THE J. M. SMUCKER COMPANY (+) : F4Q26 Prepared Remarks Notes

Research evidence excerpt

THE J. M. SMUCKER COMPANY (+) : F4Q26 Prepared Remarks Notes

EQUITIES

FOOD & HPC

THE J. M. SMUCKER COMPANY OUTPERFORMPRICE* USD101.8  TARGET PRICE USD120 (UPSIDE 18%)

FLASH NOTE

F4Q26 Prepared Remarks Notes

9 JUNE 2026 Securities Research Report Production time: 14:09* (London time)

Research Analyst & Publishing Entities

Max Gumport BNP Paribas Securities Corp (1) (+1) 917 583 4529 max.gumport@us.bnpparibas.com

BNPP View

In our view, SJM’s prepared remarks highlight that it is operating with underlying momentum, has clear earnings growth visibility for

FY27, and is set to make meaningful progress in delevering. The company’s remarks also included much in the way of forward-looking

details for FY27. Our notes are below.

Notes From Management’s Prepared Remarks

– Dollar Share: ~2/3 of its portfolio is growing or maintaining dollar share in measured retail channels

– FY26 FCF: Exceeded its FCF expectations, generating $1.2bn, which enabled it to pay down more debt than originally anticipated

– Green Coffee Prices: The company is now beginning to see moderation in the green coffee commodity, supported by positive early

indications for this year’s crop. As it has done historically, SJM will adjust pricing as its cost structure improves. It has started to lower

prices through trade investments, and in a sustained deflationary environment it has planned a list price decrease

– F4Q26 Uncrustables: Net sales for the Uncrustables brand within Frozen Handheld & Spreads accelerated sequentially, increasing +8%

YOY in the quarter — its strongest quarterly growth rate this fiscal year.

– F4Q26 Spreads: Net sales for the spreads portfolio declined in the quarter, reflecting SJM’s decision not to repeat certain promotional

activity, as well as broader category dynamics.