The J.m. Smucker Company · NYSE:SJM

The J.m. Smucker — Q3 2026 Earnings Presentation

21 slides from The J.m. Smucker's earnings presentation, Feb 26, 2026

  1. Slide 1: Fiscal 2026 Third Quarter Results

    FISCAL 2026 THIRD QUARTER RESULTS SUPPLEMENTARY INFORMATION February 26, 2026

  2. Slide 2: Executive Summary

    EXECUTIVE SUMMARY Net sales increased 7%. Comparable net sales (A) increased 8%. Net loss per diluted share was $6.79. Adjusted earnings per share was $2.38, a decrease of 9%. Free cash flow was $487.0 million, compared to $151.3 million in the prior year. Updated full-year fiscal 2026 financial out

  3. Slide 3: Consolidated Results

    (Dollars in millions, except per share data) CONSOLIDATED RESULTS FY26 Q3 FY25 Q3 YoY Change Net Sales $2,339.4 $2,186.0 7% Adjusted Gross Profit $790.8 $819.2 (3%) Adjusted Gross Profit Margin 33.8% 37.5% -370bps Adjusted Operating Income $431.6 $463.8 (7%) Adjusted Operating Income Margin 18.4% 21

  4. Slide 4: Consolidated Results: Reported Net Sales Analysis

    (Dollars in millions) CONSOLIDATED RESULTS Reported Net Sales Analysis 7% YoY $211 $2 $(26) $(33) $2,186 $2,339 YoY Change (2%) 10% (1%) 0% Net Sales Volume/Mix (A) Net Price Divestitures Foreign Currency Net Sales FY25 Q3 Realization Exchange FY26 Q3 Note: Amounts may not add due to rounding (A) Th

  5. Slide 5: Consolidated Results: Comparable Net Sales Analysis

    (Dollars in millions) CONSOLIDATED RESULTS Comparable Net Sales Analysis 8% YoY $211 $(26) $(33) $2,186 $2,160 $2,338 YoY Change (2%) 10% Net Sales Divestitures Comparable Net Sales Volume/Mix(A) Net Price Comparable Net Sales FY25 Q3 FY25 Q3 Realization FY26 Q3(B) Note: Amounts may not add due to r

  6. Slide 6: Balance Sheet & Cash Flow Highlights

    (Dollars in millions) BALANCE SHEET & CASH FLOW HIGHLIGHTS FY26 Q3 FY25 Q3 Cash Provided by (Used for) Operations $558.5 $239.4 Capital Expenditures (71.5) (88.1) Free Cash Flow $487.0 $151.3 January 31, 2026 April 30, 2025 Total Debt (Gross) $7,328.2 $7,677.6 Cash and Cash Equivalents (52.8) (69.9)

  7. Slide 7: Segment Results

    (Dollars in millions) SEGMENT RESULTS U.S. Retail U.S. Retail U.S. Retail Sweet Baked Int’l & AFH Coffee FH&S Pet Foods (A) Snacks Net Sales Net Sales $908.2 $454.0 $417.1 $224.8 $335.3 YoY Change 23% 2% (1%) (19%) 12% YoY Net Sales Change Summary: Divestitures - - - (9%) - Foreign Currency Exchange

  8. Slide 8: Full-Year Fiscal 2026 Outlook

    (Dollars in millions, except per share data) FULL-YEAR FISCAL 2026 OUTLOOK Current Previous Net Sales Increase vs. Prior Year 3.5% to 4.0% 3.5% to 4.5% Adjusted EPS $8.75 - $9.25 $8.75 - $9.25 Free Cash Flow $975.0 $975.0 Capital Expenditures $325.0 $325.0 Adjusted Effective Income Tax Rate 24.0% 23

  9. Slide 9: FY26 Reported Net Sales

    (Dollars in millions) FY26 REPORTED NET SALES Reported Net Sales Outlook Analysis +3.75% at mid-point 9% (0%) (2%) (3%) $8,726 BASE BUSINESS GROWTH Net Sales Volume/Mix Net Price Pet Contract Divestitures (B) Net Sales FY25 Realization Manufacturing (A) FY26 Guidance Note: Amounts may not add due to

  10. Slide 10: FY26 Comparable Net Sales

    (Dollars in millions) FY26 COMPARABLE NET SALES Comparable Net Sales Outlook Analysis +5.25% at mid-point 9% (0%) (2%) (3%) $8,726 $8,591 COMPARABLE BUSINESS GROWTH (B) Net Sales Divestitures Comparable Volume/Mix Net Price Pet Contract Comparable Net Sales FY25 Net Sales FY25 (A) Realization Manufa

  11. Slide 11: 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

  12. Slide 12: Non-GAAP Financial Measures

    NON-GAAP FINANCIAL MEASURES The Company uses non-GAAP financial measures, including: net sales excluding divestitures and foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, depreciation, amortiza

  13. Slide 13: Unaudited Non-GAAP Financial Measures

    UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars in millions) Three Months Ended January 31, Increase 2026 2025 (Decrease) % Net sales reconciliation: Net sales $2,339.4 $2,186.0 $153.4 7% Sweet Baked Snacks value brands divestiture - (13.4) 13.4 1 Voortman® divestiture - (12.9) 12.9 1 Foreign currenc

  14. Slide 14: Unaudited Non-GAAP Financial Measures

    UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars in millions) Three Months Ended January 31, 2026 2025 Gross profit reconciliation: Gross profit $827.8 $878.1 Change in net cumulative unallocated derivative gains and losses (59.3) (60.0) Cost of products sold – special project costs 22.3 1.1 Adjusted

  15. Slide 15: Unaudited Non-GAAP Financial Measures

    UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars and shares in millions, except per share data) Three Months Ended January 31, 2026 2025 Net income (loss) reconciliation: Net income (loss) ($724.2) ($662.3) Income tax expense (benefit) 72.3 (0.2) Amortization 50.3 53.9 Goodwill impairment charges 507.

  16. Slide 16: Unaudited Non-GAAP Financial Measures

    UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars in millions) Three Months Ended TTM Ended Year Ended April 30, July 31, October 31, January 31, January 31, April 30, 2025 2025 2025 2026 2026 2025 EBITDA (as adjusted) reconciliation: Net income (loss) ($729.0) ($43.9) $241.3 ($724.2) ($1,255.8) ($1,23

  17. Slide 17: Non-GAAP Reconciliation

    NON-GAAP RECONCILIATION Company Guidance Year Ending April 30, 2026 Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution ($1.89) ($1.39) Change in net cumulative unallocated derivative gains and losses (A) 1.04 1.04 Amortization 2.6

  18. Slide 18: Non-GAAP Reconciliation

    NON-GAAP RECONCILIATION Company Guidance (Dollars in millions) Year Ending April 30, 2026 Free cash flow reconciliation: Net cash provided by operating activities $1,300.0 Additions to property, plant, and equipment (325.0) Free cash flow $975.0 FY26 Q3 RESULTS SUPPLEMENT 18

  19. Slide 19: Supplemental Segment Information

    SUPPLEMENTAL SEGMENT INFORMATION (Dollars in millions) Three Months Ended January 31, 2026 U.S. Retail Frozen International U.S. Retail Handheld and U.S. Retail Sweet Baked and Away Coffee Spreads Pet Foods Snacks From Home Total Net sales $908.2 $454.0 $417.1 $224.8 $335.3 $2,339.4 Segment cost of

  20. Slide 20: Supplemental Segment Information

    SUPPLEMENTAL SEGMENT INFORMATION (Dollars in millions) Three Months Ended January 31, 2025 U.S. Retail Frozen International U.S. Retail Handheld and U.S. Retail Sweet Baked and Away Coffee Spreads Pet Foods Snacks From Home Total Net sales $740.6 $445.2 $423.0 $278.6 $298.6 $2,186.0 Segment cost of

  21. Slide 21: 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/

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