The Campbell's Company · NASDAQ:CPB

The Campbell's — Campbell Soup Company — Q2 2026 Earnings Presentation

46 slides from The Campbell's's earnings presentation, Mar 11, 2026

  1. Slide 1: Q2 Fiscal 2026 Earnings Presentation

    Q2 Fiscal 2026 Earnings Presentation 1

  2. Slide 2: Today's Agenda

    Rebecca Gardy Chief Investor Relations Officer Welcome Today’s Mick Beekhuizen Agenda Chief Executive Officer Business Update Todd Cunfer Financial Results Chief Financial Officer and Outlook 2

  3. Slide 3: Forward-looking Statements

    Forward-looking Statements Safe Harbor Regarding Forward-Looking Statements This presentation contains "forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations regarding our future results of operations, economi

  4. Slide 4: Business Update

    Business Update Mick Beekhuizen Chief Executive Officer 4

  5. Slide 5: Q2 FY26 key messages

    Q2 FY26 key messages Q2 performance below our expectations amid continued dynamic operating environment Snacks underperformed expectations, while storm-related shipment delays impacted M&B results Meals & Beverages strength continues to anchor brand portfolio Cooking-at-home tailwinds support Meals

  6. Slide 6: Key Q2 and H1 FY26 results

    Key Q2 and H1 vs. PY (except Adjusted EPS) Q2 FY26 H1 FY26 FY26 results $ Consumption1 Flat (1)% Organic Net Sales* (3)% (2)% Net Sales (5)% (4)% Adjusted EBIT* (24)% (17)% Adjusted EPS* $0.51 $1.28 *See Non-GAAP reconciliation 1 Circana Total US MULO+, 13 weeks ending 02/01/26 6

  7. Slide 7: Leadership Brands

    Leadership Brands M&B in-market strength offset by Snacks weakness Holiday period and cooking-at-home trends benefit share performance across portfolio = Grew or held $ share vs. PY1 Meals & Leadership Beverages Brands1 +2% $ consumption Flat $ share Flat % Q2 $ consumption Snacks (0.2)pt (3)% $ con

  8. Slide 8: Healthy in-market growth during Q2

    Meals & Beverages Healthy in-market growth during Q2 Shipment delays created a temporary Net Sales headwind Q2 FY26 H1 FY26 vs. PY vs. PY Organic Net Sales* (2)% (2)% Volume/mix (2)% (2)% Dollar consumption1 2% 1% *See Non-GAAP reconciliation 1 Circana Total US MULO+, 13 weeks ending 02/01/26 8

  9. Slide 9: Steady soup consumption amid cooking tailwind

    Meals & Beverages Steady soup consumption amid cooking tailwind Share growth in Condensed and RTS1 Wet Soup Broth Condensed RTS CPB $ Consumption 0.2% 2.9% (0.4)% (1.7)% CPB $ Share (1.2) pts (2.3) pts +0.3 pts +0.2 pts Category $ Consumption 2% 9% (1)% (2)% 1 Circana Total US MULO+, 13 weeks ending

  10. Slide 10: Introducing NEW Campbell's Condensed Sauces!

    Introducing NEW Campbell’s Condensed Sauces! Campbell’s Condensed Sauces unlocks a $1B at-home cooking addressable market1 ✓ 3 ingredients to make a delicious meal ✓ 2 steps just cook protein, add sauce and water ✓ Serves 4 in 20 minutes or less! 1 $1B at-home cooking addressable market implies gett

  11. Slide 11: Total Rao's brand surpassed $1B in Net Sales

    Total Rao’s brand surpassed $1B 1 in Net Sales +14.5% $ Consumption In Q2, Rao’s sauce… #1 ✓ Share Across Every Region (+1.9pts) ✓ Category Innovation ✓ Household Penetration Growth 1 Net sales figures are based on trailing twelve months and includes performance from all five categories (Sauce, Read

  12. Slide 12: Snacks consumption remains under pressure

    Snacks Snacks consumption remains under pressure Goldfish progress offset by mixed execution and competitive pressures Q2 FY26 H1 FY26 vs. PY vs. PY Organic Net Sales* (6)% (4)% Volume/mix (6)% (5)% Dollar consumption1 (3)% (3)% *See Non-GAAP reconciliation. 1 Circana Total US MULO+, 13 weeks ending

  13. Slide 13: Goldfish Progress

    $ Consumption Growth (vs. YA) Goldfish Progress 3.2% A core pillar to re-stabilizing Snacks 1.9% 0.0% What we’re seeing: Q3 FY24 Q3 FY25 Q2 FY26 -0.6% • Sequential consumption improvement • Stronger performance where value -3.0% -3.5% and in-store execution are aligned -4.4% -6.6% What’s changing: •

  14. Slide 14: Pepperidge Farm – premium "worth it" experiences

    Pepperidge Farm – premium "worth it" experiences Performance reflects strength in Cookies and focused action in Fresh Bakery Cookies Fresh Bakery • Premium positioning continues to resonate • Differentiated premium brand positioning • Four quarters of $ consumption growth • Actively mitigating execu

  15. Slide 15: Salty Snacks – premium, better-for-you brand portfolio

    Salty Snacks – premium, better-for-you brand portfolio Sequential progress in Pretzels offset by competitive pressure in Chips Pretzels Chips • Anchored by two leading brands in a • Premium brands in growing sub-categories growing category • Increased competitive activity • Sequential progress drive

  16. Slide 16: Wrap up

    Wrap up Differentiated brand portfolio well-positioned for evolving consumer preferences Rao's growth supporting Meals & Beverages portfolio in-market consumption growth Encouraged by Goldfish progress within our Snacks portfolio, focused actions to improve in Bakery and Salty Accelerating cost redu

  17. Slide 17: Financial Results and Outlook

    Financial Results and Outlook Todd Cunfer Chief Financial Officer 17

  18. Slide 18: Q2 Results below expectations reflecting continued dynamic operating environment

    $ Millions, except per share Q2 FY26 Key Financial Results Q2 Results below expectations reflecting continued dynamic operating environment Net Sales Adjusted EBIT* Adjusted EPS* $2,685 $2,564 $372 $0.74 $282 $0.51 (5)% (24)% (31)% vs. PY vs. PY vs. PY Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26

  19. Slide 19: Net Sales decreased 5% to $2.6 billion

    $ Millions Q2 FY26 Net Sales Bridge Net Sales decreased 5% to $2.6 billion Unfavorable vol/mix, primarily in Snacks, and ~1pt headwind from January storm-related shipment delays in M&B $2,685 (4) pts 0 pts 0 pts 1 pt $2,564 Includes (1) pt from (3)% (5)% January storm- related impact vs. PY vs. PY Q

  20. Slide 20: Cost inflation and tariffs pressured margin

    Q2 FY26 Adjusted Gross Profit Margin* Bridge Cost inflation and tariffs pressured margin Partially offset by cost savings and benefits from supply chain productivity improvements 30.4% (80) bps +50 bps (540) bps +300 bps 27.7% Includes (230) bps (270) bps tariff impact vs. PY Q2 FY25 Volume / Mix Ne

  21. Slide 21: Other Operating Items as % of Net Sales remained consistent to PY

    $ Millions Q2 FY26 Other Operating Items Other Operating Items as % of Net Sales remained consistent to PY Adjusted Marketing & Selling Expenses* Adjusted Administrative Expenses* $255 $156 $152 $248 (3)% (3)% vs. PY vs. PY 10% 10% 6% 6% % of Net Sales: 8% % of Net Sales: Q2 FY25 Q2 FY26 Q2 FY25 Q2

  22. Slide 22: Topline decline and gross margin pressure key drivers

    Q2 FY26 Adjusted EBIT* Bridge $ Millions Topline decline and gross margin pressure key drivers January storm-related negative $14M impact $372 ($105) $7 $7 $1 $282 (24)% Includes ($14) January storm- vs. PY related impact Q2 FY25 Adjusted Gross Adjusted Marketing Adjusted Adjusted Other Q2 FY26 Prof

  23. Slide 23: Adjusted EPS reflective of lower Adjusted EBIT

    Q2 FY26 Adjusted EPS* Bridge Adjusted EPS reflective of lower Adjusted EBIT Includes ($0.16) gross / ($0.06) net tariff impact plus ($0.04) January storm-related impact $0.74 ($0.23) $0.00 ($0.01) $0.00 $0.51 (31)% vs. PY Q2 FY25 Adjusted EBIT* Interest Adjusted Taxes* Share Impact Q2 FY26 Numbers m

  24. Slide 24: Q2 FY26 Meals & Beverages results

    $ Millions Q2 FY26 Meals & Beverages results Results reflect January storm-related shipment delays and tariff impacts Net Sales Operating Earnings $1,711 $1,650 $296 $252 (4)% vs. PY (15)% vs. PY Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Vol/Mix 2% (2)% Operating Margin 17.3% 15.3% Net Price Realization (2)%

  25. Slide 25: Q2 FY26 Snacks results

    $ Millions Q2 FY26 Snacks results Operating margin reflects volume deleverage and higher costs Net Sales Operating Earnings $974 $109 $914 $67 (6)% vs. PY (39)% vs. PY Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Vol/Mix (2)% (6)% Operating Margin 11.2% 7.3% Net Price Realization (1)% -% Organic Net Sales* vs. P

  26. Slide 26: Strong, stable cash generation

    $ Millions Capital Allocation Strong, stable cash generation Returned $263M to shareholders in FY26 year-to-date; leverage reflects pressured earnings Net Cash Flows from Operations Capital Allocation $737 $740 Q2 FY25 Q2 FY26 Invest for Growth Capital Expenditures $211 $227 Return Cash to Sharehold

  27. Slide 27: Updated FY26 Outlook

    Outlook Updated FY26 Outlook FY26 Assumptions $ Millions, Except Per Share • Pop Secret and noosa business divestitures expected to have - FY25 Results* Prior FY26 Current FY26 1% impact on Net Sales and ~$0.04 per share dilutive impact for (52 weeks) Guidance1 Guidance 1 FY26 Organic Net $9,979 (1)

  28. Slide 28: Question & Answer Session

    Q2 Fiscal 2026 Question & Answer Session March 11, 2026 @ 9:00am ET 28

  29. Slide 29: Appendix

    Appendix 29

  30. Slide 30: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Second Quarter % Change Net Sales, Impact of Organic Net Sales, Organic Impact of February 1, 2026 As Reported Currency Net Sales As Reported Net Sales Divestiture Meals & Beverages $ 1,650 $ (4) $ 1,646 (4%) (2%) (2%) Snacks 914 -

  31. Slide 31: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) First Half % Change Net Sales, Impact of Organic Net Sales, Organic Impact of February 1, 2026 As Reported Currency Net Sales As Reported Net Sales Divestitures Meals & Beverages $ 3,315 $ (2) $ 3,313 (4%) (2%) (2%) Snacks 1,926 - 1

  32. Slide 32: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Second Quarter % Change Net Sales, Impact of Impact of Organic Net Sales, Organic Impact of Impact of January 26, 2025 As Reported Currency Acquisition Net Sales As Reported Net Sales Divestiture Acquisition Meals & Beverages $ 1,71

  33. Slide 33: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures Three Months Three Months ($ millions) Ended Ended February 1, 2026 January 26, 2025 Net earnings, as reported $ 145 $ 173 Taxes 48 74 Interest, net 80 80 Earnings before interest and taxes, as reported $ 273 $ 327 33

  34. Slide 34: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures Six Months Ended Six Months Ended ($ millions) February 1, 2026 January 26, 2025 Net earnings, as reported $ 339 $ 391 Taxes 110 140 Interest, net 160 163 Earnings before interest and taxes, as reported $ 609 $ 694 34

  35. Slide 35: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Second Quarter EBIT EBIT Margin % Earnings Diluted EPS* 2026 – As Reported $ 273 10.6% $ 145 $ 0.48 Costs associated with cost savings and optimization initiatives 24 18 0.06 Commodity mark-to-market gains

  36. Slide 36: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) First Half EBIT EBIT Margin % Earnings Diluted EPS* 2026 – As Reported $ 609 11.6% $ 339 $ 1.13 Costs associated with cost savings and optimization initiatives 58 44 0.15 Commodity mark-to-market gains (14)

  37. Slide 37: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Second Quarter Gross Profit GP % EBT Tax Tax Rate 2026 – As Reported $ 717 28.0% $ 193 $ 48 24.9% Costs associated with cost savings and optimization initiatives 9 24 6 Commodity mark-to-market gains (16) (16) (4) Certain litigation

  38. Slide 38: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Second Quarter Marketing & Other Expenses / Selling Expenses (Income) 2026 – As Reported $ 252 $ 7 Costs associated with cost savings and optimization initiatives (4) - 2026 – Adjusted $ 248 $ 7 % of Net Sales – Adjusted 9.7% 0.3% 2

  39. Slide 39: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Second Quarter Administrative R&D Expenses Expenses Total 2026 – As Reported $ 160 $ 22 $ 182 Costs associated with cost savings and optimization initiatives (7) (1) (8) Certain litigation expenses (1) - (1) 2026 – Adjusted $ 152 $

  40. Slide 40: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Second Quarter – Adjusted Diluted EPS Impact from Adjusted EBIT EBIT 2026 – Adjusted $ 282 2025 – Adjusted 372 $ Change $ (90) Deduct: 2025 Adjusted tax rate impact $ 22 Impact to Net Earnings $ (68) Second

  41. Slide 41: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Adjusted Diluted EPS Impact from Change in Adjusted Tax Rate Second Quarter 2026 – Adjusted EBT $ 202 Increase in Adjusted Tax Rate (0.8%) Adjusted EBT multiplied by the Change in Adjusted Tax Rate $ (2) Se

  42. Slide 42: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Net Debt February 1, 2026 January 26, 2025 Short-Term Borrowings $ 428 $ 1,179 Long-Term Debt 6,647 6,496 Total Debt $ 7,075 $ 7,675 Less: Cash and Cash Equivalents (561) (829) Net Debt $ 6,514 $ 6,846 42

  43. Slide 43: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures (a) (b) (c) =(a)-(b)+(c) Twelve Months Six Months Six Months Trailing Twelve Ended Ended Ended Months Ended ($ millions) August 3, 2025 January 26, 2025 February 1, 2026 February 1, 2026 Net Earnings, as reported $ 602 $ 391 $ 339 $ 550 Taxes 19

  44. Slide 44: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures (a) (b) (c) (d) =(a)-(b)+(c)+(d) Twelve Months Six Months Six Months Trailing Twelve Ended Ended Ended Sovos February Months Ended ($ millions) July 28, 2024 January 28, 2024 January 26, 2025 2024 - March 11,2024 January 26, 2025 Net Earnings, a

  45. Slide 45: Comparable Net Sales Base for Fiscal 2026 Guidance

    Comparable Net Sales Base for Fiscal 2026 Guidance ($ millions) Fiscal 2025 Organic Sales Base for Fiscal 2026 Guidance Full Year Net Sales, Impact of Impact of August 3, 2025 As Reported 53rd Week Divestitures* Organic Net Sales Meals & Beverages $ 6,179 $ (88) $ (99) $ 5,992 Snacks 4,074 (78) (9)

  46. Slide 46: Reconciliation of GAAP and Non-GAAP Financial Measures

    Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Twelve Months EBIT Earnings Diluted EPS* 2025 – As Reported $ 1,124 $ 602 $ 2.01 Costs associated with cost savings and optimization initiatives 125 96 0.32 Pension and postretirement losses 24 18 0.06 Comm

Campbell Soup Company — Q2 2026 Earnings Presentation on 6ix