Smithfield Foods, Inc. · NASDAQ:SFD
Smithfield Foods — Q3 2025 Earnings Presentation
26 slides from Smithfield Foods's earnings presentation, Oct 28, 2025
Slide 1: Smithfield Foods Third Quarter Fiscal 2025
October 28, 2025 Smithfield Foods Third Quarter Fiscal 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Legal Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our st
Slide 3: Today's Presenters
Today’s Presenters OUR CEO & CFO OUR SEGMENT HEADS SHANE SMITH MARK HALL STEVE FRANCE DONOVAN OWENS President and Chief Financial President, President, Chief Executive Officer Officer Packaged Meats Fresh Pork 22 11 23 31 years of experience years of experience years of experience years of experienc
Slide 4: Third Quarter 2025 Key Highlights
Third Quarter 2025 Key Highlights 1 Achieved record third quarter adjusted operating profit of $310 million, up 8.5% YoY, with 8.3% adjusted operating profit margin Delivered Packaged Meats segment's second highest third quarter adjusted operating profit 2 in a challenging market environment Execute
Slide 5: Strategic Priorities
Strategic Priorities 1 Packaged Meats Segment – Increase profits through enhanced product mix, volume growth and innovation 2 Fresh Pork Segment – Maximize net realizable value across domestic and export markets as well as adjacent channels 3 Hog Production Segment – Achieve best-in-class cost struc
Slide 6: Mix Shift: We Continue to Drive Profitable Unit Growth of Value-Added Premium Products
Mix Shift: We Continue to Drive Profitable Unit Growth of Value-Added Premium Products INCREASING PENETRATION OF HIGHER-MARGIN DRY INCREASING PURCHASING OCCASIONS SAUSAGE PRODUCTS THROUGH EXPANDING DISTRIBUTION AND UNIT SALES BY ADDRESSING CONSUMER TRENDS POINTS & MANUFACTURING CAPACITY Increase Uni
Slide 7: Volume Growth: We Participate in Ten $1Bn+ Packaged Meats Sub-Categories
Volume Growth: We Participate in Ten $1Bn+ Packaged Meats Sub-Categories MARKET MARKET PACKAGED MEATS SUB-CATEGORIES ($BN) (1) KEY SMITHFIELD BRANDS SHARE (2) POSITION (2) Deli Meat 16% #2 Packaged Lunch Meat 9% #5 Uncooked Bacon 22% #1 Cooked Dinner Sausage 16% #2 Hot Dogs 16% #3 Uncooked Breakfast
Slide 8: A Portfolio Across Price Points
A Portfolio Across Price Points Resonating with Consumers’ Preferences WE DELIVER VALUE TO CONSUMERS ACROSS A WIDE RANGE OF PRICE POINTS Packaged Lunch Meat – Average Retail Price Comparison of Our Brands vs. Select Competitors (1) ARP / Pound $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 $
Slide 9: Eckrich College Football Playoffs Sponsorship & New Product Innovation Help Drive Sales Volume
Eckrich College Football Playoffs Sponsorship & New Product Innovation Help Drive Sales Volume 9 (1) Per Circana, MULO+ latest 26-week period ended September 28, 2025; branded product only, excludes private label
Slide 10: Smithfield. Mike's Hot Honey Bacon Launch
Smithfield. Mike’s Hot Honey Bacon Launch COMBINES THE ORIGINAL AND LEADING HOT HONEY BRAND WITH THE #1 BACON BRAND TO DELIVER ON THE SWEET-HEAT TREND 360-Degree Marketing Campaign var F Southern Living &| This Brand-New Bacon Might Be The Best re mithfield. Thing To Happen To Breakfast Mikes, a HOT
Slide 11: Product Innovation: Addressing Consumer Trends
Product Innovation: Addressing Consumer Trends CONTINUE LAUNCHING PRODUCTS THAT TARGET SPECIFIC NEEDS AND EXPAND PORK CONSUMPTION Andouille Smoked Nathan’s Hot & Spicy Sausage Armour Everything Carando Fresh Farmland Taco Style Bagel Dog Meatballs Ground Pork Armour Pepperoni Snacks 1/2 Rack Pre-Coo
Slide 12: Leveraging Our Fresh Pork Sales Channels to Utilize the Whole Hog
Leveraging Our Fresh Pork Sales Channels to Utilize the Whole Hog FURTHER ENHANCE FRESH PORK BY EXPANDING USE & INCREASING VALUE OF RAW MATERIALS Packaged Meats Domestic Adjacent Business Lines Export 12
Slide 13: Continuing to Optimize Operations
Continuing to Optimize Operations PACKAGED MEATS & HOG PRODUCTION AUTOMATION LOGISTICS FRESH PORK Reform & Best-In-Class Lean Optimize Deployment Improve Service at Optimal Rationalize Manufacturing of Labor Cost • Optimize hog production • Continue to improve • Employ automation to • Continuously i
Slide 14: Third Quarter 2025 Results
Third Quarter 2025 Results Consolidated Results Compared to Prior Year Three Months Three Months in $MM Ended September Ended September % Change except EPS in $ / share 28, 2025 29, 2024 Sales $3,747 $3,334 12.4% Adj. Operating $310 $286 8.5% Profit(1) Adj. Operating Profit 8.3% 8.6% (30bps) Margin(
Slide 15: Strong Packaged Meats Results Despite Significant Increases in Raw Material Costs
Strong Packaged Meats Results Despite Significant Increases in Raw Material Costs Third Quarter 2025 vs. Third Quarter 2024 ($MM’s) (1) 12.5% 10.8% • Sales +9.1% • Adj. Operating Profit (5.7)% • Price +9.2% • Volume ~flat (1) Adjusted operating profit and adjusted operating profit margin are non-GAA
Slide 16: Fresh Pork Adeptly Navigates Tighter Market Spread & Tariff Disruption
Fresh Pork Adeptly Navigates Tighter Market Spread & Tariff Disruption Third Quarter 2025 vs. Third Quarter 2024 ($MM’s) (1) 1.4% 0.5% • Sales +12.0% • Adj. Operating Profit (63.8)% • Price +12.0% • Volume ~flat (1) Adjusted operating profit and adjusted operating profit margin are non-GAAP measures
Slide 17: Hog Production Continues to Grow Profitability
Hog Production Continues to Grow Profitability Third Quarter 2025 vs. Third Quarter 2024 ($MM’s) 10.9% 5.5% • Sales +10.1% • Adj. Operating Profit +119.8% (1) Adjusted operating profit and adjusted operating profit margin are non-GAAP measures. Please see the appendix for a reconciliation of adjuste
Slide 18: Strong Financial Position Creates Operational Flexibility
Strong Financial Position Creates Operational Flexibility Ratio of Net Debt to Adjusted EBITDA (1) Capital Allocation Strategy Drive Growth Continue to invest in product innovation and marketing to drive profitable growth Reinvest in Business Continue to improve automation and other operating effici
Slide 19: FY 2025 Guidance Raised
FY 2025 Guidance Raised Packaged Meats Sales Low-to-Mid-Single-Digit Growth Compared to FY 24 $1,060 - $1,110 MM Adj. Operating Profit (1) $1,225 - $1,325 Fresh Pork Capex $350 - $400 MM $150 - $200 MM Effective Tax Rate 23% - 25% Hog Production $125 - $150 MM (1) The Company’s outlook for fiscal ye
Slide 20: Q&A
Q&A
Slide 21: Appendix
Appendix
Slide 22: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Three Months Ended September 28, September 29, 2025 2024 $ millions Net income from continuing operations attributable to Smithfield $248 $202 Hog Production Reform (1) 1 3 Insurance recoveries (2) (2) (3) Company-owned life insurance gain (3) (17) — Income tax eff
Slide 23: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended Nine Months Ended Twelve Months Ended September September September September September December 28, 2025 29, 2024 28, 2025 29, 2024 28, 2025 29, 2024 $ millions Net income from continuing operations $252 $209 $667 $581 $884 $798 Interest expense, ne
Slide 24: Net Debt to Adjusted EBITDA Reconciliation
Net Debt to Adjusted EBITDA Reconciliation Trailing 12 Months Ended September 28, 2025 December 29, 2024 $ millions Current portion of long-term debt and capital lease $3 $3 Long-term debt and finance lease obligations 2,001 1,999 Total debt and finance lease obligations $2,004 $2,002 Less: Cash and
Slide 25: Adjusted Operating Profit Reconciliation
Adjusted Operating Profit Reconciliation Three Months Ended Packaged Fresh Pork Hog Other (1) Corporate (2) Unallocated (3) Consolidated September 28, 2025 Meats Production Operating profit (loss) $226 $10 $89 $10 $(24) $(1) $310 Hog Production Reform — — — — — 1 1 Insurance recoveries — — — — — (2)
Slide 26: goodiswhatwedo.com
Learn more about the good work we do at goodiswhatwedo.com