Slide 1: 2024 Annual Stockholder Meeting
HERSHEY S 2024 Annual Stockholder Meeting May 6, 2024
Slide 2: Michele Buck, Chairman, President & CEO
Michele Buck Chairman of the Board President & Chief Executive Officer HERSHEY”
Slide 3: Welcome
Welcome Items of Business today’s Business Review Question and Answer Voting Results HERSHEY”
Slide 4: Welcome
Welcome Items of Business today’s Business Review Question and Answer Voting Results HERSHEY”
Slide 5: Items of Business
Election of Directors Ratification of Appointment of Items of Independent Auditors Business Advise on Named Executive Officer Compensation Stockholder Proposals Voting HERSHEY”
Slide 6: Election of Directors
Election of Directors Victor Crawford Kevin Ozan Robert Dutkowsky Anthony Palmer Mary Kay Haben Juan Perez Diane Koken Cordel Robbin-Coker Maria Kraus Michele Buck Robert Malcolm
Slide 7: Ratification of Appointment of Independent Auditors
Ratification of Appointment of Independent Auditors The Board recommends a vote FOR ratification of the appointment of ERNST & YOUNG LLP as independent auditors for the fiscal year ending December 31, 2024
Slide 8: Advise on Named Executive Officer Compensation
Advise on Named Executive Officer Compensation The Board recommends a vote FOR approval, on a non-binding advisory basis, of the Company’s named executive officer compensation
Slide 9: Stockholder Proposal: Public Report on Living Wage & Income
Stockholder Proposal: Public Report on Living Wage & Income The Board recommends a vote AGAINST the stockholder proposal
Slide 10: Courtney Wicks, Investor Advocates for Social Justice
Courtney Wicks Investor Advocates for Social Justice HERSHEY”
Slide 11: Stockholder Proposal: Public Report on Packaging Reuse & Recycling
Stockholder Proposal: Public Report on Packaging Reuse & Recycling The Board recommends a vote AGAINST the stockholder proposal
Slide 12: Kelly McBee, As You Sow
Kelly McBee As You Sow HERSHEY”
Slide 13: Items of Business
Election of Directors Ratification of Appointment of Items of Independent Auditors Business Advise on Named Executive Officer Compensation Stockholder Proposals Voting HERSHEY”
Slide 14: Welcome
Welcome Items of Business today’s Business Review Question and Answer Voting Results HERSHEY”
Slide 15: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Many of these forward-looking statements can be identified by the use of words such as “anticipate,” “assume,” “believe,” “continue,” “estimate
Slide 16: Key Takeaways
Key Takeaw HERSHEY” ayS We have created a stronger and more diversified business We participate in resilient categories and invest in our brands and capabilities to support long-term growth We are balancing the needs of near-term business with our long-term vision and aspirations 6
Slide 17: Ten-year average growth and annualized TSR
= Source: 1. Company Financials and Information 2014-232: Bloomberg Finance LP. Free Cash Fl [& Sze appendixtor GAAP/Nor-GAAP reconciliations. Average Org Average Operating Revenue Growth Income Growth 10) 0) +3.7% +7% Average Average Free Adjusted EPS Cash Flow? 10) (0) +10% +11% Annualized TSR? +1
Slide 18: Today we have a more diversified portfolio
Today we have a more diversified portfolio Two Salty Snacks Entering Our Top Ten Brands 2023 Retail Sales! I 2 3 4 5 7 8 10 Geese MERSHEYS = (2 Kisses SKINNYPOP Citiay rel es $3.1B $24B | $7I5M — $710OM | $580M $390M | $385M $340M retail sales S BR BROOKSIDE a a A Pomp, By suacn rh Crossing Consumer
Slide 19: Salty snacks now a scaled, integrated unit
Is now a Scaled, Integrated Unit HERSHEVS SKINNYPOP POPCORN Unlock Growth Opportunities HERSHEY”
Slide 20: Our New Digital Infrastructure and CTO
Our New Digital Infrastructure and CTO are an important foundation for us to build upon EOS Enhanced Integration S42) and Visibility Guile ka Greater Automation poche Embedding Tech Hy AS, mbedding Tec! Bhatia a ding Chiet Technology ‘YY Teams into Operations Augmenting with Artificial Intelligence
Slide 21: Hershey
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Slide 22: HERSHEY”
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Slide 23: Great Categories, Great Brands, Stable Long-Term Growth
Great Categories, Great Brands, Stable Long-Term Growth Consistent Positive CMG Category Strengths Chocolate Segment Growth -1 | tT Q _ $268 ww oe aan High Impulsive Consumption Frequency $I5B ; ‘09 HERSHEY’ source: cicero etisa ue 2009-23.
Slide 24: Lead with Reese's, Win in Store, Accelerate Sweets
| Lead with Reese’s 2 Win in Store 3 Accelerate Sweets HERSHEY”
Slide 25: HERSHEY”
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Slide 26: HERSHEY”
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Slide 27: Growing Leadership in Key Subcategories
Growing Leadership in Key Subcategories Brands are Scaled, Integrated 5-Year CAGR! and Primed to Lead 9.5% RTE Popcorn Pretzels Total Snacking Edibles HERSHEY" sources cicana Rieti Sie 5 ¥00rCAGR rom O/06/9 1012/31/29, 2.Crcana, Dll Shar Calendar Venrw/e 2/3123, 2
Slide 28: Increase Distribution, Build Brand Awareness
| Increase Distribution 2 Build Brand Awareness New Pack Sizes to Meet Different Consumer Needs HERSHEY”
Slide 29: One-stop shop for consumers' snacking needs
One-stop shop for all of our consumers’ snacking needs Maximize display velocities with even more scale brands HERSHEY”
Slide 30: Hershey
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Slide 31: Disciplined Model for Growth
Disciplined Model for Growth High Growth Markets Chocolate Category Retail Value Growth! Revenue Growth me 6% "19-'23 CAGR2 1% 1% 9% 6% Profit 4% P| + 31% 19-23 cacre 0% India Brazil Mexico W. Europe 11% . HERSHEY’ — source: tercment Nominal RV. 2. Company Finan andnformaton
Slide 32: Build on Reese's Success; Advance Global Appeal
| Build on Reese’s Success yy) Advance Hershey’s Global Appeal 3 Lead Spicy in Mexico HERSHEY” 2
Slide 33: SkinnyPop
SKINNY = ad PO Ce
Slide 34: Outlook
Outlook ey. Optimized price pack “T* architecture ~ Fc Technology investments to 2-4% 6-8% drive commercial growth Net Sales Growth Adj. EPS Growth edhe Continued capability investment and evolution HERSHEY P]
Slide 35: Hershey financial principles
HERSHEY” * Balance price and volume growth Price to cover input cost inflation » Increase productivity to offset supply chain inflation * Maintain / increase commercial investment * Grow dividend in line with earnings Disciplined capital spending * Net leverage ratio of 1.5 - 2.0x 35
Slide 36: Capital Deployment Priorities
Capital Deployment Priorities Strong Cash Flow Enables Reinvestment and Shareholder Value Creation Business Dividend Reinvestment M&A Share Debt Buybacks Reduction - [& Source: Company Financials and Information
Slide 37: Advancing Automation and Agility Initiative
Advancing Automation and Agility Initiative Digitize and automate Optimize procurement and manufacturing Capture capability synergies across segments Accelerate capability investments in innovation, R&D, and planning Increase organizational effectiveness AF © w= . HERSHEY soe: comsary Fiance omation
Slide 38: Welcome
Welcome Items of Business today’s Business Review Question and Answer Voting Results HERSHEY”
Slide 39: Slide 39
Slide 40: Welcome
Welcome Items of Business today’s Business Review Question and Answer Voting Results HERSHEY”
Slide 41: Slide 41
Slide 42: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information Organic, Constant Currency Net Sales Growth Reconciliation of GAAP and Non-GAAP Information For the year ended December 31, 2014 «42015 2016 2017. 2018 2019 2020 2021 2022 2023 Components of Net Sales Growth Percentage ChangeasReported 3.9% — -0.5% 0.7
Slide 43: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2023 Income ili P - - Interest- In Millions of Dollars ExceptPer G4e< Profit | Operating Profit interes Net Income PerShare- Share Amounts Expense, Net é Diluted GAAP results $49978 $2,560.9 $1518 S18618 $9.06 Adjustments: Der
Slide 44: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2022 Income ili P - - Interest- In Millions of Dollars ExceptPer G4e< Profit | Operating Profit interes Net Income PerShare- Share Amounts Expense, Net é Diluted GAAP results $4,498.8 $2,2608 $137.6 $1,644.8 $7.96 Adjustments:
Slide 45: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2021 In Millions of Dollars Except Per Share Amounts GAAP results Adjustments: Derivative mark-to-market gains Business realignmentactivities Acquisition andintegration-related activities Noncontrollinginterestshare of busines
Slide 46: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2020 In Millions of Dollars Except Per Share Amounts GAAP results Adjustments: Derivative mark-to-marketlosses Business realignmentactivities Acquisition-related costs Pension settlement chargesrelating to Company- directed in
Slide 47: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2019 In Millions of Dollars Except Per Share Amounts GAAP results Adjustments: Derivative mark-to-market gains Business realignmentactivities Acquisition-related costs Pension settlement chargesrelating to Company- directed in
Slide 48: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2018 In Millions of Dollars Except Per Share Amounts GAAP results Adjustments: Derivative mark-to-market gains Business realignmentactivities Acquisition-related costs Pension settlement charges relating to Company-directed in
Slide 49: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2017 In Millions of Dollars Except Per Share Amounts GAAP results Adjustments: Derivative mark-to-market gains Business realignmentactivities Acquisition-related costs Pension settlement chargesrelating to Company- directed in
Slide 50: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2016 In Millions of Dollars Except Per Share Amounts GAAP results Adjustments: Derivative mark-to-marketgains Acquisition and integration costs Business realignmentactivities Pension settlement chargesrelating to Company- dire
Slide 51: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2015 In Millions of Dollars Except Per Share Amounts GAAP results Adjustments: Acquisition andintegration costs Business realignmentactivities Pension settlement chargesrelating to Company- directed initiatives Goodwill and ot
Slide 52: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2014 “Th Income In Millions of Dollars ExceptPer G4e< Profit | Operating Profit terest Net Income PerShare- Share Amounts Expense, Net é Diluted GAAP results $3,336.2 $1392.3 $(83.5) $846.9 $3.77 Adjustments: Acquisition and i
Slide 53: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information Year-ending: December 31, 2013 “Th Income In Millions of Dollars ExceptPer G4e< Profit | Operating Profit terest Net Income PerShare- Share Amounts Expense, Net é Diluted GAAP results $3,280.8 $1,338.1 $(88.4) $820.5 $3.61 Adjustments: Acquisition and