Slide 1: Annual Stockholder Meeting May 6, 2025
HERSHEYS 228 Annual Stockholder Meeting ay 6, 2025
Slide 2: Michele Buck, Chairman, President & CEO
MICHELE BUCK Chairman of the Board President & Chief Executive Officer HERSHEY
Slide 3: Today's Agenda
TODAY’S AGENDA HERSHEY Welcome Items of Business Business Review Question & Answer Voting Results
Slide 4: Today's Agenda
TODAY’S AGENDA HERSHEY Welcome Items of Business Business Review Question & Answer Voting Results
Slide 5: Items of Business
ITEMS OF BUSINESS 1 Election of Directors 2 Ratification of Appointment of Independent Auditors
Slide 6: Election of Directors
ELECTION OF DIRECTORS Timothy Curoe Mary Kay Haben Maria Kraus Deirdre Mahlan Barry Nalebuff Kevin Ozan Juan Perez Marie Quintero-Johnson Cordel Robbin-Coker Harold Singleton III Michele Buck
Slide 7: Ratification of Appointment of Independent Auditors
RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS The Board recommends a vote F OR ratification of the appointment of ERNST & YOUNG LLP as independent auditors for the fiscal year ending December 31, 2025
Slide 8: Advisory Vote on Named Executive Officer Compensation
ADVISE ON NAMED EXECUTIVE OFFICER COMPENSATION The Board recommends a vote F OR approval, on a non- binding advisory basis, of the Company's named executive officer compensation
Slide 9: Approval of Amended and Restated Certificate of Incorporation
APPROVAL OF AMENDED AND RESTATED CERTIFICATE OF INCORPORATION The Board recommends a vote FOR the amended and restated certificate of incorporation
Slide 10: Items of Business
ITEMS OF BUSINESS 1 Election of Directors 2 Ratification of Appointment of Independent Auditors
Slide 11: Today's Agenda
TODAY’S AGENDA HERSHEY Welcome Items of Business Business Review Question & Answer Voting Results
Slide 12: 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 2025 Full-year Financial Outlook and other statements regarding our business outlook and financial performance. Man
Slide 13: Key Takeaways
KEY TAKEAWAYS 1 Consumer trends support long-term snacking growth and Hershey priorities and opportunities 2 We have a long history of evolving alongside the consumer HERSHEY" 8
Slide 14: Track record of delivering differentiated results
We have a track record of delivering differentiated results HERSHEY Over the last 7 Years’... Average Organic Average Operating Net Revenue Growth Profit Growth ye 7.8% +4.6 (°) +75 (°] Average Adjusted EPS Average Free Cash Flow Annualized TSR? a 10.7% vs. Food +3.7%
Slide 15: Snacking Powerhouse vision supported by long-term consumer trends
Our Leading Snacking Powerhouse vision is supported by long-term consumer trends of U.S. consumers eat 3 or more snacks a day U.S. Snacking retail sales! @ of $200-230B >50% ©} of U.S. consumers see convenience as a top need when snacking $90B ~A0% of U.S. consumers plan on splurging on Food, more s
Slide 16: Long history of evolving with the consumer
We have a long history of evolving with the consumer WE HAVE... a] Diversified into Permissible Snacking 2 | Shifted into Digital Media 3 | Grown with Retail Evolution 4 | Launched New Brands & Marketing Models
Slide 17: Growing in consumer-relevant categories
EVOLVING WITH THE CONSUMER Growing in consumer-relevant categories 7-Year CAGR USS. Retail Sales (S$) Growth Sl $363M Tm §6$587M BFY + Protein 2017 2024 HERSHEY" soxrce:cicanatortnecalencaryearendes 2/7 an 223/28 17
Slide 18: Marketing Mix Progression
EVOLVING WITH THE CONSUMER Marketing Mix Progression Adapting to zo) ————+ 2024 consumers’ changing media habits 12% 26% 68% 23% 12% 20% 18% Ey) All Other EEG? Retail
Slide 19: Growth through Retail Evolution
EVOLVING WITH THE CONSUMER Growth through Retail Evolution HERSHEY Seismic shifts constant in retail as consumer habits change Pay at the Pump Rise of Mass Self Check Out Club & Dollar Expansion Entrance of Digital Omnichannel Evolution, Social Shopping 2 DOLLAR TREE amazon © amazongo But desire for
Slide 20: Tapping into new marketing models
Tapping into new marketing models Influencer-Led Activations & Partnerships Acquired a fast-growing, Licensing model with Sponsor of the New Heights influencer-led Shaq to launch new podcast with NFL Legends Sour Candy brand Sweets brand Jason and Travis Kelce = SFOS Official partnership with Social
Slide 21: And the journey continues
And the journey continues... 01 Selple * Entry price points and front-end price pack differentiation * Elevate value perception in aisle * Disruptive innovation HERSHEY
Slide 22: North America Confectionery, Salty Snacks, International
NORTH AMERICA NORTH AMERICA INTERNATIONAL CONFECTIONERY SALTY SNACKS HERSHEYS = ilk chocolate HERSHEY" 2
Slide 23: North America Confectionery
NORTH AMERICA CONFECTIONERY HERSHEY<" 23
Slide 24: Resilient categories responsive to investments
Resilient categories that are responsive to investments Category Performance Over Time - U.S. Retail Sales $ Indexed, Calendar Year 2004 = 100 CMG Pricing Action Cycles 269.2 Sweets 229.6 CMG 226.1 Chocolate 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20
Slide 25: Key Focus Areas
Key Focus Area Reignite Chocolate Accelerate Sweets Win Seasonal Share HERSHEY milk chocolate L8 25
Slide 26: North America Salty Snacks
HERSHEY NORTH AMERICA SALTY SNACKS 26
Slide 27: Leveraging disruptor playbook in salty snacks
Leveraging disruptor playbook in Subcategories Growing Share Brands are Scaled, Integrated, of Total Snacking and Primed to Lead 5-Year CAGR* At Acquisition 2024 SUE #2 in ate Pop! $309M Retail Sales! 9.9% 7.5% 7.1% ; #3 in Pretzels? =< $160M RTE Popcorn Pretzels Snacking Aisle Retail Sales? HERSHEV
Slide 28: Key Focus Areas
Key Focus Areas NORTH AMERIC SALTY SNACI ‘S aw Ol Reinvigorate SkinnyPop Y Invest in Dot’s momentum Q_Unlock Value through Scale 28
Slide 29: International
INTERNATIONAL HERSHEY" 2»
Slide 30: Focused Model for Balanced Growth
Focused Model for Balanced Growth Projected Chocolate Category Retail Sales 2024 — 2027 CAGR! we Cc Net Sales? aoe om 4.47% Operating Income? e © 4 +$154M e —~@=> 5% <7 vs 2017 : & HERSHEY source: 1 euromonter, Nomina RSV. 2. CompanyFinancilsanénfrmation2017vs2024 30
Slide 31: Key Focus Areas
Key Focus Areas INTERNATIONAL 01 Win with Reese’s 02 Differentiated Innovation Strengthen 03 India and Brazil HERSHEY:
Slide 32: M&A guardrails to accelerate growth
to accelerate growth E| > = » M&A Guardrails oes t call alle Incremental Strong Occasions Gross Margins HERSHEY 32
Slide 33: Committed to key financial principles
We remain committed to key financial principles HERSHEY" & Capital * Protect dividend and grow in-line with earnings long-term * Disciplined capital spending « Net leverage ratio of 1.5 - 2.0x with willingness to stretch for attractive acquisitions
Slide 34: Significant action to address cost headwinds
We are taking significant action to address cost headwinds ...and we are prepared to do more | Growing double-digit pricing on revenue and identifying transformation program half of US Confection profit accretive M&A savings target es © Leveraging Delivering stronger ROI on supply chain scale workin
Slide 35: Disciplined cash management enables reinvestment
Disciplined cash management enables reinvestment and stockholder value creation Sirona Frees Gash Mew Semeration CAPITAL ALLOCATION PRIORITIES despite cocoa cost pressure Te $1.68 01 + 4 $1.48 i 188 $1.48 Business Dividend ; $1.2B $1.2B = I Reinvestment Payout ratio of 50%+ (including M&A) $0.9B 02
Slide 36: Transformation Enabling Growth & Agility Investments
Transformation Enabling Growth & Agility Investments “warspor: = wiarsned A Upgraded digital foundation Integrated Dynamic Planning Holistic Commercial Investment & e v Advanced data quality alli eer * he sunt ted Supply Planning ‘Go-to’ ‘Hunter’ , fais and Fulfillment Preferred brand Seeking new &
Slide 37: Stronger, more efficient, more agile
stronger, more efficient, more agile What We Have Done Current Actions Y Fewer, better, bigger innovation 4 Reimagine innovation and R&D Vv Expanded media reach and enhanced 4 Deploy holistic commercial investment model promotional effectiveness A Enhance price ladders and pack architecture Y Optimi
Slide 38: Confident in our Long-term Outlook
Confident in our Long-term Outlook 24% Net Sales Growth 6-8% Adj. EPS Growth Driven by: Driven by: * North America Confectionery +LSD ¢ Fixed Cost Leverage * North America Salty Snacks +MSD * Revenue Growth Management * International + MSD * Media Optimization ¢ Productivity/Transformation Efficienc
Slide 39: Today's Agenda
TODAY’S AGENDA HERSHEY Welcome Items of Business Business Review Question & Answer Voting Results
Slide 40: Q&A
Slide 41: Today's Agenda
TODAY’S AGENDA HERSHEY Welcome Items of Business Business Review Question & Answer Voting Results
Slide 42: GAAP Reconciliations
GAAP RECONCILIATIONS HERSHEY
Slide 43: Reconciliation of GAAP and Non-GAAP information
Reconciliation of GAAP and Non-GAAP information For the year ended December 31, 2017 2018 2019 2020 2021 2022 2023 2024 Components of Net Sales Growth Percentage Change as Reported 1.0% 37% 2.5% 2.0% 10.1% 16.1% 7.2% 0.3% Impact of Foreign Currency Exchange 0.2% -0.2% -0.3% -0.5% 0.4% -0.2% 0.2% -0.
Slide 44: Reconciliation of GAAP and Non-GAAP information
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 GAAP I 5,300.9 $2,898.2 2,221.2 $10.92 as lepers oS B00! aon Saal. . gross margin 47.3% Adjustments: a Non-GAAP 43.3% Derivative mark-to-m
Slide 45: Reconciliation of GAAP and Non-GAAP information
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 $4,997.8 $2,560.9 $1,861.8 $9.06 gross margin 44.8% Adjustments: a Non-GAAP - Derivative mark-to-market losses 58
Slide 46: Reconciliation of GAAP and Non-GAAP information
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 $4,498.8 $2,2608 $1,644.8 HTS gross margin 43.2% Adjustments: a Non-GAAP 5 Derivative mark-to-market losses 78.8
Slide 47: Reconciliation of GAAP and Non-GAAP information
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 GAAP I $4,048.6 $2,043.7 1,477.5 $7.1 as lepers oS aa aa Sh . gross margin 45.1% Adjustments: a Non-GAAP 44.99 Derivative mark-to-market l
Slide 48: Reconciliation of GAAP and Non-GAAP information
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 Its 3,701.3 1,782.7 1,278.7 6.11 resus $ $ e 3 gross margin 45.4% Adjustments: Derivative mark-to-market losses 64 64 54
Slide 49: Reconciliation of GAAP and Non-GAAP information
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 Its 3,622.5 1,596.0 1,149.7 5.46 resus $ $ $ $ gross margin 45.4% Adjustments: Derivative mark-to-market gains (28.7) (28
Slide 50: Reconciliation of GAAP and Non-GAAP information
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 So57512 $1,6237 $1,177.6 $5.58 P 5 gross margin 45.9% Adjustments: Derivative mark-to-market gains (168.3) (168.3
Slide 51: Reconciliation of GAAP and Non-GAAP information
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 Its 3,455.4 1,313.4 783.0 3.66 results $ $ S $ gross margin 46.0% Adjustments: Derivative mark-to-market gains (35.3) (35