Smithfield Foods, Inc. · NASDAQ:SFD
Smithfield Foods — Q1 2026 Earnings Presentation
27 slides from Smithfield Foods's earnings presentation, Apr 28, 2026
Slide 1: Smithfield Foods First Quarter Fiscal 2026
April 28, 2026 Smithfield Foods First Quarter Fiscal 2026
Slide 2: Legal Disclaimer
Legal Disclaimer Forward-Looking Statements 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 North America Pork 22 12 23 32 years of experience years of experience years of experience years of e
Slide 4: 2026 Key Highlights
2026 Key Highlights 1 Achieved record Q1 adjusted operating profit(1) of $339 million, with 8.9% adjusted operating profit margin(1) 2 Delivered $275 million in Packaged Meats operating profit, with 12.8% operating profit margin 3 Continuous improvement and productivity initiatives Pa drove meaningf
Slide 5: Strategic Priorities Drive Growth & Resiliency
Strategic Priorities Drive Growth & Resiliency 1 Packaged Meats – Increase profits through ongoing product mix improvements, volume growth and innovation 2 Fresh Pork – Maximize net realizable value across channels at a best-in-class cost structure Hog Production – Achieve best-in-class cost structu
Slide 6: 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 In Q1 26, Unit Velocity Expanded and Share Grew for Premium Products: Lunch Meat, Dry Sausage, Cooked Dinner Sausage and Refrigerated BBQ Meats Unit Growth YoY Cooked Dinner Unit Growth YoY Lunch Meat +0.8 Sausage
Slide 7: 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 14%(2) #2 Packaged Lunch Meat 9% #5 Uncooked Bacon 22% #1 Cooked Dinner Sausage 17% #2 Hot Dogs 16% #4 Uncooked Breakf
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: Product Innovation: Addressing Consumer Trends
Product Innovation: Addressing Consumer Trends CONTINUE LAUNCHING PRODUCTS THAT TARGET SPECIFIC NEEDS AND EXPAND PORK CONSUMPTION Smithfield Brats CURLY’S Flavor Innovation Jalapeno & Cheddar – PBR – Chipotle & Chimichurri Carnitas - Thai Sweet Chili Chicken - Cheddar Korean BBQ Carando Grinds Smith
Slide 10: Foodservice: Driving Growth Through Innovation
Foodservice: Driving Growth Through Innovation KEY STRATEGIC PACKAGED MEATS STRONG FOODSERVICE CHANNEL STRONG CUSTOMER FOODSERVICE INITIATIVES GROWTH ($MM’s) RELATIONSHIPS Grow Branded Sales ~70% of the top 50 ranked national foodservice chains serviced (1) Grow Private $618 Label Sales +4% 100% of
Slide 11: 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 11
Slide 12: Transformational Strategy in Hog Production
Transformational Strategy in Hog Production to Maintain High Quality While Reducing Commodity Exposure STRATEGIC PLAN IN PLACE TO OPTIMIZE HOG PRODUCTION OPERATIONS DIFFERENTIATED SUPPLY CHAIN SERVICING DOWNSTREAM SEGMENTS Annual Hog Production (MM Heads) Support downstream business with assured sup
Slide 13: A Culture of Continuous Improvement
A Culture of Continuous Improvement PACKAGED MEATS EMPLOY AUTOMATION & SUPPLY CHAIN & FRESH PORK TECHNOLOGY & LOGISTICS Premier Lean Optimize Deployment Improve Service at Manufacturing of Labor Optimal Cost – Continue to improve – Employ automation and – Continuously improve profitability and abili
Slide 14: Smithfield Foods to Acquire Iconic Hot Dog Brand Nathan's Famous
Smithfield Foods to Acquire Iconic Hot Dog (1) Brand Nathan’s Famous Secures Rights to Iconic All-Beef Hot Dog 1 Brand into Perpetuity Strengthens Ability to Grow Nathan’s 2 Brand across Retail and Foodservice Channels 3 Transaction Expected to be Immediately Accretive (1) The closing of the transac
Slide 15: Record Q1 Results
Record Q1 Results Consolidated Results Compared to Prior Year in $MM Thirteen Weeks Ended Thirteen Weeks Ended % Change except EPS in $ / share March 29, 2026 March 30, 2025 Sales $3,800 $3,771 +0.8% Adj. Operating Profit (1) $339 $326 +4.0% Adj. Operating Profit Margin (1) 8.9% 8.6% +30bps Adj. Net
Slide 16: Strong Packaged Meats Results Despite Pressure from Raw Material Costs & Consumer
Strong Packaged Meats Results Despite Pressure from Raw Material Costs & Consumer Q1 2026 vs. Q1 2025 (MM’s) 12.8% 13.1% ‒ Sales +6.2% ‒ Operating Profit +3.6% ‒ Sales Volume +3.5% ‒ Price +2.6% 16
Slide 17: Fresh Pork Winning in U.S. Retail Value-Added
Fresh Pork Winning in U.S. Retail Value-Added Q1 2026 vs. Q1 2025 ($MM’s) 4.0% 3.9% ‒ Sales (1.1)% ‒ Operating ‒ Sales Volume (2.6)% Profit (4.3)% ‒ Price +1.5% 17
Slide 18: Hog Production Continues to Grow Profitability
Hog Production Continues to Grow Profitability Q1 2026 vs. Q1 2025 ($MM’s) 0.5% 0.1% ‒ Sales (17.5)% ‒ Operating Profit ‒ Reflects $155MM non-recurring JV +282.6% sales in Q1 2025 18
Slide 19: Strong Financial Position Creates Operational Flexibility
Strong Financial Position Creates Operational Flexibility Ratio of Net Debt to Adjusted Liquidity (2) ($MM) EBITDA (1) 0.8x $3,837 $1,059 $916 $3,245 Capital Allocation Strategy Drive Growth Reinvest in Business Shareholder Return(3) Opportunistic M&A Continue to improve automation and other Recomme
Slide 20: FY 2026 Guidance
FY 2026 Guidance(1)(2) Packaged Meats Sales Low-Single-Digit Growth Compared to FY 25 $1,100 - $1,200 MM Adj. Operating Profit $1,325 - $1,475 MM Fresh Pork Capex $200 - $260 MM $350 - $450 MM Hog Production Effective Tax Rate 22.5% - 24.5% $150 - $200 MM (1) The Company’s outlook for fiscal year 20
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Slide 22: Appendix
Appendix
Slide 23: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Three Months Ended March 29, 2026 March 30, 2025 $ millions, except per share data Net income attributable to Smithfield $246 $224 Incremental costs from destruction of property (1) 3 — Plant closures 2 1 Reduction in workforce and optimization (2) 1 9 Hog Producti
Slide 24: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended Twelve Months Ended Twelve Months Ended March 29, March 30, March 31, March 29, December March 30, December 2026 2025 2024 2026 28, 2025 2025 29, 2024 $ millions, except percentages Net income from continuing operations $249 $227 $112 $1,021 $998 $91
Slide 25: Net Debt to Adjusted EBITDA Reconciliation
Net Debt to Adjusted EBITDA Reconciliation Twelve Months Ended March 29, 2026 March 30, 2025 $ millions, except ratios Current portion of long-term debt and finance lease obligations $602 $3 Long-term debt and finance lease obligations 1,401 2,000 Total debt and finance lease obligations $2,003 $2,0
Slide 26: Adjusted Operating Profit Reconciliation
Adjusted Operating Profit Reconciliation Three Months Ended March 29, 2026 March 30, 2025 $ millions, except percentages Operating profit $333 $321 Incremental costs from destruction of property (1) 3 — Plant closures 2 1 Reduction in workforce and optimization (2) 1 9 Hog Production Reform — 1 Insu
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