Industry Overview - The Zacks Agriculture - Products industry is facing challenges due to lower commodity prices, high input costs, and labor shortages, but increasing consumer awareness regarding food ingredients and healthier alternatives is expected to support growth [1][4] - The industry includes companies involved in storing agricultural commodities, distributing ingredients, and farming crops, livestock, and poultry products [3] Current Trends - Agricultural commodity prices are under pressure from ample supply, while rising labor, packaging, and distribution costs are impacting profitability [4] - Global food demand is projected to increase by 50% by 2050 due to population growth, with the global population expected to reach 9.6 billion [5] - Hydroponics and vertical farming are emerging as key agricultural technologies, with hydroponic equipment sales projected to reach $67 billion by 2033, growing at a CAGR of 16.2% [6] Company Insights - **Bunge Global S.A.** is focusing on strategic mergers, including a $34 billion merger with Viterra Ltd, to enhance its position in grain exports and oilseed processing [18][19] - **CalMaine Foods** is expanding its cage-free operations and product portfolio, with a projected earnings growth of 299.5% for fiscal 2025 [22][23] - **Hydrofarm** is streamlining operations and focusing on proprietary brands, with a significant increase in the sales mix of proprietary brands to 55% in Q1 2025 [26][27] Market Performance - The Zacks Agriculture - Products industry has underperformed compared to the Basic Materials sector and the S&P 500, with a 12.9% decline over the past 12 months [9] - The industry is currently trading at an EV/EBITDA ratio of 5.98X, significantly lower than the S&P 500's 17.51X [12][17]

Company Overview - Cal-Maine Foods is the 1 U S producer and distributor of fresh eggs with approximately 20% retail egg market share[6,11] - The company sold 11 billion dozens of eggs in fiscal year 2022[11] - Cal-Maine Foods has a significant presence in the southern U S [11] Financial Performance - The company's revenue for fiscal year 2022 was $18 billion[11] - EBITDA for fiscal year 2022 was $235 million[11] - In the second quarter of fiscal year 2023, revenue reached $802 million and EBITDA was $283 million[34] Market Trends and Production - Specialty egg sales accounted for 39% of category sales in fiscal year 2022[11] - Cal-Maine Foods' produced-to-sold ratio improved to 93% in fiscal year 2022 from 84% in fiscal year 2019[71] - Approximately 34%-35% of the company's flock is currently housed in cage-free conditions[57] Strategic Initiatives - The company has committed approximately $685 million to expand cage-free capabilities since 2008[58,91] - Cal-Maine Foods aims to align sales with cage-free uptake and meet retailer commitments[60,138] - The largest customer represents 25% of revenue and the top-3 customers represent 42% of revenue[63]

Financial Performance & Market Position - Cal-Maine Foods is the 1 shell egg producer and distributor in the U S [6] - For Fiscal Year to Date 2023, Cal-Maine Foods' revenue reached $2 5 billion and EBITDA was $907 million [13] - In Q3 2023, revenue was $998 million and EBITDA was $444 million [34] - Cal-Maine Foods holds approximately 20% of the retail egg market share [11] and about 14% of the U S table egg layer flock [11] Production & Sales - Cal-Maine Foods sold 858 million dozens of eggs and 49 million lbs of egg products Fiscal Year to Date [13] - In Q3 2023, Cal-Maine Foods sold 291 million dozens of eggs [34] - Specialty egg sales accounted for 29% of category sales Fiscal Year to Date [12] and 27% in Q3 2023 [34] - Conventional egg sales made up 67% of category sales Fiscal Year to Date [12] and 69% in Q3 2023 [34] Cage-Free Transition & Sustainability - Approximately 37% of Cal-Maine Foods' flock is currently housed in cage-free conditions [124] - Cal-Maine Foods has committed $685 million to expand cage-free production capabilities since 2008 [86] - Cage-free egg sales accounted for 18% of total net shell egg sales in Q3 2023 [123]

Company Overview - Cal-Maine Foods is the 1 shell egg producer and distributor in the U S with ~21% shell egg market share[11] - The company sold 115 billion dozens of eggs in fiscal year 2023[13] - Cal-Maine Foods' revenue was $315 billion and EBITDA was $107 billion in fiscal year 2023[13] Financial Performance and Volume Sales - In Q4 2023, Cal-Maine Foods' revenue was $689 million and EBITDA was $165 million[30] - The net average selling price (NASP) per dozen in Q4 2023 was $221[30] - Cal-Maine Foods' shell egg volume sales grew by 6% in fiscal year 2023, while the industry faced an overall 1% decline[36] Production and Costs - The company's produced-to-sold ratio improved to 92% in FY23 from 84% in FY19[62] - USDA estimates that '23/24 U S corn planted acreage increased to ~941 million, up ~6%, vs prior year[94] - Cal-Maine Foods has committed $699 million to expand cage-free production capabilities since 2008[81] Market Trends and Strategy - Approximately 96% of U S households purchase shell eggs and egg products[48] - 10 U S states have passed cage-free legislation or regulation for implementation by 2026[110] - Cal-Maine Foods aims to align sales, maintain a nimble cage-free posture, and deploy capital commensurate with anticipated customer demand[119]

Investor Presentation First Quarter Fiscal 2024 October 2023 CAL-MAINE FOODS | INVESTOR PRESENTATION | OCTOBER 2023 Forward-looking statements and use of non-GAAP financial measures Forward‐Looking and Cautionary Statements This presentation contains "forward‐looking statements" relating to our shell egg business, including estimated future production data, expected construction schedules, projected construction costs, potential future supply of and demand for our products, potential future corn and soybean ...

Forward-looking statements and use of non-GAAP financial measures 2Q 2024 Investor Presentation January 2024 © Cal-Maine Foods. All rights reserved. SECTION 1 Company Overview 2 Forward‐Looking and Cautionary Statements This report contains numerous forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") relating to our shell egg and egg products business, including estimated ...

3Q 2024 Investor Presentation April 2024 © Cal-Maine Foods. All rights reserved. SECTION 1 Company Overview 2 Forward-looking statements and use of non-GAAP financial measures Forward‐Looking and Cautionary Statements This report contains numerous forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") relating to our shell egg and egg products business, including estimated f ...

Company Overview - Cal-Maine Foods is the 1 U S producer and distributor of fresh shell eggs [7] - The company's mission is to be the most sustainable producer and reliable supplier of fresh eggs and egg products [8] - Cal-Maine Foods has competitive advantages including operational expertise, vertically integrated operations, quality product choice, a disciplined balance sheet, and blue-chip customers [12, 13] Market Dynamics and Strategy - The company maintains a leading production scale, supported by best-in-class operating expertise, with 75% more layer hens than its nearest U S competitor [22] - Cal-Maine Foods has a diversified customer base, with 34% of revenue from its top 3 customers and 49% from its largest customer as of FY2024 [25] - The company is committed to sustainability principles, with over 59 million dozen eggs donated since FY19 [31, 32] - The company's strategy is designed to benefit from higher markets and mitigate the impact of lower markets by efficiently managing costs and maintaining a strong balance sheet [34] - 10 U S states have passed cage-free legislation or regulation for implementation by 2030, expecting ~27% households to be in cage-free states by 2030 [46] Financial Performance and Capital Allocation - The company sold 285 million dozens of eggs in Q4 2024 and 11 billion in FY 2024 [126] - Cal-Maine Foods has a variable dividend policy, allocating one-third of net income for dividend payments, with $782 million in total dividends paid since FY2000 [90, 91] - The company is increasing cage-free capacity through organic and inorganic investments, with spent and committed cage-free capex allocation as of the end of FY 2024 [99] - The company acquired ISE America, Inc commercial shell egg production and processing assets for $112 million, including 1 million cage-free layer hens and 12 million pullets [110]

1Q 2025 Investor Presentation October 2024 © Cal-Maine Foods. All rights reserved. SECTION 1 Company Overview 2 CAL-MAINE FOODS | INVESTOR PRESENTATION | OCTOBER 2024 3 3 Forward-looking statements and use of non-GAAP financial measures Forward‐Looking and Cautionary Statements This report contains numerous forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") relating to o ...

Company Overview - Cal-Maine Foods is the 1 U S producer and distributor of fresh eggs[6] - The company has a diversified customer base, with 34% of revenue from its largest customer and 49% from its top 3 customers as of FY24[22] - Cal-Maine's operating footprint includes 27 feed mills, 3 breeding facilities, 2 hatcheries, 49 production facilities, 49 processing & packaging facilities, and 5 egg product facilities[19] Market Dynamics and Strategy - Approximately 27% of U S households are expected to be in cage-free states by 2030, driving a shift in production[48] - Conventional eggs maintain a leading retail market share, accounting for 56% of dozens sold by volume in FYTD 25[59] - The company is focused on operational excellence, adapting to changing consumer demand, and responsible capital allocation[71, 73, 75] Financial Performance and Capital Allocation - Cal-Maine reported net income of $219064 million in Q2 2025[145] - The company has paid a total of $905 million in dividends since FY2000[96] - From FY 2022 to FY 2025 (YTD), Cal-Maine allocated $438 million to dividends, $122 million to maintenance CapEx, $251 million to organic growth, $203 million to inorganic growth, and $51 million to ready-to-eat products[103] Acquisitions and Growth - Cal-Maine acquired ISE America, Inc for $112 million, increasing cage-free capacity by 1 million cage-free laying hens[115] - The company has completed 25 acquisitions through Q2 2025[113]