Smithfield Foods, Inc. · NASDAQ:SFD
Smithfield Foods — Q3 2026 Earnings Presentation
32 slides from Smithfield Foods's earnings presentation, Oct 27, 2026
Slide 1: Smithfield Foods Third Quarter Fiscal 2026
October 27, 2026 Smithfield Foods Third Quarter Fiscal 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Legal Disclaimer 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: Agenda
Agenda 01 Opening Remarks 02 Q3 Financial Results 03 Growth Strategy and 2026 Outlook 3
Slide 4: Opening Remarks
THIRD QUARTER FISCAL 2026 Opening Remarks Shane Smith President & Chief Executive Officer 4
Slide 5: Executing Through Market Pressure
Executing Through Market Pressure Market pressures weigh on upstream segments; Packaged Meats demonstrates resilience with volume and profit growth HOW WE'RE RESPONDING Pressured Export Gaining share in Packaged Meats Consumer Headwinds Volume share gains in all five largest categories Connecting Ou
Slide 6: Q3 2026 Key Highlights
Q3 2026 Key Highlights Packaged Meats segment on track for fifth consecutive year above $1 billion in operating 01 profit 02 Acquired Nathan’s Famous, bolstering Packaged Meats brand portfolio and profit 03 Upstream segments focused on navigating challenging commodity markets with discipline Strong
Slide 7: Q3 Financial Results
THIRD QUARTER FISCAL 2026 Q3 Financial Results Mark Hall Chief Financial Officer 7
Slide 8: Q3 2026 Results
Q3 2026 Results Consolidated Results Compared to Prior Year in $MM Thirteen Weeks Ended Thirteen Weeks Ended except EPS in $ / share September 27, 2026 September 28, 2025 % Change Sales $3,437 $3,747 (8.3)% Adj. Operating Profit (1) $145 $310 (53.2)% Adj. Operating Profit Margin (1) 4.2% 8.3% (410)
Slide 9: Durable Packaged Meats Performance
Durable Packaged Meats Performance PACKAGED MEATS | Q3 2026 VS. Q3 2025 | $MM Profit growth and margin expansion highlight the resilience of the Packaged Meats business Sales Adjusted Operating Profit ( 1 ) A D J U S T E D O P E R A T I N G P R O F I T M A R G I N (1) 11.6% 10.8% (5.2)% +0.2% (5.3)%
Slide 10: Fresh Pork Results Reflect Softer Pricing and Volume
Fresh Pork Results Reflect Softer Pricing and Volume FRESH PORK | Q3 2026 VS. Q3 2025 | $MM Lower commodity markets drove an operating loss in the quarter Sales Adjusted Operating Profit (Loss) ( 1 ) A D J U S T E D O P E R A T I N G P R O F I T ( L O S S ) M A R G I N (1) (4.9)% 0.5% (17.0)% (6.3)%
Slide 11: Lower Hog Prices Pressured Profitability
Lower Hog Prices Pressured Profitability HOG PRODUCTION | Q3 2026 VS. Q3 2025 | $MM Lower JV sales and market hog prices reduced sales and profits versus a strong prior-year quarter Sales Adjusted Operating Profit ( 1 ) A D J U S T E D O P E R A T I N G P R O F I T M A R G I N (1) 5.0% 10.9% (15.0)%
Slide 12: Strong Financial Position Creates Flexibility
Strong Financial Position Creates Flexibility Capital Allocation Strategy 01 Drive Growth Invest in product innovation and marketing to drive profitable growth 0.5x Net debt to adjusted EBITDA (¹) 02 Reinvest in the Business Automation and operating efficiencies, including the proposed Sioux Falls p
Slide 13: FY 2026 Guidance
FY 2026 Guidance (1)(2) Packaged Meats Sales Down Low-Single-Digit Percentage Compared to FY 25 $1,090 - $1,140 MM Adj. Operating Profit $900 - $1,000 MM Fresh Pork Capex $350 - $375 MM $(50) - $0 MM Effective Tax Rate 22.5% - 24.5% Hog Production $(25) - $25 MM (1) The Company’s outlook for fiscal
Slide 14: Strategic Priorities Drive Growth & Resiliency
Strategic Priorities Drive Growth & Resiliency Packaged Meats – Increase profits through ongoing product mix improvements, volume 01 growth and innovation 02 Fresh Pork – Maximize net realizable value across channels at a best-in-class cost structure Hog Production – Reduce internally produced hogs
Slide 15: Maximizing the Value of Every Hog
Maximizing the Value of Every Hog Executing our next-best sales strategy across every channel Growing Value-Added at Retail Packaged Meats Domestic Channels 1 2 Our first and best sale Retail & foodservice Marinated Fresh Pork Adjacent Lines Export #1 in the category · 31.8% volume share 3 4 Pharmac
Slide 16: Hog Production Transformation Strategy
Hog Production Transformation Strategy Maintaining High Quality While Structurally Reducing Commodity Exposure ANNUAL HOG PRODUCTION (MM HEADS) DIFFERENTIATED SUPPLY CHAIN SERVICING DOWNSTREAM SEGMENTS JV partner agreement reduces internal hog production by of company-owned farms on group 17.6 ~900K
Slide 17: Volume Share Gains in a Competitive Environment
Volume Share Gains in a Competitive Environment Smithfield gained volume share in 8 of 10 of our $1B+ categories, including all five of our largest categories Smoked Ham Uncooked Bacon Packaged Lunchmeat Hot Dogs +2.3pts +0.9pts +0.8pts +0.7pts VOLUME SHARE GAIN YoY VOLUME SHARE GAIN YoY VOLUME SHAR
Slide 18: Prime Fresh Expands Reach and Drives Growth
Prime Fresh Expands Reach and Drives Growth Total Smithfield packaged lunch meat volume grew 7%, while Prime Fresh expanded distribution and delivered 18% volume growth Commercial Momentum +0.6 PTS +7.0% Volume Share Gain First-Time Buyer Growth +12.0% +17.6% Volume Velocity Repeat Buyer Growth Prem
Slide 19: Robust Innovation Pipeline Built Around Demand for Flavor
Robust Innovation Pipeline Built Around Demand for Flavor Grass-Fed Beef Hot Dogs PBR Beer Brat Nathan's Famous Smithfield Bratwurst Cranberry Brown Sugar Glaze Rotisserie Chicken Smithfield Seasonal Spirals Prime Fresh Deli 19
Slide 20: Official smoked sausage of the Big Ten
The official smoked sausage of the largest, most dominant conference in college sports 62M+ 100MM+ 4.5x 6 Sports Big Ten fans and alumni TV households reached More likely to act Year-round presence Representing $5.7T in buying power 8 of 10 most-watched CFB broadcasts of on a Big Ten sponsor's messa
Slide 21: We Speak Pork: Winning the Next Generation
We Speak Pork: Winning the Next Generation Repositioning Smithfield as a modern, culturally relevant brand and growing household penetration across generations HHP growth vs. year ago +0.8 pts TOTAL HOUSEHOLDS +0.4 pts GEN Z HHP growth vs. prior 13 weeks +0.5 pts +0.6 pts +0.7 pts +0.9 pts TOTAL YOU
Slide 22: Foodservice: Solutions for Our Customers
Foodservice: Solutions for Our Customers Foodservice remains an important channel, representing ~30% of Packaged Meats sales Customer Solutions Labor-saving products like our roasted bacon, and 53 limited-time offers that drive traffic — several now LTOs YTD, 22 in Q3 on permanent menus National Acc
Slide 23: A Culture of Continuous Improvement
MANUFACTURING Securing Yield Improvement Lean manufacturing that improves yields and throughput and maximizes raw material usage A Culture of TECHNOLOGY Continuous Deploying Automation Improving efficiency, lowering costs and redeploying talent to higher-value work Improvement SUPPLY CHAIN A key com
Slide 24: Strategic M&A
Strategic M&A Advances Smithfield's strategy and is immediately accretive Enhanced Greater Product Iconic Nathan's Packaged Penetration Innovation Famous Brand Meats Offering in Foodservice Runway Full brand control Replaces a license expiring Drives growth of our Further optimizes the accelerates t
Slide 25: Strategic Priorities Drive Growth & Resiliency
Strategic Priorities Drive Growth & Resiliency Packaged Meats – Increase profits through ongoing product mix improvements, volume 01 growth and innovation 02 Fresh Pork – Maximize net realizable value across channels at a best-in-class cost structure Hog Production – Reduce internally produced hogs
Slide 26: Q&A: Today's Presenters
Q&A 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 23 12 24 33 years of experience years of experience years of experience years
Slide 27: Appendix
Appendix
Slide 28: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Three Months Ended September 27, 2026 September 28, 2025 $ millions, except per share data Net income attributable to Smithfield $89 $248 Litigation charges 12 — Plant closures (1) 5 — Reduction in workforce and optimization (2) 3 — Incremental costs from destructi
Slide 29: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Nine Months Ended Twelve Months Ended September 27, September 28, September 27, December 28, 2026 2025 2026 2025 $ millions, except percentages Net income $579 $667 $910 $998 Interest expense, net 22 33 30 41 Income tax expense 165 205 243 283 Depreciation and amortiza
Slide 30: Net Debt to Adjusted EBITDA Reconciliation
Net Debt to Adjusted EBITDA Reconciliation Trailing 12 Months Ended September 27, 2026 December 28, 2025 $ millions, except ratios Current portion of long-term debt and finance lease obligations $602 $3 Long-term debt and finance lease obligations 1,402 2,000 Total debt and finance lease obligations
Slide 31: Adjusted Operating Profit Reconciliation
Adjusted Operating Profit Reconciliation Three Months Ended Packaged Meats Fresh Pork Hog Production Other (1) Corporate (2) Unallocated (3) Consolidated September 27, 2026 Operating profit (loss) $230 $(89) $34 $(5) $(25) $(18) $127 Litigation charges — — — — — 12 12 Plant closures (4) — — — — — 5
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