Financial Data and Key Metrics Changes - In 2025, adjusted operating profit increased by 30% to $1.3 billion, with profit margin expanding to 8.6%, up from 7.2% in 2024 [9][24] - Fourth quarter adjusted net income from continuing operations was $329 million, contributing to a record full year net income of $1 billion [24][25] - Adjusted diluted EPS for the fourth quarter was $0.83 per share, up from $0.52 per share in 2024, and for the full year was $2.55 per share, representing a 36% increase from 2024 [25] Business Line Data and Key Metrics Changes - Packaged Meats segment delivered fiscal year 2025 adjusted operating profitability despite raw material input cost increases of $525 million, with sales of $8.8 billion, a 5.3% increase compared to fiscal 2024 [25][26] - Fresh Pork segment achieved $209 million in adjusted operating profit, with sales of $8.3 billion, a 6% increase year-over-year, driven by a 5.8% increase in average selling price [27] - Hog Production generated $176 million in adjusted operating profit, the highest since 2014, with sales of $3.4 billion, a 13% increase year-over-year [27][28] Market Data and Key Metrics Changes - The company produced 11.1 million hogs in 2025, down from 14.6 million in 2024, reflecting a strategic rightsizing [20] - The average market hog sales price increased by 8.9% year-over-year, despite a reduction in the number of hogs produced [28] Company Strategy and Development Direction - The company aims to increase packaged meats profit through mix improvement, volume growth, and innovation, focusing on higher-margin, value-added product categories [12][13] - A new state-of-the-art processing facility is planned in Sioux Falls, South Dakota, with an estimated investment of $1.3 billion over three years, expected to modernize manufacturing and unlock long-term cost benefits [11][34] - The acquisition of Nathan's Famous is anticipated to be immediately accretive and will secure a core national brand, creating growth and synergy opportunities [10][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued margin expansion driven by strategies such as innovation, improved asset utilization, and cost savings [32] - The outlook for 2026 anticipates total company sales to increase by low single digits, with segment adjusted operating profit for packaged meats expected in the range of $1.1 billion to $1.2 billion [33] - Potential headwinds include cautious consumer spending and geopolitical dynamics, particularly related to the conflict in Iran affecting fuel and raw material costs [31][32] Other Important Information - The company returned value to shareholders through dividend payments of $1 per share in 2025, with an anticipated increase to $1.25 per share in 2026 [10][30] - The company maintains a strong financial position with a net debt to adjusted EBITDA ratio of 0.3 times and liquidity of $3.8 billion [29] Q&A Session Summary Question: Packaged meats outlook and margin perspective - Analyst inquired about the packaged meats outlook and margin expansion in light of input cost inflation and consumer demand [36][38] - Management noted that low single-digit revenue growth includes one-time inventory sales and expects lower raw material costs but still elevated compared to historical norms [39][40] Question: Hog production guidance and industry perspective - Analyst asked about the hog production guidance and industry supply dynamics [45] - Management confirmed that guidance reflects current market conditions and improvements in genetics and feed management [46][48] Question: Fresh pork segment risks and opportunities - Analyst requested elaboration on fresh pork business risks and opportunities for 2026 [51] - Management highlighted the focus on value-added products and the importance of connecting fresh pork with the packaged meats portfolio [56][57] Question: Capacity expansion project in Sioux Falls - Analyst inquired about the capital expenditure needs for the Sioux Falls project [58] - Management clarified that significant spending will occur in 2027 and 2028, with groundbreaking expected in early 2027 [59] Question: Margin cadence in packaged meats - Analyst sought clarity on margin cadence in the packaged meats segment [62] - Management emphasized a focus on quality merchandising and consumer loyalty, with expectations of consistent profitability throughout the year [64][66]

Financial Data and Key Metrics Changes - In 2025, adjusted operating profit increased by 30% to $1.3 billion, with profit margin expanding to 8.6%, up from 7.2% in 2024 [9][24] - Fourth quarter adjusted net income from continuing operations was $329 million, contributing to a record full year net income of $1 billion [24][25] - Adjusted diluted EPS for the fourth quarter was $0.83 per share, up from $0.52 per share in 2024, and for the full year was $2.55 per share, representing a 36% increase from 2024 [25] Business Line Data and Key Metrics Changes - Packaged Meats segment achieved adjusted operating profitability despite $525 million in raw material cost increases, with sales of $8.8 billion, a 5.3% increase compared to fiscal 2024 [25][26] - Fresh Pork segment delivered $209 million in adjusted operating profit, with sales of $8.3 billion, a 6% increase year-over-year, driven by a 5.8% increase in average selling price [27] - Hog Production generated $176 million in adjusted operating profit, the highest since 2014, with sales of $3.4 billion, a 13% increase year-over-year [27][28] Market Data and Key Metrics Changes - The company produced 11.1 million hogs in 2025, down from 14.6 million in 2024, reflecting a strategic rightsizing [20] - The company anticipates a 2.5% increase in pork production in 2026, with potential headwinds from PRRS affecting supply [31][76] Company Strategy and Development Direction - The company aims to increase packaged meats profit through mix improvement, volume growth, and innovation, while also focusing on maximizing net realizable value in fresh pork [12][19] - A significant investment of up to $1.3 billion is planned for a new processing facility in Sioux Falls, South Dakota, expected to modernize operations and enhance efficiency [11][34] - The acquisition of Nathan's Famous is expected to be immediately accretive and will secure a core national brand, creating growth and synergy opportunities [10][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued margin expansion and profitability in 2026, driven by strong protein demand and disciplined cost management [12][31] - The company is monitoring geopolitical factors, particularly the conflict in Iran, which could impact fuel and raw material costs [32][68] - Management highlighted the importance of innovation and operational efficiencies in maintaining competitive advantage [22][23] Other Important Information - The company returned value to shareholders through dividend payments of $1 per share in 2025, with an anticipated increase to $1.25 per share in 2026 [10][30] - The company maintains a strong financial position with a net debt to adjusted EBITDA ratio of 0.3x and liquidity of $3.8 billion [29] Q&A Session Summary Question: Packaged meats outlook and margin perspective - The company expects low single-digit growth for packaged meats, with margin expansion anticipated despite input cost inflation [37][40] Question: Hog production guidance and industry perspective - Management indicated that the guidance for hog production reflects current supply conditions and improvements in genetics and feed management [45][48] Question: Fresh pork segment risks and opportunities - The fresh pork team is focusing on value-added products and leveraging the packaged meats brand to enhance profitability [55][56] Question: Sioux Falls capacity expansion project - Groundbreaking for the new facility is expected in early 2027, with significant capital expenditures anticipated during 2027 and 2028 [58][59]

Financial Data and Key Metrics Changes - In 2025, adjusted operating profit increased by 30% to $1.3 billion, with profit margin expanding to 8.6%, up from 7.2% in 2024 [8][24] - Total company sales increased by 10% for the year, with a 7% increase in the fourth quarter [23][28] - Adjusted net income for the full year reached $1 billion, with adjusted diluted EPS increasing by 36% to $2.55 per share [24][28] Business Line Data and Key Metrics Changes - Packaged Meats segment achieved sales of $8.8 billion, a 5.3% increase compared to 2024, despite raw material cost increases of $525 million [24][25] - Fresh Pork segment delivered $209 million in adjusted operating profit, with sales of $8.3 billion, a 6% year-over-year increase [26] - Hog Production generated $176 million in adjusted operating profit, the highest since 2014, with sales of $3.4 billion, reflecting a 13% increase year-over-year [26][27] Market Data and Key Metrics Changes - The company produced 11.1 million hogs in 2025, down from 14.6 million in 2024, as part of a rightsizing strategy [19] - The average market hog sales price increased by 8.9% year-over-year, despite a reduction in the number of hogs produced [27] Company Strategy and Development Direction - The company aims to grow packaged meats profit through mix improvement, volume growth, and innovation, focusing on higher-margin, value-added product categories [11][12] - A new state-of-the-art processing facility is planned for Sioux Falls, South Dakota, with an estimated investment of $1.3 billion over three years, expected to modernize manufacturing and unlock long-term efficiencies [10][33] - The acquisition of Nathan's Famous is anticipated to be immediately accretive and will secure a core national brand, creating growth and synergy opportunities [9][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued protein demand and the favorable positioning of pork as a healthy, affordable option for consumers [10][30] - The company expects continued margin expansion in 2026, driven by disciplined cost management and execution of core strategies [30][32] - Potential headwinds include cautious consumer spending and geopolitical factors affecting input costs [31] Other Important Information - The company returned value to shareholders through a $1 per share dividend in 2025 and anticipates an annual dividend of $1.25 in 2026 [9][29] - The net debt to adjusted EBITDA ratio was 0.3 times at the end of 2025, indicating a strong financial position [28] Q&A Session Summary Question: Packaged meats outlook and margin perspective - Management noted that low single-digit revenue growth includes one-time inventory sales and expects input costs to remain elevated but manageable [38][39] Question: Hog production guidance and industry perspective - Management indicated that supply expansion is limited, and they are comfortable with the guidance provided, reflecting structural improvements in their operations [44][46] Question: Fresh pork segment risks and opportunities - Management highlighted the focus on value-added products and the importance of connecting the fresh pork business with the packaged meats portfolio for improved results [50][54] Question: Capacity expansion project in Sioux Falls - Management confirmed that significant capital expenditures for the Sioux Falls project will occur in 2027 and 2028, with expected efficiency gains from the new facility [56][57] Question: Nathan's Famous acquisition benefits - Management stated that the acquisition will eliminate licensing fees and provide immediate earnings growth, with more details to be shared post-close [78][80]

March 24, 2026 Smithfield Foods Fourth Quarter Fiscal 2025 Legal Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forwa ...

Core Insights - Smithfield Foods anticipates a slowdown in sales growth for the upcoming fiscal year, projecting low-single-digit growth despite an extra reporting week [2] - The company reported net sales of $15.5 billion for the year ending December 28, marking a 9.8% increase [1] Sales and Profit Outlook - For the 2026 financial year, Smithfield expects adjusted operating profit to range between $1.33 billion and $1.48 billion, following a 30.5% increase to $1.34 billion last year [3] - The packaged meats segment is projected to generate an adjusted operating profit of $1.1 billion to $1.2 billion, surpassing the previous year's $1.09 billion [3] Strategic Investments and Growth Plans - The company is investing $1.3 billion over three years in a new processing facility in Sioux Falls, South Dakota, while also planning to close a dry sausage plant in Springfield, Massachusetts [4] - Smithfield aims to enhance sales and profitability through its flagship packaged meats segment and brand portfolio, emphasizing a culture of continuous improvement [4] Segment Performance - Packaged meats sales increased by 5.3% to $8.71 billion, while fresh pork sales rose 6% to $8.34 billion [5] - Hog production sales grew by 13% to $3.39 billion, with adjusted operating profit expectations set at $200 million to $260 million, down from $209 million last year [5] Financial Performance - Net income from continuing operations increased by 25% to $998 million, with diluted EPS climbing nearly 22% to $2.51 [6] - Hog production is expected to deliver adjusted operating profit between $150 million and $200 million, rebounding from a loss of $152 million in the previous year [6] Market Context - The company acknowledges significant market headwinds but attributes its record results to a diversified product portfolio and a vertically integrated model [7]

Financial Performance - Smithfield achieved a record third quarter adjusted operating profit of $310 million, an increase of 8.5% year-over-year, with an 8.3% adjusted operating profit margin[22] - The company's sales increased by 12.4% to $3,747 million in the third quarter of 2025, compared to $3,334 million in the same period of 2024[101] - Adjusted net income increased by 13.7% to $230 million, compared to $203 million in the prior year[101] - Adjusted EPS increased by 9.4% to $0.58, compared to $0.53 in the prior year[101] Segment Performance - Packaged Meats segment delivered its second-highest third-quarter adjusted operating profit despite a challenging market[22] - Packaged Meats sales increased by 9.1%, driven by a 9.2% increase in price, with volume remaining relatively flat[109] - Fresh Pork sales increased by 12.0% due to a 12.0% increase in price, while volume remained relatively flat[117] - Hog Production saw a 119.8% increase in adjusted operating profit[124] Strategic Initiatives - The company is focused on increasing profits in the Packaged Meats segment through enhanced product mix and volume growth[27] - Smithfield aims to achieve a best-in-class cost structure in its Hog Production segment through genetic transformation, herd health improvements, and procurement and nutrition savings[27] - The company is optimizing operations by delivering efficiencies across manufacturing, supply chain, distribution, procurement, and SG&A[27] - Smithfield anticipates paying annual dividends of $1.00 per share[5, 23]

As filed with the Securities and Exchange Commission on September 3, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _____________________________________ Smithfield Foods, Inc. (Exact name of registrant as specified in its charter) _____________________________________ | Virginia | 2013 | 52-0845861 | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R ...

Financial Data and Key Metrics Changes - The company reported a record second quarter adjusted operating profit of $298 million, up 20% from $248 million in 2024, with an adjusted operating profit margin of 7.9%, improved from 7.3% in 2024 [5][30] - Consolidated sales for the second quarter were $3.8 billion, representing an 11% increase or $374 million compared to the prior year [30] - Adjusted net income from continuing operations was a record $217 million compared to $192 million in 2024, with adjusted EPS at $0.55 per share compared to $0.51 per share in 2024 [30] Business Segment Data and Key Metrics Changes - The packaged meat segment delivered an adjusted operating profit of $296 million with a margin of 14.2%, despite higher raw material costs, and sales increased by 6.9% year over year [7][31] - The fresh pork segment reported an adjusted operating profit of $30 million, up from $17 million in 2024, with a margin of 1.4% [8][32] - The hog production segment achieved an adjusted operating profit of $22 million, compared to a loss of $10 million in 2024, driven by improved market conditions [9][33] Market Data and Key Metrics Changes - The company noted a 4.5% increase in sales volume for packaged meats, with a 2.3% increase in average selling price driven by higher market prices for pork [31] - Fresh pork segment sales increased by 5% year over year, primarily due to a 3.3% increase in average selling price and a 1.7% increase in volume [33] - Hog production segment sales increased by 8.4% year over year, despite a 24% reduction in the number of hogs produced [34] Company Strategy and Development Direction - The company has five strategic growth priorities: increasing profits in packaged meats, growing fresh pork profits, achieving a best-in-class cost structure in hog production, optimizing operations, and evaluating M&A opportunities [11][12] - The focus is on enhancing product mix, volume growth, and innovation in the packaged meat segment, which represents 55% of consolidated sales [12][14] - The company aims to maximize product value across channels in the fresh pork segment and optimize operations in hog production to improve profitability [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic consumer spending and geopolitical environment, raising the full-year outlook for adjusted operating profit [10][11] - The company anticipates total sales growth in the low to mid-single-digit percent range compared to fiscal 2024, with adjusted operating profit expectations for packaged meats and fresh pork remaining stable [37] - Management highlighted the importance of delivering value and convenience to consumers, particularly in the packaged meats segment, amidst cautious consumer spending [12][18] Other Important Information - The company has a strong balance sheet with a net debt to adjusted EBITDA ratio of 0.7 times and liquidity of $3.2 billion [35] - Capital expenditures for the first half were $158 million, with over 50% allocated to projects driving top and bottom line growth [36] - The company plans to pay a quarterly dividend of $0.25 per share, expecting to maintain a total annual dividend of $1 per share [36] Q&A Session Summary Question: Insights on consumer shift within brands and private label trends - Management noted that while there is an increase in private label share growth, the company's private label business provides a competitive advantage due to high-quality offerings [46][47] Question: Visibility on hog prices and profitability between hog production and fresh pork - Management indicated confidence in hog production profitability, supported by favorable market conditions and operational improvements [49][50] Question: Confidence in packaged meats profitability amidst rising raw material costs - Management emphasized efficiency improvements and a diversified product portfolio as key factors in maintaining profitability despite rising costs [56][58] Question: Dynamics around hog production hedging and mark to market impacts - Management clarified that mark to market adjustments impacted second quarter results but overall business performance remains strong, supporting the raised outlook [64][66] Question: Expectations for volume performance in packaged meats in the second half - Management expressed confidence in volume growth driven by product innovation and strong foodservice sales, with expectations for continued momentum [75][76]

Financial Data and Key Metrics Changes - The company reported a record second quarter adjusted operating profit of $298 million, up 20% from $248 million in 2024, with an adjusted operating profit margin of 7.9%, improved from 7.3% in 2024 [5][28] - Consolidated sales for the second quarter were $3.8 billion, representing an 11% increase or $374 million compared to the prior year [28] - Adjusted net income from continuing operations was a record $217 million compared to $192 million in 2024, with adjusted EPS at $0.55 per share compared to $0.51 per share in 2024 [28] Business Segment Data and Key Metrics Changes - The packaged meat segment delivered an adjusted operating profit of $296 million with a margin of 14.2%, despite higher raw material costs, and sales increased by 6.9% to $2.1 billion [29] - The fresh pork segment reported an adjusted operating profit of $30 million, up from $17 million in 2024, with a margin of 1.4% [30] - The hog production segment achieved an adjusted operating profit of $22 million, compared to a loss of $10 million in 2024, with sales increasing by 8.4% to $840 million [31][32] Market Data and Key Metrics Changes - The company noted a 4.5% increase in sales volume for packaged meats, driven by a favorable product mix and a later Easter holiday [29] - Fresh pork segment sales increased by 5% year over year, primarily due to a 3.3% increase in average selling price and a 1.7% increase in volume [31] - The hog production segment's sales increase was attributed to higher external grain and feed sales and the sale of commercial hog inventories [32] Company Strategy and Development Direction - The company has five strategic growth priorities: increasing profits in packaged meats, growing fresh pork profitability, achieving a best-in-class cost structure in hog production, optimizing operations, and evaluating synergistic M&A opportunities [11] - The focus remains on enhancing product mix, volume growth, and innovation in the packaged meat segment, which represents 55% of consolidated sales [12][14] - The company aims to maximize product value across channels in the fresh pork segment and optimize operations to deliver efficiencies [21][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic consumer spending and geopolitical environment, raising the full-year outlook for adjusted operating profit primarily due to improved hog production segment performance [10][11] - The company anticipates total sales growth in the low to mid-single-digit percent range compared to fiscal 2024, with adjusted operating profit expectations for packaged meats and fresh pork remaining stable [36][37] - Management highlighted the importance of delivering value and convenience to consumers, particularly in the packaged meats segment, amidst cautious consumer spending [12][13] Other Important Information - The company has a strong balance sheet with a net debt to adjusted EBITDA ratio of 0.7 times and liquidity of $3.2 billion [34] - Capital expenditures for the first half were $158 million, with over 50% allocated to projects driving growth [35] - The company paid quarterly dividends of $0.25 per share and expects to maintain a $1 per share annual dividend [35] Q&A Session Summary Question: Insights on consumer shifts within packaged meats and private label trends - Management noted that while there is an increase in private label share growth, their private label business provides a competitive advantage due to high-quality offerings [46][47] Question: Visibility on hog prices and their impact on profitability - Management indicated confidence in hog prices supported by market dynamics and improvements in hog production operations [49][50] Question: Confidence in packaged meats profitability amidst rising raw material costs - Management emphasized efficiency improvements and a strong product portfolio that allows them to mitigate raw material cost impacts [56][58] Question: Dynamics around hog production hedging and mark-to-market impacts - Management clarified that mark-to-market adjustments impacted second quarter results but overall business performance remains strong, leading to an increased full-year outlook [63] Question: Expectations for volume performance in packaged meats - Management expressed confidence in volume growth driven by product innovation and strong foodservice sales [72][73] Question: Competitive environment for packaged meats and promotional activity - Management highlighted a focus on quality over quantity in promotional strategies, leading to improved profit margins [80][81]

Financial Performance - Smithfield achieved a record second quarter adjusted operating profit of $298 million, a 20% year-over-year increase [25, 81] - The adjusted operating profit margin was 7.9%, up 60 basis points year-over-year [25, 81] - Adjusted net income reached $217 million, up 12.8% compared to the previous year [81] - Adjusted earnings per share (EPS) increased by 7.8% to $0.55 [81] Segment Performance - The Packaged Meats segment delivered $296 million in adjusted operating profit with a 14.2% adjusted operating margin [25] - The Fresh Pork segment saw a 74.4% increase in adjusted operating profit [97] - Hog Production segment sales increased by 8.4% [102] Strategic Initiatives - The company is focused on increasing profits in the Packaged Meats segment through enhanced product mix and volume growth [28] - Smithfield is optimizing operations to offset inflation by delivering operating efficiencies in manufacturing, supply chain, distribution, procurement, and SG&A [28] - The company is evaluating synergistic M&A opportunities across North America [27] Capital Allocation - Smithfield is returning value to shareholders through quarterly dividends of $0.25 per share and an anticipated annual dividend of $1.00 per share [25] - The company's capital allocation strategy includes driving growth through product innovation and marketing, reinvesting in the business to improve automation and operating efficiencies, and opportunistic M&A [107] Financial Position - The ratio of net debt to adjusted EBITDA is 0.7x [131]