Hormel Foods Corporation · NYSE:HRL
Hormel Foods — Shareholder Meeting (January 2026)
66 slides from Hormel Foods's shareholder meeting presentation, Jan 27, 2026
Slide 1: Tuesday, Jan. 27, 2026
Tuesday, Jan. 27, 2026
Slide 2: Bill Newlands
Bill Newlands President and CEO for Constellation Brands, Inc. Chairman of the Board for Hormel Foods
Slide 3: Board Changes
Board Changes Annual Meeting
Slide 4: Jim Snee
Jim Snee Retired president and CEO for Hormel Foods 36 years of service to the company
Slide 5: Hormel Foods Board of Directors
Hormel Foods Board of Directors Bill Newlands Scott Aakre Gary Bhojwani Jeff Ettinger John Ghingo Steve Lacy Elsa Murano Chris Policinski Deb Schoneman Sally Smith Steve White Mike Zechmeister
Slide 6: Colleen Batcheler
Colleen Batcheler Senior vice president, external affairs, general counsel and corporate secretary for Hormel Foods
Slide 7: Agenda and Rules of Conduct
Agenda and Rules of Conduct Annual Meeting
Slide 8: Legal Disclosure
Legal Disclosure Forward-Looking Statements • Any forward-looking statements that we make tonight are subject to risks and uncertainties, the most important of which are described in our filings with the Securities and Exchange Commission. Non-GAAP Financial Measures • Reconciliations of all non-GAA
Slide 9: Items of Business
Items of Business • Item 1 – Election of the 12 director nominees named in the Company’s Proxy Statement. • Item 2 – Ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending October 25, 2026. • Item 3 – Approval, o
Slide 10: Bill Newlands
Bill Newlands Chairman of the Board for Hormel Foods President and CEO for Constellation Brands, Inc. Director since November 2018 Chairman of the Board since February 2025
Slide 11: Scott Aakre
Scott Aakre Retiring group vice president and chief marketing officer for Retail for Hormel Foods Hormel Foods board member Director since May 2025
Slide 12: Gary Bhojwani
Gary Bhojwani CEO for CNO Financial Group, Inc. Hormel Foods board member Director since July 2014
Slide 13: Jeff Ettinger
Jeff Ettinger Interim CEO for Hormel Foods Hormel Foods board member Director since March 2025
Slide 14: John Ghingo
John Ghingo President for Hormel Foods Hormel Foods board member Director since July 2025
Slide 15: Steve Lacy
Steve Lacy Former chairman of the board, president and CEO for Meredith Corporation Hormel Foods board member Director since September 2011
Slide 16: Elsa Murano, Ph.D.
Elsa Murano, Ph.D. Director of Norman Borlaug Institute for International Agriculture Professor and president emerita for Texas A&M University Hormel Foods board member Director since September 2006
Slide 17: Chris Policinski
Chris Policinski CEO for CJP Leadership Partners, LLC Former president and CEO for Land O’Lakes, Inc. Hormel Foods board member Director since September 2012
Slide 18: Deb Schoneman
Deb Schoneman President for Piper Sandler Companies Hormel Foods board member Director since September 2024
Slide 19: Sally Smith
Sally Smith Former president and CEO for Buffalo Wild Wings, Inc. Hormel Foods board member Director since July 2014
Slide 20: Steve White
Steve White Former president for Comcast West Division Hormel Foods board member Director since July 2014
Slide 21: Mike Zechmeister
Mike Zechmeister Former chief financial officer for C.H. Robinson Worldwide, Inc. Hormel Foods board member Director since March 2023
Slide 22: Items of Business
Items of Business • Item 1 – Election of the 12 director nominees named in the Company’s Proxy Statement. • Item 2 – Ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending October 25, 2026. • Item 3 – Approval, o
Slide 23: Voting
Annual Meeting
Slide 24: Preliminary Results
Preliminary Results Annual Meeting
Slide 25: Adjournment of Formal Business
Adjournment of Formal Business
Slide 26: Jeff Ettinger
Jeff Ettinger Interim CEO for Hormel Foods
Slide 27: Annual Meeting - In Person This Year
Annual Meeting - In Person This Year Gift boxes to be picked up at the SPAM® Museum beginning Wednesday, Jan. 28 Registered stockholders and beneficial Please bring one of the following to owners of the company’s common stock the gift box pick up as proof of as of the close of business on Nov. 28, o
Slide 28: 2025 Business Summary
2025 Business Summary
Slide 29: 2025 Retrospective
2025 Retrospective • Delivered strong top-line performance • Portfolio of trusted brands remain resilient and well- positioned to meet evolving consumer needs • Despite top-line momentum, earnings were challenged during the year • Company sees clear path for profitable growth
Slide 30: Four Consecutive Quarters of Organic Net Sales Growth
Four Consecutive Quarters of Organic Net Sales Growth 1 Organic Net Sales1 Organic Net Sales1 Growth: Full Year +2% +1% +1% +6% + 2 % Total Company Organic Net Sales1 Growth +1% +5% +1% FY ‘24 FY ‘25 FY ‘24 FY ‘25 FY ‘24 FY ‘25 FY ‘24 FY ‘25 Retail Foodservice1 International Q1 Q2 Q3 Q4 1 Non-GAAP m
Slide 31: 2025 Business Segment Highlights
2025 Business Segment Highlights Retail Foodservice International Rise in protein demand The chicken Jennie-O® ground turkey led sandwich category sales growth featuring Hormel® FLASH 180 chicken Flavorful versatility SPAM® brand new products 100 million SPAM® musubis sold at FamilyMart in Japan Con
Slide 32: Fiscal 2025 Performance
Fiscal 2025 Performance Profitability challenged, resulted in Adjusted Diluted Earnings Per Share1 (EPS) disappointing bottom-line performance • Elevated input costs, driven primarily 2024 2025 by heightened commodity costs • Challenged consumer environment • Isolated operational incidents $1.58 $1.
Slide 33: Safety
Safety 2025 2024 2Best nd best safety performance in safety performance in company history company history. 1.9 Recordable incident rate1 ~17K Received monthly safety training 1 Calculated per 100 full-time team members.
Slide 34: $633M Dividend Aristocrat
Cash Returned to Shareholders Through Dividends $633M In dividends for FY25 60 Dividend Consecutive Years of Dividend Increases Aristocrat
Slide 35: Actions to Support FY26 Profitable Growth Path
Actions to Support FY26 Profitable Growth Path Focus on Leading Brands Transform & Enhanced Pricing Reduce SG&A and Channels Modernize Collaboration • Enhance advertising spend • Steer to improved mix
Slide 36: Actions to Support FY26 Profitable Growth Path
Actions to Support FY26 Profitable Growth Path Focus on Leading Brands Transform & Enhanced Pricing Reduce SG&A and Channels Modernize Collaboration • Benefits from pricing actions • Leveraging data analysis
Slide 37: Actions to Support FY26 Profitable Growth Path
Actions to Support FY26 Profitable Growth Path Focus on Leading Brands Transform & Enhanced Pricing Reduce SG&A and Channels Modernize Collaboration • Dozens of new projects • Offset margin pressure, support increased ad spend
Slide 38: Actions to Support FY26 Profitable Growth Path
Actions to Support FY26 Profitable Growth Path Focus on Leading Brands Transform & Enhanced Pricing Reduce SG&A and Channels Modernize Collaboration • Reducing spending • Reorganizing for faster decision making • Reinvesting in technology, food safety and quality, and new capabilities
Slide 39: Actions to Support FY26 Profitable Growth Path
Actions to Support FY26 Profitable Growth Path Focus on Leading Brands Transform & Enhanced Pricing Reduce SG&A and Channels Modernize Collaboration • Optimize for centralized organization • New leadership positions – e.g. Group VP of Enterprise Performance • Focus on execution and results
Slide 40: John Ghingo
John Ghingo President, Hormel Foods Strong partnership since July 14, 2025
Slide 41: What is Hormel Foods?
What is Hormel Foods? Leader in 40+ $12B+ Retail Categories Net Sales Multichannel 19,000+ Strong Presence
Slide 42: Where is Hormel Foods?
Where is Hormel Foods? Production Facilities and Subsidiaries Sales Offices and Subsidiaries Algona, IA Little Rock, AR Alameda, CA Minneapolis, MN Alma, KS Long Prairie, MN Atlanta, GA Orlando, FL Atlanta, GA McCook, IL Bedminster, NJ Phoenix, AZ Aurora, IL Melrose, MN Bentonville, AR Pittsburgh, P
Slide 43: Who is Hormel Foods?
Who is Hormel Foods?
Slide 44: Introduction of Good Feeds Us All
Introduction of Good Feeds Us All
Slide 45: Strengthening the Communities We Call Home
Strengthening the Communities We Call Home 250+ 13K Turkey Breasts Volunteers Distributed
Slide 46: Long-Term Strategy Supports Profits + Growth
Long-Term Strategy Supports Profits + Growth LONG-TERM GROWTH ALGORITHM • Consumer-focused, protein-centric portfolio • Leading and differentiated brands • Fueled by innovation • Organized for long-term growth • Stable financial performance • Strong corporate citizenship
Slide 47: FY26 Focus Areas
P apricgare HRA FY26 Focus Areas Annual Meeting
Slide 48: Commitment to Reshape Earnings Trajectory
Commitment to Reshape Earnings Trajectory Strategic Compass Future-Ready Beyond Boundaries Consumer Obsession
Slide 49: Building the Future
Building the Future Retail Foodservice International
Slide 50: Retail
Annual Meeting
Slide 51: Protein-Centric Portfolio
Protein-Centric Portfolio Priority Brands Next Sources of Growth
Slide 52: SPAM Brand Reinventing Our Iconic Portfolio
SPAM® Brand Reinventing Our Iconic Portfolio POP CULTURE
Slide 53: Consumer-Led, Data-Driven Innovation
Consumer-Led, Data-Driven Innovation We get close to consumers to gain an intimate understanding of their choices and preferences.
Slide 54: Bacon Innovation
Bacon Innovation 2026 Annual Meeting edie)
Slide 55: Foodservice
Annual Meeting Foodservice
Slide 56: Advantaged Growth Model Fueling Industry Trends
Advantaged Growth Model Fueling Industry Trends • Channel-led and customer- focused • Bacon + pizza • Premium prepared proteins • Innovation • Enhanced capabilities
Slide 57: Investing in Our Direct-Selling Organization
Investing in Our Direct-Selling Organization Sustain Form and and Build a Innovative Nurture Diverse Solutions- Partnerships Channel Based Prescence Portfolio
Slide 58: International
Annual Meeting International
Slide 59: Three Go-To-Market Approaches
Three Go-To-Market Approaches Multinational Partnerships Exports Businesses
Slide 60: 30 Years of Successful Operations in China
30 Years of Successful Operations in China
Slide 61: Culturally Inspired Product Innovation
Culturally Inspired Product Innovation
Slide 62: Transform and Modernize
Transform and Modernize Supply chain efficiency Plan Portfolio Buy Make Move optimization Transform & Modernize Pillars Move Retail Data & Change Plan Buy Make Enterprise Tech Activation Data & technology Foundational Investments People People & & processes processes To enable growth
Slide 63: Appendix
Appendix Annual Meeting
Slide 64: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes measures of financial performance that are not defined by U.S. generally accepted accounting principles (GAAP). The Company utilizes these non-GAAP measures to understand and evaluate operating performance on a consistent basis. These measures m
Slide 65: Non-GAAP Financial Measures (Continued)
Non-GAAP Financial Measures (Continued) The tables in this Appendix show the calculations to reconcile from the GAAP measures to the non- GAAP measures included in this presentation. Organic Net Sales (Non-GAAP)
Slide 66: Non-GAAP Financial Measures (Continued)
Non-GAAP Financial Measures (Continued) The tables in this Appendix show the calculations to reconcile from the GAAP measures to the non- GAAP measures included in this presentation. Adjusted Diluted Earnings (Loss) Per Share (Non-GAAP)