Hormel Foods Corporation · NYSE:HRL
Hormel Foods — CAGNY 2026
68 slides from Hormel Foods's conference presentation, Feb 18, 2026
Slide 1: Hormel Foods CAGNY 2026
im | oo Se (Hormel ) ay CAG Foods S. ve ;
Slide 2: Legal Disclosure
LEGAL FORWARD-LOOKING STATEMENTS DISCLOSURE This presentation contains forward-looking statements, which are based on the Company's current assumptions and expectations. These statements are typically accompanied by the words "aim," "anticipate," "believe," "could," “estimate,” "expect," “intend,” "
Slide 3: HRL
Trusted for Multi- Strong HRL channel balance 135 presence sheet years Dividend Aristocrat Protein- packed $12B 30+ portfolio in net sales manufacturing 60 facilities years of dividend increases globally Fiscal year 2025
Slide 4: Hormel Foods Today
HORMEL FOODS TODAY RETAIL FOODSERVICE INTERNATIONAL 10 3 Leader in 40+ product categories consecutive quarters of organic net sales growth 1 go-to-market strategies: Multinational, Exports and Source: Circana 52 weeks ended 11-02-2025 - MULO; NielsenIQ Total US xAOC 52 weeks ended 10-25-25; SPINS To
Slide 5: 2025: Resetting Our Foundation
2025: Resetting Our Foundation To update image Solid top-line Trusted brands Despite top-line performance delivering on consumer momentum, earnings and operator needs were challenged
Slide 6: Actionable, clear path for profitable growth
2026 Actionable, clear path for profitable growth
Slide 7: Sharpening our focus
HOW WE’LL 1 Sharpening our focus WIN IN 2026
Slide 8: Implementing targeted pricing actions
HOW WE’LL 2 Implementing WIN IN 2026 targeted pricing actions
Slide 9: Transforming & modernizing how we operate
HOW WE’LL 3 Transforming & WIN IN 2026 modernizing how we operate
Slide 10: Reducing costs & reinvesting where it matters most
HOW WE’LL 4 Reducing costs & WIN IN 2026 reinvesting where it matters most
Slide 11: Optimizing towards a more centralized, connected organization
HOW WE’LL 5 Optimizing towards WIN IN 2026 a more centralized, connected organization
Slide 12: Preliminary Q1 Fiscal 2026 Solid start to the year
Preliminary Q1 Fiscal 2026 Solid start to the year 5th consecutive Results on Well-positioned quarter of track with to deliver organic net expectations profitable sales growth 1 growth Non-GAAP measure. See Appendix: Non-GAAP Measures for more information
Slide 13: Portfolio Shaping Announcement
Portfolio Shaping Announcement Announced definitive agreement to sell whole-bird turkey business Sharpening our strategic focus on value-added Jennie-O® turkey Minimal impact expected to adjusted fiscal 2026 results 1 Transaction expected to close in Q2 fiscal 2026 Non-GAAP measure. See Appendix: No
Slide 14: Reaffirming our fiscal 2026 outlook
Reaffirming our fiscal 2026 outlook Organic Adjusted diluted net sales 1 earnings per share 1 + 1-4% + 4-10% Non-GAAP measure. See Appendix: Non-GAAP Measures for more information.
Slide 15: John Ghingo, President
John Ghingo, President
Slide 16: Consumer Movement
Consumer MOVEMENT Source: Google Trends GOOGLE SEARCH TRENDS OF PROTEIN OVER TIME (INDEXED TO 100) 100 75 50 25 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 17: Because consumers recognize the benefits of protein...
Perceived Consumer Because consumers Benefits of Protein recognize the strength and endurance benefits of protein... Energy feeling of wellbeing Healthy aging Over Bone HEALTH 2/3 METABOLIC HEALTH WEIGHT MANAGEMENT of consumers intentionally GUT HEALTH consume protein IMMUNE FUNCTION SATIETY Source:
Slide 18: Protein is an expansive movement
Protein is an expansive MOVEMENT Across Across Across Across the world generations need states channels
Slide 19: A global appetite for protein
A global Regional protein market size expected to grow considerably appetite for from 2024-2033 protein EUROPE $11.2B $24.2B NORTH AMERICA $19.6B $30.96B APAC $5.6B $13.5B LATAM $2.1B $5.5B Source: Data Horizons Research
Slide 20: Driven across generations
Driven across generations Percentage of consumers wanting to eat more protein, by age *Changes from Gen Z 51% +6.7* 2024-2025 Millennials 43% +1.8* Gen X 46.5% +4.4* Baby Boomers 38.6% +2.3* Source: Circana
Slide 21: Driven across occasions & need states
Driven across occasions & need states Attributes sought across meal occasions in the US, 2025 Breakfast Morning Snack Lunch Afternoon snack Source of protein Filling Boost my energy Dinner Source: International Percentage 0 10 20 30 40 Food Information Council
Slide 22: Not just consumers demanding protein, but operators as well
And it’s not OUR MENU just consumers demanding protein, but operators as well 165% past 4-year growth of protein callouts SIGNATURE PROTEIN BOWLS on menus 29g protein 32g protein Avo Chicken Grain Bowl 565 Cal Charred Beef Noodles 680 Cal 30g protein 23g protein Source: Datassential: Menu Trends YE
Slide 23: The demand for protein isn't slowing down
The demand for protein isn’t slowing down The GLP-1 market is exploding—projected to grow from $62B in 2026 to $158B in 2035 Source: Research & Markets “Unlocking GLP-1 success: Why protein is your secret weapon” Source: Colorado Medical Society Source: realfood.gov
Slide 24: Real food protein
But not just any protein REAL FOOD protein 60% of U.S. co they are nsumers say purchasmore likely to labeled a e products “free fros “natural” or m artific ingredie ia nts l Source: Numerator's 2025 protein market report
Slide 25: Food should be joyful
FOOD SHOULD BE JOYFUL
Slide 26: Food should be delicious
FOOD SHOULD BE DELICIOUS
Slide 27: Food should be energizing
\ “ FOOD SHOULD BE ENERGIE INC a
Slide 28: Food should be comforting
FOOD SHOULD BE COMFORTING
Slide 29: Food should be sustaining
FOOD SHOULD BE SUSTAINING
Slide 30: Food should be exciting
FOOD SHOULD BE EXCITING
Slide 31: Food should be nourishing
FOOD SHOULD BE NOURISHING
Slide 32: We make protein easy
We make protein EASY 38% of consumers indicate convenience as a main Source: Circana factor that influences their choice
Slide 33: We make protein delicious
We make protein DELICIOUS 66% of Americans chose protein sources based Source: International Food Information Council on flavor
Slide 34: We make protein work for you
We make protein WORK FOR YOU 53% of U.S. adults say the cost of groceries is a Source: AP NORC major source of stress
Slide 35: The consumer company that wins with protein
And we are the consumer company that WINS WITH PROTEIN
Slide 36: Our unique position
OUR UNIQUE POSITION ENTERPRISE POWER OF A PATH TO CLARITY OUR PORTFOLIO WINNING We’ve reinvigorated We’ve built a We’re turning our purpose and powerful portfolio potential into mission of brands and decisive action product platforms
Slide 37: Enterprise Clarity: Our Purpose, Our Mission
ENTERPRISE CLARITY OUR OUR PURPOSE MISSION
Slide 38: Fueling every day with real food
ENTERPRISE CLARITY OUR PURPOSE OUR MISSION Fueling every day We create trusted, with real food protein-powered solutions for real life to nourish people & strengthen communities
Slide 39: Breadth of Our Portfolio
BREADTH OF OUR PORTFOLIO HERDEZ. s © sicnisus [ze] ty Bbliions G9 ceeeo encod) ENED = . Rosa Grande Lloyds gy me Gate] © uti,
Slide 40: Breadth of Channels
BREADTH OF CHANNELS GROCERY CONVENIENCE STORE E-COMMERCE K-12 COLLEGE & UNIVERSITY HEALTHCARE
Slide 41: Where it counts
Meeting this moment means putting our energy WHERE IT COUNTS
Slide 42: A Path to Winning: Expand, Transform, Accelerate
A PATH TO WINNING EXPAND Strengthen our protein-powered brands Build enterprise-wide growth platforms Originate what consumers and operators need next TRANSFORM Unlock growth through our supply chain Simplify, streamline and evolve our company Modernize our technology and data ACCELERATE Fuel growth
Slide 43: Strengthen our protein-powered brands
EXPAND 1 Strengthen our protein-powered brands
Slide 44: Retail Portfolio Priorities
RETAIL PORTFOLIO PRIORITIES TOP 8 ® BRANDS ® NEXT SOURCES OF GROWTH
Slide 45: Nut-powered fuel
nut- powered fuel SUBSTAN T SNACKIN IAL G
Slide 46: Convenience without compromise
Convenience without compromise ENIENT V CBOREAKFAST N
Slide 47: Build enterprise-wide growth platforms
EXPAND 2 Build enterprise-wide growth platforms
Slide 48: Out of the can
OUT OF THE CANBAL GLO HI SUS
Slide 49: The flavors of Mexico
THE FLAVORS OF MEXICO THENT AU ICAN MEX IC
Slide 50: Originate what consumers and operators need next
EXPAND 3 Originate what consumers and operators need next
Slide 51: Crispy, juicy, fast breaded chicken
CRISPY, JUICY, BREADED CHICKEN FAST
Slide 52: Easy and convenient game-changing bacon
GAME-CHANGING BACON Easy and convenient
Slide 53: Unlock growth through our supply chain
TRANSFORM 4 Unlock growth through our supply chain Buy Plan Make Move
Slide 54: Near-term focus areas
NEAR -TERM FOCUS AREAS Network Optimization Modernization Investments Foundational Processes
Slide 55: Simplify, streamline and evolve our company
TRANSFORM 5 Simplify, streamline and evolve our company
Slide 56: Portfolio Shaping
PORTFOLIO SHAPING Hormel Health Labs Justin’s Mountain Prairie Whole Birds PORTFOLIO COMMODITY REFOCUS DIVESTMENT
Slide 57: Moving forward in turkey
Moving Value-added Reducing protein commodity forward in focus exposure turkey #1 brand in Organized retail ground to win in turkey Foodservice Source: Circana: 52 weeks ended 1-25-26 - Total US MULO
Slide 58: Modernize our technology and data
TRANSFORM 6 Modernize our technology and data
Slide 59: Fuel growth through talent and capabilities
ACCELERATE 7 Fuel growth through talent and capabilities
Slide 60: Leadership Appointments
Leadership Appointments Jeff Baker Natosha Walsh Domenic Borelli Jason Levine Will Bonifant Group Vice President, Group Vice President, Executive Vice Chief Marketing Chief Supply Chief Technology Enterprise Performance Retail Sales President, Retail Officer Chain Officer Officer Background
Slide 61: Full enterprise leadership team
Full enterprise leadership team Jeff Baker Natosha Walsh Domenic Borelli Jason Levine Will Bonifant Group Vice President, Group Vice President, Executive Vice Chief Marketing Chief Supply Chief Technology Enterprise Performance Retail Sales President, Retail Officer Chain Officer Officer David Weber
Slide 62: 2026 is the year that will help fuel our future
2026 is the year that will help fuel our future
Slide 63: Our long-term growth algorithm
Our long-term growth algorithm 2-3% Organic 5-7% Operating net sales income growth 1 growth Non-GAAP measure. See Appendix: Non-GAAP Measures for more information.
Slide 64: Fueling every day with real food for real life
FUELING EVERY DAY WITH REAL FOOD FOR REAL LIFE
Slide 65: Fueling Real Life
FUELING REAL LIFE
Slide 66: Thank You
THANK YOU Fueling Real Life
Slide 67: Non-GAAP Measures
Non-GAAP This presentation includes measures of financial The company has not provided a reconciliation of its Fiscal Measures performance that are not defined by U.S. generally accepted accounting principles (GAAP). The Company 2026 outlook for organic net sales or adjusted diluted earnings per sha
Slide 68: Reconciliation of Preliminary Q1 Fiscal 2026 Non-GAAP Measures to GAAP Measures
Reconciliation of Quarter Ended January 25, 2026 Preliminary Q1 Fiscal 2026 Non-GAAP Measures to GAAP Measures Net Sales Growth (GAAP) 1.3% Justin’s, LLC Divestiture 0.3% Organic Net Sales Growth (Non-GAAP) 1.6% Quarter Ended January 25, 2026 Diluted Earnings Per Share (GAAP) $ 0.33 Transform and Mo