Cal-Maine Foods, Inc. · NASDAQ:CALM
Cal-Maine Foods — Investor Presentation (January 2026)
42 slides from Cal-Maine Foods's investor presentation, January 2026
Slide 1: A Proven Foundation Powering Growth & Earnings
A Proven Foundation Powering Growth & Earnings NASDAQ: CALM | January 2026
Slide 2: Cautionary Statements
Cautionary Statements This presentation 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 business, including, potential futur
Slide 3: Built to Endure: A Purpose-Driven Platform for Long-Term Growth
1. Built to Endure: A Purpose-Driven Platform for Long-Term Growth
Slide 4: Purpose, Vision & Market Leadership For Strategic Sustainable Growth
Purpose, Vision & Market Leadership For Strategic Sustainable Growth Our Purpose To be the leading consumer-driven provider of nutritious, affordable & sustainable eggs & egg-based foods that fit today's lifestyles Our Vision To ensure that healthy, affordable eggs & egg-based food choices are acces
Slide 5: Built for the Long-Term: Resilient, Integrated & Disciplined by Design
Built for the Long-Term: Resilient, Integrated & Disciplined by Design Resilient Integrated Disciplined Proven ability to perform End-to-end execution across Financial & operational rigor through cycles with strong our vertically integrated value supports sustainable returns & free cash flow generat
Slide 6: Cal-Maine Sits at the Intersection of Durable Value Creation & Category Expansion
Cal-Maine Sits at the Intersection of Durable Value Creation & Accelerating Category Expansion Mix Expansion & Growth Opportunity • Specialty Eggs + Prepared Foods = 46% of net sales for the quarter, up 1,520 bps YoY, and 43% YTD, up 1,040 bps YoY • Specialty Eggs = 44% of shell egg sales for the qu
Slide 7: A Business Engineered for Scale, Integration & Strategic Excellence
2. A Business Engineered for Scale, Integration & Strategic Excellence
Slide 8: Our Foundation Is Engineered for Sustainable Value Creation
Our Foundation Is Engineered for Sustainable Value Creation People, Culture & Leadership 4,000-strong team with an unrelenting focus on exceptional performance Scale Category leadership & national reach that translate into cost efficiency, customer partnerships & consumer visibility Vertical Integra
Slide 9: Exceptional People, Culture & Leadership Enable Consistent Execution
Exceptional People, Culture & Leadership Enable Consistent Execution Guided by experienced leadership with egg industry expertise & new strategy / CPG-focused experience Sherman Miller, President & CEO Johnathan Zoeller, CFO, Prepared Foods* Dolph Baker, Chairman Joined Cal-Maine in 1996 & now leads
Slide 10: Evolved Ownership Structure Expands Market Access
Evolved Ownership Structure Expands Market Access Better alignment of Increasing appeal Increased trading voting rights with to institutional liquidity from shareholder interests investors larger float No longer a “Controlled Company” pursuant to the rules of The Nasdaq Stock Market All outstanding
Slide 11: Largest & Most Diversified Producer in the U.S. Egg Industry
We Are the Largest & Most Diversified Producer in the U.S. Egg Industry #1 Largest U.S. shell egg producer & distributor (1) Cal-Maine Foods (14%) Rose Acre Farms (7%) Daybreak Foods (7%) Global Eggs (US Division) (6%) Mid-States Specialty Eggs (6%) All Other (61%) Represents 1M hens Vertical Integr
Slide 12: Our Vertical Integration Is a Strategic Differentiator
Our Vertical Integration Is a Strategic Differentiator 30 2 2 37 49 51 3 6 Feed Mills Breeding Hatcheries Pullet Facilities Shell Egg Processing & Egg Product Prepared Foods Facilities Production Packaging Facilities Facilities Facilities Facilities Operational Excellence & Cost Efficiency Market Le
Slide 13: The Compounding Effect of Operational Excellence Across the Value Chain
The Compounding Effect of Operational Excellence Across the Value Chain Efficiency Optimize operations across the value chain Quality Reinvestment Reinvest savings Continuous Consistency that into growth Improvement builds brand & customer trust Culture Each efficiency gain funds the next & enhances
Slide 14: Strong Performance Fuels Sustainable Long-Term Shareholder Returns
Strong Performance Fuels Sustainable Long-Term Shareholder Returns Net Sales Net Income ($mm) ($mm) $4,262 $1,220 9.5% 20.2% CAGR $3,146 CAGR $758 $2,326 $1,909 $1,777 $1,576 $1,503 $316 $1,361 $1,352 $1,349 $278 $1,075 $161 $126 $133 $54 $18 $2 ($74) FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020
Slide 15: Second Quarter and First Half Fiscal 2026 Highlights
Second Quarter and First Half Fiscal 2026 Highlights "Despite the impact of egg prices, we Net Sales Gross Profit Operating Income believe our performance in the second quarter and first half of the fiscal year demonstrates Q2 FY26 H1 FY26 Q2 FY26 H1 FY26 Q2 FY26 H1 FY26 strength and momentum. With
Slide 16: A Resilient Category with Structural Demand & Supply Advantages
3. A Resilient Category with Structural Demand & Supply Advantages
Slide 17: Powerful Consumer Tailwinds Fueling Category Growth
Powerful Consumer Tailwinds Fueling Category Growth Protein & Convenience & Premiumization & Wellness Boom At-Home Simplicity Trading Up • Rising demand for complete, • Fast, versatile, low-ingredient; fits • Accelerating consumer migration high-quality proteins “easy meal” behavior to specialty at
Slide 18: Consumer Demand for Protein is At All-Time Highs
Consumer Demand for Protein is At All-Time Highs(1) Impact of protein, GLP-1s High-protein foods, alcohol-free Protein Remains Top Nutrient as continues to grow drinks top list of health trends Consumers Demand More in 2025 October 27, 2025 April 1, 2025 September 19, 2025 Customers are mindfully wa
Slide 19: Growing Consumer Demand Has Doubled Specialty Egg Retail Market Share
Growing Consumer Demand Has Doubled Specialty Egg Retail Market Share Retail market share % dozens sold by volume (1) 70% of Americans polled are trying to consume protein in 2025 (2) +100% +11% from 2022 46% 39% 40% 32% 23% FY 19 FY 22 FY 23 FY 24 FY 25 19
Slide 20: Expanding Formats & Dayparts: Driving Growth in Egg-Based Prepared Foods
Expanding Formats & Dayparts: Driving Growth in Egg-Based Prepared Foods Eggs are moving beyond breakfast – into new formats, new occasions & higher-margin prepared solutions Expanding Formats • Transition from bulk shells or liquid eggs to ready-to-heat & ready-to-eat solutions Strategic Benefits •
Slide 21: Market Imbalances are Expected – We're Prepared
Market Imbalances are Expected – We’re Prepared. Supply Dynamics Demand Dynamics • Supply challenges related to HPAI are not behind us. The current EPI curve Demand in this category is real, but complex. What is often labeled as closely resembles prior years, including 2022, global outbreaks continu
Slide 22: Feed Cost Fundamentals Remain Supportive
Feed Cost Fundamentals Remain Supportive Average price of corn(1) Average price of soybean meal(1) ($ / bushel) ($/ton) $8 $600 $7 $500 $6 $400 $5 $4 $300 $3 $200 $2 $100 $1 $0 $0 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 FY 10 FY 11 FY 12
Slide 23: Elevating Earnings Quality & Compounding Long-Term Value
4. Elevating Earnings Quality & Compounding Long-Term Value
Slide 24: Strategic Priorities Position Cal-Maine Foods for Durable, Profitable Growth
Strategic Priorities Position Cal-Maine Foods for Durable, Profitable Growth Growth Acceleration Resilience Expand Specialty Eggs + Pursue disciplined, Leverage scale, vertical Prepared Foods accretive M&A & strategic integration, and organic investments operational & financial excellence 24
Slide 25: Value Creation Through Broad Consumer Reach
Value Creation Through Broad Consumer Reach Retail & Foodservice Serving 9 of the top 10 U.S. retailers & 8 of the top 10 foodservice operators Other 60k+ Unique retail 81% 16% 2% locations Retail Foodservice Branded & Private Label Diverse portfolio of brand strength + private label scale, unlockin
Slide 26: Eggland's Best: The #1 Branded Egg in America
Eggland’s Best: The #1 Branded Egg in America (1) Cal-Maine sales represent ~50% of Eggland’s Best branded shell egg sales Top three best-selling branded specialty egg SKUs in 2024 were Eggland’s Best Eggland’s Best boasts broad portfolio of egg options & egg based prepared foods 26
Slide 27: Specialty Eggs + Prepared Foods Grew to 46% of Net Sales
Strengthening Earnings Durability & Predictability Specialty Eggs + Prepared Foods Specialty Eggs + Growth Engines & Diversification (% net sales) Prepared Foods 4% Grew to 46% of 6% Net Sales in Q2 FY26 47% 65% +1,520 bps 46% 31% Q2 FY25 Q2 FY26 Specialty Eggs + Prepared Foods Conventional Eggs Egg
Slide 28: Specialty Eggs Expanded to 44% of Shell Egg Sales
Strengthening Earnings Durability & Predictability Mix Shift Towards Specialty Eggs (% shell egg sales) Specialty Eggs Expanded to 44% of Shell Egg Sales in Q2 FY26 56% 68% +1,230 bps 44% 32% Q2 FY25 Q2 FY26 Specialty Eggs Conventional Eggs 28
Slide 29: Increasing Cage-Free Capacity through Organic & Inorganic Investments
Increasing Cage-Free Capacity through Organic & Inorganic Investments State commitments accelerate shift to Cage-Free eggs (1, 2, 3) • 10 U.S. states have passed Cage-Free legislation or regulation with implementation ranging from 2022-2030 – these states collectively represent ~23% of the total est
Slide 30: A Disciplined Strategy-led Approach to M&A
A Disciplined Strategy-led Approach to M&A Strong Pipeline Thorough Disciplined Steady flow of M&A opportunities due to Time-tested framework scrutinizes many factors including Structured, consistent approach generational turnover & required market demands, synergies, operational compatibility, desi
Slide 31: A Proven Track Record of Targeted, Strategic Acquisitions
A Proven Track Record of Targeted, Strategic Acquisitions M&A Focus Areas Conventional Egg Specialty Egg Prepared Foods Geographic Expansion Expansion Expansion Expansion Enhances scale, cost Lifts mix through Builds a steadier, higher- Expands market reach & efficiency & supply premium, differentia
Slide 32: Investing to Expand Prepared Foods Capabilities
Investing to Expand Prepared Foods Capabilities 17mm 12mm 18mm +30% lbs lbs lbs over Launched a $15 Builds on our Scaling our joint 18-24 million network previously venture, Crepini optimization and announced $14.8 Foods, which is months capacity million high- investing $7 expansion speed pancake mi
Slide 33: Resilience Built on Vertical Integration & Robust Biosecurity
Resilience Built on Vertical Integration & Robust Biosecurity Vertical integration & biosecurity enable rapid restocking & delivery to market, supporting consistent supply even amid disruption Cal-Maine shell egg production growth resilient Produced eggs as a % of sales has increased despite compare
Slide 34: Delivering Long-Term Value Through Disciplined Growth & Capital Allocation
5. Delivering Long- Term Value Through Disciplined Growth & Capital Allocation
Slide 35: Balanced Capital Allocation for Long-Term Value Creation
Balanced Capital Allocation for Long-Term Value Creation Executing our balanced capital allocation strategy Capital allocation by year ($mm) $116 $299 Dividends Repurchases Capex M&A $161 $54 $137 $92 $54 $75 $45 $147 $330 $252 $45 $181 $124 $95 $72 $92 $6 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 Y
Slide 36: Disciplined Capital Allocation Creates a Self-Reinforcing TSR Flywheel
Disciplined Capital Allocation Creates a Self-Reinforcing TSR Flywheel Cash Generation Robust operating cash flow from our core business provides the foundation for reinvestment & returns Reinvestment Expand Specialty Eggs + Prepared Foods to capture long-term Shareholder Returns growth opportunitie
Slide 37: Total Shareholder Return Levers
Total Shareholder Return Levers TSR = Dividends Share Multiple Earnings Growth + One-third of + Repurchases + GAAP net income $500mm authorization Expansion Expands total earnings through both Provides a reliable, Creates incremental Higher-quality, more operational execution & a deliberate shift re
Slide 38: Cal-Maine Foods: A Rare Combination of Value + Growth
Cal-Maine Foods: A Rare Combination of Value + Growth Stability & Returns Expansion & Upside • Disciplined Capital • Specialty Eggs + Stewardship The Cal-Maine Prepared Foods Growth Value Advantage Growth Engines • Balance Sheet Strength • Robust Operating Cash Flow Attributes Attributes • Accretive
Slide 39: Appendix
Appendix
Slide 40: Reconciliation to Non-GAAP Financial Measures
Reconciliation to Non-GAAP Financial Measures Net Adjusted Operating Profit after Taxes FY21 FY22 FY23 FY24 FY25 Net Income $2 $133 $758 $278 $1,220 Add Interest Expense - - 1 1 1 Income Tax Expense (Benefit) (12) 34 242 84 385 Adjustments 1 - - 4 26 4 Adjust ed Operat ing Profit ($10) $167 $1,005 $
Slide 41: Citations
Citations Slide 6 - Cal-Maine Sits at the Intersection of Durable Value Creation & Accelerating Category Expansion 1) As of FY2025. WACC (Weighted Average Cost of Capital) represents the company's blended cost of debt and equity capital, weighted by their respective proportions in the capital struct
Slide 42: Cal-Maine Foods, Inc.
Cal-Maine Foods, Inc. 1052 Highland Colony Parkway, Suite 200 Ridgeland, Mississippi 39157 601-948-6813 [email protected]
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