The J.m. Smucker Company · NYSE:SJM
The J.m. Smucker — Barclays Global Consumer Staples Conference 2026
61 slides from The J.m. Smucker's conference presentation, Sep 8, 2026
Slide 1: Barclays Global Consumer Staples Conference
BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE SEPTEMBER 8, 2026
Slide 2: Mark Smucker
MARK SMUCKER CHIEF EXECUTIVE OFFICER, PRESIDENT AND CHAIR OF THE BOARD
Slide 3: Business Update and Financial Update
BUSINESS UPDATE MARK SMUCKER Chief Executive Officer, President and Chair of the Board FINANCIAL UPDATE TUCKER MARSHALL Chief Financial Officer | Executive Vice President, Frozen Handheld and Spreads and Sweet Baked Snacks
Slide 4: 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 known and unknown risks and uncertainties that cou
Slide 5: Delivering Today, Greater Potential Ahead
Delivering Today Focused strategy & differentiated portfolio Greater POTENTIAL AHEAD continue to Proven brand-building deliver results & innovation capabilities NEW OCCASIONS | NEW CONSUMERS ADDITIONAL GROWTH OPPORTUNITIES A DIFFERENTIATED PORTFOLIO WITH ENHANCED CAPABILITIES & SIGNIFICANT GROWTH AH
Slide 6: Strong First Quarter Results
Strong FIRST Quarter RESULTS Demonstrates progress across our strategic priorities Key Growth Platforms PROFITABILITY Free Cash Flow Delivered IMPROVED INCREASED +$430M VOLUME GROWTH & Generated Strong & Paid Down ® EARNINGS GROWTH ~$230M of Debt ® Given these results & our expectations for the bala
Slide 7: Momentum Across the Business
MOMENTUM ACROSS THE BUSINESS Strength of our Portfolio Investments in our Brands Focused Execution of our Team
Slide 8: FY26 Net Sales $1B
$1B FY26 Net Sales ® ® Now a TOP 3 BRAND in the Total Freezer Aisle SOURCE: SMUCKER INTERNAL CIRCANA MULO+ SHARE REPORT 13 WEEKS ENDED AUGUST 09, 2026.
Slide 9: An Iconic Brand
AN ICONIC ® ® BRAND Significant runway for growth ® through: In the past year, the brand added Expanded Capacity +2 MILLION Brand Building NEW HOUSEHOLDS Consumer-Led Innovation SOURCE: SMUCKER INTERNAL CIRCANA PANEL DATA REPORT 52 WEEKS ENDED JULY 27, 2026.
Slide 10: Fridge Friendly
FRIDGE FRIENDLY Uncrustables Sandwiches ® Creates more CONVENIENCE, FLEXIBILITY, & EVERYDAY USAGE OCCASIONS for consumers TM
Slide 11: Robust Marketing Campaign
Supporting the fridge friendly launch with a ROBUST MARKETING CAMPAIGN TM
Slide 12: Video Playing in Room
Video Playing in Room Ss fridge some, freeze som
Slide 13: Varieties with 12g Protein
VARIETIES WITH 12G PROTEIN Meets consumers’ demand for Highly incremental to net sales convenient, protein-rich snacks & exceeding expectations
Slide 14: Future of the Brand
® ® WE ARE EXCITED ABOUT THE FUTURE OF THE BRAND WE CONTINUE TO STRENGTHEN OUR LEADERSHIP POSITION 14 ®
Slide 15: Fastest-Growing Brands
At-Home Coffee Brands 1 Now the 2 6 Largest! 3 th 4 ONE OF THE 1 5 6 Café Bustelo ® FASTEST-GROWING 2 3 7 4 8 BRANDS 5 6 7 IN THE AT-HOME COFFEE CATEGORY ® 8 Café Bustelo In the past year, added +3 MILLION NEW HOUSEHOLDS SOURCE: SMUCKER INTERNAL CIRCANA PANEL DATA MULO+ WITH CONVENIENCE SHARE REPORT
Slide 16: Fandom Is a Ritual
ROOTED IN A POWERFUL INSIGHT: FANDOM IS A RITUAL WE SAW AN OPPORTUNITY FOR TO BECOME PART OF THAT RITUAL
Slide 17: Video Playing in Room
Video Playing in Room
Slide 18: +1.5 Billion Campaign Impressions
THE CAMPAIGN GENERATED +1.5 BILLION TOTAL CAMPAIGN IMPRESSIONS Building brands with CULTURAL RELEVANCE while preserving what makes them UNIQUE SOURCE: SMUCKER INTERNAL MEDIA REPORT JUNE 01-JULY 17, 2026.
Slide 19: Top 4 Brand Ambition
AMBITION TO BECOME A TOP 4 BRAND IN THE AT-HOME COFFEE CATEGORY
Slide 20: Delivering Products & Experiences
Delivering Products & Experiences that reflect the needs of today’s pet parents Communication of Limited-Time Offerings QUALITY, NUTRITION, & SEASONAL & FUNCTIONAL BENEFITS SPECIAL OCCASIONS
Slide 21: When Treats Come Out, Dogs Should Too
rg WHEN TREATS COME OUT, DOGS SHOULD TOO
Slide 22: Dog Snack Launched
CONSUMERS LOVE THIS UNIQUE COLLABORATION bring premium & differentiated offerings PEANUT BUTTERY BITES was the #1 DOG SNACK LAUNCHED OVER L AST 4 YEARS Expanded the platform with PEANUT BUTTERY CUPS SOURCE: SMUCKER INTERNAL CIRCANA MULO+ 2022-2025.
Slide 23: Leading Brand
LEADING BRAND in the Attractive Cat Food Category Strong Category Fundamentals Strategic Brand Building Consumer-Led Innovation SOURCE: SMUCKER INTERNAL CIRCANA MULO+ INCLUDING PET SPECIALTY SHARE REPORT 52 WEEKS ENDED AUGUST 09, 2026.
Slide 24: Innovation Launch in Dry
#1 INNOVATION LAUNCH #1 DRY CAT FOOD CATEGORY IN 2025 IN DRY CAT FOOD AMBITION TO BUILD ON OUR LEADERSHIP POSITION Opportunity to expand our presence into WET CAT FOOD & CAT TREATS SOURCE: SMUCKER INTERNAL CIRCANA MULO+ WITH CONVENIENCE SHARE REPORT 52 WEEKS ENDED DECEMBER 28, 2025. SMUCKER INTERNAL
Slide 25: Key Growth Platforms & Category-Leading Brands
Key growth platforms & Category-leading brands CREATE A DIFFERENTIATED PORTFOLIO ® ® CAPABLE OF DELIVERING CONSISTENT & DURABLE GROWTH OVER TIME
Slide 26: #1 Brand in Total Volume Share
At-Home Coffee Category #1 Brand in Total Volume Share Evolved our media strategy to over-index with younger consumers #1 Brand in Total Buyers Among Younger Generations in the At-Home Coffee Aisle SOURCE: SMUCKER INTERNAL CIRCANA PANEL DATA AND MULO+ WITH CONVENIENCE SHARE REPORT 13 WEEKS ENDED AUG
Slide 27: Begins Shipping in November
BEGINS SHIPPING IN NOVEMBER ——— LEVEL UP YOUR WAKE-UP Instant coffee. Added benefits. Folgers
Slide 28: Functional Coffee
FUNCTIONAL COFFEE Fastest-growing space in the at-home coffee category Trusted & Leading Brand Leveraging strong equity to participate in emerging consumer trends SOURCE: SMUCKER INTERNAL CIRCANA MULO+ WITH CONVENIENCE SHARE REPORT 52 WEEKS ENDED AUGUST 09, 2026.
Slide 29: Simple Recipe and a Taste Consumers Love
® SIMPLE RECIPE and a taste CONSUMERS LOVE
Slide 30: Breakfast | Snacks | Everyday Moments
Breakfast | Snacks | Everyday Moments
Slide 31: Video Playing in Room
Video Playing in Room
Slide 32: Innovation Coming Soon
INNOVATION Coming Soon made with REAL FRUIT ® SOURCE: BASED ON NATIONWIDE INDEPENDENT RETAIL SALES DATA 52 WEEKS ENDING DEC 28, 2025. EXCLUDES IN-STORE BAKERY AND DONUT SHOPS.
Slide 33: Consumer-Led Innovation
CONSUMER-LED INNOVATION IS A CAPABILITY THAT ALLOWS US TO Strengthen Expand Reach our into New New Brands Occasions Consumers
Slide 34: Differentiated Portfolio, Strategy Is Working
Differentiated Portfolio ® OUR STRATEGY ® IS WORKING & MOMENTUM IS STRONG Confident in our ability to deliver sustainable growth & create long-term shareholder value
Slide 35: Tucker Marshall
TUCKER MARSHALL CHIEF FINANCIAL OFFICER | EXECUTIVE VICE PRESIDENT, FROZEN HANDHELD AND SPREADS AND SWEET BAKED SNACKS
Slide 36: Advancing Our Fiscal Year 2027 Priorities
ADVANCING OUR FISCAL YEAR 2027 PRIORITIES Driving Organic Improving Maintaining a VOLUME PROFITABILITY Disciplined GROWTH & Accelerating CAPITAL across Key Platforms EARNINGS DEPLOYMENT GROWTH Approach Our strong first quarter results demonstrate the progress we are making across the business
Slide 37: First Quarter Fiscal Year 2027 Results
FIRST QUARTER FISCAL YEAR 2027 RESULTS NET SALES +5% Including a 1% contribution from volume/mix Results demonstrate ADJUSTED EARNINGS PER SHARE PROGRESS $3.24 +71% & reinforce our Gross margin improvement & earnings growth CONFIDENCE in the year ahead FREE CASH FLOW $337.3M Increase of more than $4
Slide 38: FY27 Financial Outlook
NET SALES (2.0%) – (1.0%) Previously (4.0%) – (3.0%) FY27 ADJUSTED EARNINGS PER SHARE FINANCIAL $10.50 – $11.00 Previously $9.75 – $10.25 OUTLOOK FREE CASH FLOW $1.1B Previously $1.0B
Slide 39: Financial Foundation Continues to Strengthen
Financial Foundation Continues to Strengthen Leverage Ratio 4.3x ~$2.3B 3.0x Target 2.9x Adjusted EBITDA Trailing Twelve-Month FY27 Q1 FY26 Q1 FY27 Q1 Achieved Net Debt-to-EBITDA leverage target of 3.0x ahead of our original expectation
Slide 40: Strong Cash Generation
Strong cash generation FREE CASH FLOW $1.2B $1.1B CAPITAL DEPLOYMENT PRIORITIES $817M $643M Business Debt Paydown Reinvestment $500M Expected Organic Growth in FY27 Dividends Share Repurchases Payout Ratio of Flexibility When FY24 FY25 FY26 FY27E 40%-45% Appropriate Enabling Reinvestment & Sharehold
Slide 41: Dividend Growth
DIVIDEND GROWTH We remain committed to our dividend 5% 10-YEAR CAGR $4.38 25 Consecutive Fiscal Years of Growth $2.65 40-45% Adjusted EPS Payout Target FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
Slide 42: A Balanced Approach to Capital Deployment
A BALANCED APPROACH TO CAPITAL DEPLOYMENT GENERATING STRONG CASH FLOW Investing in Debt Share Dividends our Business Repayment Repurchases SHAREHOLDER VALUE CREATION
Slide 43: Long-Term Growth Targets
LSD Net Sales MSD LONG-TERM Adjusted Operating Income GROWTH HSD Adjusted Earnings Per Share TARGETS 10%+ Total Shareholder Return
Slide 44: Our Long-Term Objectives
OUR LONG-TERM OBJECTIVES A steady, compelling and compounding algorithm Dividends Debt Repayment & Share Repurchases Operating Margin Expansion 10%+ HSD MSD LSD Net Sales Adj. Operating Adj. EPS Total Growth Income Growth Growth Shareholder Return
Slide 45: Differentiated Portfolio
Differentiated Portfolio ® ® STRENGTH OF OUR PORTFOLIO MARGIN EXPANSION OPPORTUNITIES STRONG CASH GENERATION Confident in our ability to deliver sustainable growth & create long-term shareholder value
Slide 46: Thank You
THANK YOu
Slide 47: The J.M. Smucker Co.
et THE JM. SMUCKER Co
Slide 48: Barclays Global Consumer Staples Conference
BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE
Slide 49: Appendix
APPENDIX
Slide 50: 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
Slide 51: 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
Slide 52: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars in millions) Three Months Ended July 31, Increase 2026 2025 (Decrease) % Net sales reconciliation: Net sales $2,219.3 $2,113.3 $106.0 5% Foreign currency exchange 1.3 - 1.3 - Net sales excluding foreign currency exchange $2,220.6 $2,113.3 $107.3 5% Note
Slide 53: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars and shares in millions, except per share data) Three Months Ended July 31, 2026 2025 Net income (loss) reconciliation: Net income (loss) $324.3 ($43.9) Income tax expense (benefit) 103.6 (12.6) Amortization 57.9 50.2 Change in net cumulative unallocated
Slide 54: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars in millions) Three Months Ended TTM Ended October 31, January 31, April 30, July 31, July 31, 2025 2026 2026 2026 2026 EBITDA (as adjusted) reconciliation: Net income (loss) $241.3 ($724.2) $388.1 $324.3 $229.5 Income tax expense (benefit) 77.1 72.3 (60
Slide 55: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars in millions) Three Months Ended TTM Ended October 31, January 31, April 30, July 31, July 31, 2024 2025 2025 2025 2025 EBITDA (as adjusted) reconciliation: Net income (loss) ($24.5) ($662.3) ($729.0) ($43.9) ($1,459.7) Income tax expense (benefit) 91.3
Slide 56: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES Three Months Ended (Dollars in millions) July 31, 2026 2025 Free cash flow reconciliation: Net cash provided for (used by) operating activities $425.7 ($10.6) Additions to property, plant, and equipment (88.4) (84.3) Free cash flow $337.3 ($94.9)
Slide 57: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars in millions) Year Ended April 30, 2026 2025 2024 Free cash flow reconciliation: Net cash provided for (used by) operating activities $1,473.6 $1,210.4 $1,229.4 Additions to property, plant, and equipment (317.4) (393.8) (586.5) Free cash flow $1,156.2 $
Slide 58: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Company Guidance Year Ending April 30, 2027 Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $8.70 $9.20 Change in net cumulative unallocated derivative gains and losses (A) 0.15 0.15 Amortization 1.64 1.
Slide 59: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Company Guidance (Dollars in millions) Year Ending April 30, 2027 Free cash flow reconciliation: Net cash provided by operating activities $1,425.0 Additions to property, plant, and equipment (325.0) Free cash flow $1,100.0
Slide 60: Additional Information
ADDITIONAL INFORMATION The J.M. Smucker Co. is the owner of all trademarks and logos referenced herein, except for Dunkin’®, which is a trademark of DD IP Holder LLC. The Dunkin’® brand is licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels such as grocery stores, m
Slide 61: 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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