HRL

• Third quarter fiscal 2026 net sales were $2.96 billion, down 2% organically year-over-year.
• Company raised and narrowed fiscal 2026 adjusted diluted EPS guidance to $1.45–$1.51, reflecting 6%–10% growth.
• Fiscal 2026 net sales guidance was lowered to $12.1–$12.2 billion, with organic net sales growth of 1%–2%.
• During the quarter, the company announced and closed the sale of its Brazil operations (Ceratti brand) and recorded a $48 million non-cash impairment charge on an Indonesia minority investment.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Ash Bhumbla appointed Executive Vice President and Chief Financial Officer, effective September 8, 2026.
• Bhumbla previously served as SVP and CFO of Tyson Foods' Chicken segment (Sept 2023–Aug 2026) and CFO of its International segment (Mar–Dec 2025).
• Compensation includes $700,000 base salary, 100% short-term incentive target, $2.1 million long-term incentive target, and $700,000 cash sign-on award.
• Bhumbla also receives a $1.2 million restricted stock unit sign-on award vesting over three years, plus relocation benefits including a $10,000 cash bonus.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements

• John F. Ghingo, current President and Board member, was appointed President and CEO effective October 26, 2026.
• Ghingo's annual base salary increases from $730,000 to $1.2 million effective July 27, 2026, with a short-term incentive target of 150% of base salary for fiscal 2026.
• As CEO, Ghingo will receive an initial annual base salary of $1.28 million, a long-term incentive target of $6.8 million, and eligibility for the Executive Severance Plan with a two-times severance factor.
• Ghingo has over 20 years in consumer-packaged foods, previously serving as President since July 2025 and CEO of Whisps Acquisition Corporation from 2022 to 2024.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements

• On June 9, 2026, Hormel Foods entered into an International Assignment Letter with Swen Neufeldt, Group Vice President, International.
• He will continue to receive his current annual base salary of $526,400 plus a cost-of-living adjustment of $56,103 per year.
• He remains eligible for short-term and long-term incentive programs, executive severance, and other benefits.
• The agreement provides relocation benefits including a $20,000 special relocation payment, up to $25,000 for household goods shipment, and housing allowance of $90,566 per year.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits

• Operating income was $217 million; adjusted operating income was $294 million.
• Diluted EPS was $0.29; adjusted diluted EPS was $0.40.
• The company reaffirmed full-year fiscal 2026 net sales guidance of $12.2 billion to $12.5 billion and updated diluted EPS guidance to $1.28-$1.37.
• The company completed the sale of its whole-bird turkey business, which resulted in a $61 million loss in the quarter.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• First quarter fiscal 2026 net sales were $3.03 billion, up 1.3% from $2.99 billion in the prior year quarter.
• Operating income was $244 million, with operating margin of 8.0%; adjusted operating income was $247 million, with adjusted operating margin of 8.2%.
• The company reaffirmed full-year fiscal 2026 net sales guidance of $12.2 billion to $12.5 billion and adjusted diluted EPS guidance of $1.43 to $1.51.
• The company updated GAAP diluted EPS guidance to $1.37 to $1.46, reflecting the sale of the Justin's branded business.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Preliminary Q1 diluted EPS expected to be $0.33; adjusted diluted EPS expected to be $0.34.
• Company reaffirmed its fiscal 2026 organic net sales and adjusted diluted EPS guidance.
• Definitive agreement signed to sell whole-bird turkey business to Life-Science Innovations (LSI), expected to close by end of Q2 fiscal 2026.
• Full Q1 results and additional transaction details to be provided on February 26, 2026 earnings call.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• On January 27, 2026, stockholders approved the 2026 Equity and Incentive Compensation Plan, effective that day, succeeding the 2018 plan.
• The Board adopted the Executive Severance Plan effective January 31, 2026, providing severance benefits to certain officers on involuntary termination without cause or for good reason.
• The severance factor is 2.0 for the CEO and 1.0 for other participants; benefits include cash severance, COBRA premiums, pro-rated bonus, and accelerated RSU vesting.
• All twelve director nominees were elected, and stockholders ratified Ernst & Young as independent auditor and approved advisory say-on-pay.
• The 2026 Plan was approved with 87.2% of votes cast in favor; the advisory say-on-pay vote received 94.6% support.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.07 Submission of Matters to a Vote of Security Holders · 9.01 Financial Statements and Exhibits