The J.m. Smucker Company · NYSE:SJM
The J.m. Smucker — Q4 2026 Earnings Presentation
80 slides from The J.m. Smucker's earnings presentation, Jun 9, 2026
Slide 1: CAGNY Conference 2026
CAGNY CONFERENCE 2026 FEBRUARY 18, 2026
Slide 2: Mark Smucker
MARK SMUCKER CHIEF EXECUTIVE OFFICER, PRESIDENT AND CHAIR OF THE BOARD
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows, that are subject to known and unknown risks and uncertainties that cou
Slide 4: Business Update, Financial Update
BUSINESS UPDATE MARK SMUCKER Chief Executive Officer, President and Chair of the Board FINANCIAL UPDATE TUCKER MARSHALL Chief Financial Officer | Executive Vice President, Frozen Handheld & Spreads and Sweet Baked Snacks
Slide 5: Support the Continued Execution of Our Long-Term Growth Strategy
RECENT LEADERSHIP CHANGES ARE DESIGNED TO SUPPORT THE CONTINUED EXECUTION OF OUR LONG-TERM GROWTH STRATEGY, FURTHER THE MOMENTUM OF OUR PORTFOLIO OF LEADING BRANDS & ENHANCE PROFITABILITY & EARNINGS
Slide 6: Executive Leadership Team
EXECUTIVE LEADERSHIP TEAM MARK SMUCKER Chief Executive Officer, President and Chair of the Board TUCKER MARSHALL ROB FERGUSON JILL PENROSE Chief Financial Officer | JEANNETTE KNUDSEN KATIE WILLIAMS Chief Product Supply Chief People and OPEN ROLE EVP, Frozen Handheld Chief Legal Officer Incoming Chie
Slide 7: Tucker Marshall and Rob Ferguson
TUCKER MARSHALL ROB FERGUSON Chief Financial Officer | Executive Vice President, Chief Product Supply Officer | Executive Vice President, Frozen Handheld & Spreads and Sweet Baked Snacks Coffee, Pet and Away From Home Maintain responsibility for Finance, Investor Relations and Maintain responsib
Slide 8: Today's Themes
TODAY’S THEMES CLEAR STRATEGY IMPROVING DISCIPLINED TO DRIVE PROFITABILITY CAPITAL GROWTH & EARNINGS DEPLOYMENT Fundamentally Highly Focused Organic Growth Transformed the Company Opportunities Expect Near-Term Strong Portfolio of Margin Expansion Debt Paydown Leading Brands Transformation Office Sh
Slide 9: Transformed Into a Leading Consumer Goods Company
TRANSFORMED INTO TRANSFORMATIVE A LEADING JOURNEY A portfolio of CONSUMER GOODS COMPANY LEADING & ICONIC brands & anticipate ~$9 Billion FY26 NET SALES HIGHER-GROWTH brands 95% OF WITH A FOCUS ON THE ATTRACTIVE CATEGORIES OF OVER COFFEE U.S. RETAIL CHANNEL SALES come from categories where we hold th
Slide 10: A Focused Strategy
WE HAVE TRANSFORMED OUR PORTFOLIO A FOCUSED STRATEGY CENTERED AROUND ENGAGING & DELIGHTING CONSUMERS A COMPLEMENTARY & COHESIVE PORTFOLIO
Slide 11: Delivering Top-Line Growth & Increasing Market Share
Our strategy is working DELIVERING TOP-LINE GROWTH & INCREASING MARKET SHARE Anticipate Delivering ~$300M in Net Sales Nearly Two-Thirds Strong Comparable Net this Fiscal Year from of Our Portfolio is Growing Sales Growth this New Products Launched or Maintaining Dollar Share Fiscal Year this Year &
Slide 12: We are Focused on Improving Profitability
Opportunities to expand margins for both IN ADDITION TO THE STRONG TOP-LINE PERFORMANCE NEAR TERM U.S. Retail Coffee & Sweet Baked Snacks Coffee margins are expected to improve as we lap green coffee tariff costs incurred in FY26, given recent changes in U.S. trade policy. We are Focused Additionall
Slide 13: Disciplined Capital Deployment
DISCIPLINED CAPITAL DEPLOYMENT Free Cash Flow Generation $1.0B+ CAPITAL DEPLOYMENT PRIORITIES Business Debt Paydown Reinvestment Target <3.0X Organic Growth Net Debt to EBITDA Dividends Share Repurchases Payout Ratio of When Appropriate FY22 FY23 FY24 FY25 FY26 FY26E 2027 Target 40%-45% Enabling Rei
Slide 14: Our Businesses
We are advancing our growth strategy & positioning each of OUR forBUSINESSES long-term success U.S. RETAIL U.S. RETAIL U.S. RETAIL SWEET BAKED COFFEE FROZEN HANDHELD & PET FOODS SNACKS SPREADS
Slide 15: U.S. Retail Coffee
Fs DUNKIl Tee FUNCRED ToD CoE Si azica e SHEED J Classic Roast Aye MIWA ws ~~ 2 enna presse Ground Coffe? ‘i nf “PRE ANo FLavorrut, UNEM
Slide 16: Coffee is a Strong & Resilient Category
Coffee is a Strong & Resilient Category Coffee is more than a beverage IT’S A RITUAL FOR OUR CONSUMERS 3 out of 4 Americans Over the At-Home Coffee Represents Age of 18 Drink Coffee ~70% of All Coffee Drinking Occasions SOURCE: QUARTERLY MARKET SIZING REPORTS VIA NCA Q4 2025 AND NCA NATIONAL COFFEE
Slide 17: Leader in the At-Home Coffee Category
LEADER IN THE AT-HOME COFFEE CATEGORY 3 OF THE TOP 8 COFFEE BRANDS SOURCE: SMUCKER INTERNAL CIRCANA MULO+ SHARE REPORT 52 WEEKS ENDED JANUARY 25, 2026.
Slide 18: One of the Fastest-Growing Brands
ONE OF THE FA S T E S T - G RO W I N G B R A N D S I N T H E AT - H O M E C O F F E E C AT E G O R Y EXPECT INCREASE $500M+ OF OVER IN NET SALES $100M THIS FISCAL VS. YEAR PRIOR YEAR SOURCE: SMUCKER INTERNAL CIRCANA MULO+ SHARE REPORT 52 WEEKS ENDED JANUARY 25, 2026.
Slide 19: Outpacing All Generations & Ethnicities
O U T PAC I N G the categor y across A L L G E N E R AT I O N S & ETHNICITIES St r o n g g r o w t h a m o n g GEN Z & MILLENNIALS SOURCE: SMUCKER INTERNAL CIRCANA PANEL DATA AND OMNICHANNEL SHARE REPORT 52 WEEKS ENDED DECEMBER 28, 2025.
Slide 20: New Roast Profiles
Coming this April! NEW ROAST PROFILES ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ Expand appeal to younger Inspired by its Latin roots & more diverse buyers
Slide 21: Cold Coffee
COLD COFFEE Providing consumers with convenient offerings R E A D Y - T O - D R I N K S I N G L E - S E R V E F O R M AT
Slide 22: Top 4 Brand Ambition
AMBITION TO BECOME A TOP 4 BRAND IN AT-HOME COFFEE CATEGORY
Slide 23: Folgers
At-Home Coffee Category FOLGERS #1 Brand in Total Volume Share #1 Brand in Total Buyers Among the Younger Generations SOURCE: SMUCKER INTERNAL CIRCANA PANEL DATA AND MULO+ WITH CONVENIENCE SHARE REPORT 52 WEEKS ENDED DECEMBER 28, 2025.
Slide 24: New National Media Campaign
NEW NATIONAL MEDIA CAMPAIGN Reimagines the Folgers jingle ® Resonates deeply with audiences of all ages
Slide 25: Video Playing in Room
Video Playing in Room 25
Slide 26: The Best Part of Wakin' Up Is Folgers
THE BEST PART OF WAKIN’ UP IS FOLGERS IN YOUR CUP ®
Slide 27: New Campaign, New Packaging, New Roasts
NEW CAMPAIGN Iconic Home Dunkin’ at home is ® for everyone, every moment & every mood NEW PACKAGING NEW ROASTS expanding portfolio to meet growing consumer demand for bolder roasts
Slide 28: Medium Dark & Dark Roast Offerings
INTRODUCING MEDIUM DARK & DARK ROAST OFFERINGS To deliver the Spring bold cup 2026 consumers are increasingly seeking
Slide 29: U.S. Retail Frozen Handheld & Spreads
U.S. RETAIL FROZEN HANDHELD & SPREADS
Slide 30: Uncrustables Net Sales 10-Year CAGR
® $918M ® Net Sales 20% 10-Year CAGR Anticipate Achieving Goal of $1B $154M Net Sales in FY26 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 NOTE: AMOUNTS ABOVE REPRESENT TOTAL COMPANY NET SALES FOR THE UNCRUSTABLES BRAND.
Slide 31: Creating a Truly Iconic Brand
CREATING A TRULY ICONIC BRAND ® Leader in the frozen snacks & Soon to be a sandwiches category TOP 3 BRAND Growing households with key in the Total Freezer Aisle demographics – including age, ethnicity & income cohort Continues to over-index to households with kids & Millennials SOURCE: SMUCKER INTE
Slide 32: Video Playing in Room
UP & APPLE ea ter & Ay > L, Bn IP Peanut Butter & Apple : Cinnamon Selly Sandu J a
Slide 33: Fridge Friendly
® ® FRIDGE FRIENDLY AVAILABLE IN In addition to being kept in the freezer, ALL FLAVORS all Uncrustables sandwiches will also be able to be THIS SUMMER kept fresh in the fridge for up to 5 days Making It Easier To Enjoy At A Moment’s Notice 50% of non-consumers are now more likely to try SOURCE: SMUC
Slide 34: A New Morning Occasion
INNOVATION EXPANDING BEYOND THE LUNCHBOX A NEW MORNING OCCASION Focused on breakfast & morning snacking Meets the needs of consumers increasingly prioritizing protein throughout the day
Slide 35: Video Playing in Room
Video Playing in Room ® ® ®
Slide 36: Expanding Morning Protein
EXPANDING MORNING PROTEIN New BLUEBERRY FLAVOR coming this SPRING
Slide 37: Convenience Channel Offers Unique Opportunity
Convenience Channel Offers Unique Opportunity For Immediate Consumption Looking to expand availability in this channel TRIPLED MONTHLY SALES for Uncrustables ® sandwiches in this channel vs. prior year Expect to double the Current retailers interested in number of convenience stores adding additiona
Slide 38: Our Category-Leading Spreads Portfolio
OUR CATEGORY-LEADING SPREADS PORTFOLIO Our Spreads Business is in ~65 MILLION #1 SHARE OF HOUSEHOLDS #1 SHARE OF PEANUT BUTTER FRUIT SPREADS Focused on DRIVING PROFITABILITY while MODERNIZING our spreads business SOURCE: SMUCKER INTERNAL CIRCANA PANEL AND MULO+ SHARE REPORT 52 WEEKS ENDED JANUARY 25
Slide 39: Made with Limited Ingredients
® ® Made with LIMITED INGREDIENTS with a taste CONSUMERS LOVE
Slide 40: Modernizing Our Iconic Smucker's Fruit Spreads
DEBUTING THIS SPRING Modernizing our Iconic Smucker ’s Fruit Spreads with a NEW & FRESH LABEL REDESIGN First redesign in nearly 30 YEARS
Slide 41: Modernizing Our Spreads Portfolio
NEW MARKETING focused on MODERNIZING MODERN EATING MOMENTS OUR SPREADS Spotlighting how CONSUMERS USE OUR SPREADS PORTFOLIO beyond the traditional PB&J
Slide 42: U.S. Retail Pet Foods
Soft.Che 7 we BUTTERY Ss
Slide 43: Leading Brands in Dog Snacks & Cat Food
LEADING BRANDS IN DOG SNACKS & CAT FOOD Highly attractive segments supported by favorable category tailwinds Pet Population Trends Humanization of Pets E-Commerce Trends Dog & Cat Population Driving Further Channel Demonstrating Growth Expected over the Premiumization Opportunities Strong Growth Ben
Slide 44: Modernizing Packaging
MODERNIZING PACKAGING Biscuit Packaging Brushing Chews ® Features Protein Content Refreshed Graphics Feature & Other Functional Attributes Functional Dental Benefits Reinforce the Brand’s Leadership strengthening our core consumer value proposition & driving stronger product differentiation
Slide 45: #1 Dog Snack Launched
#1 DOG SNACK LAUNCHED OVER L AST 4 YEARS Consumers love this unique collaboration COMBINING THE #1 DOG SNACKS & #1 PEANUT BUTTER BRANDS SOURCE: SMUCKER INTERNAL CIRCANA MULO+ INCLUDING PET SPECIALTY & E-COMMERCE SHARE REPORT 52 WEEKS ENDED JANUARY 25, 2026. SMUCKER INTERNAL CIRCANA MULO+ 2022-2025.
Slide 46: Video Playing in Room
Video Playing in Room More peanut buttery fun COMING SOON!
Slide 47: Peanut Buttery Cups
PEANUT BUTTERY CUPS
Slide 48: E-Commerce Channel
E-COMMERCE CHANNEL delivering strong growth for the dog snacks category Performing Launching E-Commerce Enhancing & Optimizing Exceptionally Well Friendly Value Sizes our Digital Content GROWING 14% OVER THE ACROSS THE TO IMPROVE LATEST 13-WEEK PERIOD MILK-BONE ® BRAND SEARCHABILITY SOURCE: SMUCKER
Slide 49: Leading Brand in the Attractive Cat Food Category
LEADING BRAND in the Attractive Cat Food Category Significant Runway to Grow SOURCE: SMUCKER INTERNAL CIRCANA MULO+ INCLUDING PET SPECIALTY & E-COMMERCE SHARE REPORT 52 WEEKS ENDED JANUARY 25, 2026.
Slide 50: In Dry Cat Food
Modernized Core Offerings Enhanced our Formulas Refreshed Packaging #1 IN DRY CAT FOOD Changes are resonating with consumers Meow Mix brand continues to outpace the category SOURCE: SMUCKER INTERNAL CIRCANA MULO+ INCLUDING PET SPECIALTY & E-COMMERCE SHARE REPORT 52 WEEKS ENDED JANUARY 25, 2026.
Slide 51: Innovation Launch
Convenience of Dry Food with the Excitement & Taste of Wet Food #1 INNOVATION LAUNCH DRY CAT FOOD CATEGORY IN 2025 SOURCE: SMUCKER INTERNAL CIRCANA MULO+ WITH CONVENIENCE SHARE REPORT 52 WEEKS ENDED DECEMBER 28, 2025.
Slide 52: Opportunity in Wet Cat Food & Cat Treats
Opportunity in WET CAT FOOD & CAT TREATS ~$11B Unique equity of & Wet Food & Understanding of Treats Category Consumer Behavior OPPORTUNITY TO MEANINGFULLY EXPAND OUR PRESENCE SOURCE: SMUCKER INTERNAL CIRCANA MULO+ INCLUDING PET SPECIALTY & E-COMMERCE SHARE REPORT 52 WEEKS ENDED JANUARY 25, 2026.
Slide 53: Sweet Baked Snacks
A @ - SWEET BAKED SNACKS POWDERED mini donuts CHOCOLATE CAKE Yo GOLDEN to Weiith creamy filling} sponge cake with, creamy filling
Slide 54: Executing Our Strategy
STRENGTHENING EXECUTING OUR THE PORTFOLIO STRATEGY ELEVATING OUR Continuing to work EXECUTION towards stabilization REIGNITING SUSTAINABLE GROWTH
Slide 55: Near-Term Actions
NEAR-TERM ACTIONS REDUCING CLOSED REDUCING SKU COUNT INDIANAPOLIS PROMOTIONAL BY 25% FACILITY ACTIVITY Simplify Our Offerings, ~$10M In Cost Savings Improve Our Operations Prioritizing High-Velocity This Fiscal Year & & Evaluate Greatest & Margin-Accretive SKUs ~$30M Annually Return On Investment
Slide 56: Working to Position for Sustained Growth
WORKING TO POSITION for Sustained Growth Through Culturally Relevant Marketing ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ Bringing Consumer-Led Innovation to market through Portfolio Icons
Slide 57: Packaged Donuts
#1 Driving excitement through new flavors & formats PACKAGED DONUTS NEW FROSTED SHARING SIZE COMING NEXT MONTH! NEW CHURRO VARIETY NOW IN STORE! SOURCE: SMUCKER INTERNAL CIRCANA MULO+ WITH CONVENIENCE SHARE REPORT 52 WEEKS ENDED JANUARY 25, 2026.
Slide 58: Donettes A.M. Occasion
Donettes ® benefit from the growing A.M. OCCASION Evolving consumer preferences for CONVENIENCE & PORTABILITY WE EXPECT MOMENTUM TO CONTINUE as the convenience channel stabilizes The convenience channel is an important driver of A.M. occasions & where the Hostess brand holds a leading share ® SOURCE
Slide 59: Cupcakes
Cupcakes Recently Launched Mini Variety Meets the needs of today’s sweet snacking consumer through BITE-SIZED PORTIONS HIGHLY INCREMENTAL to the brand Supporting with DEDICATED MEDIA ASSETS
Slide 60: Limited Time Offerings
Limited Time Offerings Remain key across the portfolio Continue to infuse brand in today’s culture Holidays Drive Incremental Occasions Strong Valentine’s Day Lineup
Slide 61: Disciplined Execution & Improved Profitability
WE REMAIN FOCUSED ON Disciplined Execution & Improved Profitability As We Work To Stabilize Sweet Baked Snacks
Slide 62: Strategy Is Working
Uniquely positioned portfolio in OUR ATTRACTIVE CATEGORIES STRATEGY with LEADING & ICONIC BRANDS as well as HIGHER-GROWTH BRANDS IS WORKING CREATING LONG-TERM VALUE FOR OUR SHAREHOLDERS
Slide 63: Tucker Marshall
TUCKER MARSHALL CHIEF FINANCIAL OFFICER | EXECUTIVE VICE PRESIDENT, FROZEN HANDHELD & SPREADS AND SWEET BAKED SNACKS
Slide 64: Entering Our Next Chapter of Growth
ENTERING OUR NEXT CHAPTER OF GROWTH with a transformed portfolio, clear strategy & strong momentum across the business Our focus is on ensuring that this momentum translates into Sustainable Strong Cash Disciplined Capital Earnings Growth Generation Allocation
Slide 65: Fiscal 2026 Third Quarter Earnings Q&A Session
FISCAL 2026 THIRD QUARTER EARNINGS Q&A SESSION ∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙∙ Thursday, February 26, 2026 | 9:00 a.m. EST
Slide 66: Financial Priorities
FINANCIAL PRIORITIES Active & Consistent Focus on Prioritization of Balanced Transparent Execution Productivity Highest Return Capital Communication Toward Credible & Cost on Investment Deployment Financial Targets Initiatives Opportunities Model THESE ARE THE BUILDING BLOCKS THAT POSITION US TO del
Slide 67: Long-Term Growth Targets
LSD Net Sales MSD LONG-TERM Adjusted Operating Income GROWTH HSD TARGETS Adjusted Earnings Per Share 10%+ Total Shareholder Return
Slide 68: Our Long-Term Objectives
OUR LONG-TERM OBJECTIVES A steady, compelling and compounding algorithm Dividends Debt Repayment & Share Repurchases Operating Margin Expansion 10%+ HSD MSD LSD Net Sales Adj. Operating Adj. EPS Total Growth Income Growth Growth Shareholder Return
Slide 69: Fueling Organic Growth
FUELING ORGANIC of o u r b u s i n e s s e s GROWTH Our attention is firmly on driving sustainable organic growth & prioritizing resources towards our best opportunities
Slide 70: Debt Reduction
DEBT REDUCTION Net Debt Balance Leverage Ratio $500M ≤3.0x $7.7B Net Debt to EBITDA by end of FY27 $500M This level of leverage provides financial flexibility $6.7B for a balanced approach Prioritize Debt Reduction to capital deployment & the opportunity to consider share repurchases FY25 FY26 FY27
Slide 71: Dividend Growth
DIVIDEND GROWTH We remain committed to our dividend 6% 10-YEAR CAGR $4.30 24 Consecutive Fiscal Years of Growth $2.50 40-45% Adjusted EPS Payout Target FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Slide 72: Capital Deployment
A balanced approach to CAPITAL DEPLOYMENT GENERATING STRONG CASH FLOW Investing in Debt Share Dividends our Business Repayment Repurchases SHAREHOLDER VALUE CREATION
Slide 73: Taking Actions to Strengthen Future Growth Prospects
SIGNIFICANT TAKING ACTIONS TO OPPORTUNITIES AHEAD STRENGTHEN FUTURE GROWTH PROSPECTS OUR STRATEGY & EXECUTION WILL ENABLE THE COMPANY TO DELIVER SHAREHOLDER VALUE
Slide 74: Thank You
THANK YOu
Slide 75: CAGNY Conference 2026
& THE JM. SMUCKER C CAGNY CONFERENCE 2026
Slide 76: Appendix
APPENDIX
Slide 77: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows that are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by thos
Slide 78: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES The Company uses non-GAAP financial measures, including: net sales excluding acquisition, divestitures, and foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, deprecia
Slide 79: Additional Information
ADDITIONAL INFORMATION The J.M. Smucker Co. is the owner of all trademarks and logos referenced herein, except as set forth below and for Dunkin’®, which is a trademark of DD IP Holder LLC. The Dunkin’® brand is licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels su
Slide 80: Additional Information
ADDITIONAL INFORMATION Crystal Beiting Vice President, Investor Relations & FP&A ir.team@jmsmucker.com Phone: (330) 682-3000 Investor Relations Website: https://investors.jmsmucker.com/
The J.M. Smucker Company — Q4 2026 Earnings Presentation on 6ix