Cal-maine Foods, Inc. · NASDAQ:CALM
Cal-maine Foods — Q1 2027 Earnings Presentation
17 slides from Cal-maine Foods's earnings presentation, Sep 30, 2026
Slide 1: Cal-Maine Foods First Quarter Fiscal 2027 Results
• NASDAQ: CALM | September 30, 2026 Cal-Maine Foods First Quarter • Fiscal 2027 Results
Slide 2: Cautionary Statements
Cautionary Statements • Cautionary Statements This presentation contains numerous forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) relating to our business, in
Slide 3: FY27 Q1 Financial Highlights
FY27 Q1 Financial Highlights • FY27 Q1 Financial Highlights 3 “Our first-quarter results reflect both the current point in the conventional shell egg cycle and the continued evolution of Cal-Maine Foods’ earnings model. Conventional Shell Egg pricing remains under pressure from an industry supply im
Slide 4: FY27 Q1 Strategic Execution Highlights
FY27 Q1 Strategic Execution Highlights • FY27 Q1 Strategic Execution Highlights Continued focus on sales diversification and mix shift, expected to strengthen earnings durability and predictability over time • Acquired certain assets of Creighton Brothers LLC and its affiliates, intended to further
Slide 5: Strategic Investments
Strategic Investments • 5 Strategic Investments
Slide 6: Re-Segmentation
Re-Segmentation • Re-Segmentation 6 Reporting Aligned With Strategy Effective in the fourth quarter of fiscal 2026, the company implemented a new operating segment structure designed to better align with how management reviews operating results and makes decisions regarding resource allocation and s
Slide 7: Segment | Conventional Shell Eggs
Segment | Conventional Shell Eggs • Segment | Conventional Shell Eggs 7 Conventional Results Reflect Lower-End of the Cycle Elevated industry egg supply combined with historically softer seasonal pricing, resulted in substantially lower prices verses the prior year. • Retail and foodservice demand r
Slide 8: Recent Urner Barry Market Trends
Recent Urner Barry Market Trends • Recent Urner Barry Market Trends 8 Market increase during Q1 FY27 were driven by Exports which experienced strongest monthly performance since 20231. Q4 FY26 Avg. • $1.075 Q2TD FY27 Avg. • $0.899 Exports • Highest monthly export volume since May 2023 Q1 FY27 Avg. $
Slide 9: Commercial Poultry HPAI epi curves
Number of weekly in Commercial and Non- Commercial Poultry Compiled by GPLN – Not an official USDA epi curve • As of September Comparing epi curves:1,HPAI 20262022 – 2026 Number of weekly in Commercial and Non-Commercial Poultry Compiled by GPLN – Not an official USDA epi curve As of September 1, 20
Slide 10: Segment | Specialty Shell Eggs
Segment | Specialty Shell Eggs • Segment | Specialty Shell Eggs 10 Specialty Strengthens and Diversifies Portfolio Specialty remained profitable despite lower market-linked pricing and normal seasonal pressures. Calendar year-to-date, U.S. retail sales of cage-free, organic, free-range and pasture-r
Slide 11: Segment | Prepared Foods
Segment | Prepared Foods • Segment | Prepared Foods 11 Strategic Investments Supporting Growth and Future Returns Prepared Foods delivered a 12.4% operating margin despite lower year-over-year sales. Capacity is expected to increase more than 60% through the first half of FY28 compared to the end of
Slide 12: Capital Allocation Hierarchy
Capital Allocation Hierarchy • Capital Allocation Hierarchy 12 Dividends Repurchases CapEx M&A *Maintenance CapEx=$50-60mm Our strong balance sheet allows us to keep investing organically, execute our Prepared Foods capacity roadmap, and pursue strategically aligned M&A, without relying on a near-te
Slide 13: Capital Allocation Hierarchy
Capital Allocation Hierarchy • Capital Allocation Hierarchy 13 Dividends Repurchases CapEx M&A *Maintenance CapEx=$50-60mm Our strong balance sheet allows us to keep investing organically, execute our Prepared Foods capacity roadmap, and pursue strategically aligned M&A, without relying on a near-te
Slide 14: We Believe Cal-Maine's Intrinsic Value Will Compound Over Time
We Believe Cal-Maine’s Intrinsic Value Will Compound Over Time • We Believe Cal-Maine’s Intrinsic Value Will Compound Over Time 14 Together, we believe these actions strengthen CALM’s normalized earning power and long-term competitive position. Mix Expansion Pricing Stability Portfolio Expansion Ope
Slide 15: Total Shareholder Return Levers
Total Shareholder Return Levers • Total Shareholder Return Levers 15 U:\Permanent file\Share Repurchase Program WP P1
Slide 16: Cal-Maine Foods: A Rare Combination of Value + Growth
Cal-Maine Foods: A Rare Combination of Value + Growth • Cal-Maine Foods: A Rare Combination of Value + Growth 16 Value Attributes Growth Attributes The Cal-Maine Advantage Stability & Returns • Disciplined Capital Stewardship • Balance Sheet Strength • Robust Operating Cash Flow • Essential Food Sta
Slide 17: Cal-Maine Foods, Inc.
Cal-Maine Foods, Inc. 1052 Highland Colony Parkway, Suite 200 Ridgeland, Mississippi 39157 601-948-6813 ir@cmfoods.com Ix =| Cal-Maine Foods