Gains Innovation TM
Slide 14: Building an Iconic Brand
BUILDING OVER 4 MILLION NEW HOUSEHOLDS AN ICONIC BRAND The Uncrustables ® brand continues to infuse itself throughout TM pop culture & social media TM SOURCE: SMUCKER INTERNAL CIRCANA PANEL DATA REPORT 52 WEEKS ENDED AUGUST 10, 2025 2025 LITTLE LEAGUE BASEBALL, INCORPORATED. ALL RIGHTS RESERVED.
Slide 15: Video Playing in Room
“Uncrustables are the ultimate | one handed snack” 2387 Q33 Gu Wau coach.rac #Ad Are Uncrustables
Slide 16: Expanding into C-Store
EXPANDING INTO C-STORE New channel provides more availability & unlocks the benefit of immediate consumption Now selling in over More than two-thirds of the 30,000 TOP 100 CHAINS convenience stores are either selling Uncrustables ® sandwiches or have committed to distribution
Slide 17: Innovation
Seeing benefits from accelerating INNOVATION PEANUT BUTTER & RASPBERRY SPREAD Anticipate Launched this Summer Coming this Fall OVER $50M FY26 Net Sales
Slide 18: Launching Focused on Higher Protein
Excited to Announce LAUNCHING a New Variety FOCUSED ON HIGHER PROTEIN TM
Slide 19: Tremendous Growth
® ® TREMENDOUS GROWTH Leading the frozen category in new buyers for households with kids, Millennials & Gen Z 2 SKUs in the #1 TOP Soon to be a TOP 3 SKU 10 Brand SOURCE: SMUCKER INTERNAL CIRCANA MULTI-OUTLET SHARE REPORT 52 WEEKS ENDED AUGUST 10, 2025, TOTAL FROZEN CATEGORY.
Slide 20: Pet
U.S. Retail PET LEADING BRANDS IN DOG SNACKS & DRY CAT FOOD Pet Population is Expected to Grow Humanization of the Category SOURCE: SMUCKER INTERNAL CIRCANA MULTI-OUTLET SHARE REPORT 52 WEEKS ENDED AUGUST 10, 2025. EUROMONITOR 2025 – 2030.
Slide 21: Innovation in Dog Snacks
INNOVATION IN DOG SNACKS 1st Dog Treat to Feature a Human Food Brand EXCEEDING OUR EXPECTATIONS Extending the Jif and Milk-Bone brands ® ® collaboration with innovation launching next calendar year
Slide 22: Next Generation of Pet Parents
NEXT GENERATION OF PET PARENTS Still forming treating preferences AMPLIFY BRAND LOVE Culturally relevant & engaging marketing that matches evolving media consumption
Slide 23: Video Playing in Room
Video Playing in Room
Slide 24: Cat category is experiencing tailwinds
Cat category is experiencing tailwinds with continued pet population growth U.S. cat population is nearing 92M SOURCE: EUROMONITOR 2025.
Slide 25: Top Innovation
Bringing Gravy Indulgence & Convenience to the Dry Cat Food Aisle TOP INNOVATION in the Dry Cat Category SOURCE: SMUCKER INTERNAL CIRCANA MULTI-OUTLET SHARE REPORT CALENDAR YEAR 2025.
Slide 26: Sweet Baked Snacks
SWEET BAKED SNACKS EXECUTING OUR STRATEGY STRENGTHENING ELEVATING REIGNITING THE OUR SUSTAINABLE PORTFOLIO EXECUTION GROWTH
Slide 27: Advancing Our Strategy
Advancing Our Strategy by taking decisive actions Prioritizing Closing the Indianapolis Applying our high-velocity manufacturing facility proven brand & margin-accretive to generate building model SKUs significant cost savings
Slide 28: Video Playing in Room
hostess_snacks @ and chadbsavage @ fl chadbsavage - Original audio "| [Donette judge me. | i Z
Slide 29: A Bold New Marketing Campaign
A BOLD NEW MARKETING CAMPAIGN Delivering strong results Unaided Awareness & Successfully Purchase Intent Increased Consumer Sentiment Increased Double Digits Attributes Around Both Taste & Loyalty SOURCE: SMUCKER INTERNAL BRAND STUDY AUGUST 2025.
Slide 30: Innovation
INNOVATION strengthening the iconic parts of the Hostess portfolio ®
Slide 31: Strategy Is Working
DRIVING TOP-LINE GROWTH OUR Investments in our Brands Portfolio Optimization STRATEGY Focus on Key Platforms IS WORKING Well-Positioned To Deliver Long-Term Growth & Increase Shareholder Value
Slide 32: Tucker Marshall, Chief Financial Officer
TUCKER MARSHALL CHIEF FINANCIAL OFFICER
Slide 33: Confident in the Long-Term Growth Potential
Option A CONFIDENT IN THE LONG-TERM GROWTH POTENTIAL OF THE COMPANY
Slide 34: FY26 Financial Outlook
FY26 FINANCIAL OUTLOOK Provided with Q1 Earnings Release NET SALES GROWTH ADJUSTED EPS FREE CASH FLOW 3.0% - 5.0% $8.50 - $9.50 $975M Comparable Basis (Midpoint): +5.5% ® ®
Slide 35: Our Long-Term Objectives
OUR LONG-TERM OBJECTIVES A steady, compelling, and compounding algorithm Dividends Debt Repayment & Share Repurchases Operating Margin Expansion 10%+ HSD MSD LSD Net Sales Adj. Operating Adj. EPS Total Growth Income Growth Growth Shareholder Return 35
Slide 36: Capital Deployment
A balanced approach to CAPITAL DEPLOYMENT GENERATING STRONG CASH FLOW Investing in Debt Share Dividends our Business Repayment Repurchases SHAREHOLDER VALUE CREATION
Slide 37: Free Cash Flow
FREE CASH FLOW KEY COMPONENTS Long-Term Objective $1B Business Growth Working Capital Management FREE CASH FLOW Reducing Capital Expenditures ANNUALLY
Slide 38: Capital Expenditures
CAPITAL EXPENDITURES $587M $477M $418M $394M $325M Long-Term Objective 3.5% NET SALES ANNUALLY FY22 FY23 FY24 FY25 FY26E (A) % of NS 5.2% 5.6% 7.2% 4.5% 3.6% Elevated due to Uncrustables ® sandwiches capacity expansion (A) BASED ON MIDPOINT OF FY26 NET SALES GUIDANCE RANGE PROVIDED ON AUGUST 27, 202
Slide 39: Debt Reduction
DEBT REDUCTION $500M $7.7B ≤3.0x $500M Net Debt to EBITDA by end of FY27 $6.7B Prioritize Debt Reduction FY25 FY26 FY27 End of FY27
Slide 40: Dividend Growth
DIVIDEND GROWTH 6% 10-YEAR CAGR $4.30 24 Consecutive Fiscal Years of Growth $2.50 40-45% Adjusted EPS Payout Target FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Slide 41: Confidence in Our Continued Growth Strategy
ABILITY TO DELIVER CONFIDENCE IN OUR CONTINUED STRATEGY GROWTH ACROSS OUR PORTFOLIO WELL-POSITIONED TO CREATE LONG-TERM SHAREHOLDER VALUE
Slide 42: The J.M. Smucker Co.
et THE JM. SMUCKER Co
Slide 43: Appendix
APPENDIX
Slide 44: Forward-Looking Statements
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 thos
Slide 45: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES 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, amortiza
Slide 46: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars in millions) Three Months Ended July 31, Increase 2025 2024 (Decrease) % Net sales reconciliation: Net sales $2,113.3 $2,125.1 ($11.8) (1%) Sweet Baked Snacks value brands divestiture - (15.7) 15.7 1 Voortman® divestiture - (37.1) 37.1 2 Foreign currenc
Slide 47: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars and shares in millions, except per share data) Three Months Ended July 31, 2025 2024 Net income (loss) reconciliation: Net income (loss) ($43.9) $185.0 Income tax expense (benefit) (12.6) 61.0 Amortization 50.2 56.0 Change in net cumulative unallocated
Slide 48: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Company Guidance Year Ending April 30, 2026 Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $5.54 $6.54 Change in net cumulative unallocated derivative gains and losses (A) 0.61 0.61 Amortization 1.43 1.
Slide 49: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Company Guidance (Dollars in millions) Year Ending April 30, 2026 Free cash flow reconciliation: Net cash provided by operating activities $1,300.0 Additions to property, plant, and equipment (325.0) Free cash flow $975.0
Slide 50: Additional Information
ADDITIONAL INFORMATION 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, m
Slide 51: Additional Information
ADDITIONAL INFORMATION Crystal Beiting Vice President, Investor Relations & FP&A ir.team@jmsmucker.com Phone: (330) 682-3000 Investor Relations Website: https://investors.jmsmucker.com/
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