Smithfield Foods, Inc. · NASDAQ:SFD
Smithfield Foods — Q2 2026 Earnings Presentation
29 slides from Smithfield Foods's earnings presentation, Aug 11, 2026
Slide 1: Smithfield Foods Second Quarter Fiscal 2026
August 11, 2026 Smithfield Foods Second 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: Today's Presenters
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 22 12 23 33 years of experience years of experience years of experience years of e
Slide 4: Q2 2026 Key Highlights
Q2 2026 Key Highlights Delivered record adjusted operating profit(1) of $300 million and expanded adjusted 1 operating profit margin(1) to 8.1% from 7.9% a year ago; Record Q2 adjusted net income(1) of $245 million Delivered $265 million in Packaged Meats operating profit,with 13.1% operating profit
Slide 5: Navigating a Dynamic Environment
Navigating a Dynamic Environment A record first half against a challenging backdrop — with a clear plan to navigate the second half HOW WE'RE RESPONDING Cautious Weaker Meat Step up omni-channel marketing Consumer & Hog Markets Weighted to H2 behind Smithfield, Eckrich & Nathan's Win with innovation
Slide 6: Strategic Priorities Drive Growth & Resiliency
Strategic Priorities Drive Growth & Resiliency 1 Packaged Meats – Increase profits through ongoing product mix improvements, volume growth and innovation 2 Fresh Pork – Maximize net realizable value across channels at a best-in-class cost structure 3 Hog Production – Achieve best-in-class cost struc
Slide 7: Winning Grilling Season
Winning Grilling Season Our Four Grilling Categories Gained Volume, Unit, and Dollar Share in Q2 - With Momentum into Q3 DOLLARS DOLLAR SHARE +3.2% +0.2 PTS VOLUME SHARE UNIT SHARE +0.4 PTS +0.4 PTS Source: Circana MULO+, 13-week period ended June 28, 2026 Grilling Categories include: Hot Dogs, Cook
Slide 8: Shifting Mix to Higher-Margin & Velocity Products
Shifting Mix to Higher-Margin & Velocity Products Converting legacy holiday hams into premium items that sell faster and earn more — growing units and gaining share across all four value- added categories Refrigerated BBQ Meats Diced and Cubed Ham Cooked Dinner Sausage Dry Sausage +9.5% +5.4% +2.6%
Slide 9: Packaged Lunch Meat: Runway for Growth
Packaged Lunch Meat: Runway for Growth Expanding offerings and distribution of packaged lunch meat in a $7 billion category +9.5% +1.1 pts +24.3% +18.4% PLM Branded lunch PLM Branded Prime Fresh Total Prime Fresh Volume meat volume Volume Share Points of Distribution Sales Growth Growth Prime Fresh
Slide 10: Nathan's Grass Fed
Nathan's Grass Fed A premium-sourced protein for today’s consumer — over half of younger shoppers now follow a high-protein diet and are demanding better-for-you options NO NO NO NO Preservatives Artificial Corn Nitrites or or by-products flavors or colors syrup nitrates added #1 40%+ 2 Billion GRAS
Slide 11: Increasing Our Position on the Digital Shelf
Increasing Our Position on the Digital Shelf Continued brand investment in the second half — Placing greater focus on the Next-Gen Consumer DISCOVERY TRIAL VELOCITY DISTRIBUTION +20% +6.2% Marketing Investment YoY Points of Distribution Stepping up ad & promo behind Smithfield, Eckrich & Expanded th
Slide 12: Foodservice: Driving Growth Through Innovation
Foodservice: Driving Growth Through Innovation KEY STRATEGIC PACKAGED MEATS STRONG FOODSERVICE CHANNEL STRONG CUSTOMER FOODSERVICE INITIATIVES GROWTH ($MM’s) RELATIONSHIPS Grow Branded Sales ~70% of the top 50 ranked national foodservice chains serviced (1) +1% Grow Private Label Sales 100% of the t
Slide 13: Leveraging Our Fresh Pork Sales Channels to Utilize the Whole Hog
Leveraging Our Fresh Pork Sales Channels to Utilize the Whole Hog Further Enhance Fresh Pork By Expanding Use & Increasing Value Of Raw Materials Packaged Meats Domestic Adjacent Business Lines Export 13
Slide 14: Transformational Strategy in Hog Production
Transformational Strategy in Hog Production to Maintain High Quality While Reducing Commodity Exposure STRATEGIC PLAN IN PLACE TO OPTIMIZE HOG PRODUCTION OPERATIONS DIFFERENTIATED SUPPLY CHAIN SERVICING DOWNSTREAM SEGMENTS Annual Hog Production (MM Heads) Support downstream business with 10% assured
Slide 15: A Culture of Continuous Improvement
A Culture of Continuous Improvement PACKAGED MEATS EMPLOY AUTOMATION & SUPPLY CHAIN & FRESH PORK TECHNOLOGY & LOGISTICS Best-In-Class Lean Optimize Deployment Improve Service at Manufacturing of Labor Optimal Cost – Continue to improve – Employ automation and – Continuously improve profitability and
Slide 16: Smithfield Foods to Acquire Iconic Hot Dog Brand Nathan's Famous
Smithfield Foods to Acquire Iconic Hot Dog (1) Brand Nathan’s Famous Secures Rights to Iconic All-Beef Hot Dog 1 Brand into Perpetuity Strengthens Ability to Grow Nathan’s 2 Brand across Retail and Foodservice Channels 3 Transaction Immediately Accretive (1) The closing of the transaction is expecte
Slide 17: Record Q2 Results
Record Q2 Results Consolidated Results Compared to Prior Year in $MM Thirteen Weeks Ended Thirteen Weeks Ended except EPS in $ / share June 28, 2026 June 29, 2025 % Change Sales $3,700 $3,786 -2.3% Adj. Operating Profit (1) $300 $298 +0.4% Adj. Operating Profit Margin (1) 8.1% 7.9% +20bps Adj. Net I
Slide 18: Strong Packaged Meats Results Despite Pressured Consumers & Higher Input Costs
Strong Packaged Meats Results Despite Pressured Consumers & Higher Input Costs Q2 2026 vs. Q2 2025 (MM’s) 14.2% 13.1% • Sales (2.7)% • Adjusted Operating Profit (10.5)% • Sales Volume (5.5)% • Price +2.9% 18
Slide 19: Fresh Pork Winning in U.S. Retail Value-Added
Fresh Pork Winning in U.S. Retail Value-Added Q2 2026 vs. Q2 2025 ($MM’s) 1.4% 0.7% • Sales (3.5)% • Adjusted Operating • Sales Volume (2.0)% Profit (52.2)% • Price (1.5)% 19
Slide 20: Strong Hog Production Profitability
Strong Hog Production Profitability Q2 2026 vs. Q2 2025 ($MM’s) 8.3% 2.6% • Sales (8.2)% • Adjusted Operating Profit +192.2% 20
Slide 21: Strong Financial Position Creates Operational Flexibility
Strong Financial Position Creates Operational Flexibility Ratio of Net Debt to Adjusted Liquidity (2) ($MM) EBITDA (1) 0.8x $3,837 $1,059 $916 $3,245 Capital Allocation Strategy Drive Growth Reinvest in Business Shareholder Return(3) Opportunistic M&A Continue to improve automation and Recommended a
Slide 22: FY 2026 Guidance
FY 2026 Guidance (1)(2) Packaged Meats Sales Flat Compared to FY 25 $1,075 - $1,150 MM Adj. Operating Profit $1,225 - $1,375 MM Fresh Pork Capex $350 - $450 MM $180 - $240 MM Effective Tax Rate 22.5% - 24.5% Hog Production $75 - $125 MM (1) The Company’s outlook for fiscal year 2026 includes adjuste
Slide 23: Q&A
Q&A
Slide 24: Appendix
Appendix
Slide 25: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation Three Months Ended June 28, 2026 June 29, 2025 $ millions, except per share data Net income attributable to Smithfield $238 $188 Reduction in workforce and optimization (1) 4 — Plant closures (2) 3 — Litigation charges — 73 Office closures (3) 1 4 Hog Production Re
Slide 26: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Six Months Ended Twelve Months Ended June 28, June 29, June 28, December 28, 2026 2025 2026 2025 $ millions, except percentages Net income $489 $415 $1,072 $998 Interest expense, net 16 22 35 41 Income tax expense 135 134 284 283 Depreciation and amortization 169 165 3
Slide 27: Net Debt to Adjusted EBITDA Reconciliation
Net Debt to Adjusted EBITDA Reconciliation Trailing 12 Months Ended June 28, 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 $2,0
Slide 28: Adjusted Operating Profit Reconciliation
Adjusted Operating Profit Reconciliation Three Months Ended Packaged Meats Fresh Pork Hog Production Other (1) Corporate (2) Unallocated (3) Consolidated June 28, 2026 Operating profit (loss) $265 $14 $64 $(2) $(27) $(24) $290 Reduction in workforce and optimization (4) — — — — — 4 4 Plant closures
Slide 29: goodiswhatwedo.com
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