Cal-Maine Foods BANK of AMERICA 2021 CONSUMER & RETAIL TECHNOLOGY CONFERENCE March 2021 Disclaimer Forward‐Looking and CautionaryStatements This presentation contains "forward‐looking statements" relating to, among other things, our shell egg business, including estimated future production data, expected constructionschedules, projectedconstructioncosts, potentialfuturesupply ofanddemandforourproducts,potentialfuture cornandsoybeanprice trends,potentialfuture impact on our business of the novel coronavirus ...

Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended November 28, 2020 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________ Commission File Number: 000-38695 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (S ...

Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended August 29, 2020 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________ Commission File Number: 000-38695 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (Sta ...

Table of Contents Securities registered pursuant to Section 12 (b) of the Act: Title of each class: Trading Symbol(s) Name of each exchange on which registered: Common Stock, $0.01 par value per share CALM The NASDAQ Global Select Market Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended May 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 ...

Index Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share CALM The NASDAQ Global Select Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (mark one) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended February 29, 2020 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period ...

Part I. Financial Information [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The unaudited statements show a decreased financial position, a shift to a net loss, and significant cash used in operations [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows decreased total assets and stockholders' equity, driven by a reduction in cash and a net loss Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Nov 30, 2019 | June 1, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $448,838 | $567,753 | | Cash and cash equivalents | $11,248 | $69,247 | | Investment securities | $123,275 | $250,181 | | **Total Assets** | **$1,111,280** | **$1,156,278** | | **Total Current Liabilities** | $102,848 | $74,907 | | **Total Liabilities** | **$176,987** | **$166,472** | | **Total Stockholders' Equity** | **$934,293** | **$989,806** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a significant net loss compared to a net income in the prior-year period, driven by lower sales and gross profit Statement of Operations Summary (in thousands, except per share data) | Metric | 13 Weeks Ended Nov 30, 2019 | 13 Weeks Ended Dec 1, 2018 | | :--- | :--- | :--- | | Net Sales | $311,522 | $356,040 | | Gross Profit | $29,375 | $70,535 | | Operating Income (Loss) | $(16,565) | $25,334 | | Net Income (Loss) | $(10,186) | $22,006 | | Diluted EPS | $(0.21) | $0.45 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations increased significantly, contributing to an overall decrease in cash and cash equivalents Cash Flow Summary - 26 Weeks Ended (in thousands) | Activity | Nov 30, 2019 | Dec 1, 2018 | | :--- | :--- | :--- | | Net cash provided by (used in) operations | $(74,272) | $27,688 | | Net cash provided by (used in) investing activities | $18,646 | $(6,513) | | Net cash used in financing activities | $(2,373) | $(23,401) | | **Net change in cash and cash equivalents** | **$(57,999)** | **$(2,226)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail a recent acquisition, adoption of a new lease standard, dividend policy restrictions, and ongoing antitrust litigation - Effective October 20, 2019, the Company acquired certain assets of Mahard Egg Farm for **$45.5 million**, which included facilities with a current capacity for approximately **3.9 million laying hens**[38](index=38&type=chunk) - The company adopted the new lease standard ASU 2016-02 on June 2, 2019, using a modified retrospective transition approach, which **did not have a material effect** on the financial statements[32](index=32&type=chunk)[33](index=33&type=chunk)[36](index=36&type=chunk) - Due to cumulative losses, the company must recover **$75.6 million** before it can resume paying dividends under its established policy[61](index=61&type=chunk) - The company is a defendant in an ongoing egg antitrust litigation case, with remaining plaintiffs including Kraft, General Mills, and Nestle; while a material adverse outcome is **reasonably possible**, the amount of monetary exposure cannot be estimated[89](index=89&type=chunk)[90](index=90&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the decline in performance to lower egg prices from oversupply, while continuing investment in cage-free capacity [Overview](index=24&type=section&id=Overview) Operating results are highly dependent on volatile egg prices, which are currently depressed due to market oversupply - The average UB southeastern large index price was **down 12.7%** in Q2 compared to the prior-year period, while the company's net average selling price for all shell eggs was **down 11.5%**[101](index=101&type=chunk) - An oversupply of eggs, with **340.5 million hens** reported by the USDA (**4.6 million more** than a year ago), has negatively affected non-specialty egg prices[101](index=101&type=chunk) - The company is responding to increased demand for cage-free eggs, driven by customer goals and new state laws in California, Washington, Oregon, and others, by **expanding its cage-free capacity**[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Financial results deteriorated significantly with a 12.5% drop in net sales and a shift to a net loss from a net income year-over-year Q2 FY2020 vs Q2 FY2019 Performance (in millions) | Metric | Q2 FY2020 | Q2 FY2019 | | :--- | :--- | :--- | | Net Sales | $311.5 | $356.0 | | Gross Profit | $29.4 | $70.5 | | Operating Income (Loss) | $(16.6) | $25.3 | | Net Income (Loss) | $(10.1) | $21.8 | Shell Egg Sales Analysis (13 Weeks Ended) | Category | Net Avg. Selling Price (per dozen) | Dozens Sold (thousands) | | :--- | :--- | :--- | | **Non-specialty** | | | | Nov 30, 2019 | $0.937 | 199,566 | | Dec 1, 2018 | $1.097 | 197,163 | | **Specialty** | | | | Nov 30, 2019 | $1.878 | 58,216 | | Dec 1, 2018 | $1.958 | 61,717 | - Farm production cost per dozen produced **increased by 2.3%** to $0.741, driven by a 5.2% increase in non-feed costs such as accelerated amortization and higher labor costs[143](index=143&type=chunk) [Capital Resources and Liquidity](index=35&type=section&id=Capital%20Resources%20and%20Liquidity) Working capital decreased, all long-term debt was retired, and significant capital projects for cage-free expansion are underway - Working capital stood at **$346.0 million** at November 30, 2019, down from $492.8 million at June 1, 2019[176](index=176&type=chunk) - The company **retired all outstanding long-term debt** in Q2 and had no amounts borrowed under its $100.0 million Revolving Credit Facility as of November 30, 2019[177](index=177&type=chunk) Approved Construction Projects (in thousands) | Project Type | Projected Cost | Cost to Date | Remaining Cost | | :--- | :--- | :--- | :--- | | Convertible/Cage-Free Houses & Facilities | $154,721 | $51,355 | $103,366 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is commodity price volatility for its products (eggs) and key inputs (corn and soybean meal) - The company's main market risk exposure stems from price fluctuations in eggs, corn, and soybean meal[194](index=194&type=chunk) Impact of Feed Ingredient Price Changes | Feed Ingredient | Price Change | Approx. Impact on Feed Cost per Dozen | Approx. Annual Dollar Impact | | :--- | :--- | :--- | :--- | | Corn | $0.28 per bushel | $0.01 | $8,767,050 | | Soybean Meal | $27 per ton | $0.01 | $8,767,050 | [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of November 30, 2019[197](index=197&type=chunk) - **No changes occurred** during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[198](index=198&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to previous disclosures regarding ongoing legal matters, particularly the egg antitrust litigation - The company directs readers to Note 12 of the financial statements for details on legal matters, most notably the **ongoing egg antitrust litigation**[89](index=89&type=chunk)[200](index=200&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) Key risks include pressure for cage-free production, uncertainty in forecasting demand, and challenges related to its acquisition strategy - Pressure from animal rights groups and new state laws (e.g., California's Proposition 12) are accelerating the demand for cage-free eggs, **increasing capital and operating costs** for the company[202](index=202&type=chunk)[207](index=207&type=chunk) - The company faces uncertainty in predicting future customer demand for cage-free versus conventional eggs, which could lead to **over- or under-investment** in new capacity[208](index=208&type=chunk) - The growth strategy through acquisitions presents risks including diversion of management attention, assumption of unknown liabilities, and challenges in **successfully integrating acquired businesses**[209](index=209&type=chunk)[210](index=210&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased a small number of shares to satisfy employee tax withholding obligations on vested restricted stock - In the second quarter, **223 shares were repurchased** at an average price of $44.09 to satisfy employee tax withholding obligations on vested restricted stock[216](index=216&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications and XBRL data files

Company Profile - Cal-Maine Foods is the largest producer and marketer of shell eggs in the United States with 19% of the U S fresh shell egg market share in FY 2019[3] - The company has completed 22 acquisitions since 1989[3] Financial Performance - Fiscal Year 2019 sales reached $1.4 billion[38] - Fiscal Year 2019 EBITDA was $118 million, down from $168 million in 2018[38] - As of August 31, 2019, the company's total debt was $2.3 million[38] Market and Operations - Retail accounts for 90% of Cal-Maine's customers in Fiscal Year 2019[10] - The top 10 customers accounted for 69.8% of total sales in Fiscal Year 2019[11] - Company-owned facilities account for 91% of egg production[7] Growth and Strategy - Specialty egg sales represented 22.2% of dozens sold and 44.9% of sales revenue through Q1 FY 2020[29] - The company is investing over $300 million to expand and upgrade facilities for cage-free production[34] - Cal-Maine Foods and Rose Acre Farms entered a production joint venture to build a cage-free shell egg production complex near Bogata, Red River County, Texas, which provides for capacity of approximately 1.8 million laying hens, with permits for up to 2.9 million hens[26]

Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (mark one) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended August 31, 2019 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________ Commission File Number: 000-04892 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) | --- | --- | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended June 1, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 000-04892 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (State or other Jurisdiction of Incorporation or Organization) (I. ...

Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (mark one) þ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 2, 2019 OR ¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________ to ____________ | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------- ...