Hormel Foods Corporation · NYSE:HRL
Hormel Foods — Q3 2026 Earnings Presentation
20 slides from Hormel Foods's earnings presentation, Aug 27, 2026
Slide 1: Third Quarter Fiscal 2026
AUGUST 27, 2026 THIRD QUARTER FISCAL 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, which are based on the Company's current assumptions and expectations. These statements are typically accompanied by the words "aim," "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "p
Slide 3: Key Messages
KEY MESSAGES Delivered solid third quarter results Foodservice outperformed industry trends and several Retail priority brands delivered net sales growth Portfolio-shaping actions, lower commodity-based pricing and consumer pressures affected net sales Expanded adjusted operating margins1 and grew a
Slide 4: Long-Term Organic Net Sales Growth Trajectory Remains Positive
LONG-TERM ORGANIC NET SALES GROWTH1 TRAJECTORY REMAINS POSITIVE +2% Q3 FY ‘24 – FY ‘26 CAGR Q3 FY ‘24 Q3 FY ‘25 Q3 FY ‘26 1 Non-GAAP measure. See Appendix: Non-GAAP Measures for more information.
Slide 5: Portfolio Shaping
PORTFOLIO SHAPING Sharpening focus through disciplined portfolio management PRIVATE LABEL Fully lapped by end of fiscal 2026 Fully lapped mid-Q1 fiscal 2027 Expected adjustment to organic Expected adjustment to organic volume and organic net sales for volume and organic net sales for comparability p
Slide 6: Segment Highlights: Retail
SEGMENT HIGHLIGHTS RETAIL Q3 COMMENTARY Retail FY26 Q3 • Organic net sales1 decreased in the quarter, as declines in Segment YoY Percent Change commodity turkey and private label snack nuts were partially offset by strong performance in value-added turkey offerings, contract manufacturing and Plante
Slide 7: Segment Highlights: Foodservice
SEGMENT HIGHLIGHTS FOODSERVICE Q3 COMMENTARY Foodservice FY26 Q3 • 12th consecutive quarter of organic net sales1 growth for the Segment YoY Percent Change segment. • Net sales growth was broad-based despite the impact of lower commodity-based pricing in portions of the portfolio. Volume (1)% • Grow
Slide 8: Segment Highlights: International
SEGMENT HIGHLIGHTS INTERNATIONAL Q3 COMMENTARY International FY26 Q3 • Organic net sales¹ declined in the third quarter of fiscal 2026. Segment YoY Percent Change • While branded export demand remained resilient during the quarter, the recognition of certain SPAM® export sales was adversely impacted
Slide 9: Fiscal 2026 Outlook
FISCAL 2026 OUTLOOK Company raises and narrows adjusted earnings1 expectations UPDATED PREVIOUS COMMENTARY For fiscal 2026, the Company expects: Net Sales $12.1 - $12.2 billion $12.2 - $12.5 billion • Organic net sales1 growth of 1% to 2% • The updated net sales outlook reflects the Company’s curren
Slide 10: Long-Term Strategy Supports Profitable Growth
LONG-TERM STRATEGY SUPPORTS PROFITABLE GROWTH LONG-TERM GROWTH ALGORITHM Net Sales •Consumer-focused, protein-centric portfolio 2-3% Organic net sales1 growth •Leading and differentiated brands •Fueled by innovation •Organized for long-term growth Operating Income •Stable financial performance 5-7%
Slide 11: Appendix
APPENDIX 11
Slide 12: Non-GAAP Measures
NON-GAAP MEASURES This presentation includes measures of financial performance that are not defined by U.S. generally accepted accounting principles (GAAP). The Company utilizes these non-GAAP measures to understand and evaluate operating performance on a consistent basis. These measures may also be
Slide 13: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) Gain or Loss on Divestitures As part of its ongoing portfolio management activities, the Company may periodically divest certain businesses to better align its portfolio with its strategic objectives and long-term growth strategy. The Company believes the one-time impac
Slide 14: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) Consulting Agreement On October 27, 2025, the Company entered into a consulting agreement (Consulting Agreement) with its former Chief Executive Officer (CEO), pursuant to which the former CEO is expected to provide consulting services to the Company until April 2027. C
Slide 15: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) Impairments In the third quarter of fiscal 2026, the Company recorded a non-cash impairment charge related to a minority investment in Indonesia. The Company believes these charges are not indicative of the Company’s core operating performance, do not reflect expected f
Slide 16: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) Adjusted Segment Profit (Non-GAAP)
Slide 17: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) Organic Volume and Organic Net Sales (Non-GAAP) The non-GAAP measures of organic volume and organic net sales are presented to provide investors with additional information to facilitate the comparison of past and present operations. Organic volume and organic net sales
Slide 18: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) Forward-looking GAAP to Non-GAAP Measures These disclosures show the reconciliation from the estimated fiscal 2026 GAAP measure to the estimated non-GAAP adjusted measure. Our fiscal 2026 outlook for adjusted operating income and diluted earnings per share are non-GAAP
Slide 19: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) Forward-looking GAAP to Non-GAAP Measures (Continued) Fiscal 2026 Outlook – Adjusted Operating Income (Non-GAAP) The Company's fiscal 2026 outlook for adjusted operating income is a non-GAAP measure that excludes items impacting comparability. In fiscal 2026, the Compan
Slide 20: Non-GAAP Measures (Continued)
NON-GAAP MEASURES (CONTINUED) Forward-looking GAAP to Non-GAAP Measures (Continued) Fiscal 2026 Outlook – Adjusted Diluted Earnings per Share (Non-GAAP) The Company's fiscal 2026 outlook for adjusted diluted earnings per share is a non-GAAP measure that excludes items impacting comparability. In fis