Hormel Foods Corporation · NYSE:HRL
Hormel Foods — Merger or Acquisition (September 2026)
13 slides from Hormel Foods's merger presentation, Sep 30, 2026
Slide 1: Advancing the Hormel Foods Growth Strategy
SEPTEMBER 30, 2026 ADVANCING THE HORMEL FOODS GROWTH STRATEGY Announces definitive agreement to acquire Brakebush Brothers, LLC, a leading value-added chicken company
Slide 2: Disclaimers
DISCLAIMERS Forward-Looking Statements This presentation contains forward-looking statements, which are based on the current assumptions and expectations of Hormel Foods Corporation (the “Company”). These statements are typically accompanied by the words "aim," "anticipate," "believe," "could," "est
Slide 3: Transaction Overview
TRANSACTION OVERVIEW Hormel Foods to acquire Brakebush, a leading value-added chicken company • Acquiring a leading value-added chicken company, significantly expanding position in one of the most attractive segments of protein Strategic • Strengthens Foodservice platform through Brakebush’s direct
Slide 4: Brakebush
BRAKEBUSH A leading, value-added, non-vertically integrated chicken provider with Scale, Differentiated Capabilities, and an Attractive Growth Runway Company Overview Foodservice-led Revenue Profile1 Highlights • Family owned for over 100 years • Comprehensive portfolio of ~90% Foodservice Channel •
Slide 5: Advancing the Hormel Foods Growth Strategy
ADVANCING THE HORMEL FOODS GROWTH STRATEGY Strengthens position in growing Broader platform for Scaled and Aligns with long-term protein category Foodservice growth Reputable Asset growth strategy Adds a solid asset Expands foodservice Reflects disciplined Deepens presence base and strong, reach thr
Slide 6: A More Scaled and Balanced Business
A MORE SCALED AND BALANCED BUSINESS EXPANDED FOODSERVICE PRESENCE AND CHICKEN OFFERINGS Net Sales by Segment1 Net Sales by Key Input1 40% 55% Foodservice Pork ~40% Retail Non-meat Chicken ~20% ~13% 5% International Beef ~13% Turkey ~13% 1 Internal data: Estimated pro forma net sales by segment and n
Slide 7: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES Remain committed to dividend support, investing in our business, & maintaining an investment-grade rating Priority Strategic •Dividend Opportunistic •Maintenance capex •Growth capex •Mandatory debt repayment •Acquisitions •Share repurchases •Pension obligations •Investm
Slide 8: Financial Flexibility to Support Growth Investments
FINANCIAL FLEXIBILITY TO SUPPORT GROWTH INVESTMENTS Demonstrated Ability to Deleverage Net Debt to Adj. EBITDA1 Following M&A Expected Post- Acquisition Target Range Net Debt to Adj. EBITDA1 Acquired Planters Low-2x 1.5x to 2.0x 2.0x 1.8x 1.7x 1.5x 1.5x 1.5x Committed to maintaining Strong Investmen
Slide 9: Disciplined Portfolio Management Strengthens Long-Term Growth Profile
DISCIPLINED PORTFOLIO MANAGEMENT STRENGTHENS LONG-TERM GROWTH PROFILE REDEPLOYING CAPITAL TO STRATEGIC DIVESTING NON-STRATEGIC BUSINESSES GROWTH AREAS NON-CORE LOWER- COMPLEX FOODSERVICE VALUE-ADDED CHICKEN CATEGORIES MARGIN OPERATIONS JUSTIN’S® BRAND BRAZIL WHOLE BIRDS 9
Slide 10: Q&A Session Management Participants
Q&A SESSION Management Participants Jeff Ettinger John Ghingo Ash Bhumbla Interim Chief Executive Officer President and Executive Vice President Chief Executive Officer-elect and Chief Financial Officer Sept 30, 2026 7:00 AM CT For webcast visit: investor.hormelfoods.com
Slide 11: Appendix
( Horinel ) Foods APPENDIX
Slide 12: Non-GAAP Measures
NON-GAAP MEASURES This presentation contains certain non-GAAP measures, including net debt and adjusted EBITDA. Non-GAAP measures are not intended to be a substitute for GAAP measures in analyzing financial performance. These non-GAAP measures are not calculated in accordance with generally accepted
Slide 13: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED)
Hormel Foods — Merger or Acquisition (September 2026) on 6ix