The Campbell's Company · NASDAQ:CPB
The Campbell's — Q3 2026 Earnings Presentation
48 slides from The Campbell's's earnings presentation, Jun 8, 2026
Slide 1: Q3 Fiscal 2026 Earnings Presentation
Q3 Fiscal 2026 Earnings Presentation 1
Slide 2: Agenda
Joshua Levine Welcome Chief Investor Relations Officer Today’s Mick Beekhuizen Business Update Agenda President & CEO Todd Cunfer Financial Results Chief Financial Officer and Outlook 2
Slide 3: Forward-looking statements
Forward -looking statements Safe Harbor Regarding Forward -Looking Statements This presentation contains "forward -looking statements” within the meaning of the federal securities laws. These forward -looking statements reflect our current expectations regarding our future results of operations, eco
Slide 4: Business Update
Business Update Mick Beekhuizen President and Chief Executive Officer 4
Slide 5: Q3 FY26 key messages
Q3 FY26 key messages Q3 performance in -line with our expectations Top and bottom -line headwinds driven by in -market consumption and input cost inflation Cooking -at-home strength is a durable tailwind Scratch/semi -scratch cooking has been a consistent growth engine; increasingly prioritizing inv
Slide 6: Key Q3 and YTD FY26 results
Key Q3 and vs. PY (except Adjusted EPS) Q3 FY26 YTD FY26 YTD FY26 $ Consumption 1 (2)% (1)% results Organic Net Sales* (4)% (3)% Net Sales (4)% (4)% Adjusted EBIT* (24)% (19)% Adjusted EPS* $0.50 $1.78 *See Non -GAAP reconciliation. 1 Circana Total US MULO+, 13 weeks ending 05/03/26 6
Slide 7: Stable in-market performance
Meals & Beverages Stable in -market performance Challenging eating soup lap offset sustained cooking momentum Q3 FY26 YTD FY26 vs. PY vs. PY Dollar consumption 1 0% 1% Organic Net Sales* (4)% (2)% Volume/mix (5)% (3)% *See Non -GAAP reconciliation. 1 Circana Total US MULO+, 13 weeks ending 05/03/26
Slide 8: Consumption pressured by strong prior year
Meals & Beverages Consumption pressured by strong prior year Cooking growth trends sustained while eating soups pressured by strong lap 1 Wet Soup Broth Condensed RTS CPB $ Consumption (4.4)% 4.4% (6.8)% (8.4)% CPB $ Share (1.0) pt (0.4) pts 0.3 pts (0.7) pts Category $ -2.7% 5.3% (7.1)% (6.9)% Cons
Slide 9: Rao's: Another quarter of robust growth
Meals & Beverages Rao’s: Another quarter of robust growth 15% total Rao’s consumption growth; sauce grew 13% in Q3 (+10% fiscal year -to-date) 1 Q3 FY26 >$1 Billion Brand Continuing to Win Sustained Momentum Italian Sauce • Generated 75% of category growth Category • 26.5% L13 $ share, +1,040 bps vs
Slide 10: Snacks consumption remains under pressure
Snacks Snacks consumption remains under pressure Underlying momentum in Goldfish and fresh bakery operations support confidence in sequential improvement; simplification work to drive focus while generating fuel for future growth Q3 FY26 YTD FY26 vs. PY vs. PY Dollar consumption 1 (5)% (3)% Organic
Slide 11: Goldfish progress
Snacks $ Consumption Growth (vs. YA) Goldfish progress 0.0% 0.0% Strengthening performance with families with kids -0.6% -0.9% -3.0% -3.5% Encouraging signals from family focus -4.4% • Total Goldfish held $ share -6.6% • Core SKUs 1 stable in Q3 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY2
Slide 12: Pepperidge Farm fresh bakery progress
Snacks Pepperidge Farm fresh bakery progress Measurable progress on key customer KPIs Stabilizing the network a key first step • Reduced Q3 promotional activity to improve network reliability Preparing for sequential improvement • Improved network reliability enabling disciplined reintroduction of p
Slide 13: Pepperidge Farm cookies innovation strength
Snacks Pepperidge Farm cookies innovation strength Premium indulgence proving durable Innovation strategy is working • Essentially held share despite lapping White Chocolate Milano platform launch and elevated display activity 1 • Chessmen strong double -digit growth, accelerated vs. H1 1 Indulgent
Slide 14: Clear opportunity to improve salty snacks performance
Snacks Clear opportunity to improve salty snacks performance Self -help turnaround underway but will take time Simplification strategy a required first step • Improved results require stronger core sustainably supported by increased marketing • Tighter assortment, sharpened price pack architecture,
Slide 15: Wrap up
Wrap up Focused on improving trajectory into fiscal 2027 Investing in Meals & Beverages tailwinds while Snacks is building momentum in priority areas Significant simplification opportunity in Snacks segment with actions already underway Prioritizing investments and building capabilities to drive gro
Slide 16: Financial Results and Outlook
Financial Results and Outlook Todd Cunfer Chief Financial Officer 16
Slide 17: Q3 results reflect net sales and cost headwinds
$ Millions, except per share Q3 FY26 Key Financial Results Q3 results reflect net sales and cost headwinds Net Sales Adjusted EBIT * Adjusted EPS * $2,475 $362 $0.73 $2,366 $274 $0.50 (4)% (24)% (32)% vs. PY vs. PY vs. PY Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Organic Net Sales* vs. PY Adju
Slide 18: Net Sales decreased 4% to $2.4 billion
$ Millions Q3 FY26 Net Sales Bridge Net Sales decreased 4% to $2.4 billion Driven by unfavorable vol/mix, partially offset by favorable net price realization $2,475 (5) pts 1 pt 0 pts (1) pt $2,366 (4)% (4)% Includes (1) pt net headwind from vs. PY vs. PY lapping Q3’25 ERP pull-forward and Q2’26 Jan
Slide 19: Cost inflation and tariffs pressured margin
Q3 FY26 Adjusted Gross Profit Margin* Bridge Cost inflation and tariffs pressured margin Partially offset by supply chain productivity improvements, cost savings and net price realization 30.1% (60) bps +110 bps (630) bps +340 bps 27.7 % (240) bps Includes (310) bps vs. PY gross tariff impact Q3 FY2
Slide 20: Increased A&C while maintaining cost discipline
$ Millions Q3 FY26 Other Operating Items Increased A&C while maintaining cost discipline Adjusted Marketing & Selling Expenses* Adjusted Administrative Expenses* $150 $149 $207 $211 2% (1)% vs. PY vs. PY % of Net Sales: 8.4% 8.9 % % of Net Sales: 6.1% 6.3 % 8% Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 *See No
Slide 21: Net sales and gross margin pressures continued
$ Millions Q3 FY26 Adjusted EBIT* Bridge Net sales and gross margin pressures continued Higher marketing was also a headwind $362 $(89) $(4) $6 $274 $(1) (24)% vs. PY Q3 FY25 Adjusted Gross Adjusted Marketing Adjusted Adjusted Other Q3 FY26 Profit Impact* & Selling Expenses * Administrative & Expens
Slide 22: Adjusted EPS reflective of lower Adjusted EBIT
Q3 FY26 Adjusted EPS* Bridge Adjusted EPS reflective of lower Adjusted EBIT Includes ($0.19) gross / ($0.07) net tariff impact to Q3 $0.73 ($0.23) $0.00 $0.00 $0.00 $0.50 (32)% vs. PY Q3 FY25 Adjusted EBIT* Interest Adjusted Taxes* Share Impact Q3 FY26 *See Non -GAAP reconciliation 22
Slide 23: Q3 FY26 Meals & Beverages results
$ Millions Q3 FY26 Meals & Beverages results Reflects strong cooking trends offset by challenging eating soup lap and inflation Net Sales Operating Earnings $1,493 $1,426 $253 $213 (4)% vs. PY (16)% vs. PY Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Vol/Mix 6% (5)% Operating Margin 16.9% 14.9% Net Price Realiza
Slide 24: Q3 FY26 Snacks results
$ Millions Q3 FY26 Snacks results Reflects consumption, cost inflation and volume deleverage, offset by productivity and pricing Net Sales Operating Earnings $982 $940 $140 $95 (4) % vs. PY (32) % vs. PY Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Vol/Mix (5)% (6)% Operating Margin 14.3% 10.1% Net Price Realiza
Slide 25: Strong, stable cash generation
$ Millions Capital Allocation Strong, stable cash generation Returned $380M to shareholders in FY26 year -to-date; increased leverage reflects pressured earnings Net Cash Flows from Operations Capital Allocation Q3 YTD Q3 YTD $872 FY25 FY26 $839 Invest for Growth Capital Expenditures $296 $297 Retur
Slide 26: Reaffirming FY26 guidance
FY26 Outlook Reaffirming FY26 guidance FY26 assumptions $ Millions, Except Per Share • Pop Secret and noosa business divestitures expected to be -1% headwind to reported Net Sales FY25 Results* and have ~$0.04 per share dilutive impact to (52 weeks) FY26 Guidance 1 Adjusted EPS Organic Net $9,979 (2
Slide 27: Question & Answer Session
Q3 Fiscal 2026 Question & Answer Session June 8, 2026 @ 9:00am ET 27
Slide 28: Appendix
Appendix 28
Slide 29: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions ) Third Quarter % Change Net Sales, Impact of Organic Net Sales, Organic Impact of Impact of May 3, 2026 As Reported Currency Net Sales As Reported Net Sales Currency Divestiture Meals & Beverages $ 1,426 $ (5) $ 1,421 (4%) (4%) 0%
Slide 30: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions ) Nine Months % Change Net Sales, Impact of Organic Net Sales, Organic Impact of Impact of May 3, 2026 As Reported Currency Net Sales As Reported Net Sales Currency Divestitures Meals & Beverages $ 4,741 $ (7) $ 4,734 (4%) (2%) 0% (
Slide 31: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions ) Third Quarter % Change Net Sales, Impact of Impact of Organic Net Sales, Organic Impact of Impact of Impact of April 27, 2025 As Reported Currency Acquisition Net Sales As Reported Net Sales Currency Divestiture Acquisition Meals
Slide 32: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures Three Months Three Months ($ millions) Ended Ended May 3, 2026 April 27, 2025 Net earnings, as reported $ 124 $ 66 Taxes 35 15 Interest, net 80 80 Earnings before interest and taxes, as reported $ 239 $ 161 32
Slide 33: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions, except per share amounts) Third Quarter EBIT EBIT Margin % Earnings Diluted EPS* 2026 – As Reported $ 239 10.1% $ 124 $ 0.41 Costs associated with cost savings and optimization initiatives 69 52 0.17 Commodity mark-to-market gains
Slide 34: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures Nine Months Ended Nine Months Ended ($ millions) May 3, 2026 April 27, 2025 Net earnings, as reported $ 463 $ 457 Taxes 145 155 Interest, net 240 243 Earnings before interest and taxes, as reported $ 848 $ 855 34
Slide 35: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions, except per share amounts) Nine Months EBIT EBIT Margin % Earnings Diluted EPS* 2026 – As Reported $ 848 11.1% $ 463 $ 1.55 Costs associated with cost savings and optimization initiatives 127 96 0.32 Commodity mark-to-market gains (
Slide 36: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions) Third Quarter Gross Profit GP % EBT Tax Tax Rate 2026 – As Reported $ 650 27.5% $ 159 $ 35 22.0% Costs associated with cost savings and optimization initiatives 12 69 17 Commodity mark-to-market gains (6) (6) (1) Pension actuarial
Slide 37: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions) Second Quarter Gross Profit GP % EBT Tax Tax Rate 2026 – As Reported $ 717 28.0% $ 193 $ 48 24.9% Costs associated with cost savings and optimization initiatives 9 24 6 Commodity mark-to-market gains (16) (16) (4) Certain litigatio
Slide 38: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions) Third Quarter Marketing & Selling Other Expenses / Expenses (Income) 2026 – As Reported $ 214 $ 8 Costs associated with cost savings and optimization initiatives (3) (38) Pension actuarial and curtailment gains - 30 Costs associate
Slide 39: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions ) Third Quarter Administrative R&D Expenses Expenses Total 2026 – As Reported $ 155 $ 25 $ 180 Costs associated with cost savings and optimization initiatives (6) (1) (7) Certain litigation expenses - - - 2026 – Adjusted $ 149 $ 24
Slide 40: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions, except per share amounts) Third Quarter – Adjusted Diluted EPS Impact from Adjusted EBIT EBIT 2026 – Adjusted $ 274 2025 – Adjusted 362 $ Change $ (88) Deduct: 2025 Adjusted tax rate impact $ 20 Impact to Net Earnings $ (68) Third
Slide 41: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions, except per share amounts) Adjusted Diluted EPS Impact from Change in Adjusted Tax Rate Third Quarter 2026 – Adjusted EBT $ 194 Increase in Adjusted Tax Rate 0.0% Adjusted EBT multiplied by the Change in Adjusted Tax Rate $ - Third
Slide 42: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions) Net Debt May 3, 2026 April 27, 2025 Short-Term Borrowings $ 864 $ 799 Long-Term Debt 6,146 6,097 Total Debt $ 7,010 $ 6,896 Less: Cash and Cash Equivalents (402) (143) Net Debt $ 6,608 $ 6,753 42
Slide 43: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures (a) (b) =(a)+(b) Three Months Nine Months Trailing Twelve Ended Ended Months Ended ($ millions) August 3, 2025 May 3, 2026 May 3, 2026 Net Earnings, as reported $ 145 $ 463 $ 608 Taxes 39 145 184 Interest, net 85 240 325 Earnings before interes
Slide 44: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures (a) (b) =(a)+(b) Three Months Nine Months Trailing Twelve Ended Ended Months Ended ($ millions) July 28, 2024 April 27, 2025 April 27, 2025 Net Earnings, as reported $ (3) $ 457 $ 454 Taxes (3) 155 152 Interest, net 83 243 326 Earnings before i
Slide 45: Comparable Net Sales Base for Fiscal 2026 Guidance
Comparable Net Sales Base for Fiscal 2026 Guidance ($ millions) Fiscal 2025 Organic Sales Base for Fiscal 2026 Guidance Fourth Quarter Net Sales, Impact of August 3, 2025 As Reported 53rd Week Organic Net Sales Meals & Beverages $ 1,236 $ (88) $ 1,148 Snacks 1,085 (78) 1,007 Total Net Sales $ 2,321
Slide 46: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions, except per share amounts) Fourth Quarter EBIT Earnings Diluted EPS 2025 – As Reported $ 269 $ 145 $ 0.48 Costs associated with cost savings and optimization initiatives 34 26 0.09 Pension and postretirement actuarial losses 22 17 0
Slide 47: Comparable Net Sales Base for Fiscal 2026 Guidance
Comparable Net Sales Base for Fiscal 2026 Guidance ($ millions) Fiscal 2025 Organic Sales Base for Fiscal 2026 Guidance Full Year Net Sales, Impact of Impact of August 3, 2025 As Reported 53rd Week Divestitures* Organic Net Sales Meals & Beverages $ 6,179 $ (88) $ (99) $ 5,992 Snacks 4,074 (78) (9)
Slide 48: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non -GAAP Financial Measures ($ millions, except per share amounts) Twelve Months EBIT Earnings Diluted EPS* 2025 – As Reported $ 1,124 $ 602 $ 2.01 Costs associated with cost savings and optimization initiatives 125 96 0.32 Pension and postretirement actuarial losses 24 1
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