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1、Earnings PresentationQ2 Fiscal 20252Todays AgendaRebecca Gardy Chief Investor Relations Officer WelcomeMick BeekhuizenChief Executive OfficerStrategy and Business UpdateCarrie Anderson Chief Financial OfficerFinancial Results and Outlook3Forward-looking StatementsSafe Harbor Regarding Forward-Lookin

2、g StatementsThis 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,economic performance,financial condition and achievements.These forward-loo

3、king statements can be identified by words such as anticipate,believe,estimate,expect,intend,plan,pursue,strategy,target,will and similar expressions.One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts and may reflect anticipat

4、ed cost savings or implementation of our strategic plan.These statements reflect our current plans and expectations and are based on information currently available to us.They rely on several assumptions regarding future events and estimates which could be inaccurate and which are inherently subject

5、 to risks and uncertainties.We wish to caution the reader that the following important factors and those important factors described in our other Securities and Exchange Commission filings,or in our most recent Form 10-K,could affect our actual results and could cause such results to vary materially

6、 from those expressed in any forward-looking statements made by,or on behalf of,us:the risks associated with imposed and threatened tariffs by the U.S.and reciprocal tariffs by its trading partners;the risks related to the availability of,and cost inflation in,supply chain inputs,including labor,raw

7、 materials,commodities,packaging and transportation,including those related to tariffs;disruptions in or inefficiencies to our supply chain and/or operations,including reliance on key contract manufacturer and supplier relationships;declines or volatility in financial markets,deteriorating economic

8、conditions and other external factors,including the impact and application of new or changes to existing governmental laws,regulations,and policies;our ability to execute on and realize the expected benefits from our strategy,including growing sales in snacks and growing/maintaining our market share

9、 position in soup;the impact of strong competitive responses to our efforts to leverage brand power with product innovation,promotional programs and new advertising;the risks associated with trade and consumer acceptance of product improvements,shelving initiatives,new products and pricing and promo

10、tional strategies;changes in consumer demand for our products and favorable perception of our brands;the risk that the cost savings and any other synergies from the Sovos Brands,Inc.(“Sovos Brands”)transaction may not be fully realized or may take longer or cost more to be realized than expected,inc

11、luding that the Sovos Brands transaction may not be accretive within the expected timeframe or the extent anticipated;our ability to realize projected cost savings and benefits from cost savings initiatives and the integration of recent acquisitions;risks related to the effectiveness of our hedging

12、activities and our ability to respond to volatility in commodity prices;our ability to manage changes to our organizational structure and/or business processes,including selling,distribution,manufacturing and information management systems or processes;changing inventory management practices by cert

13、ain of our key customers;a changing customer landscape,with value and e-commerce retailers expanding their market presence,while certain of our key customers maintain significance to our business;product quality and safety issues,including recalls and product liabilities;the possible disruption to t

14、he independent contractor distribution models used by certain of our businesses,including as a result of litigation or regulatory actions affecting their independent contractor classification;the uncertainties of litigation and regulatory actions against us;a disruption,failure or security breach of

15、 our or our vendors information technology systems,including ransomware attacks;impairment to goodwill or other intangible assets;our ability to protect our intellectual property rights;increased liabilities and costs related to our defined benefit pension plans;our ability to attract and retain key

16、 talent;goals and initiatives related to,and the impacts of,climate change,including from weather-related events;the costs,disruption and diversion of managements attention associated with activist investors;our indebtedness and ability to pay such indebtedness;and unforeseen business disruptions or

17、 other impacts due to political instability,civil disobedience,terrorism,geopolitical conflicts,extreme weather conditions,natural disasters,pandemics or other outbreaks of disease or other calamities.This discussion of uncertainties is by no means exhaustive but is designed to highlight important f

18、actors that may impact our outlook.We disclaim any obligation or intent to update forward-looking statements in order to reflect new information,events or circumstances after the date of this presentation.Non-GAAP Financial Measures This presentation refers to certain non-GAAP financial measures tha

19、t are not prepared in accordance with generally accepted accounting principles in the United States(“GAAP”).These non-GAAP measures should not be considered in isolation from,or as an alternative to,financial measures determined in accordance with GAAP.See the appendix to this presentation for recon

20、ciliation of each non-GAAP financial measure to its most directly comparable financial measure stated in accordance with GAAP.Industry and Market Data This presentation includes industry and market data and forecasts derived from publicly available information,various industry publications,other pub

21、lished industry sources and the managements knowledge of the industry and the good faith estimates of management.This data involves a number of assumptions and limitations,and there can be no assurance these forecasts and estimates will prove accurate in whole or in part.While we believe that these

22、sources are reliable,we have not independently verified this information.Projections,assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors.4Strate

23、gy and Business UpdateMick BeekhuizenChief Executive Officer5Q2 earnings performancein line with expectationsWeaker Snacks category growth resulted in slightly lower than anticipated top-line10 out of 16 Leadership Brands held or grew shareReflecting the strength of our portfolio of advantaged brand

24、sUpdated FY25 guidance reflectingdynamic operating environmentPotential impact from tariffs or other regulatory changes not incorporatedBalancing near term execution while building for the futureSupporting the growth of our leadership brands while maintaining a healthy margin profile and disciplined

25、 approach to capital allocationQ2 FY25 key messagesKey Q2 and H1 FY25 results6vs.PY(except Adjusted EPS)Q2 FY25H1 FY25Net Sales+9%+10%Organic Net Sales*(2)%(2)%Adjusted EBIT*+2%+4%Adjusted EPS*$0.74$1.63$Consumption1(1)%Flat*See Non-GAAP reconciliation1Circana Total US MULO+,13 weeks ending 1/26/25

26、excluding Sovos Brands.Continue to strengthen our portfolio of Leadership BrandsLeadership Brands represented 90%of total Q2 FY25 Net Sales1Consumption data for Total Leadership Brands and Meals&Beverages Leadership Brands includes Raos.2Circana Total US MULO+,13 weeks ending 01/26/25.7Snacks(1)%$co

27、nsumptionFlat$shareMeals&Beverages1+1%$consumption Flat$shareLeadershipBrands1Flat$consumptionFlat$share=Grew or held$share vs.PY21Total Circana US MULO+$Share latest 8 weeks ending 12/29/24 compared to the 8 weeks ending 12/24/232 Total CPB Holiday Categories include;Campbells Red&White condensed c

28、ooking soups,broth/stock,Pepperidge Farm cookies and Pepperidge Farm stuffing Broth/stock-Swansonand Pacific broth/stockDemonstrated brand strength during holiday season8$Consumption,$Share GrowthKey Seasonal Categories during Holiday Period1Total CPB Holiday Categories2Meals&BeveragesSnacksCondense

29、d CookingBroth/StockPF CookiesPF StuffingCategories$Consumption(2)%(2)%+4%(3)%(3)%Campbells$ConsumptionFlat(1)%+2%(2)%(1)%$Share+0.3 pts+1.1 pts(0.5)ptsFlat+0.4 ptsMixed holiday season with soft category performanceMeals&BeveragesConsumption growth reflects strength of RaosVolume growth within M&B D

30、ivision amplified with Sovos Brands addition*See Non-GAAP reconciliation 1Circana Total US MULO+,13 weeks ending 1/26/25.2Pro forma combined basis presented to reflect results as if the Sovos Brands acquisition had occurred at the beginning of Fiscal 2024.Q2 FY25vs.PYReportedPro forma combined2Organ

31、ic Net Sales*(1)%FlatVolume/mix+1%+2%Dollar consumption1Flat+1%9H1 FY25vs.PYReportedPro forma combined2(1)%+1%+1%+3%+1%+2%Meals&BeveragesQ2 FY25 Soup portfolio performance1Circana Total US MULO+,13 weeks ending 1/26/25.10Q2 FY251Wet SoupBrothCondensedRTS$ConsumptionCategory(0.4)%5%(4)%(3)%Campbells(

32、1)%5%(3)%(5)%$Share(0.5)ptsFlat+1 pt(1)ptMeals&Beverages11$1B Sauces portfolio momentum continuesContinuedstrengthonRaosandsteadyPregoperformanceItalian SauceCategory Consumption1+1.5%Dollars(0.8)%VolumeCampbellsConsumption1+5%Dollars+3%VolumeShare change1+1.4ptsDollars+1.3ptsVolume$Consumption1+7%$

33、ShareBrandin ItalianSauce Category1#1$Consumption1+3%$ShareBrandin ItalianSauce Category1#21Circana Total US MULO+,13 weeks ending 1/26/25.All figures reflect vs.prior yearMeals&BeveragesRaos sauce has ample runway for sustained growthContinued product innovation+10 NewSauce SKUsLaunched in L52wksBu

34、ilding brand awareness 12SnacksQ2 FY25vs.PYH1 FY25vs.PYOrganic Net Sales*(3)%(3)%Volume/mix(2)%(2)%Dollar consumption1(1)%(1)%13Category softness reflected Q2 performanceOrganic Net Sales impacted by 1.5pt headwind from Partner/Contract brands and competitive pressure in select categories*See Non-GA

35、AP reconciliation.1Circana Total US MULO+,13 weeks ending 1/26/25;Total Snacks.SnacksStrong action plans to navigate dynamic snacking categories Elevated innovation against consumer macro trends,including Better for You choices(e.g.,Kettle BrandAvocado Oil)and Enhanced Value(multipack expansion,sing

36、le-serve portions,PPA)Execution excellence recent launches off to strong start,including Snack Factory Popums,Goldfish Sweet Grahams/LTO,Milano White ChocolateConsumer activation to dial up strong position core portfolio(in particular BFY Salty,Goldfish)Shares mixed in Q2;pressure focused in Salty/C

37、rackers1Circana Total US MULO+,13 weeks ending 1/26/25Cookies includes Pepperidge Farm Cookies;Fresh Bakery includes Pepperidge Farm Fresh Bakery;Deli includes Snack Factory pretzel crisps;Salty includes Kettle Brand and Cape Cod potato chips,Late July snacks,Snack Factory pretzel crisps,and Snyders

38、 of Hanover pretzels;Crackers includes Goldfish crackers and Lance sandwich crackers14Fresh BakeryCrackersDeliSaltyCookiesHeld1SnacksSnacks innovation:Expanding consumer reach through new flavors,formats and price pointsBetter for YouEnhanced ValueInnovative Flavor&Forms15Core Focus Areas312Support

39、growth of our Leadership Brands through highly relevant,compelling marketing and innovationContinue to improve efficiency and effectiveness across the organization to support top-line growth and healthy margin profileMaintain disciplined capital allocation strategy 16Financial Results and OutlookCar

40、rie Anderson Chief Financial Officer17AdjustedEBIT*AdjustedEPS*NetSales$Millions,except per share*See Non-GAAP reconciliationEarnings in-line with our expectations,top-line slightly behindSovos Brands slightly accretive to adjusted EPS 18Organic Net Sales*vs.PY(1)%(2)%Adjusted EBIT Margin*14.8%13.9%

41、$2,456$2,685 Q2 FY24Q2 FY25$364$372Q2 FY24Q2 FY25$0.80$0.74Q2 FY24Q2 FY25+9%vs.PY+2%vs.PY(8)%vs.PYQ2 FY25 Key Financial ResultsSovos Brands led Net Sales growth;organic results reflect slower category recoveryOrganic Net Sales decreased with lower net price realization and flat volume/mixQ2 FY25 Net

42、 Sales Bridge19Acquisition:Sovos BrandsDivestiture:Pop Secret+13 pts(1)pt10 ptsVolume/mix(2)ptsNet Price RealizationQ2 FY25 Organic Net Sales*0 ptsCurrency11 ptsQ2 FY25 Net SalesAcquisition/Divestiture$2,456$2,380$2,685Q2 FY24 Net Sales+9%vs.PY(2)%vs.PY$MillionsNumbers may not add due to rounding*Se

43、e Non-GAAP reconciliation1Represents the incremental Net Sales associated with the acquisition of Sovos Brands,which was completed on March 12,2024,and the loss of Net Sales associated with the divestiture of the Pop Secret popcorn business,which was completed on August 26,2024.*See Non-GAAP reconci

44、liation1Volume/mix includes the impact of operating leverage 2Impact from the acquisition of Sovos Brands which was completed on March 12,2024.Adj.gross profit margin decrease reflects lower base business margin and the impact of the acquisition Productivity improvements and cost savings partially o

45、ffset net price,inflation and other supply chain costs in base businessQ2 FY25 Adjusted Gross Profit Margin*Bridge2030.8%Q2 FY2530.4%31.4%Cost Savings Initiatives+50 bpsProductivity Improvements+110 bpsInflation/Other(130)bpsNet Price Realization(110)bpsQ2 FY24Volume/mix+20 bpsAcquisition(40)bpsBase

46、 Business Gross Margin(100)bpsvs.PY(60)bpsvs.PY12A&C+25%vs.PY1Adjusted Administrative Expenses*Adjusted Marketing&Selling Expenses*Q2 FY25 Other Operating ItemsOther operating items as%of Net Sales remained consistent to PY*See Non-GAAP reconciliation1Q2 FY25 figures include Sovos Brands adjusted ma

47、rketing&selling expenses and adjusted administrative expenses after the completion of the acquisition on March 12,202421%of Net Sales:8%$216 Q2 FY24Q2 FY25$25519%9%+18%vs.PY$159 Q2 FY24Q2 FY25$15616%6%(2)%vs.PY%of Net Sales:$MillionsNumbers may not add due to rounding*See Non-GAAP reconciliationAdj.

48、EBIT+2%driven by acquisition contributionLower adj.EBIT margin primarily reflects lower adj.gross margin and higher brand investmentsQ2 FY25 Adjusted EBIT*BridgeAdjustedEBIT Margin*14.8%(100)bps+80 bps13.9%$364$372$43$3$1 Q2 FY24Adjusted Gross Profit Impact*($39)Adjusted Marketing&Selling Expenses*A

49、djusted Administrative&R&D Expenses*Adjusted Other Expenses/(Income)*Q2 FY25+2%vs.PY$Millions(70)bps+10 bps22Numbers may not add due to rounding*See Non-GAAP reconciliation.Adj.EPS moved lower with EBIT growth more than offset by higher interest expenseThe impact of the Sovos Brands acquisition was

50、slightly accretive to adj.EPSQ2 FY25 Adjusted EPS*Bridge23$0.80$0.74$0.02 Q2 FY24Adjusted EBIT*($0.09)Interest$0Adjusted Taxes*$0Share ImpactQ2 FY25(8)%vs.PYQ2 FY25 Meals&Beverages results*See Non-GAAP reconciliation 24NetSalesVol/Mix(2)%1%(4)%1%Net Price Realization0%(2)%1%(2)%Organic Net Sales*vs.

51、PY(2)%(1)%(3)%(1)%OperatingMargin17.9%17.3%19.2%18.6%Operating Earnings$Millions$1,382$1,679$2,786$3,385Q2FY24Q2FY25YTD Q2FY24YTD Q2FY25$247$291$534$628Q2FY24Q2FY25YTD Q2FY24YTD Q2FY25+21%vs.PY+22%vs.PY+18%vs.PY+18%vs.PYQ2 FY25 Snacks results*See Non-GAAP reconciliation$Millions25Vol/Mix(2)%(2)%(3)%

52、(2)%Net Price Realization3%(1)%4%(1)%Organic Net Sales*vs.PY1%(3)%1%(3)%OperatingMargin15.0%11.3%14.7%12.4%$1,074$1,006$2,188$2,072Q2FY24Q2FY25YTD Q2FY24YTD Q2FY25$161$114$322$256Q2FY24Q2FY25YTD Q2FY24YTD Q2FY25(6)%vs.PY(5)%vs.PY(29)%vs.PY(20)%vs.PYNetSalesOperating EarningsStrong operating cash flo

53、w and a disciplined focus on shareholder value creationReturned$283M to shareholders inFY25 year-to-date.Dividend to increase by 5%to$0.39 per share beginning with Q3 FY25 payoutCapital Allocation26Net Cash Flows from OperationsQ2 YTDFY24Q2 YTDFY25Invest for GrowthCapital Expenditures$263$211Return

54、Cash to ShareholdersDividends$224$227Share Repurchases$29$56$253$283Balance SheetLeverage Ratio*2.6X3.7xCapital Allocation$684$737 Q2 YTD FY24Q2 YTD FY25$Millions*Calculated as Net Debt to TTMAdjusted EBITDA.See Non-GAAP reconciliation.FY24ResultsPriorFY25 GuidanceUpdatedFY25 GuidanceNetSales$9,636+

55、9%to+11%+6%to+8%Organic NetSales$9,457*0%to+2%(2)%to 0%Adjusted EBIT$1,454*+9%to+11%+3 to+5%Adjusted EPS$3.08*+1%to+4%$3.12 to$3.22(4)%to(1)%$2.95 to$3.05 Guidance updated for divestiture of noosa on Feb.24,2025,with a(1)pt.and($0.01)impact on FY25 Net Sales growth and adj.EPS,respectively Prior/cur

56、rent guidance reflects Pop Secret divestiture in Aug.2024 with a(1)%and($0.04)impact on FY25 Net Sales growth and adj.EPS,respectively Low-single digit core inflation mitigated by 3%productivity improvements and$120 million of enterprise cost savings Marketing&Selling at the lower end of our targete

57、d 9%to 10%of Net Sales Net interest expense of$325 to$330 million,updated to reflect the benefit of the after-tax proceeds from the noosa divestiture used to reduce debt Adjusted effective tax rate of 24%Diluted share count of 300 million shares Capital expenditures for the full year at 4.7%of Net S

58、alesFY25 Updated GuidanceOutlookPrior guidance reflects Sovos Brands which was acquired on March 12,2024,the divestiture of the Pop Secret popcorn business which was sold on August 26,2024and the impact of the 53rd week in fiscal 2025.Updated guidance also reflects the divestiture of the noosa yoghu

59、rt business which was sold on February 24,2025.Organic Net Sales exclude acquisitions,divestitures,currency and the 53rd week in fiscal 2025.*See non-GAAP reconciliation Note:A non-GAAP reconciliation is not provided for fiscal 2025 guidance as the company is unable to reasonably estimate the full-y

60、ear financial impact of items such as actuarial gains or losses on pension and postretirement plans because these impacts are dependent on future changes in market conditions.The inability to predict the amount and timing of these future items makes a detailed reconciliation of these forward-looking

61、 financial measures impracticable.27FY25Assumptions$Millions,Except Per ShareQ2 FY25 and looking ahead28Q2 organic results mixed with overall stable market shares on weaker category growthStrong performance by Raos expected to continue;Acquisition expected to be accretive to full-year adj.EPSFY25 Gu

62、idance lowered to reflect slower than anticipated recovery of snacking categoriesUpdated outlook maintains the ability to continue to invest behind our brands and remain competitiveWrap Up29Q&AMick BeekhuizenPresident&Chief Executive OfficerCarrie AndersonEVP&Chief Financial OfficerAppendix Second Q

63、uarter 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$1,679$6$(313)$1,372 21%(1%)0%23%Snacks 1,006 2 -1,008(6%)(3%)(3%)0%Total Net Sales$2,685$8$(313)

64、$2,380 9%(2%)(1%)13%Net Sales,Impact of Organic January 28,2024 As Reported Divestiture Net Sales Meals&Beverages$1,382$-$1,382 Snacks 1,074 (32)1,042 Total Net Sales$2,456$(32)$2,424%Change($millions)Reconciliation of GAAP and Non-GAAP Financial Measures31($millions)Reconciliation of GAAP and Non-G

65、AAP Financial Measures32 First Half 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$3,385$7$(623)$2,769 22%(1%)0%22%Snacks 2,072 2 -2,074(5%)(3%)(2%)0%

66、Total Net Sales$5,457$9$(623)$4,843 10%(2%)(1%)13%Net Sales,Impact of Organic January 28,2024 As Reported Divestiture Net Sales Meals&Beverages$2,786$-$2,786 Snacks 2,188 (53)2,135 Total Net Sales$4,974$(53)$4,921%Change($millions)Reconciliation of GAAP and Non-GAAP Financial Measures33 First Quarte

67、r Net Sales,Impact of Impact of Organic Net Sales,Organic Impact of Impact of October 27,2024 As Reported Currency Acquisition Net Sales As Reported Net Sales Divestiture Acquisition Meals&Beverages$1,706$1$(310)$1,397 22%0%0%22%Snacks 1,066 -1,066(4%)(2%)(2%)0%Total Net Sales$2,772$1$(310)$2,463 10

68、%(1%)(1%)12%Net Sales,Impact of Organic October 29,2023 As Reported Divestiture Net Sales Meals&Beverages$1,404$-$1,404 Snacks 1,114 (21)1,093 Total Net Sales$2,518$(21)$2,497%Change($millions)Reconciliation of GAAP and Non-GAAP Financial Measures34 Second Quarter Net Sales,Impact of Organic Net Sal

69、es,Organic January 28,2024 As Reported Currency Net Sales As Reported Net Sales Meals&Beverages$1,382$-$1,382(2%)(2%)Snacks 1,074 -1,074 0%1%Total Net Sales$2,456$-$2,456(1%)(1%)Net Sales,Impact of Organic January 29,2023 As Reported Divestiture Net Sales Meals&Beverages$1,408$-$1,408 Snacks 1,077 (

70、13)1,064 Total Net Sales$2,485$(13)$2,472%Change First Half Net Sales,Impact of Organic Net Sales,Organic January 28,2024 As Reported Currency Net Sales As Reported Net Sales Meals&Beverages$2,786$3$2,789(3%)(3%)Snacks 2,188 (1)2,187 0%1%Total Net Sales$4,974$2$4,976(2%)(1%)Net Sales,Impact of Organ

71、ic January 29,2023 As Reported Divestiture Net Sales Meals&Beverages$2,863$-$2,863 Snacks 2,197 (30)2,167 Total Net Sales$5,060$(30)$5,030%Change($millions)Reconciliation of GAAP and Non-GAAP Financial Measures35($millions)Reconciliation of GAAP and Non-GAAP Financial Measures36Three Months Ended Th

72、ree Months EndedJanuary 26,2025January 28,2024$173$203 74 68 80 46$327$317 Interest,netEarnings before interest and taxes,as reportedNet Earnings,as reported Taxes($millions,except per share amounts)Reconciliation of GAAP and Non-GAAP Financial Measures37Second QuarterEBITEBITMargin%EarningsDiluted

73、EPS2025 As Reported$327 12.2%$173$0.58 Costs associated with cost savings and optimization initiatives25 19 0.06 Commodity mark-to-market gains(14)(10)(0.03)Accelerated amortization7 5 0.02 Impairment charges26 19 0.06 Charges associated with divestitures -15 0.05 Certain litigation expenses1 1 -202

74、5 Adjusted$372 13.9%$222$0.74 2024 As Reported$317 12.9%$203$0.68 Costs associated with cost savings and optimization initiatives36 27 0.09 Commodity mark-to-market gains(7)(5)(0.02)Accelerated amortization7 5 0.02 Costs associated with acquisition10 9 0.03 Certain litigation expenses1 1 -2024 Adjus

75、ted$364 14.8%$240$0.80$Change-Adjusted$8$(18)$(0.06)%Change-Adjusted2%(90)bps(8%)(8%)First HalfEBITEBITMargin%EarningsDiluted EPS*2025 As Reported$694 12.7%$391$1.30 Costs associated with cost savings and optimization initiatives60 46 0.15 Commodity mark-to-market gains(18)(13)(0.04)Accelerated amor

76、tization14 10 0.03 Impairment charges26 19 0.06 Charges associated with divestitures 25 34 0.11 Certain litigation expenses2 2 0.01 Postretirement actuarial losses2 1 -Cybersecurity incident recoveries(1)(1)-2025 Adjusted$804 14.7%$489$1.63 2024 As Reported$675 13.6%$437$1.46 Costs associated with c

77、ost savings and optimization initiatives49 37 0.12 Commodity mark-to-market losses8 6 0.02 Accelerated amortization14 10 0.03 Costs associated with acquisition19 17 0.06 Certain litigation expenses3 3 0.01 Cybersecurity incident costs3 2 0.01 2024 Adjusted$771 15.5%$512$1.71$Change-Adjusted$33$(23)$

78、(0.08)%Change-Adjusted4%(80)bps(4%)(5%)($millions,except per share amounts)Reconciliation of GAAP and Non-GAAP Financial Measures38*The sum of the individual per share amounts may not add due to rounding($millions)Reconciliation of GAAP and Non-GAAP Financial Measures39Second Quarter Gross ProfitGP%

79、EBTTaxTax Rate2025 As Reported$819 30.5%$247$74 30.0%Costs associated with cost savings and optimization initiatives10 25 6 Commodity mark-to-market gains(14)(14)(4)Accelerated amortization -7 2 Charges associated with divestitures -(15)Impairment charges -26 7 Certain litigation expenses -1 -2025 A

80、djusted$815 30.4%$292$70 24.0%2024 As Reported$776 31.6%271 68 25.1%Costs associated with cost savings and optimization initiatives3 36 9 Commodity mark-to-market gains(7)(7)(2)Accelerated amortization -7 2 Costs associated with acquisition -10 1 Certain litigation expenses -1 -2024 Adjusted$772 31.

81、4%$318$78 24.5%$Change Adjusted$43$(26)$(8)%Change Adjusted6%(100)bps(8%)(10%)(50)bps($millions)Reconciliation of GAAP and Non-GAAP Financial Measures40Second QuarterMarketing&Selling ExpensesOther Expenses/(Income)2025 As Reported$256$41 Costs associated with cost savings and optimization initiativ

82、es(1)-Impairment charges -(26)Accelerated amortization -(7)2025 Adjusted$255$8%of Net Sales Adjusted9.5%0.3%2024 As Reported$217$26 Costs associated with cost savings and optimization initiatives(1)-Accelerated amortization -(7)Costs associated with acquisition -(10)2024 Adjusted$216$9%of Net Sales

83、Adjusted8.8%0.4%of Net Sales Change Adjusted+70 bps(10)bps$Change Adjusted$39$(1)%Change-Adjusted18%n/m($millions)Reconciliation of GAAP and Non-GAAP Financial Measures41Second QuarterAdministrativeR&D ExpensesExpensesTotal2025 As Reported$165$25$190 Costs associated with cost savings and optimizati

84、on initiatives(8)(1)(9)Certain litigation expenses(1)-(1)2025 Adjusted$156$24$180%of Net Sales Adjusted5.8%0.9%6.7%2024 As Reported$189$25$214 Costs associated with cost savings and optimization initiatives(29)(1)(30)Certain litigation expenses(1)-(1)2024 Adjusted$159$24$183%of Net Sales Adjusted6.5

85、%1.0%7.5%of Net Sales Change-Adjusted(70)bps(10)bps(80)bps$Change Adjusted$(3)$-$(3)%Change-Adjusted(2%)0%(2%)($millions,except per share amounts)Reconciliation of GAAP and Non-GAAP Financial Measures42Second Quarter Adjusted Diluted EPS Impact from Adjusted EBIT2025 Adjusted2024 Adjusted$Change Ded

86、uct:2024 Adjusted tax rate impact on EBITImpact to Net EarningsSecond Quarter 2024 Diluted SharesAdjusted Diluted EPS Impact$(2)$6 299$0.02 EBIT$372 364$8($millions,except per share amounts)Reconciliation of GAAP and Non-GAAP Financial Measures43Adjusted Diluted EPS Impact from Change in Adjusted Ta

87、x Rate2025 Adjusted EBT$292 Decrease(Increase)in Adjusted Tax Rate 0.5%Adjusted EBT multiplied by the Change in Adjusted Tax Rate$1 Second Quarter 2024 Diluted Shares 299 Adjusted Diluted EPS Impact$0.00 Second Quarter($millions)Reconciliation of GAAP and Non-GAAP Financial Measures*The Pop Secret p

88、opcorn business was sold on August 26,2024 and the noosayoghurt business was divested on February 24,202544Q3 Fiscal 2024 Organic Sales Base for Q3 Fiscal 2025 GuidanceThird QuarterMeals&Beverages$1,272$(21)$1,251 Snacks1,097(30)1,067 Total Net Sales$2,369$(51)$2,318 April 28,2024 Net Sales,As Repor

89、tedImpact of Divestitures*Organic Net Sales Base for Q3 FY2025 GuidanceQ4 Fiscal 2024 Organic Sales Base for Q4 Fiscal 2025 GuidanceFourth QuarterMeals&Beverages$1,200$(47)$1,153 Snacks1,093(28)1,065 Total Net Sales$2,293$(75)$2,218 July 28,2024 Net Sales,As ReportedImpact of Divestitures*Organic Ne

90、t Sales Base for Q4 FY2025 Guidance($millions)Reconciliation of GAAP and Non-GAAP Financial Measures*The Pop Secret popcorn business was sold on August 26,2024 and the noosayoghurt business was divested on February 24,202545Fiscal 2024 Organic Sales Base for Fiscal 2025 GuidanceFull YearMeals&Bevera

91、ges$5,258$(68)$5,190 Snacks4,378(111)4,267 Total Net Sales$9,636$(179)$9,457 July 28,2024 Net Sales,As ReportedOrganic Net Sales Base for FY2025 GuidanceImpact of Divestitures*($millions)Reconciliation of GAAP and Non-GAAP Financial Measures*The Pop Secret popcorn business was sold on August 26,2024

92、 and the noosayoghurt business was sold on February 24,202546Full YearEBITEarningsDiluted EPS*2024 As Reported$1,000$567$1.89 Costs associated with cost savings and optimization initiatives109830.28 Pension and postretirement actuarial losses33250.08 Commodity mark-to-market losses22160.05 Accelerat

93、ed amortization27200.07 Costs associated with acquisition1261090.36 Cybersecurity incident costs320.01 Impairment charges129980.33 Certain litigation expenses550.022024 Adjusted$1,454$925$3.08($millions)Reconciliation of GAAP and Non-GAAP Financial Measures47*The sum of the individual per share amou

94、nts may not add due to rounding($millions)Reconciliation of GAAP and Non-GAAP Financial Measures48Net DebtJanuary 28,2024October 27,2024January 26,2025Short-Term Borrowings$14$1,212$1,179 Long-Term Debt 4,506 6,705 6,496 Total Debt$4,520$7,917$7,675 Less:Cash and Cash Equivalents(169)(808)(829)Net D

95、ebt$4,351$7,109$6,846($millions)Reconciliation of GAAP and Non-GAAP Financial Measures49(a)(b)(c)=(a)-(b)+(c)Twelve Months Ended Six Months EndedSix Months EndedTrailing Twelve Months Ended(TTM)July 30,2023January 29,2023January 28,2024January 28,2024Net Earnings,as reported$858$529$437$766 Taxes270

96、 166 144 248 Interest,net184 91 94 187 Earnings before interest and taxes,as reported$1,312$786$675$1,201 Costs associated with cost savings and optimization initiatives66 1749 98 Pension and postretirement actuarial losses(gains)(15)9 -(24)Commodity mark-to-market losses(gains)(21)-8 (13)Charges as

97、sociated with divestiture13 -13 Accelerated amortization7 -14 21 Costs associated with acquisition5 -19 24 Cybersecurity incidents costs -3 3 Certain litigation expenses -3 3 Adjusted Earnings before interest and taxes$1,367$812$771$1,326 Depreciation and amortization,as reported$387$176$192$403 Cos

98、ts associated with cost savings and optimization initiatives(24)-(10)(34)Accelerated amortization(7)-(14)(21)Adjusted Depreciation and amortization$356$176$168$348 Adjusted Earnings before interest,taxes,depreciation and amortization$1,723$988$939$1,674 Net Debt$4,351 Net Debt to Adjusted EBITDA2.6(

99、$millions)Reconciliation of GAAP and Non-GAAP Financial Measures50(a)(b)(c)(d)=(a)-(b)+(c)+(d)Twelve Months Ended Three Months EndedThree Months EndedSovos NovemberTrailing Twelve Months Ended(TTM)July 28,2024October 29,2023October 27,20242023 March 11,2024October 27,2024$567$234$218$18$569 190 76 6

100、6 8 188 243 48 83 12 290$1,000$358$367$38$1,047 109 13 35 -131 33 -2 -35 22 15(4)-3 27 7 7 -27 126 9 -7 124 -25 -25 3 3(1)-(1)129 -129 5 2 1 -4$1,454$407$432$45$1,524$411$96$109$13$437(28)(5)(9)-(32)(27)(7)(7)-(27)$356$84$93$13$378$1,810$491$525$58$1,902$7,109 3.7Net Debt to Adjusted EBITDAAdjusted

101、Depreciation and amortizationAdjusted Earnings before interest,taxes,depreciation and amortizationNet DebtAdjusted Earnings before interest and taxesDepreciation and amortization,as reported Costs associated with cost savings and optimization initiatives Accelerated amortization Accelerated amortiza

102、tion Costs associated with acquisition Charges associated with divestiture Cybersecurity incidents costs(recoveries)Impairment charges Certain litigation expenses Interest,netEarnings before interest and taxes,as reported Costs associated with cost savings and optimization initiatives Pension and po

103、stretirement actuarial losses Commodity mark-to-market losses(gains)Net Earnings,as reported Taxes(a)(b)(c)(d)=(a)-(b)+(c)+(d)Twelve Months Ended Six Months EndedSix Months EndedSovos February Trailing Twelve Months Ended(TTM)July 28,2024January 28,2024January 26,20252024 March 11,2024January 26,202

104、5$567$437$391$(2)$519 190 144 140 -186 243 94 163 4 316$1,000$675$694$2$1,021 109 49 60 -120 33 -2 -35 22 8(18)-(4)27 14 14 -27 126 19 -5 112 -25 -25 3 3(1)-(1)129 -26 -155 5 3 2 -4$1,454$771$804$7$1,494$411$192$219$5$443(28)(10)(17)-(35)(27)(14)(14)-(27)$356$168$188$5$381$1,810$939$992$12$1,875$6,8

105、46 3.7Net DebtNet Debt to Adjusted EBITDAAdjusted Depreciation and amortizationAdjusted Earnings before interest,taxes,depreciation and amortizationAdjusted Earnings before interest and taxesDepreciation and amortization,as reported Costs associated with cost savings and optimization initiatives Acc

106、elerated amortizationEarnings before interest and taxes,as reported Costs associated with cost savings and optimization initiatives Pension and postretirement actuarial losses Commodity mark-to-market losses gains Accelerated amortization Costs associated with acquisition Charges associated with div

107、estitures Cybersecurity incidents costs(recoveries)Impairment charges Certain litigation expensesNet Earnings,as reported Taxes Interest,net($millions)Reconciliation of GAAP and Non-GAAP Financial Measures51($millions)Reconciliation of GAAP and Non-GAAP Financial Measures52Second QuarterNet Sales Me

108、als&Beverages Net Sales 2025$1,679 Add:Impact of Currency6 Meals&Beverages$1,685 Meals&Beverages Net Sales 2024$1,382 Add:Sovos Brands,Inc.October 30,2023 January 28,2024304 Pro Forma Combined$1,686%Change0%First HalfNet Sales Meals&Beverages Net Sales 2025$3,385 Add:Impact of Currency7 Meals&Beverages$3,392 Meals&Beverages Net Sales 2024$2,786 Add:Sovos Brands,Inc.July 31,2023 January 28,2024577 Pro Forma Combined$3,363%Change1%